Unsecured Loans

With some of the lowest annual percentage rates (APRs) on the market, there are many advantages to getting an unsecured loan through LightStream, including its high maximum loan amount of $100,000. (Keep in mind that the lowest rates are typically reserved for borrowers with excellent credit scores.)

This lender charges zero fees — that means no origination fees, prepayment fees or late fees. However, one downside of LightStream is that the company does not offer preapproval services, so you’ll have to go through a hard credit check to see what rates and terms you may qualify for.

Read our LightStream personal loan review.

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 the ability to handle paying their current debt obligations
• Savings, whether in a bank account, an investment account or a retirement account

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.

Read our Upstart personal loan review.

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 a 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+

If you have a credit score of at least 700 and a personal annual income of more than $100,000, you may qualify for Best Egg’s lowest APRs. This lender charges an origination fee of 0.99% - 9.99% and won’t penalize you with a fee if you prepay your loan. 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.

Read our Best Egg personal loan review.

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 a prequalification process that allows you to check your rates without hurting your credit in the process. 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.

Read our Discover personal loan review.

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.

Though LendingPoint may approve you with a credit score as low as 660, you’ll likely only qualify for its highest interest rates.

Read our LendingPoint personal loan review.

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+

PenFed Credit Union’s small loans starting at $600 are a great alternative to payday loans with rates in the triple digits. Interest rates on loans from federal credit unions like PenFed are capped at 18%, which could help you save hundreds or thousands of dollars in interest payments.

PenFed Credit Union lets borrowers avoid prepayment, application and origination fees, but the company does charge a $29 late payment fee. While you don’t have to become a PenFed member to apply for a loan, you will have to join if you accept a loan.

Read our PenFed Credit Union personal loan review.

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

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

SoFi is another lender that charges no required fees. However, unlike LightStream, SoFi does offer soft credit inquiries so you can see what rates and terms you qualify for without putting a dent in your credit score. And if you need a quick unsecured loan, SoFi might fit the bill — it often offers same-day funding once you’re approved for a loan.

Read our SoFi personal loan review.

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+

Not only does Upgrade have loan repayment terms of up to 84 months, but borrowers can also receive funding in as little as one day.

While this lender doesn’t charge any prepayment fees, 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.

Read our Upgrade personal loan review.

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, or 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.

Read our Happy Money personal loan review.

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

• Age: Be 18 years or older
• Administrative: Have a valid Social Security number and checking account
• Residency: Not live in Iowa, Massachusetts or Nevada
• Credit score: 640+
• Payment history: Have zero current delinquencies on your credit profile