Best Online Personal Loans

If you need various personal loan options, you’re lucky because many great options are available online. Here are some of the best personal loans online in 2023; Marcus offers personal loans with no fees and flexible repayment options. You can borrow up to $50,000; the application process is quick and easy. They also provide personalized customer service to help you with questions or concerns. LightStream offers low-interest rates and a variety of loan options, including debt consolidation, home improvement, and auto loans. Their application process is entirely online, and you can receive your funds as soon as the same day you apply. Upstart offers personal loans for various purposes, including debt consolidation, home improvement, and personal expenses. They use artificial intelligence to determine your creditworthiness, which can result in lower rates for borrowers with less traditional credit histories.

SoFi offers personal loans with competitive rates and flexible repayment options. They also offer a range of benefits to borrowers, such as career coaching and member events. They’re a great option if you’re looking for a lender with a strong online presence and a focus on customer service. Prosper offers personal loans with competitive rates and no prepayment penalties. They have a quick and easy application process, and you can receive your funds as soon as the next business day. They also offer a range of loan options, including debt consolidation and home improvement loans. When choosing a personal loan, it’s essential to consider factors such as interest rates, fees, repayment terms, and customer service. By selecting a reputable lender from this list, you can rest assured that you’re getting a high-quality loan with competitive terms. (Learn more about SoFi Mortgage here)

1. Marcus by Goldman Sachs

Marcus by Goldman Sachs

Marcus by Goldman Sachs is a digital consumer lending platform offering personal loans, savings accounts, and debt consolidation loans.


  • Simple and easy application process: Marcus by Goldman Sachs has a straightforward and user-friendly application process that can be completed online in just a few minutes.
  • Competitive interest rates: Marcus by Goldman Sachs offers competitive interest rates on their loans, making it an attractive option for borrowers.
  • No hidden fees: Marcus by Goldman Sachs is transparent about its prices, and there are no hidden costs or surprises, which helps borrowers understand the total cost of their loan.


  • Limited loan amounts: Marcus by Goldman Sachs only offers personal loans up to $40,000, which may need more for some borrowers.
  • Physical branches: As a purely online personal loans lending platform, Marcus by Goldman Sachs does not have physical components where customers can meet with loan specialists or get assistance in person.
  • Credit check required: To apply for a personal loan from Marcus by Goldman Sachs, borrowers must undergo a credit check, which may affect their credit score. (You may be interested in Lexington Law Credit Repair)This may only be suitable for some and limit the pool of eligible borrowers.


Minimum deposit: No minimum deposit is required to open a Marcus by Goldman Sachs savings account.

No fees: This account does not charge monthly maintenance, overdraft, or minimum balance fees.

FDIC insurance: The deposits in a Marcus by Goldman Sachs savings account are insured up to $250,000 per depositor, per ownership category by the Federal Deposit Insurance Corporation (FDIC).

Mobile app: Marcus by Goldman Sachs offers a mobile app for account management, which allows customers to view their account balances, track their spending, and transfer funds. 


Marcus by Goldman Sachs is a solid online savings account that offers competitive interest rates, no monthly fees, and 24/7 customer support. The performance is easy to use and has a straightforward mobile app that allows customers to manage their accounts and make transfers. The lack of a minimum deposit requirement makes it accessible to many customers. Deposits are FDIC insured up to $250,000, providing peace of mind for customers. Overall, Marcus by Goldman Sachs is an excellent option for those looking for a simple and convenient way to save money.

2. LightStream


LightStream has features that are easy for customers to use and loans that are big enough to cover big costs like home improvements.


  • Good for good-to-excellent credit: LightStream lends to good-to-excellent credit consumers. Its website advertises low prices for financially responsible customers.
  • Fast financing: LightStream may finance your loan the same day if you complete the loan procedure and submit all needed paperwork by 2:30 p.m. EST on a working day. Your bank determines how fast money is accessible.
  • No fees: LightStream personal loans don’t impose origination fees or prepayment penalties. You won’t incur a late charge if you forget to pay or if an automated payment fails.


  • Firm deadlines: Accepting your loan sets your due date. Unlike other personal loan providers, you can’t adjust your due date. Sending payments requires caution. Payments received 18 or more days before the due date are recognized as additional payments rather than monthly payments.
  • Needs extensive credit history: LightStream demands a good-to-excellent credit score and many years of on-time payments and low delinquencies. A credit history with auto loans, significant credit cards, and installment loans increases your chances of acceptance.
  • Can’t pre-qualify: LightStream pre-qualification is unavailable. Even if you’re denied, your credit will be checked throughout the application process.


