Top 5 Personal Loans With No Origination Fee

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

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Student Loan Hero Advertiser Disclosure

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If you need cash to consolidate credit card debt or finance a large purchase, a personal loan can be an easy solution. Many of the top personal loan companies offer generous repayment periods and rates in the single digits.

But if you’re not careful, interest isn’t the only cost you’ll incur with a personal loan. Some personal loan companies — including some of the best — charge a loan origination fee. This fee, which covers the cost of processing the loan, usually ranges from 1% to 8% of the loan amount.

One reason some lenders charge this fee is that they plan to sell the loan to another company.

“They’re going to originate the loan and then sell it, and some investor is actually going to reap the benefits of the interest that’s being charged,” said Todd Nelson, a business development officer at online lender LightStream. “The originating lender doesn’t make any money on the loans, so they have to charge an origination fee in order to make any money.”

The good news is there are enough lenders that charge no origination fee, so you can avoid the cost.

Top personal loans with no origination fee

If you have good or excellent credit, there’s no reason to pay an origination fee on a personal loan. But finding lenders that offer no-origination-fee personal loans can be tough if you don’t know where to look.

To help, here’s our list of the top five lenders. Some mentioned APRs include a discount for setting up autopay. LightStream rates can vary by loan amount, repayment period, and the purpose of the debt.

LenderAPRs (annual percentage rates)Best for
LightStream4.99% to 19.99%Rock-bottom APRs
EarnestSee Earnest for details.Alternative underwriting
SoFi5.99% to 18.85%Extra features
FreedomPlus7.99% to 29.99%People with cosigners

LightStream: Best for rock-bottom APRs

LightStream personal loans can be secured or unsecured, depending on your credit profile and loan type. You can use the amount for just about anything, as long as it’s not related to higher education expenses.

“The fundamental premise that LightStream is built upon is that if you’ve got good credit, you should be able to borrow money for almost anything, at very low interest rates, and no fees whatsoever, in a completely transparent process,” said Nelson.

In addition to offering lower rates than any other lender we reviewed, LightStream has two special features that set it apart. First, the company will beat any eligible competing rate from another lender by 0.10%. Second, if you’re not completely satisfied with the application and funding experience, contact LightStream, and it’ll send you a survey to learn how it can improve. In exchange for filling out the survey, it’ll send you $100.

Here are some other highlights:

  • Loan amounts between $5,000 and $100,000
  • Repayment terms ranging from 24 to 144 months (the 144-month term is only for home improvement loans)
  • No origination fee, application fee, late fee, or prepayment penalty
  • Funding available as early as the same day

Get rates from LightStream and other lenders on Lendingtree:Get your rate

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Earnest: Best for alternative underwriting

Earnest is a good option for people who have strong financial profiles but not-so-stellar credit. The lender looks at more than your credit score when it underwrites your application to determine whether to approve your loan. It considers alternative factors, including your savings habits, education, and earning potential.

Here’s a summary of Earnest’s other features:

  • Loan amounts between $5,000 and $75,000
  • Repayment terms ranging from 36 to 60 months
  • No origination fee, application fee, late fee, or prepayment penalty; $8 returned payment fee
  • Funding available within two business days

SoFi: Best for extra features

When you get a SoFi personal loan, you become part of the SoFi community. That membership comes with a suite of perks, including:

  • A 0.125% rate discount on future SoFi loans
  • Career coaching opportunities
  • Community networking events
  • Fees waived if you invest with SoFi Wealth
  • Loan deferment opportunities if you’re building a business through the SoFi Entrepreneur Program
  • Forbearance if you lose your job through no fault of your own

Here are some other details to know:

  • Loan amounts between $5,000 and $100,000
  • Repayment terms ranging from 24 to 84 months
  • No origination fee, application fee, late fee, or prepayment penalty
  • Funding available within a few days

Get rates from SoFi and other lenders on Lendingtree:Get your rate

FreedomPlus: Best for people with cosigners

FreedomPlus personal loans might come with an origination fee from 1.99% - 4.99%, but it’s possible to qualify for a loan with no origination fee. To get the lender’s best terms, you need to have excellent credit, take out a loan of $15,000 with a term of 24 months, and qualify for at least two of its three discounts:

  • Cosigner discount: Add a co-borrower who has sufficient income.
  • Consolidation discount: Use at least 50% of the loan proceeds to pay off existing debt.
  • Savings discount: Show proof of having at least $40,000 in retirement savings.

Here’s what else you need to know about FreedomPlus loans:

  • Loan amounts between $7,500 and $40,000
  • Repayment terms ranging from 24 to 60 months
  • No prepayment penalty; a late fee of 5% of the amount due or $15, whichever is greater
  • Funding available within two days

Get rates from FreedomPlus and other lenders on Lendingtree:Get your rate

What to know before choosing a personal loan

Personal loans often are about more than just their interest rates. So, it’s important to look at the whole package before settling on one. Specifically, make sure to check the fine print. If the lender states on its website that it doesn’t charge any hidden fees, be cautious.

“If you’re not paying attention, you think no hidden fees means no fees,” said Nelson. “If someone says no hidden fees, there are fees; they’re just not buried in the bottom of the loan agreement.”

Also, consider how a loan best fits your needs. For some people, SoFi’s community benefits might be worth paying a little extra in interest charges. And FreedomPlus might be more lenient than its competitors if you don’t have good or excellent credit.

As you shop around and compare top personal loan companies, dig deeper to go beyond rates and fees, and see if there’s something else that makes a loan more suitable for your needs. Also, use our personal loan calculator to make sure you can afford the loan.

Which no-origination-fee personal loan is best for you?

There’s no single best personal loan out there for everyone. Each lender has its own criteria for determining your loan terms. The loan amounts and repayment terms can dictate whether the monthly payment can fit in your budget.

As you shop around and compare top personal loans, consider your needs and preferences. If some of the lenders allow you to see rate offers without a hard credit check, take the time to check the rates you might get from each of the companies. The more time you spend in going through this process, the easier it will be to find the right loan at the right time.

Note: Student Loan Hero has independently collected the above information related to personal loans. None of the lenders have provided or reviewed the information shared in this article.

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Disclaimer: Student Loan Hero is a subsidiary of LendingTree.
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LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 18.85%1 $5,000 to $100,000
7.86% – 35.99% $1,000 to $50,000
5.94% – 35.97%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $40,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.