Best Personal Loan Companies Online in the USA

1. SoFi

Best For: High Loan Amounts and Added Benefits

SoFi is a popular online lender known for offering competitive rates, especially to borrowers with excellent credit scores. SoFi’s personal loans range from $5,000 to $100,000, making them an excellent choice for those who need a large loan amount. Borrowers can choose from flexible repayment terms ranging from 2 to 7 years, and SoFi also offers unemployment protection, allowing you to pause your payments temporarily if you lose your job.

Additionally, SoFi doesn’t charge origination fees, prepayment penalties, or late fees, which is a major benefit for borrowers looking to minimize extra costs. The company also offers financial planning and career services, making it a good choice for those who want added value beyond just borrowing money.

2. LendingClub

Best For: Peer-to-Peer Lending

LendingClub is one of the pioneers in peer-to-peer lending, connecting borrowers with investors willing to fund personal loans. LendingClub offers loans from $1,000 to $40,000 with fixed interest rates that vary based on your credit score. Loan terms typically range from 3 to 5 years.

Although LendingClub does charge an origination fee (between 3% and 6%), it remains a solid option for those with a fair credit score, as their approval process is more lenient compared to some other top lenders. LendingClub also stands out for its transparency, as you can view multiple loan offers and choose the one that best suits your needs before committing.

3. Marcus by Goldman Sachs

Best For: No Fees and Simple Process

Marcus by Goldman Sachs is a strong contender for borrowers who want a straightforward personal loan experience. With loan amounts ranging from $3,500 to $40,000, Marcus offers competitive interest rates and does not charge any fees—no origination fees, no prepayment penalties, and no late fees.

One of Marcus' standout features is its customizable payment options, allowing borrowers to choose a payment date that fits their budget. Marcus also offers a savings incentive: if you make 12 consecutive on-time payments, you can defer one payment without accruing interest. This is a great option for borrowers who prioritize flexibility and simplicity.

4. Upstart

Best For: Borrowers with Limited Credit History

Upstart differentiates itself by using artificial intelligence (AI) and machine learning to assess loan applications. Unlike traditional lenders that rely heavily on credit scores, Upstart takes into account factors such as education, job history, and income potential when determining eligibility. This makes Upstart an ideal option for those with limited credit history or those who are new to borrowing.

Upstart offers loan amounts between $1,000 and $50,000 with repayment terms of 3 to 5 years. However, there are origination fees of up to 8%, so it’s important to consider the full cost of borrowing before applying.

5. Avant

Best For: Bad Credit

Avant is a solid option for borrowers with less-than-perfect credit. While its interest rates are higher compared to other lenders, Avant offers personal loans to individuals with credit scores as low as 580, making it more accessible to a wider range of applicants. Loan amounts range from $2,000 to $35,000, with repayment terms of 2 to 5 years.

Although Avant charges an origination fee of up to 4.75%, it’s a good choice for those who might struggle to get approved by other lenders due to credit score limitations. Avant also offers an app to manage your loan, providing convenient tools for tracking payments and checking account details.

6. LightStream

Best For: Low-Interest Rates and Flexible Terms

LightStream, a division of Truist Bank, is known for offering some of the lowest interest rates in the personal loan market, particularly to borrowers with excellent credit. Loans range from $5,000 to $100,000 with repayment terms from 2 to 12 years, offering a high degree of flexibility depending on the borrower’s needs.

LightStream doesn’t charge fees of any kind—no origination fees, no late fees, and no prepayment penalties. The company also offers a “Rate Beat” program, promising to beat any qualifying competitor’s interest rate by 0.10%. This makes LightStream a top choice for those who qualify and are looking for long-term borrowing options.

Conclusion

Choosing the right personal loan company online depends on your individual needs, credit score, and loan amount. SoFi, LendingClub, Marcus by Goldman Sachs, Upstart, Avant, and LightStream are among the best in the industry, offering a range of loan options to suit various financial situations. Whether you have excellent credit, limited borrowing history, or need to borrow a significant amount, these lenders provide the convenience of online applications and competitive terms to help you achieve your financial goals. Always compare interest rates, fees, and repayment terms before making a decision, and choose the lender that best aligns with your financial circumstances.