5 Best Personal Loans With No Origination Fee
A personal loan could help you cover a variety of expenses, such as home improvements or medical bills. In some cases, lenders charge fees on personal loans that might increase your overall repayment cost.
One of the most common personal loan fees is an origination fee, which is deducted from your loan amount before you receive your funds. However, there are also some lenders that don’t charge origination fees.
Here’s what you should know about no-origination-fee personal loans and where to find them:
5 best personal loans with no origination feesOther personal loans to considerWhat is an origination fee?Other personal loan fees to considerHow to take out a no-origination-fee personal loanHow to keep your personal loan costs as low as possible
5 best personal loans with no origination fees
Before you take out a personal loan, it’s important to compare as many lenders as possible. This way, you can find the right loan for your needs — such as a loan without an origination fee.
Here are Credible’s partner lenders that offer no-origination-fee personal loans:
LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
5.99% – 24.99% APR$2,500 to $35,0006603, 4, 5, 6, 7Fixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
2.49% – 19.99% APR$5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)Fixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
6.99% – 19.99% APR1$3,500 to $40,0002660
(TransUnion FICO®️ Score 9)3, 4, 5, 6, 7Fixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
5.99% – 17.99% APR$600 to $50,000
(depending on loan term)6601, 2, 3, 4, 5Fixed APR:
5.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events
Credible Rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details>
5.99% – 18.83% APR$5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7Fixed APR:
5.99% – 18.83% APRMin. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses
Discover
Best for: Longer repayment terms
If you’re looking for a personal loan with a longer repayment term, Discover could be a good choice — you can borrow $2,500 to $35,000 with terms from three to seven years. Just keep in mind that if you pick a longer term, you’ll pay more in interest over time.
4.4
Credible rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Discover Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% – 24.99% APR
Min. credit score
Minimum credit score needed to qualify660
Loan amount
Total amount you can borrow from this lender$2,500 to $35,000
Time to fund
How long it takes to receive your moneyAs soon as the next business day after acceptance
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
5.99% – 24.99% APRMin. credit score: 660Loan amount: $2,500 to $35,000Loan terms (years): 3, 4, 5, 6, 7Time to fund: As soon as the next business day after acceptanceFees: Late feeDiscounts: NoneEligibility: Available in all 50 statesCustomer service: PhoneSoft credit check: YesLoan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Pros
Repayment terms up to 7 yearsAccepts fair credit scoresFast loan funding
Cons
Charges late feesNo discounts offeredCan only borrow up to $35,000
LightStream
Best for: Large loan amounts
With LightStream, you can borrow $5,000 to $100,000 — which could make it a good option if you need a large loan. Most LightStream loans come with terms from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.
4.9
Credible rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LightStream Personal Loans
Fixed APR
Range of fixed rates available from this lender
2.49% – 19.99% APR
Min. credit score
Minimum credit score needed to qualify660
Loan amount
Total amount you can borrow from this lender$5,000 to $100,000
Time to fund
How long it takes to receive your moneyAs soon as the same business day
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
2.49% – 19.99% APRMin. credit score: 660Loan amount: $5,000 to $100,000Loan terms (years): 2, 3, 4, 5, 6, 7*Time to fund: As soon as the same business dayFees: NoneDiscounts: AutopayEligibility: Available in all states except RI and VTCustomer service: Phone, emailSoft credit check: NoLoan servicer: LightStreamMin. Income: Does not discloseLoan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Pros
Can borrow up to $100,000Fast loan fundingAccepts fair credit scores
Cons
Must borrow at least $5,000Doesn’t disclose minimum income requirementsNot available in Rhode Island or Vermont
Marcus
Best for: Budget-friendly payment options
With Marcus, you can borrow $3,500 to $40,000 with terms from three to six years. Marcus also offers tailored monthly payment options that could help you fit your payment more easily into your budget.
Plus, after you’ve made at least 12 consecutive, on-time payments, Marcus will let you defer one monthly payment interest-free.
4.3
Credible rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Marcus Personal Loans
Fixed APR
Range of fixed rates available from this lender
6.99% – 19.99% APR1
Min. credit score
Minimum credit score needed to qualify660
(TransUnion FICO®️ Score 9)
Loan amount
Total amount you can borrow from this lender$3,500 to $40,0002
Time to fund
How long it takes to receive your moneyMany Marcus customers receive funds in as little as three days
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
6.99% – 19.99% APR1Min. credit score: 660
(TransUnion FICO®️ Score 9)Loan amount: $3,500 to $40,0002Loan terms (years): 3, 4, 5, 6Time to fund: Many Marcus customers receive funds in as little as three daysFees: NoneDiscounts: AutopayEligibility: Available in all 50 statesCustomer service: PhoneSoft credit check: YesLoan servicer: Goldman SachsMin. Income: $30,000Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
Pros
Accepts fair credit scoresTailored monthly payment optionsCan defer one monthly payment interest-free after making 12 consecutive, on-time payments
Cons
Funding could take longer compared to other lenders$30,000 minimum income requirementCan only borrow up to $40,000
PenFed
Best for: Smaller loan amounts
If you need to borrow just a small amount, PenFed could be a good choice — you can borrow as little as $600 up to $50,000 with terms from one to five years.
