Only pay interest on these fee-free personal loans.
To help you avoid personal loan fees, we’ve come up with a list of top providers that offer personal loans with no fees. You’ll likely need good to excellent credit to have a higher chance of scoring one of these loans.
Our top pick: Earnest Personal Loans
- No fees
- Low interest rates
- Repayments tailored to you
Our top pick: Earnest Personal Loans
- Min. Credit Score Required: 660
- Min. Loan Amount: $5,000
- Max. Loan Amount: $75,000
- APR: 5.99% to 17.24%
- Requirements: 680+ credit score, proof of consistent income, US citizen or 10-year permanent resident, live in any state except Delaware, Kentucky or Nevada, ages 18+
First, what’s a no-fee personal loan?
No-fee personal loans are typically personal loans that don’t charge application fees, origination fees or prepayment 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.
Many of the no-fee personal loans we list in this article come with late or nonsufficient funds fees if an automatic payment doesn’t go through or a check bounces. While these are technically fees, they’re not something you’ll have to worry about if you pay your loan on time.
To qualify for the best rates on a no-fee personal loan, you’ll typically need to have good to excellent credit, a low debt-to-income ratio (DTI) and a steady source of income.
Our top 8 picks for no-fee personal loans
SoFi
SoFi has almost become a household name of student loan refinancing, but it also offers personal loans. This lender could be particularly helpful to borrowers who are still climbing the career ladder, as it offers its borrowers several career-development and networking resources that you’ll have a hard time finding with another lender. It also offers unemployment insurance for borrowers who’ve lost their jobs.
Rates: Fixed rates: 5.99% to 17.66% with autopay discount
Variable rates: 5.74% to 14.70% with autopay discount
Loan amounts: $5,000 to $100,000
Loan terms: 2 years to 7 years
Penalty fees: None.
Eligibility
- Age of majority in your state
- US citizen, permanent resident or visa holder
- Be employed, have sufficient income from other sources or have an offer of employment to start within the next 90 days
- SoFi personal loans are not available in Mississippi
Read our SoFi personal loans review
LightStream
This online division of SunTrust Bank — one of the largest banks in the US — offers a wide variety of loans for different purposes in addition to its no-fee personal loans. It also makes sure its loans are highly competitive with its Rate Beat program. If you receive a qualifying offer from another lender that’s lower than LightStream, it offers an APR of 0.1% lower.
Rates: Competitive
Loan amounts: $5,000 to $100,000
Loan terms: 2 years to 7 years, or up to 12 years for home improvement loans. (Payment example: Monthly payments for a $10,000 loan at 5.89% APR with a term of 3 years would result in 36 monthly payments of $303.72.)
Eligibility
- At least 18 years old
- US citizen or permanent resident
- Have good or excellent credit rating
- Income and assets can support your existing debt obligations, as well as the desired loan amount
Read our LightStream personal loans review
Earnest
In addition to not charging application, origination or prepayment fees, Earnest doesn’t charge any late fees. Though you’ll have to fork over a few dollars if your payment bounces. One of the main draws of this lender is its competitive rates and its unconventional system of rating a borrower’s trustworthiness. Rather than looking at your credit score, it considers factors like your education, income, employment status and debt-to-income ratio (DTI).
Rates: 5.99% to 17.24%
Loan amounts: $5,000 to $75,000
Loan terms: 3 years to 5 years
Penalty fees: $8 returned payment fee
Eligibility
- At least 18 years old
- US citizen, permanent resident or hold a valid visa
- Live in an eligible state
Earnest doesn’t have any hard credit requirements, but you’re more likely to qualify for a competitive rate if you have a low DTI, a higher education degree and hold a full-time job. You also might have trouble qualifying if you have a history of making late payments, overdraft or nonsufficient funds fees.
Earnest personal loans are not available to residents of Alabama, Delaware, Kentucky, Nevada or Rhode Island.
Read our Earnest personal loans review
Marcus by Goldman Sachs
Marcus by Goldman Sachs charges absolutely no fees.That’s right. No late fees, no nonsufficient fees — nothing. If you miss a payment you’ll be charged additional interest, however.
