Origination fees may only account for a small portion of a personal loan, but they result in an increased APR and an overall higher cost. These fees typically run from 1% to 10% of the total loan amount, depending on the lender and your creditworthiness.
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 — but you still pay interest on the full $10,000.
However, not all lenders charge origination fees, and you shouldn’t have to pay them if you have good credit. Our list of no-fee lenders offer personal loans without application, origination or prepayment fees, so you can be sure interest is the only thing you’ll pay.
50+ personal loan lenders reviewed and rated by our team of experts
6+ types of personal loans analyzed
Evaluated under our unbiased rating system covering 9 categories
20+ years of combined experience covering financial topics
We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.
SoFi earns our best overall pick for its large loan amounts, streamlined application process and quick funding. It offers personal loans from $5,000 to $100,000 with repayment terms from two to seven years, a 0.25% autopay discount and member benefits.
But its eligibility requirements are a bit stricter than other lenders: you generally need a minimum credit score of 680 and a relatively high annual income to qualify. SoFi is one of the few lenders that never charges any fees — including prepayment penalties or late fees — but you can pay an origination fee in exchange for a lower rate.
Min. credit score
680
APR
8.99% to 29.99% fixed APR
Loan amount
$5,000 to $100,000
Available in all states
SoFi earns our best overall pick for its large loan amounts, streamlined application process and quick funding. It offers personal loans from $5,000 to $100,000 with repayment terms from two to seven years, a 0.25% autopay discount and member benefits.
But its eligibility requirements are a bit stricter than other lenders: you generally need a minimum credit score of 680 and a relatively high annual income to qualify. SoFi is one of the few lenders that never charges any fees — including prepayment penalties or late fees — but you can pay an origination fee in exchange for a lower rate.
Pros
Same-day funding possible
Choose to pay creditors directly and get a 0.25% discount
Graduate students can secure a loan with a job offer letter
No late fees or prepayment penalties
Joint loans accepted
Cons
Joint loans can take longer to process
Excellent credit borrowers may get lower rates elsewhere
Self-employed borrowers need two years' income history
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
If you're looking for low rates, LightStream can't be beat – literally. Its Rate Beat Program will beat any competing rate from another lender as long as you meet the requirements. It also offers a generous 0.5% rate discount for setting up autopay – but this must be done before funding.
And unlike many lenders, LightStream doesn't charge any fees, including late fees or NSF fees. However, there's no prequalification process, so don't be surprised when it does a hard pull of your credit when you apply.
Min. credit score
Good to excellent credit
APR
7.49% to 25.49%
Loan amount
$5,000 to $100,000
Not available in: Iowa, West Virginia
If you're looking for low rates, LightStream can't be beat – literally. Its Rate Beat Program will beat any competing rate from another lender as long as you meet the requirements. It also offers a generous 0.5% rate discount for setting up autopay – but this must be done before funding.
And unlike many lenders, LightStream doesn't charge any fees, including late fees or NSF fees. However, there's no prequalification process, so don't be surprised when it does a hard pull of your credit when you apply.
Discover offers competitive rates, no origination fees and a simple debt consolidation process – earning it our best pick for this category. Loans start at a relatively low 7.99% APR for the best credit borrowers, with repayment terms ranging from 36 to 84 months.
Discover's personal loans come with a 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. But there's no grace period for payments and it charges a steep $39 late fee.
Min. credit score
660
APR
7.99% to 24.99%
Loan amount
$2,500 to $40,000
Available in all states
Discover offers competitive rates, no origination fees and a simple debt consolidation process – earning it our best pick for this category. Loans start at a relatively low 7.99% APR for the best credit borrowers, with repayment terms ranging from 36 to 84 months.
Discover's personal loans come with a 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. But there's no grace period for payments and it charges a steep $39 late fee.
Laurel Road works with all types of borrowers that have good to excellent credit – but offers customized loan products for medical professionals. Doctors and dentists can borrow up to $80,000 – much higher than many other lenders – with a fixed interest rate.
Employed doctors and last year residents with a signed work contract are eligible for Laurel Road's physician loans. It also offers an .025% autopay discount to help you save on your loan's interest payments.
Min. credit score
680
APR
7.99% to 23.25%
Loan amount
$5,000 to $80,000
Available in all states
Laurel Road works with all types of borrowers that have good to excellent credit – but offers customized loan products for medical professionals. Doctors and dentists can borrow up to $80,000 – much higher than many other lenders – with a fixed interest rate.
Employed doctors and last year residents with a signed work contract are eligible for Laurel Road's physician loans. It also offers an .025% autopay discount to help you save on your loan's interest payments.
Pros
Low maximum rates
Online application
Prequalification offered
Cons
Tougher eligibility requirements
Laurel checking account required for autopay discount
If you're looking for a small loan of $1,000 or less, PenFed offers personal loans for as little as $600. And unlike many credit unions, anyone is eligible to join. All you need to do is open a savings account with a $5 deposit.
PenFed may be a good option if you prefer to work with a credit union as your lender – and customers give it good reviews online. The credit union's entire loan application is digital, but it may take up to two weeks to receive your loan funds.
Min. credit score
580
APR
7.99% to 17.99%
Loan amount
$600 to $50,000
Available in all states
If you're looking for a small loan of $1,000 or less, PenFed offers personal loans for as little as $600. And unlike many credit unions, anyone is eligible to join. All you need to do is open a savings account with a $5 deposit.
