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Sometimes you need to borrow money quickly. That's especially true if you're coping with an emergency situation or an unexpected expense.
Easy online loans could be the answer. Your lender will enable you to complete your application process digitally without going to a bank or working with a loan officer.
But is an online loan the right answer, or should you get a loan in person? We'll break down the differences.
Online loans are simply personal loans you can get without visiting a bank or a credit union. Easy loans online usually won't even require you to talk to a loan officer.
You can do all of the following online:
Loans with an all-digital application process are routinely offered by online-only lenders that don't have physical bank branches. But a growing number of traditional banks and credit unions also offer fast loan options that don't require in-person or phone contact.
Online loans are no different from any other personal loan in terms of how the money can be used. You can generally use the funds for anything you want. This could include paying for home repairs, financing big purchases, or consolidating your debt.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
---|---|---|---|---|
Apply Now for Discover Personal Loan
Powered by Credible
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
7.80% - 35.99%
|
$1,000 - $50,000
|
None
|
|
Apply Now for Best Egg
Powered by Credible
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
8.99% - 35.99%
|
$2,000 - $50,000
|
550
|
Apply Now for Best Egg
Powered by Credible |
If you're looking for an unsecured loan (one that doesn't have collateral a lender can take if you don't pay), an online lender offers a fairly easy process.
Here's how it works:
Yes -- there are a number of online lenders that specifically cater to bad credit borrowers. They make it possible to get a personal loan with bad credit.
You'll typically need at least a fair to good credit score for a personal loan -- even from an online lender. If your credit score isn't perfect, make sure to shop around with multiple loans for fair credit (rather than simply applying to the first loan you find) to increase your chances of getting approved.
Just be sure to read the fine print carefully when you shop for a bad credit loan. Some personal loans for bad credit have poor terms, such as high fees. Make sure you compare interest rates and check the lender's Better Business Bureau rating or other customer reviews to ensure you're dealing with a reputable lender.
Because there is no one-size-fits-all financial decision, it's important to weigh the pros and cons. Here are some of the great and not-so-great things about an online personal loan.
Deciding whether to apply for a personal loan in person or online depends on several factors. Here's a breakdown of scenarios when one option might be preferable over the other:
Ultimately, the best choice depends on your personal preferences, the level of urgency, and the specific lenders you're considering.
It's wise to evaluate both options based on how comfortable you feel with the process, how quickly you need a response, and where you're likely to get the best loan terms.
It's simpler than ever to get easy loans online. You just need to follow a few key steps, including:
In most cases, you can submit an application for a loan with very little financial paperwork. However, you should collect a few key documents, including pay stubs, tax returns, and a recent bank statement. That way you won't hold up your loan approval while you hunt down a document.
Unfortunately, some online lenders offering quick loans charge high origination fees or high interest rates. Compare total loan costs carefully to find a loan that's affordable.
Most online lenders have streamlined the loan application process so you can complete it entirely online in just a few minutes. You should even be able to upload any requested financial documents.
The quickest way to get your hands on the cash is usually to have your money directly deposited. So make sure you provide the details necessary to complete the transaction.
As you can see, it's pretty straightforward to get a fast loan online. Once you've found the right lender with an affordable loan offer, just submit your application and provide your bank information. If you qualify based on the lender's requirements, you should be able to get funding ASAP and can use it for pressing financial expenses.
Looking for a personal loan but don’t know where to start? Our favorites offer quick approval and rock-bottom interest rates. Check out our list to find the best loan for you.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.