Best Online Loans 2022

You can get just about anything online, including loans to buy a house, pay off high-interest debt, go to school or start a business. Some online loans can be approved in less time than it takes to drive to a bank branch.

As with any financial product, you will want to work with a reputable company and make sure your loan is a good fit for you.

Best Online Loans of 2022

LENDERLEARN MOREAPRMAX. LOAN AMOUNTMIN. CREDIT SCORE
SoFiSee Offers5.24% to 19.88%$100,000Not disclosed
PenFed Credit UnionSee Offers5.99% to 17.99%$50,000650
Marcus by Goldman SachsSee Offers6.99% to 19.99%$40,000670
LightStreamSee Offers2.49% to 19.99%$100,000670
PayoffSee Offers5.99% to 24.99%$40,000600
UpstartSee Offers6.76% to 35.99%$50,000650
Best EggSee Offers5.99% to 35.99%$50,000640
EarnestSee OffersAs low as 4.99%$250,000Not disclosed
TD BankSee Offers6.99% to 21.99%$50,000Not disclosed
U.S. BankSee Offers5.99% to 18.49%$50,000660

Methodology: U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.

Best Online Loans 2022 36

To calculate every score, we use information about the lender and its mortgage offerings, giving higher weight to elements that remember most to borrowers. Personal mortgage agencies are evaluated based totally on purchaser carrier ratings, activity rates, most mortgage term, minimal and most mortgage amounts, minimal FICO score, on-line features, and origination fees. The weight each scoring component receives is based totally on a nationwide survey on what debtors appear for in a lender.

To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.

SoFi

4.6U.S.NEWS RATINGSoFi, short for Social Finance, offers personal loans of up to $100,000. The lender operates nationwide and is known for offering loans with no fees. In addition to personal loans, SoFi offers student loans, student loan refinancing, home loans and small business financing.

Before You Apply

  • Minimum FICO credit score: undisclosed
  • Loan amounts: $5,000 to $100,000
  • Repayment terms: up to 84 months
  • Better Business Bureau rating: A+

Best Features

  • The lender does not charge origination, prepayment or late fees.
  • Loans of up to $100,000 are available.
  • Co-borrowers are accepted.
  • Borrowers become members and get special benefits.

PenFed Credit Union

U.S.NEWS RATINGPenFed Credit Union serves individuals of all branches of the U.S. military, personnel of the Department of Defense and Department of Homeland Security, eligible veterans and retirees, and their families. However, navy affiliation is now not required for membership. The credit score union affords private loans for eligible contributors and eligible co-borrowers in all 50 states.

Before You Apply

  • Minimum FICO credit score: 650
  • Loan amounts: $600 to $50,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: A+

Best Features

  • Terms extend up to 60 months.
  • There are no origination fees.
  • Borrowers can get as early as next day access to funds upon approval.

Marcus by Goldman Sachs

4.3U.S.NEWS RATINGMarcus is the consumer bank and lending arm of investment bank Goldman Sachs. Established in 2022, the lender offers personal loans of up to $40,000.

Before You Apply

  • Minimum FICO credit score: 670
  • Loan amounts: $3,500 to $40,000
  • Repayment terms: up to 72 months
  • Better Business Bureau rating: A+

Best Features

  • Marcus does not charge any fees on its personal loans.
  • Borrowers can adjust their payment due date

LightStream

4.3U.S.NEWS RATINGLightStream is the national online consumer lending division of SunTrust Bank, which recently became Truist after merging with BB&T. LightStream’s online personal loans can be as large as $100,000 and used for nearly any reason. Personal loans are available to borrowers with good to excellent credit in all 50 states.

Before You Apply

  • Minimum FICO credit score: 670
  • Loan amounts: $5,000 to $100,000
  • Repayment terms: up to 144 months
  • Better Business Bureau rating: A+

Best Features

  • More than 30 different loan uses are available.
  • Loans of up to $100,000 are available.
  • LightStream has no origination, prepayment or late fees.

Payoff

4.3U.S.NEWS RATINGPayoff offers personal loans designed to consolidate credit card and other high-interest debt. It operates in all but three states and provides loans of up to $40,000.