  • APR: Autopay APRs from LightStream are 7.49%–24.49%. Credit score, loan amount, and term duration determine your application APR.
  • Perks: When you apply on a business day, get accepted, and electronically sign the contract for the loan before banks shut, wire transfer, or ACH may provide same-day money. LightStream collaborates with American Forests to plant a tree with every loan, a reward for environmentalists. J.D. Power scored LightStream best in personal loan customer satisfaction in 2020.
  • Fees: LightStream has no late or origination fees. If you require flexibility and unpredictable cash flow, LightStream is a suitable option.
  • Loan sum: You may get $5,000–$100,000 depending on your credit and loan.
  • Term length: LightStream loan terms are 24–144 months. Loan terms depend on the purpose, credit, and other criteria.


LightStream is a customer lender that provides multiple unsecured personal loans. The lender provides rate reductions to customers who enroll in automatic payments and states that there are no origination, late payment, or prepayment costs. There are personal loans between $5,000 and $100,000, and the terms can be anywhere from two to twelve years, based on what the money is for. LightStream is a wonderful choice for people with good to outstanding credit since its low credit score is 660.

LightStream has a lot of features that make it easy for people to use. One of those features is that users can choose when they get their money. Money may be deposited as soon as the next business day and as late as 30 days following approval. Funding your loan at a later date gives you breathing room to prepare for your first payment or to schedule it with the beginning of a major investment like a home renovation.

3. Upstart


With the help of Upstart, you may find lenders who can fund your personal loans or at least provide people with fair credit or average credit-beneficial conditions.


  • Next-day funding: Upstart guarantees same-day deposit for 99% of borrowers who accept their loans by 5pm Eastern Time Monday through Friday. With student loans, however, the federal government mandates a three-business-day waiting period.
  • No credit history is necessary: Upstart will give money to those without credit history, something many banks and other financial institutions won’t do. However, your loan rates will certainly be higher if you have a short or bad credit history.
  • There is no prepayment fee: There are no penalties for prepayment, so you may pay back the loan in full whenever you choose.


  • Origination fees: Before releasing the funds from your loan, Upstart will deduct an origination charge of up to 8%.
  • No co-signers: During the application procedure, Upstart simply considers the borrower’s personal information and does not need a co-signer.

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Improved error handling: Upstart provides better error handling than traditional init, with the ability to log error messages, provide debugging information, and automatically restart failed services.

Job configuration files: Upstart uses job configuration files to define services and control how they are started, stopped, and managed. These files are written in a simple syntax and provide a high level of control over the behavior of services.

Robust logging: Upstart provides strong logging capabilities, allowing administrators to track the status of services and system events.

Interoperability: Upstart is designed to work with existing scripts and configuration files from the traditional init system, providing a high degree of compatibility with existing systems.


Upstart offers unsecured personal loans from $1,000 upto $50,000 with fixed interest rates ranging from 5.31% to 35.99%. Although Upstart’s rates and minimum loan amounts vary by state, a typical three-year loan from the company has an APR of 18.04% and a monthly payment schedule of $34.27 for each $1,000 borrowed. Upstart‘s website lets you see your rate before you borrow without affecting your credit. Your loan amount will be determined by factors such as your education level, employment history, and credit history, among others, that you provide in your application.

Know that the application procedure varies from one lender to the next. Each of the institutions that Upstart works with to find suitable loan candidates has its own set of criteria. To run a credit check, lenders will need personal details like your name, address, and SSN, and they may also need to see documents like work stubs, tax returns, academic transcripts, or SAT scores. You may get your loan funds in as little as 24 hours after approval and acceptance. Federal law mandates a three-business-day financing lag for student loans. However, this time frame may be extended in certain circumstances.

4. SoFi


SoFi (Social Finance, Inc.) is a financial technology company offering student loan refinancing, personal loans, and investment products.

Pros of SoFi:

  • Low-interest rates: SoFi offers competitive interest rates on its loan products, making it an attractive option for those looking to refinance their student loans or take out a personal loan.
  • No fees: SoFi does not charge origination fees, prepayment penalties, or any other hidden costs, making it a cost-effective option for borrowers.
  • Member benefits: SoFi offers a range of exclusive benefits and events to its members, including career counseling, networking opportunities, and access to financial advisors.

