Personal loan from an online lender

Best for: Borrowers across the credit spectrum looking for medium to large loan amounts with quick, convenient funding.

Online lenders boast convenience and speed compared to traditional lenders like banks or credit unions. Many online lenders can fund personal loans as quickly as the same day you’re approved or the following day.

Online lenders often cater to a wide variety of consumers, including borrowers with bad credit (a score below 600). However, if you have a low credit score, your loan may have an annual percentage rate (APR) on the higher end of the lender’s range - which typically tops out at 36%.

Some online lenders have a one-time charge called an origination fee. This fee often ranges from 1% to 10% of the total loan amount and is usually deducted from your loan before the lender sends you the funds. You may need to increase your requested loan amount to cover the cost.