Payoff is not a bank; instead, it works with lending partners that originate the loans. The company, which considers itself a financial wellness firm, is based in California.

In 2022, Payoff launched a sister company called Happy Money, which takes a psychological approach to money matters. Today, Payoff is a service under the Happy Money umbrella.

Before You Apply

  • Minimum FICO credit score: 600
  • Loan amounts: $5,000 to $40,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: A+

Best Features

  • Borrowers don’t face prepayment or late fees.
  • Borrowers can get preapproved with no hard credit check.
  • Some borrowers with fair credit may be eligible.

Upstart

4.3U.S.NEWS RATINGUpstart is a lending platform that uses artificial intelligence to improve access to affordable credit. Based in California and founded by former Google employees in 2022, Upstart also applies AI to reduce lending risks and costs for its bank partners. The lending intermediary provides unsecured personal loans from $1,000 to $50,000 to borrowers anywhere in the U.S. except West Virginia or Iowa.

Before You Apply

  • Minimum FICO credit score: 650
  • Loan amounts: $1,000 to $50,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: A

Best Features

  • Next-day funding: Upstart says 99% of applicants who accept their loans by 5 p.m. Eastern Time Monday through Friday will get their money in one business day. The exception is loans for education expenses, which are subject to a waiting period of three business days, according to federal law.
  • No credit history required: Upstart offers loans to borrowers with no credit scores, which traditional lenders may not do. If you have little or poor credit history, your loan will likely be more expensive, however.
  • No prepayment penalty: You can repay all or part of your loan anytime without being charged a fee.

Best Egg

4.2U.S.NEWS RATINGBest Egg is a national online lender founded in 2022 with backing from Marlette Funding, a financial services company with banking and technology experience. Best Egg offers personal loans starting at $2,000 that can be used to cover medical bills, home remodeling and a variety of other expenses. Cross River Bank in New Jersey issues Best Egg loans, which can be funded in as little as one business day.

Before You Apply

  • Minimum FICO credit score: 640
  • Loan amounts: $2,000 to $50,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: A+

Best Features

  • Loan funding typically takes one to three business days.
  • The minimum loan amount is $2,000 in most states.
  • Borrowers incur no prepayment penalty.

Earnest

4.2U.S.NEWS RATINGEarnest partners with personal loans marketplace Fiona to match borrowers with loans that have terms up to 144 months. There’s no fee to use Fiona to search for loans, but some of the lenders that users will see on Fiona might.

Before You Apply:

Minimum FICO credit score: Not disclosed
Loan amounts: $1,000 to $250,0000
Repayment terms: up to 144 months
BBB rating: A

Best Features

  • Prospective borrowers can match with loan options within 60 seconds.
  • Loans available up to $250,000.
  • Searching loan options on Fiona doesn’t impact your credit score.

TD Bank

4.2U.S.NEWS RATINGTD Bank is an American subsidiary of Canada’s Toronto-Dominion Bank and is one of the 10 largest banks in the United States. The full-service bank has more than 1,100 retail store locations across the Northeast, Mid-Atlantic, Washington, D.C., metro area, the Carolinas and Florida. TD Bank offers unsecured personal loans to cover large and small expenses with amounts ranging from $2,000 to $50,000.

Lender Highlights:

  • Minimum FICO credit score: undisclosed
  • Loan amounts: $2,000 to $50,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: B+

Best Features

  • No origination fee.
  • Personal loans are issued by one of the 10 largest banks in the United States.

U.S. Bank

4.2U.S.NEWS RATINGU.S. Bank offers both short- and longer-term personal loans with fixed interest rates.

Before You Apply

  • Minimum FICO credit score: 660
  • Loan amounts: $1,000 to $50,000
  • Repayment terms: up to 60 months
  • Better Business Bureau rating: A+

Best Features

  • Pays out loan funds relatively quickly.
  • Offers a 0.50% rate discount if you use a U.S. Bank personal checking or savings account to make automatic payments.
  • Does not charge an origination fee.