Cons of SoFi:

  • Limited eligibility: SoFi’s loan products are currently only available to residents of certain states in the US and have specific eligibility requirements.
  • Limited product offerings: While SoFi offers a range of financial products, it is not a full-service financial institution and does not offer a complete suite of financial products and services.
  • Lack of branch network: Unlike traditional banks, SoFi does not have a physical branch network, making it more difficult for some customers to access their money or receive in-person support.


Loan products: SoFi offers competitive interest rates on its student loan refinancing and personal loan products, with flexible repayment terms.

Financial planning: SoFi offers free financial planning services and access to certified financial planners to help its members make informed financial decisions.

Mobile app: SoFi has a mobile app that allows users to manage their loans, investments, and other financial products.

Member benefits: SoFi offers a range of exclusive benefits and events to its members, including access to fitness classes, travel discounts, and social events.

Security: SoFi uses industry-standard security measures to protect its customers’ personal and financial information.


SoFi is a financial technology company offering various products and services, including student loan refinancing, personal loans, investment products, and career support. It is known for its competitive interest rates and lack of fees, making it an attractive option for many borrowers. SoFi’s mobile app is user-friendly and offers accessible financial information and product access. Additionally, the company offers exclusive member benefits and events to its customers. However, SoFi is only available to residents of certain states in the US and has limited product offerings compared to traditional financial institutions. SoFi can be a good option for those looking for a modern, digital, and cost-effective solution to manage their finances. (Personal financial software like Quicken Premier.)

5. Prosper


Prosper is a peer-to-peer lending platform that allows individuals to invest in personal loans, providing borrowers with access to fixed-rate, fixed-term loans while allowing investors to earn competitive returns on their investments.


  • Competitive returns: Investors can earn competitive returns on their investment through the Prosper platform, making it an attractive option for those looking to grow their wealth.
  • Easy to use: Prosper makes it easy for borrowers and investors to use the platform with a user-friendly interface and simple loan application process. You may also like Prosper Personal Loan.
  • Diversification: By investing in several different loans, investors can spread their risk and diversify their portfolio, reducing the impact of any individual loan default.


  • Credit risk: Investing in personal loans through Prosper carries credit risk, as borrowers may default on their loans.
  • Limited information: While Prosper provides some information about borrowers, there needs to be more information available about borrowers’ creditworthiness and financial stability, making it harder for investors to make informed decisions.
  • Potential for fraud: As with any financial investment, there is always a risk of fraud, and Prosper is not immune to this risk. Borrowers may need to provide accurate information on their loan applications, making it difficult for investors to assess their investment risk accurately.


Loan amounts: Borrowers can apply for personal loans ranging from $2,000 to $40,000.

Investment options: Investors can invest in individual loans or a diversified portfolio through Prosper’s automated investment program.

Loan ratings: Prosper assigns a credit rating to each loan, ranging from AA to HR, to help investors understand their investment risk.

Loan originator: Prosper is a direct loan originator, meaning that it originates and funds loans on its platform instead of connecting borrowers and investors through a marketplace.

Loan servicing: Prosper serves as the servicer for all loans on its platform, handling loan payments, collections, and customer support.


Prosper is a well-established peer-to-peer lending platform that offers both borrowers and investors several benefits. Borrowers can take advantage of fixed-rate, fixed-term loans with terms ranging from 36 to 60 months, while investors can earn competitive returns on their investments. The platform is easy to use and offers investors a range of investment options, including a diversified portfolio option through its automated investment program. However, as with any investment, there is a risk of default, and it is essential for investors to carefully consider their investment strategy and the credit risk associated with the personal loans they are investing in. Overall, Prosper is a solid choice for those looking to take advantage of the P2P lending model.


Finding the perfect personal loan online can be daunting, but it can be a breeze with the right lender. The five lenders mentioned above – Marcus by Goldman Sachs, LightStream, Upstart, SoFi, and Prosper – are excellent affordable, and flexible financing options. Marcus by Goldman Sachs offers no-fee personal loans with flexible repayment options, while LightStream offers some of the lowest interest rates in the industry. Upstart uses artificial intelligence to assess borrowers’ creditworthiness, making it an excellent choice for those with limited credit histories. SoFi offers personal loans and member benefits to help borrowers achieve their financial goals. Finally, Prosper offers competitive rates and a quick and easy application process with no prepayment penalties. When choosing a personal loan lender, it’s essential to consider factors such as interest rates, fees, repayment terms, and the application process.


  • Lucas Jones

    Lucas Jones is the Technical Editor. He has extensive experience in technology and gaming journalism, having published on multiple platforms. You will find him covering everything from smartphones and home computers to 3D printers and headsets.

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