On top of having no fees, Marcus is generally more forgiving than other lenders when it comes to borrowers who have trouble making payments. Borrowers who’ve made a full year of on-time payments can defer their loans for a month without adding any interest and offers flexible payment dates. It’s also sympathetic to victims of natural disasters: Marcus allowed victims of Hurricane Harvey to defer their loan payments while they got back on their feet.
Rates: 6.99% to 28.99%*
Loan amounts: $3,500 to $40,000
Loan terms: 3 years to 6 years
Eligibility
- Age of majority in your state
- Valid US bank account
- Social Security number or Tax ID number
- Live in any state but Maryland
Marcus doesn’t have hard credit requirements, but you’re more likely to get approved if you have good or excellent credit. You’ll also have to prove that you have the income and funds to repay your loan.
Read our Marcus by Goldman Sachs personal loans review
Discover
You’ve probably heard of Discover credit cards, but this company also offers no-fee personal loans. One of the top draws of Discover personal loans is their 30-day guarantee. If you find a better deal or change your mind within 30 days, you can return your funds without having to pay interest within that time frame. It also offers 100% US-based customer service.
Rates: 6.99% to 24.99%
Loan amounts: $2,500–$35,000
Loan terms: 3 years–7 years
Penalty fees: Late fee of $39
Eligibility
Discover advertises these loans for people with good or excellent credit and a strong credit history. To meet Discover’s minimum eligibility requirements, you must:
- Be a US citizen or permanent resident
- At least 18 years old
- Make at least $25,000 of household income
Read our Discover personal loans review
PenFed
The Pentagon Federal Credit Union (PenFed) is one of the largest in the US. You don’t need to be a member of the military to join, though you might need to join an eligible military-related organization like Voices for America’s Troops. Once you’re a member, applying for a loan is relatively quick for a credit union — you can do it all online.
Rates: Starting at 6.49% to 17.99%
Loan amounts: $500 to $25,000
Loan terms: 1 year to 5 years
Penalty fees: Returned check fee of $30 and late fee of 20% of the payment due. Late fee is at least $5 and at most $25.
Eligibility
- Be a PenFed Credit Union member
- At least 18 years old
- US citizen or permanent resident
- Have at least good credit
Read our PenFed personal loans review
USAA
You’ll have to be part of the US military or a family member to qualify for these no-fee personal loans. If you qualify, you can take advantage of its 0.25% autopay discount and sign up for debt protection, which covers you if you’re unable to make your repayments. Applying is simple and can be done online.
Rates: Starting at 9.49% to 17.65% with autopay discount
Loan amounts: Starting at $2,500
Loan terms: Up to 72 months if you have excellent credit
Penalty fees: Late fee of 5% of minimum payment
Eligibility
- A USAA member — a member of the military or a military family
- At least 18 years old
- US citizen or permanent resident
- Good or excellent credit
Read our USAA personal loans review
Santander
Got a Santander checking account? You’ll want to look into this option. You can get a rate discount of 0.25% if you set up ePay — automatic payments — from a Santander checking account. These loans aren’t available in every state, however, so make sure you’re eligible before starting your application.
Rates: 6.99%-16.99% with autopay discount
Loan amounts: $5,000–$35,000
Loan terms: 2–5 years
Penalty fees: Late fee (varies by state)
Eligibility
- US citizen or permanent resident
- At least 18 years old
- Strong credit and low DTI
- Have a regular source of income
- Live in an eligible state
Santander personal loans are only available to residents of Massachusetts, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Florida and Delaware.
Read our Santander personal loans review 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.Loan fees and APR
When comparing loans, it’s important to understand how APRs 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.
What other fees could personal loan lenders charge?
Bottom line
No-fee personal loans can be less expensive — and less of a hassle than personal loans that charge application, origination and prepayment penalties. However, that’s not always the case. Loans with lower APRs are less expensive, regardless of whether they charge fees or not.
To learn more about personal loans, check out our guide. We walk you through how borrowing works and what to expect when and after you apply.
Frequently asked questions
Disclaimer
SoFi APRs and terms 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 credit worthiness, years of professional experience, income and other factors. See APR examples and terms. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. 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. All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.
SoFi unemployment protection
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.