Best Online Mortgage Lenders of 2022

LENDERLEARN MOREMIN. DOWN PAYMENTMIN. CREDIT SCORE
Navy Federal Credit UnionSee Offers5%Not disclosed
Carrington Mortgage ServicesSee Offers3%620
Fairway IndependentSee Offers5%Not disclosed
NBKC BankSee OffersNot disclosedNot disclosed
Guild MortgageSee Offers3%620
Veterans United Home LoansSee Offers5%640
Ally BankSee Offers3%620
Bank of AmericaSee Offers5%Not disclosed
PNC BankSee Offers3%620
Alliant Credit UnionSee Offers3%Not disclosed

Navy Federal Credit Union

4.2U.S.NEWS RATINGNavy Federal Credit Union serves more than 10 million members of the military community in 30 states, Washington, D.C., and Guam. Qualifying credit union members can choose from options such as conventional, refinance or Department of Veterans Affairs loans.

Before You Apply

  • Mortgage types: ARM, Conventional, Fixed Rate, Home Equity Loans, Refinancing, VA
  • Minimum FICO credit score: Not disclosed
  • Maximum Down Payment: 5%

Best Features

  • Zero-down loans are available.
  • Private mortgage insurance is not required for many loans.

Carrington Mortgage Services

4.4U.S.NEWS RATINGCarrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional and government-backed mortgages, has funded $22 billion in home loans since 2022.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, USDA, Fixed Rate, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Applicants with credit scores as low as 500 are accepted for some products.
  • The Home Possible Advantage loan program can require a down payment of as little as 3%.

Fairway Independent

4.7U.S.NEWS RATINGFairway Independent Mortgage Corp. is based in Madison, Wisconsin, and has funded billions of dollars in loans since the company began in 1996 – and more than $58 billion in 2022 alone. The lender offers several mortgage products, including conventional, Federal Housing Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs and refinancing loans. Fairway Independent Mortgage also provides jumbo loans for home purchases in high-cost markets, renovation loans, adjustable-rate mortgages and reverse mortgages. Fairway is an independent mortgage company and serves as a mortgage broker and direct lender.

Before You Apply

  • Mortgage types: fixed rate, ARM, conventional, USDA/Rural Development, FHA, VA, jumbo, refinance, renovation, reverse mortgage
  • Minimum FICO credit score: Not disclosed
  • Maximum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • The selection of mortgages includes VA and USDA loans, which often have no down payment requirements.
  • The company has an A+ customer service rating with the Better Business Bureau.
  • Renovation loan options include the HomeStyle Renovation Loan, which combines the cost of remodeling and the mortgage into one loan.

NBKC Bank

4.6U.S.NEWS RATINGNBKC Bank is a Kansas-based mortgage lender. It originates home loans in all 50 states.

Before You Apply

  • Mortgage types: conventional, fixed rate, ARM, FHA, refinance, VA, FHA Streamline Refinance, Refi Plus, VA Streamline Refinance
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: Not disclosed
  • Better Business Bureau rating: A+

Best Features

  • Borrowers with fair credit may qualify.
  • It features a simple online application process.
  • VA loan borrowers aren’t charged lender fees.

Guild Mortgage

3.8U.S.NEWS RATINGGuild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home renovation loans.

Before You Apply

  • Mortgage types: ARM, Fixed Rate, Conventional, FHA, VA, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: B+

Best Features

  • A broad range of mortgage products are offered.
  • Special mortgage programs for first-time buyers and manufactured homebuyers are available.

Veterans United Home Loans

3.9U.S.NEWS RATINGVeterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, FHA, USDA, Refinancing
  • Minimum FICO credit score: 640
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • No down payment or mortgage insurance is required for VA loans.
  • Offers FHA, USDA and VA loans.

Ally Bank

Ally Bank is a Detroit-based online bank. Ally offers traditional banking products and services, such as conventional mortgages, as well as refinance loans and jumbo home loans.

Before You Apply

  • Mortgage types: fixed rate, ARM, home equity loans, refinancing, HomeReady for first-time homebuyers
  • Minimum FICO credit score: 620
  • Maximum loan amount: $4 million
  • Better Business Bureau rating: A+

Best Features

  • A program is available for first-time homebuyers.
  • Existing Ally customers can get a closing cost discount.