PenFed may be a good option if you prefer to work with a credit union as your lender – and customers give it good reviews online. The credit union's entire loan application is digital, but it may take up to two weeks to receive your loan funds.
Many lenders in the no fee category don't allow coapplicants, but U.S. Bank is one of the few that does. It offers loans from $1,000 to $50,000 with APRs from . U.S. Bank also offers a 0.5% discount when you set up autopay with your U.S. Bank or other external bank account.
It offers online prequalification so you can see rates without affecting your credit score. If approved, you may be able to close your loan online instead of having to go into a branch. Funds are typically available within one to four business days – although U.S. Bank customers could have funds within hours.
Min. credit score
660
APR
8.24% to 21.49%
Loan amount
$1,000 to $50,000
Available in: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
Many lenders in the no fee category don't allow coapplicants, but U.S. Bank is one of the few that does. It offers loans from $1,000 to $50,000 with APRs from . U.S. Bank also offers a 0.5% discount when you set up autopay with your U.S. Bank or other external bank account.
It offers online prequalification so you can see rates without affecting your credit score. If approved, you may be able to close your loan online instead of having to go into a branch. Funds are typically available within one to four business days – although U.S. Bank customers could have funds within hours.
Pros
Allows coapplicants
Flexible borrowing amounts
Don't need to be a U.S. Bank customer to borrow up to $25,000
Cons
Only available in select states
Must be a U.S. Bank customer to borrow more than $25,000
Non-U.S. bank customers need a minimum credit score of 720
Loan amount
$1,000 to $50,000
APR
8.24% to 21.49%
Interest Rate Type
Fixed
Min. credit score
660
Turnaround Time
As soon as same day
Loan Term
12 to 84 months
Min. credit score
660
APR
8.24% to 21.49%
Loan amount
$1,000 to $50,000
Methodology: How we picked the best no origination fee personal loans
Finder’s lending experts review 120+ personal loan lenders and weigh 16 key factors like origination fees, interest rates and eligibility requirements to narrow down the best loans across different categories:
Minimum APR
Maximum APR
Origination fees
Minimum loan amount
Maximum loan amount
Minimum loan term
Maximum loan term
Number of states served
Minimum credit score
Joint application availability
Turnaround time
Online application availability
Prequalification process
BBB ratings
Trustpilot ratings
Other features, such as rate discounts
We regularly review our top selections as lenders enter and leave the market and revise our picks to ensure they’re the best in their categories. See our Personal loans rating methodology for more information on how we rate lenders.
Other personal loan fees to consider
If a lender doesn’t charge application fees, origination fees or prepayment penalties, it’s considered a no fee personal loan. However, most no fee personal loans carry late or nonsufficient funds (NSF) fees if your autopayment doesn’t go through or a check bounces.
While these are technically fees, they aren’t set fees worked into the cost of the loan. Your lender may charge other fees as well.
How loan fees affect the APR you pay
Your annual percentage rate (APR) is an expression of the total cost of your loan after origination fees are factored in. The higher the fees, the higher the APR. But if the lender doesn’t charge any fees, your APR and interest rate are the same.
A loan with no fees but a high interest rate will cost you more than a loan with fees but a low overall APR. So, when shopping for a loan, always compare APRs – not the interest rate.
How to keep your personal loan costs low
To limit the amount you pay in interest on your personal loan:
Compare multiple lenders. Be sure to get at least three or four different quotes to find the best deal. Do a loan preapproval first to see your potential rates, if the lender offers it.
Get a cosigner. Not all lenders allow cosigners, but if your credit score is below 670, having one can increase your chances of approval and help you secure a lower rate, too.
Look for rate discounts. Many lenders offer reduced rates of 0.25% to 0.5% if you set up autopay, send funds directly to your creditors, have a cosigner or show that you have retirement savings.
Improve your credit score. Check your credit profile and clean up any errors that may be pulling your score down. Also, keep making your payments on time, don’t close out any debt accounts or take on any new debt before applying for a personal loan.
Choose the shortest term. Shorter term loans often have lower interest rates than longer term loans. To keep your interest costs down, always choose the shortest term with monthly payments you can afford.
Am I eligible for a personal loan with no origination fees?
No fee personal loans are best for people who have a good to excellent FICO score. In general, lenders that offer no fees cater to borrowers with credit scores of 670 and up — although having a creditworthy cosigner can increase your chances of approval.
While every lender is different, be prepared to meet the following requirements:
Minimum FICO credit score of 670
A debt-to-income ratio of 43% or less
Regular source of income
US citizen or permanent resident
At least 18 years old
No past bankruptcies or foreclosures
How to get a no origination fee personal loan
Follow these 5 steps to find and apply for a loan.
Compare lenders. Use our list of the top 7 no fee lenders to research and compare offers.
Get prequalified. Go to the lender’s website and do an online prequalification, if available, to see your potential rates. Doing a prequalification doesn’t hurt your credit score.
Submit an application. Once you’ve chosen a lender you want to work with, do a full application and upload any requested documents. This will result in a hard credit pull.
Sign for your loan. If approved for loan, you’ll need to sign your loan documentation so the funds can be released to you.
Wait for your funds to arrive. Each lender is different, but you may have your funds in your bank account as soon as the same day, although one to three business days is more common.
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
Kat's expertise
Kat has written 198 Finder guides across topics including:
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