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How to Find the Best Online Loans

online loans

Online loans offer debt consolidation solutions with generous loan amounts, no prepayment penalties and low APR (Annual percentage rate) rates. Furthermore, they don't charge origination fees and are available to borrowers in most states.

Online lenders offer a fast way to get your debt consolidation loan approved. But, be wary when selecting one.


LightStream is an online lender that provides a range of loan products. They don't charge any fees or prepayment penalties, and their loans have low rates.

Lightstream also offers a rate beat program that guarantees to beat any competitive rate you are approved for by another lender. They provide large amounts of money – up to $100,000 – as well as long payment terms.

The application process is uncomplicated and straightforward. First, you provide information on the website about your loan purpose and desired amount, then provide personal details as well as security data.

Once you submit the application, a decision should be made within one to two business days. Once approved, you'll receive funds and must make monthly payments until the loan is paid off.

When applying for a LightStream loan, you have the option to select your fund date; funds could be deposited into your account as early as that same day. Alternatively, you can select a later fund date to give yourself more time to plan repayments or align the loan with an important home improvement project.


Avant is a trusted online lender that provides loans for various purposes such as debt consolidation, home improvement projects and emergencies. Plus, its flexible payment schedule makes it a popular choice among many consumers.

Application is simple and takes only minutes to finish. Depending on your situation, you may be approved the same day or within a few business days.

Applicants must supply details about their income, housing costs and other details that help the company assess their financial stability. Furthermore, they must undergo an identity verification process.

Once you've completed the pre-qualification form, you can submit a full application. This may include documents like pay stubs and bank statements.

Before applying for a loan, take time to review your budget and consider how the monthly payments will impact your cash flow. Doing this will give you an accurate assessment of whether or not you can afford repayment of the loan.

After being approved, Avant will send the money to your account via electronic transfer. Depending on your bank, this may take a few days. To ensure timely payments each month, try to make them on time; otherwise, there will be late fees and dishonored payment fees applied.

Happy Money

Happy Money is an online lender that provides payoff loans to credit card holders to reduce their interest rates and get out of debt. They provide various loan options with different maximum amounts, monthly payments and repayment terms so borrowers can find a payment plan that works for them.

The company uses science-based assessments to help customers comprehend their stress level and cash flow. They provide free FICO Score updates as well as quarterly check-ins from member advocates to keep members on track with their finances.

Their customer service representatives can be reached during normal business hours through phone calls and emails. They also have an online chat option available if you require assistance outside these times.

Happy Money requires a minimum credit score of 640 to qualify for their Payoff Loan, though their approval process is based on other factors as well. If there are any delinquencies on your report, Happy Money suggests fixing them before applying for the loan.

The company provides personal loans ranging in amount from $5,000 to $40,000. While loan amounts differ by state, all borrowers must meet the same income criteria.

Reach Financial

Reach Financial is a loan company that specializes in debt consolidation. They provide personal loans that can help pay off credit card debt. Furthermore, the company offers debt repayment programs and a 90-day hardship option for those having trouble making payments.

Reach's online application is straightforward and fast. After providing your identifying information, they'll pull your credit and offer you a rate that won't adversely affect your credit score.

Once approved, the lender will deposit funds directly into your bank account within one to three days. This process is quicker than many traditional loans and borrowers can get access to much-needed money quickly.

They provide you with the option to customize your monthly payment amount and repayment term, giving you greater control over your finances. These features are ideal for those seeking greater accountability in managing their money.

Reach Financial stands out by not charging an origination fee, which reduces your total loan amount and the amount that goes to creditors. However, they do require a credit check so you can be certain of getting the most competitive rates possible.

They offer a number of other advantages, such as a 90-day hardship program and support during the COVID-19 pandemic. These features are common among personal loan lenders, but can be especially helpful if you're having trouble making payments.


SoFi offers a broad selection of financial products, such as student loans, personal loans and mortgages. Additionally, the company provides credit cards, banking services and insurance.

SoFi offers a free pre-qualification tool to preview loan options and determine if you qualify. All that's required is some basic information, like your credit history and income, in order to begin the process.

Once approved, SoFi will transfer loan funds directly to your bank account via ACH transfer. In most cases, funds are processed and disbursed within a few days after signing for the loan.

SoFi stands out among lenders by not charging application or origination fees and without requiring cosigners. There is a minimum credit score requirement of 680 and income verification required – both are waived when using SoFi!

Unemployment Protection: In case you lose your job, SoFi offers a program that temporarily adjusts your repayment plan to help keep you on track and find another employment. This can ensure that you stay financially stable during this difficult time.

Career and financial advising: SoFi offers its borrowers one-on-one career coaching, free financial advice and discounted estate planning services. Furthermore, its mobile app lets them manage their accounts, access deals and receive other perks.

SoFi has earned a stellar reputation for customer service, boasting an impressive 3.2 stars on TrustPilot and mostly positive reviews. Customers can reach support via online chat, phone call, or Twitter direct message – all with impressive success!


PenFed is a credit union that offers various banking products and services, such as savings accounts, money market certificates and online personal loans. Its personal loans feature low minimum APRs without origination fees plus flexible repayment options.

The credit union also provides a pre-qualification program that enables borrowers to view their rates and loan amounts before applying for a loan. The process is quick and painless, with no hard credit check involved.

PenFed also provides a financial hardship assistance program to aid borrowers who have experienced temporary or permanent income loss. Members are paired with a Loss Mitigation Analyst who will collaborate to determine the most advantageous repayment plan.

As a member, you have access to more than 85,000 fee-free ATMs for withdrawing cash. Plus, their mobile app – available on both iOS and Android devices – makes payments and transfers between accounts effortless.

The company's savings accounts offer a high annual percentage yield and CDs offer competitive interest rates. Unfortunately, some of their money market certificates come with early withdrawal penalties which could prove problematic for those looking to save money in the long term.


Prosper is a peer-to-peer lender that connects those seeking personal loans with investors willing to fund them. To qualify, individuals must provide information about their debt-to-income ratio and credit history, after which Prosper assigns them an assigned loan score.

Loan applications are quick and effortless, allowing borrowers to enjoy personalized rates without damaging their credit score. They may even apply with a co-borrower if they have good credit and enough income to cover payments.

To apply, borrowers must fill out an online application and provide personal and financial information. After processing the data, a loan offer will be sent to the applicant; they then have the option to accept or decline it.

Once approved, funds are deposited directly into the borrower's bank account via direct deposit. Monthly payments can be made online, over the phone, through autopay or by check.

If you choose to pay off your loan early, there will be no prepayment penalty. However, keep in mind that you'll likely end up paying a higher interest rate than with other loans.

Check out the best online loans

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