Bank of America

4.2U.S.NEWS RATINGBank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, HELOC, Jumbo, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Bank of America has a variety of mortgage products.
  • The lender offers origination fee discounts for qualifying Bank of America and Merrill Lynch clients.
  • Home equity lines of credit have no annual, application or cash advance fees or closing costs.
  • Bank of America offers a first-time homebuyer program.

PNC Bank

4.4U.S.NEWS RATINGPNC Bank is one of the largest U.S. banks, serving more than 9 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA< VA, ARM, Jumbo, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Multiple types of mortgages are available.
  • PNC supplies an online home ownership cost tool.
  • Some mortgage options require no or low down payments.

Alliant Credit Union

4.1U.S.NEWS RATINGAlliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all 50 states. Mortgage products include conventional, jumbo and refinancing loans, and home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, Fixed, ARM, Refinancing, Jumbo, HELOC
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • No-down-payment mortgages are available for first-time homebuyers with excellent credit.
  • Those who buy or sell through the Alliant Home Rewards program are eligible for cash back rebates.

Best Online Student Loans of 2022

LENDERLEARN MOREFIXED APRMAX. LOAN AMOUNTMIN. CREDIT SCORE
View DisclosureCollege AveSee Offers2.94% to 12.99% with autopayCost of attendance, minus aidMid 600s
View DisclosureEarnestSee Offers2.94% to 12.78% with autopay*No maximum650
View DisclosureEducation Loan FinanceSee Offers3.20% to 11.99%No maximum680
U-fiRead Review3.59% to 12.37%$500,000680
View DisclosureSallie MaeSee Offers3.50% to 12.60% with autopayCost of attendance, minus aidMid 600s
View DisclosureAscent FundingSee Offers3.15% to 11.48% with autopay$200,000540
RISLARead ReviewAs low as 2.99%Not disclosed680
View DisclosureSoFiSee Offers2.99% to 10.66% with autopayCost of attendance, minus aidNot disclosed
View DisclosureCitizens BankSee Offers4.18% to 10.95%$150,000Not disclosed
DiscoverRead Review4.24% to 11.99%No maximumNot disclosed

Find the Best Student Loan Refinance Lenders

Advertiser Disclosure

LENDERLEARN MOREFIXED APRVARIABLE APRLOAN TERM
View DisclosureSee Offers2.44% to 5.79% with autopay*1.88% to 5.64% with autopay*5 to 20 years*
View DisclosureSee Offers2.30% to 6.25% with autopay1.87% to 6.15% with autopay5 to 25 years
View DisclosureSee Offers2.15% to 10.74% with autopay1.87% to 9.34% with autopay5, 7, 8, 10, 12, 15, or 20 years

College Ave

4.7U.S.NEWS RATINGCollege Ave exclusively offers student loans. Founded in 2022 and based in Wilmington, Delaware, College Ave offers undergraduate, graduate and parent loans for students enrolled at schools affiliated with College Ave in all 50 states and the District of Columbia. College Ave’s advantage is speed, with applications that take a few minutes to complete and instant decisions.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, MBA, Law School, Dental School, Medical School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: Yes.
  • Better Business Bureau rating: A+.

Best Features

  • Rapid application and approval process.
  • Career loan programs with a completion incentive available.
  • College Ave Student Loans have no origination fees.

Earnest

4.7U.S.NEWS RATINGEarnest is an online lender offering private student loans to current college and graduate students and student loan refinancing to graduates. The company was founded in 2022. Borrowers can choose their loan terms to fund up to the full cost of their education.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Medical School.
  • Minimum FICO credit score: 650.
  • Co-signer required: No.
  • Better Business Bureau rating: A.

Best Features

  • There are no origination, application or late fees.
  • You can choose your monthly payment and loan term length.
  • You can use a co-signer on undergraduate or graduate student loans, and student loan refinancing is available.

Education Loan Finance

4.6U.S.NEWS RATINGEducation Loan Finance, also known as ELFI, is a student loan refinancing program offered by SouthEast Bank. Options are available in all 50 states to refinance private and federal student loans, including undergraduate, graduate, parent and MBA loans, as well as loans for law, dental and medical school.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, Refinance, Medical School, Dental School, MBA, Law School.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A-.

