5 lenders that let you apply for a personal loan completely online

Personal loans have become a convenient way to borrow small or large amounts of money, which are often used to cover a variety of big-ticket expenses such as weddings, funerals, vacations, surprise medical bills, or home repairs.

And because lenders will typically disburse the funds directly into your bank account, you can start using the money as soon as possible. Being able to complete the personal loan application process online makes them feel even easier to access, though some banks also offer physical branches in case you’d prefer to do this in person.

Below, Select outlines five personal loan lenders that offer expedient funding and a convenient online application process. When compiling this list of the best personal loans, Select evaluated dozens of lenders, looking at key factors such as interest rates, fees, loan amounts and the types of term lengths offered, as well as other features including autopay discounts, customer service, how the funds would be distributed and how fast you’d receive them. Read more about our methodology below.

Select’s picks for the best personal loans that offer an online application process

• Best overall: LightStream Personal Loans
• Best for debt consolidation: Marcus by Goldman Sachs Personal Loans
• Best for larger loan amounts: SoFi Personal Loans
• Best for quick funding: Avant Personal Loans
• Best for a lower credit score or no credit history: Upstart Personal Loans

Compare offers to find the best loan

When searching for a personal loan, it can be helpful to compare several offers to help narrow down the best interest rate and payment terms to suit your needs. With this nifty comparison tool, you’ll just need to answer a handful of questions in order for Even Financial to determine the best available offers. The service is free, secure and does not affect your credit score.

This tool is provided and powered by Even Financial, a search and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Even Financial and it may use this information in accordance with its own privacy policies and terms of service. By submitting your information, you agree to receive emails from Even. Select does not control and is not responsible for third party policies or practices, nor does Select have access to any data you provide. Select may receive an affiliate commission from partner offers in the Even Financial tool. The commission does not influence the selection in order of offers. 

Who’s this for? LightStream offers low interest loans with flexible terms to customers with good credit or higher — as with any loan or line of credit, those with excellent credit will be able to take advantage of the lowest interest rates available.

This lender provides personal loans for just about every purpose except for higher education and small businesses. You’ll generally receive your funds on the same day as long as you apply during a banking business day, your application is approved, you can electronically sign your loan agreement — you won’t need to visit a physical branch to sign anything — and you verify your direct deposit banking account information by 2:30 p.m. ET. Even if you can’t make the deadline, you should be able to receive your funds on the next business day, making this an especially appealing option for anyone in need of funding in a pinch.

LightStream also doesn’t charge any origination, administration or early payoff fees, while its loan repayment terms range from 24 to 144 months, making them some of the longest terms on our list.

Who’s this for? Marcus by Goldman Sachs offers personal loans for debt consolidation, among other purposes such as home improvements, weddings, vacations or moving costs. Marcus is an arm of Goldman Sachs and actually doesn’t have a physical location, so customers must handle all account openings and loan applications online.

When it comes to debt consolidation, some lenders may only send funds directly to your creditors or deposit funds directly into your account, however Marcus by Goldman Sachs provides even more options. When you’re approved for a Marcus debt consolidation loan, the company will ask if you’d like to use direct payments to send money to up to 10 creditors, ensuring the funds are actually being used to wipe out your debt. This also takes some of the hassle out of your hands since you won’t have to worry about manually sending each payment to each creditor on your own.

If this option works for you, you’ll need to provide your creditors’ account numbers and addresses as well as the amount or amounts you’d like to be paid. Marcus then deposits anything that’s left over into your connected bank account. Best of all, using this direct payment option comes at no extra cost.

Applicants can qualify to borrow up to $40,000 while term lengths vary from 36 to 72 months. Keep in mind the best way to qualify for an interest rate on the lower end of the lender’s range is to apply with the highest credit score you can.

Who’s this for? SoFi allows potential borrowers to apply for as little as $5,000 and as much as $100,000, making it a very solid choice if you think you’ll need to borrow much higher amounts of money for larger expenses — other lenders will typically only offer up to $50,000 in loan amounts.

SoFi allows you to choose between variable or fixed APRs, which is a bit uncommon among other lenders, which usually only offer fixed rates. Variable rates can go up and down over the lifetime of your loan, so you could potentially save money if the APR goes down, however, it’s important to remember that the APR can also go up significantly. With fixed rates, on the other hand, you’ll be charged the same interest rate for the duration of the loan’s term, which can make it easier for you to budget for repayment.

Like other lenders, SoFi offers a 0.25% discount on your APR for signing up for autopay and doesn’t charge any late fees, origination fees or prepayment penalties. Once you apply and get approved for a SoFi personal loan, your funds should be available within a few days of signing your agreement.