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Whether you want to pay off high-interest debt or finance home improvements, an online loan with monthly payments may be right for you. You can apply, receive a decision and get funds within days.
Many online lenders allow you to prequalify without impacting your credit score. The best lenders also offer competitive rates, flexible terms and fast funding times, with some able to disburse funds the same day as your approval.
SoFi
SoFi is an online financial company that offers personal loans, mortgages, student loan refinancing, and other products. The company was founded in 2011 by a group of Stanford students and currently serves more than 6.9 million customers. The company was named one of the 10 best online banks in 2025 by Consumer Reports. When you apply for a product, SoFi will perform a soft credit pull that does not affect your score. However, if you choose to proceed with the application, SoFi will request your full credit report from one or more credit reporting agencies, which may impact your score.
Personal loans are a Cashspace flexible type of debt that can be used for a variety of purposes, including home improvement projects or debt consolidation. These loans are usually unsecured and have competitive rates, compared to other types of debt. The interest rate you qualify for will depend on a number of factors, including your credit history and income.
SoFi offers a range of banking options, including checking and savings accounts and money market accounts. The bank also has an app that lets you check your account balances and make transfers in a few simple steps. SoFi also offers a variety of rewards programs, including cash back and credit card rewards. Members earn points on every purchase and can redeem them for cash deposited into their checking or savings account, a transfer to their SoFi Money account, fractional shares in SoFi Active Invest, or toward their personal or student loan payments.
LightStream
The online lending division of SunTrust Bank, LightStream offers some of the best personal loan rates available with terms ranging from two to seven years. The lender doesn’t charge origination fees, application fees, late fees or prepayment penalties. The company also offers a 0.50% rate discount for those who sign up for autopay and promises to beat competitors’ rates by 0.10% under its “Rate Beat Program.” LightStream’s website has an extensive FAQ page and the customer service team is available via email Monday through Friday, from 9:30 a.m. to 7:00 p.m. ET.
Despite the company’s high credit score requirements and lack of prequalification, the lender receives a high customer rating on Trustpilot for its simple application process and speedy funding. However, some borrowers on the site complain about credit denials and other issues with the customer service team.
LightStream is a top choice for those with good to excellent credit looking for a fast and easy financing solution for debt consolidation, home improvement projects and other large expenses. But its strict credit requirements and lack of prequalification make it less than ideal for those with poor or fair credit. WalletHub ranks lenders on three main criteria: Terms, Requirements & Application and Reviews & Transparency. The ratings below reflect a lender’s performance in each of these categories, based on WalletHub’s unique algorithm.
Avant
Avant is a financial technology company that offers personal loans and credit card options. It was founded in 2012 and is based in Chicago, Illinois. The company’s credit-scoring algorithm is designed to predict a person’s ability to repay their debt. It also allows the company to offer lower interest rates to people with better scores. In addition, Avant enables its customers to save money by linking their checking or savings account.
The main advantage of Avant is that it considers applicants with lower credit scores, according to its website. The company’s minimum credit score is 580, but most of its approved applicants have scores in the 600-700 range. However, if your credit is below 580, you can still improve your score in as little as 30 days by paying down high balances and avoiding new applications for credit cards.
During the application process, you must provide your income and employment information. You must also supply your two most recent tax return transcripts. If you are self-employed, you must provide additional documentation such as a profit and loss statement.
You can apply online or in-person at an Avant branch. After your application is processed, you will be given a list of loan options. You must agree to the terms and conditions of the loan before it can be disbursed. The company typically disburses the loan to your bank account within one business day after approval. However, the funds may not be available until your next paycheck.
Happy Money
Happy Money is an online lender that offers debt consolidation loans with payments made directly to your creditors. It is a top option for consumers with good credit who are looking to lower their debt-to-income ratio, save on interest rates and improve their credit score through one fixed monthly payment. In a study of its customers, Happy Money found that clients with at least $5,000 in credit card debt saw an average 40-point improvement to their credit scores within four months after taking out a Payoff loan.
To qualify for a Happy Money loan, you must have a good to excellent credit score and a debt-to-income ratio of 55% or less, excluding mortgage payments. You must also have a minimum of three years of credit history and two open accounts. You must provide a Social Security number, email address, U.S. bank account and proof of income. Currently, Happy Money loans are not available to residents of Iowa, Massachusetts and Nevada.