Best Features

  • There’s no maximum loan amount.
  • All types of student loans are eligible for refinancing.
  • Borrowers with up to a 50% debt-to-income ratio may be approved.

U-fi

4.5U.S.NEWS RATINGU-fi offers private student loans to borrowers in 49 states. Undergraduate and graduate are available. The lender specializes in offering flexible repayment options.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Law School, Health Professions Loans.
  • Minimum FICO credit score: 680.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Borrowers can get up to 15 years to pay off the loan.
  • The lender offers an interest rate discount for automatic payments.
  • While enrolled at least half time, borrowers can make full payments, pay only interest or defer payments.

Sallie Mae

4.5U.S.NEWS RATINGSallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. The company started in 1973 as a government entity that serviced federal student loans. It went private in 2022 and has a range of student loan products. Beyond student loans, Sallie Mae Bank offers savings products and credit cards with incentives for using cash back rewards to pay back student loans.

Before You Apply

  • Loan types: Undergraduate, Parent Loan, Graduate, MBA, Medical School, Dental School, Law School.
  • Minimum FICO credit score: Mid 600s.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Student loans completely cover school-certified expenses – tuition, fees, books, housing, meals, travel and a laptop.
  • Customer service is 100% U.S.-based.
  • No loan origination fee.

Ascent Funding

4.5U.S.NEWS RATINGAscent Funding is an online lender offering undergraduate and graduate student loans at more than 2,200 eligible schools nationwide. U.S. citizens and permanent residents can apply for an Ascent loan as a solo borrower or with a creditworthy co-signer, as can those with Deferred Action for Childhood Arrivals status – aka “Dreamers.” Other applicants must have a co-signer who is creditworthy and a U.S. citizen or permanent resident. Ascent Funding is based in San Diego.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Law School, Dental, Medical, International Student Loan.
  • Minimum FICO credit score: 540.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Borrowers can receive a 1% cash back graduation reward when they meet certain terms and conditions.
  • Undergraduate juniors and seniors may qualify for Ascent Funding’s Non-Cosigned Outcomes-Based Loans depending on their major, cost of attendance, graduation date and other factors. These loans are eligible for a rate discount of one percentage point with automatic payments.
  • Ascent Funding student loans have no application, origination or disbursement fees.

RISLA

4.4U.S.NEWS RATINGThe Rhode Island Student Loan Authority is a nonprofit quasi-state authority that provides college financing to students and parents. The lender specializes in providing loans to Rhode Island residents and students, though not all loans have residency requirements.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent Loan.
  • Minimum FICO credit score: 680.
  • Co-signer required: No.

Best Features

  • Students can be enrolled less than half time and still qualify.
  • Refinancing loans do not have residency requirements.

SoFi

4.3U.S.NEWS RATINGSoFi is an online lender founded by Stanford business school students in 2022. Originally focused on student loan refinancing, the company added private student loans in 2022. Its student loans for undergraduates, graduates and parents start at $5,000 and charge no fees.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loan, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Zero fees: You won’t have to pay origination fees, application fees, late fees or insufficient funds fees.
  • Flexible repayment options: SoFi offers co-signer release options, plus borrowers hit by financial hardship can access programs and benefits.
  • Prequalify: Whether seeking undergraduate, graduate or parent loans, you and your co-signer can check rates and terms before submitting a full loan application without hurting your credit scores.

Citizens Bank

4.3U.S.NEWS RATINGCitizens Bank was founded in the 1800s in Rhode Island. Today, it’s one of the largest commercial banks in the U.S., with branches in 12 states in New England, the mid-Atlantic and the Midwest. U.S. citizens and permanent residents can apply for Citizens Bank student loans, as can non-citizens with creditworthy citizen or permanent resident co-signers.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent Loan, MBA, Medical School, Dental School, Law School, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Citizens Bank offers multiyear approval loans, meaning that once you get started, you will continue to secure funding for subsequent years in school without needing to go through a credit check every year.
  • Borrowers who sign up for automatic payments can reduce their interest rates by 0.25 percentage points.
  • If you have a qualifying Citizens Bank account, you can earn an additional 0.25 percentage point discount.
  • International students can apply if they have a co-signer who is a U.S. citizen or permanent resident with good credit.