Keep in mind that while you don’t need to be a PenFed member to apply for a loan, you’ll have to join the credit union if you are approved and want to accept the loan.
4.5
Credible rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
PenFed Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% – 17.99% APR
Min. credit score
Minimum credit score needed to qualify660
Loan amount
Total amount you can borrow from this lender$600 to $50,000*
Time to fund
How long it takes to receive your money2 to 4 business days after verification
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
5.99% – 17.99% APRMin. credit score: 660Loan amount: $600 to $50,000*Loan terms (years): 1, 2, 3, 4, 5Time to fund: 2 to 4 business days after verificationFees: NoneDiscounts: NoneEligibility: Does not discloseCustomer service: Phone, emailSoft credit check: NoMin. Income: Does not discloseLoan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events
Pros
Can borrow as little as $600Fair credit scores acceptedAllows cosigners on personal loans
Cons
Must join the credit union if you are approved and want to accept the loanDoesn’t disclose minimum income requirementsLoans are disbursed through the mail, which could make funding time longer compared to other lenders (unless you pay an expedited shipping fee)
SoFi
Best for: Borrower perks
SoFi is another lender that offers large loans — you can borrow $5,000 to $100,000 with terms from two to seven years. Additionally, SoFi borrowers have access to a variety of perks, such as unemployment protection, career coaching, and investing advice.
4.9
Credible rating>
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
SoFi Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% – 18.83% APR
Min. credit score
Minimum credit score needed to qualifyDoes not disclose
Loan amount
Total amount you can borrow from this lender$5,000 to $100,000
Time to fund
How long it takes to receive your money3 business days
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Check Personalized Rates>Checking rates won’t affect your credit scoreView DetailsFixed APR:
5.99% – 18.83% APRMin. credit score: Does not discloseLoan amount: $5,000 to $100,000Loan terms (years): 2, 3, 4, 5, 6, 7Time to fund: 3 business daysFees: NoneDiscounts: AutopayEligibility: Available in all states except MSCustomer service: Phone, emailSoft credit check: YesMin. Income: Does not discloseLoan Uses: Solely for personal, family, or household uses
Pros
Can borrow up to $100,000Allows cosigners on personal loansBorrower perks, such as unemployment protection and investing advice
Cons
Doesn’t disclose minimum credit requirementsDoesn’t disclose minimum income requirementsNot available in Mississippi
Methodology
To find the “best companies,” Credible looked at loan and lender data points from 10 categories to give you a well-rounded perspective on each of our partner lenders. Here’s what we considered:
Interest ratesRepayment termsRepayment optionsMaximum loan amountLoan funding timeFeesDiscountsCustomer service availabilityWhether the minimum credit score is available publiclyWhether consumers could request rates with a soft credit check
Our hope is that this will be a win-win situation for you and us — we only want to get paid if you find a loan that works for you, not by selling your data. This means Credible will only get paid by the lender if you finish the loan process and a loan is disbursed. Additionally, Credible charges you no fees of any kind to compare your loan options.
Learn More: Low-Income Loans: Personal Loans for a Tight Budget
Other personal loans to consider
Here are more personal loan companies we evaluated. Keep in mind that these lenders aren’t offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can with our partner lenders listed above.
Also note that the loans offered by these lenders might come with origination fees.
LenderLoan terms (years)Loan amountBest for
Show details2, 3, 4, 5$3,000 – $50,000
(depending on relationship with HSBC Bank)HSBC: Best for existing HSBC customersRates: FixedLoan terms (years): 2, 3, 4, 5Loan amount: $3,000 – $50,000 (depending on relationship with HSBC Bank)Fees: NoneDiscounts: Does not discloseEligibility: Available in all states except WIMin. income: Does not discloseCustomer service: Phone, chatSoft credit check: YesMin. credit score: Does not discloseTime to get funds: 1 – 3 days
Show details3$1,000 – $35,000PNC: Best for small loan amountsRates: FixedLoan terms (years): 3Loan amount: $1,000 – $35,000Fees: NoneDiscounts: NoneEligibility: Does not discloseMin. income: Does not discloseCustomer service: PhoneSoft credit check: YesMin. credit score: Does not discloseTime to get funds: Does not disclose
Show details3, 5$2,000 – $45,000Rocket Loans: Best for quick loan fundingRates: FixedLoan terms (years): 3, 5Loan amount: $2,000 – $45,000Fees: Origination feeDiscounts: AutopayEligibility: Available in all states except IA, NV, and WVMin. income: Does not discloseCustomer service: Phone, emailSoft credit check: YesMin. credit score: Does not discloseTime to get funds: Does not discloseThe lenders in this table aren’t our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer personal loans.
