Best Online Loans of 2022: Find the right one for you

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.

Axos Bank

Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

Lender
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Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

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.

To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. Personal loan companies are evaluated based on customer service ratings, interest rates, maximum loan term, minimum and maximum loan amounts, minimum FICO score, online features, and origination fees.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look 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.

Best for online mortgages with cash back rewards

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank offers everything from personal and business savings and checking accounts to auto and home loans.

Borrowers with an Axos Bank checking account can reduce or eliminate the lender fee and earn cash back by using the account to make monthly mortgage payments.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Home Equity Loans, HELOC, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: Not disclosed
  • Better Business Bureau rating: A+

Best Features

  • Earn 3% annualized cash back – 0.25% monthly – if you have an Axos Bank checking account and use it to pay your mortgage.

  • Reduce or eliminate the $995 lender fee with an Axos Bank checking account.

  • On-time closing is guaranteed for buyers of single-family homes.

  • Access mortgage loan consultants to discuss your home financing needs.

See full profile

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

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

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment and closing cost assistance is available.

See full profile

Best for mortgage variety

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • FHA, VA and USDA loans are available, in addition to conventional fixed-rate and adjustable-rate mortgages.

  • Potential borrowers can get prequalified without a hard credit inquiry.

  • Borrowers can complete the majority of the application process online.

See full profile

Best for client relations

Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Jumbo, Construction-to-permanent, HELOC, Refinancing
  • Minimum FICO credit score: Not Disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The application process can be completed online.

  • Truist Bank offers a range of mortgage products.

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans.

Caliber has been in business since 2008, and is solely focused on home lending products.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, Jumbo, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Offers Freddie Mac’s HomeOne loans for first-time homebuyers, which only require a 3% down payment and accept borrowers with a minimum 620 FICO score.

  • Government-backed FHA, VA and USDA loans are available.

  • Provides loans in all 50 states and the District of Columbia.

See full profile

Best for borrowers with bad credit

Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.

Before You Apply

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

Best Features

  • Loans are available to buyers with low credit scores.

  • Lender programs allow for low or no down payments.

  • Borrowers can choose from many loan options.

See full profile

Best for low APR

New American Funding is a mortgage lender offering a variety of loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $58 billion in mortgages to date.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, USDA, Reverse Mortgage, HELOC, Cash-Out Refinancing, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Select from many mortgage types, including low- and no-down-payment loans.

  • Choose between fixed- and adjustable-rate mortgages.

See full profile

Best for low down payment

PNC Bank is one of the largest banks in the United States, serving more than 12 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing, Home Equity Loans
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • PNC Bank offers multiple mortgage product lines.

  • Low down payment mortgages are available.

  • Its website offers an online homeownership cost tool.

See full profile

Best for VA loans

Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, Jumbo, VA
  • Minimum FICO credit score: 620
  • Minimum down payment: 0% for a VA loan
  • Better Business Bureau rating: A+

Best Features

  • Non-VA loan options are also available.

See full profile

Best for product availability

Wells Fargo offers a variety of mortgage and home equity products in 36 states. The lender offers conventional, adjustable-rate, Federal Housing Administration, U.S. Department of Veterans Affairs, U.S. Department of Agriculture, jumbo and refinancing loans, as well as home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA Refinancing, Home Equity Loans
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: NR

Best Features

  • Borrowers can choose from a variety of mortgage products.

  • Wells fargo offers specialized loans with additional loan options.

  • Borrowers can get prequalified and apply online.

See full profile

Axos Bank

Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

Lender
Learn More
Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

Best for online mortgages with cash back rewards

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank offers everything from personal and business savings and checking accounts to auto and home loans.

Borrowers with an Axos Bank checking account can reduce or eliminate the lender fee and earn cash back by using the account to make monthly mortgage payments.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Home Equity Loans, HELOC, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: Not disclosed
  • Better Business Bureau rating: A+

Best Features

  • Earn 3% annualized cash back – 0.25% monthly – if you have an Axos Bank checking account and use it to pay your mortgage.

  • Reduce or eliminate the $995 lender fee with an Axos Bank checking account.

  • On-time closing is guaranteed for buyers of single-family homes.

  • Access mortgage loan consultants to discuss your home financing needs.

See full profile

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

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

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment and closing cost assistance is available.

See full profile

Best for mortgage variety

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • FHA, VA and USDA loans are available, in addition to conventional fixed-rate and adjustable-rate mortgages.

  • Potential borrowers can get prequalified without a hard credit inquiry.

  • Borrowers can complete the majority of the application process online.

See full profile

Best for client relations

Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Jumbo, Construction-to-permanent, HELOC, Refinancing
  • Minimum FICO credit score: Not Disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The application process can be completed online.

  • Truist Bank offers a range of mortgage products.

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans.

Caliber has been in business since 2008, and is solely focused on home lending products.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, Jumbo, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Offers Freddie Mac’s HomeOne loans for first-time homebuyers, which only require a 3% down payment and accept borrowers with a minimum 620 FICO score.

