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No-fee personal loans

Pay only the interest on a no-free personal loan.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
LendDirect Line of Credit
19.99% - 46.93%
$100 - $15,000
No end dates
Min. income of $1,500 /month
Min. credit score: 560
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Borrow up to $15,000, based on your income and credit history, with a line of credit from LendDirect.
FlexMoney Installment Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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More Info
Apply online in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
SkyCap Installment Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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More Info
An online lender offering installment loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Installment Loan
26.99%-39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments
Min. credit score: 560
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More Info
Receive a personalized no-obligation loan quote in minutes without affecting your credit score. Finalize your loan application online and receive your funds as quickly as the same day.
Loan Away Installment Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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More Info
Get approved for an installment loan in as little 20 minutes. Get affordable monthly repayments no matter your credit score.
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Interest isn’t the only factor that contributes to your loan’s cost — loan fees can add up quickly. Fees make your loan much more expensive than you expected if you didn’t factor them into your calculations.

To help you avoid personal loan fees, we’ve listed some factors that can help you find the right loan for you including a range of top no-fee lenders to consider.

What is a no-fee personal loan?

No-fee personal loans are personal loans that don’t charge application fees, origination fees or early repayment penalties.

Not only can application and origination fees add to your loan’s cost, they can make applying for a loan itself more complicated. That’s because lenders often subtract your origination fee from your loan amount before you get your money. For example, if you take out a $10,000 loan with a 5% origination fee, you’ll only get $9,500 instead of the $10,000 you applied for.

In order to qualify for competitive rates on a no-fee personal loan, you’ll typically need to meet the following factors:

  • Have a low debt-to-income ratio (DTI)
  • Have a steady source of income

How do I apply for a no-fee personal loan?

The process may vary between different lenders, however you will usually need to do the following:

  • Compare your loan options and decide on the loan that’s right for your needs and financial situation.
  • Make sure you’re eligible for the loan you wish to apply for.
  • Gather the necessary documents in order to begin your application. This will usually include your personal information, contact details, employment details, income details and financial information including any assets and liabilities.
  • Head to the lender’s website and apply for the loan via their secure application page.
  • Wait to hear from the lender. If your application is approved, you will be notified of the next steps by the lender, which usually includes signing and returning your loan contract. Afterwards, your loan funds will likely be disbursed directly into your bank account.

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I really won’t be charged any fees?

Some lenders may advertise “no-fee personal loans”, however some lenders will still charge late or nonsufficient funds fees (NSF) if an automatic payment doesn’t go through or a cheque bounces. While these are technically fees, they’re not something you’ll have to worry about if you pay your loan on time.

Loan fees and APR

When comparing loans, it’s important to understand how annual percentage rates (APR’s) work. Your loan’s APR is an expression of your loan’s interest rates and fees as a percentage. It’s the easiest way to tell how much your loan will cost you over time — the lower the APR, the less expensive it’ll be. With no-fee loans, your APR and interest rate are the same. With loans that charge fees, your loan’s interest rate is usually lower than its APR.

So, why does this matter? A loan with no fees but a high interest rate will cost you more than a loan with fees but a low overall APR. You might not want to limit yourself to no-fee personal loans if you’re committed to finding the best deal out there.

See what other fees lenders can charge

Bottom line

No-fee personal loans can be less expensive — and less of a hassle — than personal loans that charge fees like application, origination and early repayment fees. However, choosing a no-fee loan is not always the cheapest option. Loans with lower APRs are less expensive, regardless of whether they charge fees or not.

To learn more about personal loans, check out our comprehensive guide. We walk you through how borrowing works and what to expect when and after you apply for your personal loan.

Frequently asked questions

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