Discover

4.3U.S.NEWS RATINGDiscover Bank has been operating for more than 100 years, and it currently offers private student loans to students attending more than 2,400 colleges and universities. Loans as small as $1,000 and up to 100% of education costs with fixed or variable rates are available.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent Loans, Refinance, MBA, Law School, Health Professions, International Student Loan.
  • Minimum FICO credit score: Not disclosed.
  • Co-signer required: No.
  • Better Business Bureau rating: A+.

Best Features

  • Loans as small as $1,000 are available. This can help families bridge the gap between financial aid and out-of-pocket college expenses.
  • Co-signers are accepted. Parents or grandparents may choose to co-sign a loan for their student to help them qualify for a lower interest rate.
  • Discover has no origination, application or late fees.

Best Online Business Loans of 2022

  • BlueVine: Best for bad credit
  • Biz2Credit: Best for loan options
  • Fundbox: Best for large loan amounts
  • Funding Circle: Best for fixed monthly payments
  • OnDeck: Best for short loan terms
  • Rapid Finance: Best for product availability

Methodology: U.S. News selected national small-business loan companies for this guide based on consumer ratings and availability of products.

BlueVine

Established in 2022, BlueVine has delivered more than $9 billion in financing to more than 200,000 customers. The entrepreneurial lender focuses on small businesses, offering business lines of credit up to $250,000 and invoice factoring with credit lines up to $5 million. BlueVine also offers an online vendor and bill payments program and business checking accounts. The lender serves borrowers across the country and has three brick-and-mortar locations in Redwood City, California; Gretna, Louisiana; and Jersey City, New Jersey.

Lender Highlights

  • Loan types: invoice factoring, lines of credit, term loans
  • Minimum FICO credit score: 530
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Invoice factoring credit lines as large as $5 million
  • Disbursement within 24 hours

Biz2Credit

Biz2Credit was founded in 2022 as a platform to match small businesses with funding based on their needs by connecting borrowers with lenders that offer a range of loan and credit options. The platform has arranged more than $3 billion in small business funding for thousands of U.S. companies.

Lender Highlights

  • Loan types: lines of credit, merchant cash advances
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Loans come from a network of financial institutions
  • Borrowers matched with loan options
  • Wide range of loans

Fundbox

Established in 2022, Fundbox has served more than 70,000 small businesses with loans backed by investor partners. Borrowers can obtain revolving lines of credit of up to $100,000.

Lender Highlights

  • Loan types: lines of credit
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $100,000
  • Better Business Bureau rating: A+

Best Features

  • Loan amounts from $1,000 to $100,000
  • Some funds with next-business-day availability

Funding Circle

Funding Circle is an online lender that connects small-business borrowers with investors. The platform has linked 81,000 businesses worldwide with more than $11.7 billion in funding.

Lender Highlights

  • Loan types: term loans
  • Minimum FICO credit score: 660
  • Maximum loan amount: $500,000
  • Better Business Bureau rating: A+

Best Features

  • Term loans of up to $500,000
  • No annual revenue minimums for loans
  • Loans available in every state except Nevada

OnDeck

OnDeck is an online lender providing small businesses with term loans and lines of credit. The company has extended $13 billion in loans using data analytics and digital technology to assess the creditworthiness of borrowers.

Lender Highlights

  • Loan types: lines of credit, term loans
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $2 million
  • Better Business Bureau rating: A+

Best Features

  • Term loans and lines of credit
  • Loans of up to $2 million

Rapid Finance

Rapid Finance offers lines of credit, merchant cash advances and Small Business Administration bridge loans from $5,000 to $1 million. Approval in 24 hours is available, with one-day disbursement.

Lender Highlights

  • Loan types: bridge loans, invoice factoring, lines of credit, merchant cash advances, term loans
  • Minimum FICO credit score: undisclosed
  • Maximum loan amount: $1 million
  • Better Business Bureau rating: A+

Best Features

  • Loans charge monthly fee instead of annual percentage rate
  • Smallest loan amount is $5,000

What Is an Online Loan?

