What Are the Best Online Loans?

 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 for loans of up to $100,000 with no fees

SoFi, 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.

Best for low minimum loan amounts

PenFed Credit Union serves members of all branches of the U.S. military, employees of the Department of Defense and Department of Homeland Security, eligible veterans and retirees, and their families. However, everyone is eligible for membership. The credit union offers personal loans for eligible members and eligible co-borrowers in all 50 states, as well as in Guam, Puerto Rico and Okinawa, Japan.

Best for no origination fee

Marcus is the consumer bank and lending arm of investment bank Goldman Sachs. Established in 2016, the lender offers personal loans of up to $40,000.

Best for low interest

LightStream 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.

Best for debt consolidation

Payoff 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 2017, 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.