Unsecured Loans

With some of the lowest APRs on the market, there are many advantages to getting an unsecured loan through LightStream, including its high maximum loan amount of $100,000. Most lenders only offer up to $40,000 or $50,000, so if you need a large loan and have good credit, this may be a good choice for you.

This lender charges zero fees — that means no origination fees, prepayment fees or late fees. However, LightStream does not offer preapproval for loans, so you’ll have to go through a hard credit check to see what rates and terms you may qualify for. You also won’t qualify for a LightStream loan if you don’t have good credit.

LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

• At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
• Stable income and can handle paying their current debt obligations
• Savings, whether in a bank account, investment account or retirement account

You must also have a valid Visa or Mastercard credit card to accept your loan, but only for verification purposes. LightStream will not charge your card.

Upstart provides a quick, easy online process for you to check whether you prequalify for an unsecured personal loan.

Like many companies, Upstart does not charge prepayment fees. However, borrowers may owe an origination fee (0.00% - 12.00%) that’s taken out of the total loan lump sum. Another positive to Upstart is that borrowers can receive their funds within one business day after they’re approved.

Upstart has transparent eligibility requirements, including:

• Age: Be 18 or older
• Administrative: Have a U.S. address, personal banking account, email address and Social Security number
• Employment: Have a job or job offer that starts within six months, or have regular income
• Credit-related factors: Debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
• Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)

If you need to consolidate loans or credit cards, Best Egg may be a good fit since it allows you to send your loan funds directly to your former creditors to pay them off. With Best Egg, you can also get quick results by finding out whether you qualify for a loan within just a few minutes and receive your funds in one to three days.

However, if you want to get a joint loan, you’ll have to look at other lenders since Best Egg does not allow you to add a second person to your loan. You’ll also be responsible for paying an origination fee of 0.99% - 9.99%.

You must meet the requirements below to qualify for a Best Egg loan:

• Citizenship: Be a U.S. citizen or permanent resident living in the U.S.
• Administrative: Have a personal checking account, email address and physical address
• Residency: Not live in the District of Columbia, Iowa, Vermont, West Virginia or U.S. territories
• Credit score: 580+

Discover loans come with few fees and several perks, including repayment assistance programs if you have difficulty keeping up with payments. If you find yourself in a tough financial spot, Discover can defer or lower your payments as you get back on your fee. Once you’re approved, you’ll get your money as quickly as the next business day.

If you have fair or bad credit, look elsewhere. Discover unsecured loans require a credit score of 720 or higher for approval. You’ll also need to stay on top of your payments because Discover charges a $39 late fee.

You’ll need to meet these eligibility criteria to get a Discover loan:

• Age: Be at least 18
• Citizenship: Have a Social Security number
• Administrative: Have a physical address, email address and internet access
• Income: Minimum income of $40,000 (individually or as a household)
• Credit score: 720+

LendingPoint is an online lender with a unique AI model that helps it see beyond your credit score when deciding whether to offer you an unsecured loan. This makes it a solid choice for borrowers with fair credit who want access to a loan with no prepayment fees and a fast funding timeline.

With a maximum loan amount of $36,500, this lender may be a good choice for those looking to take out a midsized loan to cover expenses. Though LendingPoint may approve you with a credit score as low as 660, you’ll likely only qualify for its highest interest rates if you don’t have good credit.

To get a loan from LendingPoint, you must meet its minimum criteria:

• Age: Be 18 years old or older
• Administrative: Provide identification issued by the U.S. government, have a Social Security number and have a bank account
• Income: Have a minimum income of $35,000
• Residency: Not live in Nevada or West Virginia
• Credit score: 660+

Not only does Upgrade have loan repayment terms of up to 84 months, but borrowers can also apply for a loan with a second person to improve their chances of approval and get better rates. Upgrade has a quick funding timeline and you may see your money in as little as one day.

However, Upgrade borrowers will have to shell out for an origination fee (1.85% - 9.99%) as well as late payment penalties. Upgrade offers unsecured loans for credit card refinancing, debt consolidation, home improvement projects and other large purchases.

To qualify for a loan through Upgrade, you must meet the requirements below:

• Age: Be at least 18 years old (19 in some states)
• Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
• Administrative: Have a valid bank account and email address
• Credit score: 580+

Happy Money offers loans specifically to help borrowers pay off credit card debt. While Happy Money does charge borrowers an origination fee (1.50% - 5.50%) for its unsecured personal loans, the company does not charge application or late payment fees.

Happy Money may help you consolidate your debt and substantially lower your interest rates. But if you need a loan to cover something else, look elsewhere — you won’t be able to use a Happy Money loan for any other purpose.

Happy Money provides clear eligibility requirements as to how you can qualify for a loan:

• Age: Must be 18 years or older
• Administrative: Must have a valid Social Security number and checking account
• Residency: Must not live in Iowa, Massachusetts or Nevada
• Credit score: 640+
• Payment history: Zero current delinquencies on your credit profile

PenFed Credit Union’s small loans start at $600 and are a great option if you’re only needing to cover a small expense. However, PenFed may be a good fit even if you need a larger loan since interest rates on loans from federal credit unions are capped at 18%. Other lenders charge APRs as high as 36%.

PenFed Credit Union lets borrowers avoid origination fees, but the company does charge a $29 late payment fee. Also, if you want a PenFed personal loan, you’ll have to become a member as an added step.

To qualify for a PenFed loan, you must meet the following requirements:

• Membership: PenFed membership (anyone can join)
• Administrative: Open a PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income

While other lenders can take one to three business days before funding your loan, SoFi can send your money to same day you’re approved for a loan. This lender also charges no required fees, though if you want to qualify for lower rates, you may have to accept an origination fee.

SoFi won’t be a good fit if you have anything less than good credit as its minimum credit score requirement is 680. If you’re looking for a small loan, you’ll have to go with another lender as SoFi’s personal loans start at $5,000.

You must meet the requirements below in order to get a loan from SoFi:

• Age: Be the age of majority in your state (typically 18)
• Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
• Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
• Credit score: 680+