10 Best Sites to Find Online Personal Loan Options in 2020

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10 Best Sites to Find Online Personal Loan Options in 2020

You may not have known it until now, but personal loans are the fastest growing consumer lending product in the US. 

Why are more people taking out personal loans? One of the big reasons is the growth of online lending. Powered by innovations in fintech, online lenders offer competitive rates and flexible terms. On top of that, applying for a personal loan online is a fairly quick and seamless process. If you get approved, some lenders are able to provide funds the next business day. 


Interested in pursuing a personal loan online? Here are 10 options to consider for 2020. 

10 Best Online Personal Loan Options

1. Avant

APR range: 9.95% to 35.99% (fixed only)  

Term range: 24 to 60 months 

Amount range: $2,000 to $35,000

If you’re looking for a small- to medium-sized loan, Avant has options from $2,000 to $35,000. As some lenders often have a higher minimum requirement, Avant is a good route for those looking to borrow a smaller amount of funds. The lender has over 800,000 customers to date, offers funds as soon as next business day, and also offers special features like autopay and the Avant app. 

2. Best Egg

APR range: 5.99% to 29.99% (fixed only)  

Term range: 36 or 60 months 

Amount range: $2,000 to $35,000

Best Egg was rated the #1 Consumer’s Choice for Personal Loans by Best Company in 2019. The company is A+ Rated with the Better Business Bureau, and provides some of the lowest interest rates on the market. Best Egg also provides options for consumers who don’t have the highest credit rating, as anyone with a score of at least 640 can apply for a personal loan on their site. 

3. FreedomPlus 

APR range: 5.99% to 29.99% (fixed only)  

Term range: 24 to 60 months 

Amount range: $7,500 to $40,000

FreedomPlus has a higher minimum loan amount ($7,500) than some of its competitors, but touts a fast approval/ funding process, with same-day loan decisions and money in your account within 48 hours. FreedomPlus also allows for co-signers on loans, which are useful when an applicant doesn’t have a long enough credit history or if their score is a little too low. 

4. LendingPoint

APR range: 15.49% to 34.99% (fixed only)  

Term range: 24 to 48 months 

Amount range: $2,00 to $25,000

For those interested in smaller loans who don’t have the credit score or income to get approved by other lenders, LendingPoint may be a good option. The lender requires only a 585 credit score and $20,000 average income to be considered for a loan, and also doesn’t charge any prepayment fees (i.e., getting penalized for paying your loan back too quickly). 

5. LightStream

APR range: 4.99% to 16.79% (fixed only)  

Term range: 24 to 72 months (12-year home improvement loan option for borrowers with excellent credit) 

Amount range: $5,00 to $100,000

LightStream, the online lending arm of SunTrust Bank, runs a pretty wide gamut as far as their personal loan offerings. With loans from $5,000 to $100,000 and terms up to six years, the lender has options for all types of personal loan needs. LightStream also offers a rate discount for borrowers who enroll in autopay and has a loan rate calculator available on their website. 

6. Marcus by Goldman Sachs

APR range: 6.99% to 28.99% (fixed only)

Term range: 36 to 72 months 

Amount range: $3,500 to $40,000

Marcus is the retail banking leg of Goldman Sachs, on the most established financial institutions in the US. As an online lender, Marcus doesn’t charge fees for loan origination or prepayment, and also offers a 25% APR reduction for enrolling in autopay. Marcus also doesn’t charge late fees, however, there is an interest surcharge for missed, late, or partial payments. 

7. Payoff

APR range: 5.99% to 24.99% (fixed only)

Term range: 24 to 60 months 

Amount range: $5,000 to $35,000

Payoff offers competitive rates and specialize in personal loans to pay off high-interest credit card debt. The lender is also big on no fees, charging no application fees, prepayment fees, late fees, or annual fees. According to Payoff’s website, borrowers can increase their credit score by 40 points by paying off credit card debt with a personal loan.

8. Prosper

APR range: 6.95% to 35.99% (fixed only)

Term range: 36 to 60 months 

Amount range: $2,000 to $40,000

Prosper is the original peer-to-peer online lending platform, having funded over a million borrowers to date for a total of $17 billion in loan credit. Prosper does not charge a prepayment penalty and even gives borrowers the option to change their payment date. The lender also has a joint loan option, allowing for co-signers on their personal loans.

9. SoFi

APR range: 5.99% to 18.64% (fixed), 6.24% to 14.70% (variable)

Term range: 24 to 84 months 

Amount range: $5,000 to $100,000

SoFi provides a lot of options for its borrowers, with loans as high as $100,000. Unique for a personal loan provider, SoFi offers variable rates, which can go up or down based on a market index, as opposed to fixed rates that cannot change. SoFi offers a 25% APR discount for enrolling in autopay and also charges no origination or late fees. The lender requires a minimum credit score of 680 for applicants. 

10. Upgrade

APR range: 7.99% to 35.97% (fixed only)

Term range: 36 to 60 months 

Amount range: $1,000 to $50,000

Upgrade caters to a broad audience, offering loans as low as $1,000 and as high as $50,000. The lender provides a full educational experience to its borrowers through its credit monitoring service and other helpful tools. Upgrade has many features that make it attractive for applicants without the best credit, like: a minimum credit score of 600, no income requirement, and the allowance of co-signers.