  • Government-backed FHA, VA and USDA loans are available.

  • Provides loans in all 50 states and the District of Columbia.

See full profile

Best for borrowers with bad credit

Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.

Before You Apply

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

Best Features

  • Loans are available to buyers with low credit scores.

  • Lender programs allow for low or no down payments.

  • Borrowers can choose from many loan options.

See full profile

Best for low APR

New American Funding is a mortgage lender offering a variety of loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $58 billion in mortgages to date.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, USDA, Reverse Mortgage, HELOC, Cash-Out Refinancing, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Select from many mortgage types, including low- and no-down-payment loans.

  • Choose between fixed- and adjustable-rate mortgages.

See full profile

Best for low down payment

PNC Bank is one of the largest banks in the United States, serving more than 12 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing, Home Equity Loans
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • PNC Bank offers multiple mortgage product lines.

  • Low down payment mortgages are available.

  • Its website offers an online homeownership cost tool.

See full profile

Best for VA loans

Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, Jumbo, VA
  • Minimum FICO credit score: 620
  • Minimum down payment: 0% for a VA loan
  • Better Business Bureau rating: A+

Best Features

  • Non-VA loan options are also available.

See full profile

Best for product availability

Wells Fargo offers a variety of mortgage and home equity products in 36 states. The lender offers conventional, adjustable-rate, Federal Housing Administration, U.S. Department of Veterans Affairs, U.S. Department of Agriculture, jumbo and refinancing loans, as well as home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA Refinancing, Home Equity Loans
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: NR

Best Features

  • Borrowers can choose from a variety of mortgage products.

  • Wells fargo offers specialized loans with additional loan options.

  • Borrowers can get prequalified and apply online.

See full profile

Earnest

2.94% to 12.78% with autopay Fixed APR
No maximum Max. Loan Amount
650 Min. Credit Score

College Ave

2.99% to 12.99% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

Sallie Mae

3.50% to 12.60% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Mid 600s Min. Credit Score

SoFi

3.22% to 11.16% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
640 Min. Credit Score

Ascent Funding

3.97% to 11.89% with autopay Fixed APR
$200,000 Max. Loan Amount
540 Min. Credit Score

CommonBond

3.74% to 10.74% Fixed APR
Cost of attendance, minus aid Max. Loan Amount
660 Min. Credit Score

LendKey

3.99% to 8.49% with autopay Fixed APR
Cost of attendance, minus aid Max. Loan Amount
Not disclosed Min. Credit Score

Citizens

3.48% to 11.34% with auto and loyalty discount* Fixed APR
Up to $350,000 Max. Loan Amount
Not disclosed Min. Credit Score

PNC

2.99% to 9.89% with autopay* Fixed APR
$50,000 Max. Loan Amount
Not disclosed Min. Credit Score

Purefy

3.26% to 14.50% with autopay Fixed APR
Not disclosed Max. Loan Amount
Not disclosed Min. Credit Score

Find the Best Student Loan Refinance Lenders

Best for fair credit

Earnest is an online lender offering private student loans to college and graduate students, as well as student loan refinancing. The company was founded in 2013.

Borrowers can choose their own loan terms to fund up to the full cost of their education.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent, MBA, Medical School, Law School.
  • Minimum FICO credit score: 650.
  • 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.

See full profile

Best for instant approval

College Ave exclusively offers student loans. Founded in 2014 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, Refinance, Parent, MBA, Medical School, Dental School, Law School, International Student, Health Professions, Career Loan.
  • Minimum FICO credit score: Mid 600s.
  • Better Business Bureau rating: A+.

Best Features

  • Rapid application and approval process.

  • Career loan programs with a completion incentive available.

See full profile

Best for product availability

Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and professional degrees, among other educational needs. Congress started Sallie Mae in 1972 as a government-sponsored entity that serviced student loans. The lender went private in 2004 and today provides a range of student loan products.

Additionally, Sallie Mae Bank offers savings products and other tools to help families plan and pay for college, including a credit card that earns bonus cash back to help you pay off any student loan.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Medical School, Dental School, Health Professions, Law School, Bar Study, Career Training, Residency and Relocation Loan.
  • Minimum FICO credit score: Mid 600s.
  • Better Business Bureau rating: A+.

Best Features

  • Student loans can completely cover school-certified expenses, such as tuition and fees, books, and other related costs.

  • Borrowers pay no loan origination fee.

  • Autopay enrollment qualifies you for a 0.25 percentage point interest rate discount.

See full profile

Best for multiple repayment options and no fees

SoFi is an online lender founded by Stanford business school students in 2011. Originally focused on student loan refinancing, the company added private student loans in 2019. Its student loans for undergraduates, graduates and parents start at $5,000 and charge no fees.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent, International Student, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: 640.
  • 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 multiple repayment term options, as well as cosigner release options. It also offers unemployment protection and other resources for eligible borrowers facing financial hardship.