Get Rates Now
What is an origination fee?
A loan origination fee is the price the lender charges for offering the loan. This fee can include the costs of processing your application, underwriting, funding, and other associated administrative services.
Personal loan origination fees generally range from 1% to 8% of your loan amount, depending on the lender. For example, if you took out a $5,000 loan with a 5% origination fee, you’d be charged $250.
Keep in mind: While some lenders charge a flat origination fee, others have a range — for example, a personal loan from Upgrade could come with an origination fee from 2.9% to 8%.
In this case, the actual fee you’re charged will depend on several factors, such as your credit and income.
Check Out: Coronavirus Hardship Loans: 7 Options to Consider
Other personal loan fees to consider
In addition to origination fees, there are also other costs that could come with taking out a personal loan, depending on the lender. Some of these potential fees include:
Application fees: These are charged when you apply for a loan — before you get an approval decision. This type of fee can range from $25 to $50.Late fees: These are assessed if you make a past-due payment. On average, late fees can range from $25 to $50 or from 3% to 5% of the monthly payment amount.Returned check fees: These are charged if you make a loan payment that’s returned for insufficient funds. These typically range from $20 to $50.Payment protection insurance: This is a type of insurance that will cover your loan payments if you’re unable to work. Not all lenders offer payment protection insurance (PPI), but those that do might encourage you to sign up — however, keep in mind that it isn’t required. If you opt to get PPI, you’ll typically pay about 1% of your loan amount. Prepayment penalties: These are assessed if you pay off your loan ahead of schedule. These are typically 2% to 5% of the loan amount. Keep in mind that if you take out a personal loan with any of Credible’s partner lenders, you won’t have to worry about prepayment penalties.Tip: Before you get a personal loan, it’s important to consider the overall cost so you can be prepared for any added expenses. Also, be sure to ask the lender about any fees that could impact your total repayment costs.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
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How to take out a no-origination-fee personal loan
If you’re ready to take out a personal loan, follow these four steps:
Research and compare lenders. Be sure to consider as many personal loan lenders as possible to find the right loan for your situation. Compare not only interest rates but also repayment terms and eligibility requirements. If you’re looking to avoid origination fees with your loan, also make sure to check into any fees charged by the lenders you’re considering.Pick a loan option. After you’ve done your lender research, choose the loan option that best suits your needs.Complete the application. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Get your funds. If you’re approved, the lender will have you sign for the loan so your money can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Learn More: Best Personal Loans for Fair Credit
How to keep your personal loan costs as low as possible
Although you might be able to avoid personal loan fees with certain lenders, you’ll still typically need to pay interest on your loan. Interest is essentially the cost of borrowing money and is the main factor that will impact your total repayment costs.
However, there are a few strategies that could help keep these personal loan costs as low as possible, such as:
Have good credit
You’ll typically need good to excellent credit to qualify for a personal loan. A good credit score is usually considered to be 700 or higher. There are also several lenders that offer personal loans for bad credit, but these loans usually come with higher interest rates and fees compared to good credit loans.
The lender will also consider your credit score to determine your interest rate. In general, the higher your credit score, the better your interest rate — and the less you’ll pay overall on your loan.
Tip: There are several strategies that could help you build your credit and qualify for better interest rates in the future.
For example, you might be able to improve your credit over time by making on-time payments on all of your bills, paying down credit card balances, or taking out a credit-builder loan.
pply with a cosigner
If you have bad credit, having a creditworthy cosigner could make it easier to get approved for a loan. Not all lenders allow cosigners on personal loans, but some do — including no-origination-fee personal loan lenders like LightStream, PenFed, and SoFi.
Even if you don’t need a cosigner to qualify, having one could get you a better interest rate than you’d get on your own — which could help you keep your overall costs lower.
Tip: A cosigner can be anyone with good credit — such as a parent, another relative, or a trusted friend — who is willing to share responsibility for the loan. Just keep in mind that this means they’ll be on the hook if you can’t make your payments.
Choose a short repayment term
While picking a longer repayment term could get you a lower monthly payment, you’ll also pay more in interest over time. Because of this, it’s usually a good idea to choose the shortest term you can afford — this way, you can keep your interest costs as low as possible.
Tip: Many lenders also offer better interest rates to borrowers who opt for shorter repayment terms.
Comparing lenders
Taking your time to shop around and compare as many lenders as possible can help you find the most cost-effective loan for your financial needs. In addition to personal loan interest rates, be sure to consider repayment terms and any fees charged by the lender.
Credible make it easy to compare lenders: You can see your prequalified rates from multiple lenders in just two minutes.
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