Online loans allow you to complete the loan application process online, from comparing rates to applying for and receiving funds. Typically, you can obtain your loan and manage your account without setting foot in a brick-and-mortar bank branch.

Some online lenders offer three choices for customer service. They provide not only online resources, but also options for phone and in-person service.

Types of Online Loans

Most online loans are personal loans, with uses ranging from debt consolidation to home improvement loans. But mortgages, business loans, student loans and other loan types can also be obtained online.

According to Yasmin Farahi, a policy counsel at the Center for Responsible Lending, a consumer advocacy group, more borrowers are taking out online loans. She says this makes sense: “So much of what consumers are doing is online these days, so in that way, (the growth) is not surprising.”

Can You Get an Online Loan Instantly?

One main benefit of online loans compared with traditional loans is speed. Application, approval and the chance to review multiple offers happens quickly, so you can obtain online loans fast.

Some online lenders say they can approve your online loan application in five minutes or less. And, you might be able to get funds as soon as the next business day.

What Are the Best Loan Companies Online?

Many types of lenders let you borrow money online: traditional banks, credit unions and online financial technology, or fintech, companies. The latter issues almost half of all unsecured personal loans, according to a report from the credit bureau Experian.

Some of the largest online loan companies for personal loans include SoFi, LightStream, Prosper and Upstart. Like traditional lenders, they require a hard credit check and have set minimum annual income and other eligibility criteria, such as good to excellent credit.

Unlike traditional lenders, though, online lenders use automated underwriting for quicker and easier online loan approval. And you won’t have to visit a bank branch or make a phone call to get a loan.

How to Get a Loan Online

Follow these steps when choosing an online loan:

Decide how much you need, and budget for monthly payments. First, figure out how much money you need to borrow, such as the minimum loan amount to consolidate high-interest debt. Determine what you can reasonably afford to pay on the loan each month.

Compare online loan companies. Read full reviews of online loan companies to find out what you can expect from them. Consider lender ratings from the Better Business Bureau, and check for negative reports in the Consumer Financial Protection Bureau’s Consumer Complaint Database.

Get online loan quotes. Many online lenders allow you to prequalify for loan offers with basic information such as your Social Security number, which can tell you how much you may be able to borrow, term lengths, your interest rate and other loan terms. Prequalifying is a good way to assess competitive interest rates and potentially get a lower interest rate.

Review costs. Compare loan rates, terms, loan amounts and other factors to find the best online loan for your needs. Look closely at the loan costs disclosed by the online lender, which should include the interest rate and fees, including the origination fee and late fees. Your annual percentage rate can tell you what your loan costs with interest and fees. Loan terms should be clear, including loan amount, fees and interest, finance charge and payoff amount.

Are Online Loans Legitimate?

Most online loans are safe, but scams – and really bad deals – can be pitfalls of online loans.

Here are signs that you’re dealing with a predatory online lender:

  • The offer seems too good to be true.
  • Loan costs aren’t clear, or information is limited.
  • High interest rates or fees are well above average.
  • No credit check is required.
  • Payments aren’t reported to credit bureaus.

How to Get Online Loans With Bad Credit

Online loan lenders fall into two groups: companies that rely on credit report checks before they approve your loan, and payday-type lenders that only use soft credit checks and may consider wages or bank accounts instead. Because they have few online loan approval requirements, payday loans can help you borrow if you have bad credit. But easier access to bad credit loans comes at a cost.

A consumer will pay much higher interest rates for not going through a credit check, says Peter Klipa, senior vice president of creditor relations for the nonprofit National Foundation for Credit Counseling. “As much as the consolidation loans have been growing, the payday lenders have also been growing,” he adds.

Payday lenders may also target consumers with a below-average credit score.

If an offer seems too good to be true – such as fast funding for anyone, with no minimum credit score – be careful. Getting payday loans online is rarely a good choice because the cost of borrowing can quickly become overwhelming.

Look for online lenders that perform credit checks and provide clear terms, with fees that are within reason for the type of loan you want.

Is an Online Loan the Right Choice?

Online loans can be faster and easier than traditional loans, but those aren’t the most important factors to consider. If you want an online loan, get prequalified for offers from all types of lenders to see whether you’re getting the best deal on rates, terms and fees.

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