  • 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.

See full profile

Best for bad credit

Ascent Funding is an online lender offering undergraduate and graduate student loans for those with or without a co-signer at more than 2,200 eligible schools nationwide. Students who are not U.S. citizens or permanent residents or those with Deferred Action for Childhood Arrivals status – aka “Dreamers” – may apply for an Ascent loan. Ascent Funding was founded in 2015 and is based in San Diego.

Before You Apply

  • Loan types: Undergraduate, Graduate, International Student, MBA, Medical School, Law School, Dental School, DACA Student.
  • Minimum FICO credit score: 540.
  • Better Business Bureau rating: A.

Best Features

  • Borrowers can receive a 1% cash back graduation rewards when they meet certain terms and conditions.

  • Outcomes-based loans without co-signers are eligible for a rate discount of 1 percentage point with automatic payments.

  • Ascent Funding student loans have no application, origination, or disbursement fees.

See full profile

Best for forbearance options

Founded in 2012, CommonBond has funded more than $2 billion in student loans. The lender offers undergraduate, graduate, medical, dental, MBA and student loan refinance loans.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Medical School, Law School, Dental School, Refinance.
  • Minimum FICO credit score: 660.
  • Better Business Bureau rating: B+.

Best Features

  • Borrowers can make up to full payments while in school or choose to pay interest only, a flat fee or defer payments.

  • Online preapproval is available.

See full profile

Best for minimal fees

LendKey’s digital platform connects borrowers who need private student loans or refinancing loans with credit unions and community banks. Since 2009, LendKey has helped more than 120,000 people by funding $4 billion in loans. The company offers fixed- and variable-rate loans for undergraduate and graduate students.

Before You Apply

  • Loan types: Undergraduate, Graduate, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: Not disclosed.
  • Better Business Bureau rating: A.

Best Features

  • Co-signers are accepted but not required and may improve your chances of approval or help you obtain better terms.

  • LendKey charges no origination or application fees.

See full profile

Best for streamlined approval process

Citizens was founded in the late 1800s in Rhode Island. Today, it’s one of the largest commercial banks in the U.S. Branches are concentrated in the New England, mid-Atlantic and Midwest regions.

Before You Apply

  • Loan types: Undergraduate, Graduate, Refinance, Parent, MBA, Medical School, Dental School, Law School, International Student, Bar Study, Medical Residency.
  • Minimum FICO credit score: Not disclosed.
  • Better Business Bureau rating: A+.

Best Features

  • Citizens offers multiyear approval loans, meaning that once you get started, you can continue to secure funding for subsequent years in school without needing to go through a credit check every year.

  • Borrowers can reduce their interest rates by 0.5 percentage points if they have a qualifying Citizens account and sign up for autopay.

  • International students can apply if they have a co-signer who is a U.S. citizen or permanent resident with good credit.

See full profile

Best for automated payment discount

PNC Bank offers loans in all 50 states for students at all stages of postsecondary education, including professional training loans and refinancing. The bank is also engaged in a number of community efforts, including financial literacy programs and PNC Grow Up Great, which supports early childhood education. For undergraduate students, PNC offers opportunities to win $2,000 scholarships toward education expenses.

Before You Apply

  • Loan types: Undergraduate, Graduate, Medical School, Law School, Refinance, Bar Study, Health Professions, Residency Loan.
  • Minimum FICO credit score: Not disclosed.
  • Better Business Bureau rating: A+.

Best Features

  • Range of loans for undergraduate, graduate and professional education.

  • Loans available in all 50 states.

  • Interest-rate discount for automatic payment from a checking or savings account.

See full profile

Best for customer service

Purefy is a student loan comparison site, and it also originates refinanced student loans and parent loans via a partnership with Pentagon Federal Credit Union. Purefy was founded in 2014, and began working with PenFed in 2016. Since then, the company has originated more than $1 billion in loans.

As a rate comparison tool, Purefy shares interest rates, terms and eligibility requirements from a few lending partners, including Ascent, Earnest, ISL Education Lending and College Ave. This lender review will focus on the loan refinancing options Purefy and PenFed offer together.

Before You Apply

  • Loan types: Undergraduate, Graduate, Parent, MBA, Medical School, Law School, Refinance.
  • Minimum FICO credit score: Not disclosed.
  • Better Business Bureau rating: A+.

Best Features

  • No origination fees, application fees or prepayment penalties

  • Spouses can consolidate their loans together

  • Co-signer release after 12 consecutive months of on-time payments

See full profile

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

Best for bad credit

Established in 2013, 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

See full profile

Best for loan options

Biz2Credit was founded in 2007 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

See full profile

Best for large loan amounts

Established in 2013, 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

See full profile

Best for fixed monthly payments

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

See full profile

Best for short loan terms

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

See full profile

Best for product availability

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

See full profile

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.

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.”

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.

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.

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.

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.

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

  • 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.

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.

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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who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.

Cecil N. Messick