The Top 5 Online Loans with Monthly Payments: 2020

Top five online loans with monthly payments

Unexpected expenses are a fact of life. Unfortunately, according to a report released by the Federal Reserve, nearly 40% of adults in the U.S. would be unable to cover a $400 emergency with a credit card or savings.

When the unexpected happens, an online loan might be right for you. We have researched dozens of online lenders with monthly payments and selected our top 5.

1. Best Online Loan for Same Day Funding: Rocket Loans

  • APR: 7.16% to 29.99%    
  • Loan Amount: $2,000 to $45,000
  • Loan Term: 36 or 60 months
  • Minimum Credit Score: 640
  • Co-Signer: Not available

  • Fees: 1% to 6%
  • Time to Funding: Same-day $25,000
  • Hard Credit Check: Yes
  • BBB Rating: A+
  • Trustpilot Rating: 4.8 stars

See our in-depth Rocket Loans Personal Loans Review

Rocket Loans is one of the only prime-credit lenders to offer same-day funding. Same-day funding is only up to $25,000, which is more than enough for most borrowers.

Requirements

  • 640 minimum credit score
  • Two-year credit history
  • An annual income of at least $24,000
  • A debt-to-income ratio of less than 40%
  • Valid checking account
  • Proof of residence

2. Best Online Loan for Bad Credit: Avant

Avant logo
  • APR: 9.95% to 35.99%    
  • Loan Amount: $2,000 to $35,000
  • Loan Term: 24 to 60 months
  • Minimum Credit Score: 580
  • Co-Signer: No

  • Fees: No origination fee
  • Time to Funding: 1 business day
  • Hard Credit Check: Yes
  • BBB Rating: A-
  • Trustpilot Rating: 5 stars

See our in-depth Avant Personal Loans Review

Avant only requires a minimum credit score of 580 to qualify for debt consolidation, home improvement, and emergency online loans up to $35,000.

Requirements

  • 580 minimum credit score
  • Soft credit check to apply and hard credit check to take the loan
  • Employment verification
  • An annual income of at least $20,000
  • Identity verification

3. Best Online Loan for Fair Credit: Upstart

Upstart logo
  • APR: 4.68% and 35.99%    
    Loan Amount: $1,000 to $50,000
    Loan Term: 36 or 60 months
    Minimum Credit Score: 620
    Co-Signer: No

  • Fees: Up to 8% origination fee
    Time to Funding: 1 business day
    Hard Credit Check: Yes
    BBB Rating: A+
    Trustpilot Rating: 4.5 stars

See our in-depth Upstart Personal Loans Review

Avant only requires a minimum credit score of 580 to qualify for debt consolidation, home improvement, and emergency online loans up to $35,000.

Requirements

  • 620 minimum credit score
  • U.S. residential street address
  • Valid email account
  • Verifiable social security number

4. Best Online Loan for No Fees: Marcus

Marcus by Goldman Sachs Logo
  • APR: 5.99% to 28.99%
  • Loan Amount: $3,500 to $40,000
  • Loan Term: 36 to 60 months
  • Minimum Credit Score: 660
  • Co-Signer: Not available

  • Fees: None
  • Time to Funding: One business day
  • Hard Credit Check: Yes
  • BBB Rating: A+
  • Trustpilot Rating: 3.5 stars

See our in-depth Marcus by Goldman Sachs Personal Loans Review

Requirements

  • 660 minimum credit score
  • Valid driver license or state-issued identification
  • Employment verification
  • Income verification

5. Best Online Loan for Low Rates: SoFi

If you’re looking for an installment loan with the lowest APR, you should check out SoFi. SoFi the best option for an online loan if you have good credit.

  • APR: 5.99% to 17.67%
  • Loan Amount: $5,000 to $100,000
  • Loan Term: 24 to 60 months
  • Minimum Credit Score: 680
  • Co-Signer: Available
  • Fees: None
  • Time to Funding: One business day
  • Hard Credit Check: Yes
  • BBB Rating: A-
  • Trustpilot Rating: 4.5 stars

See our in-depth SoFi Personal Loans Review

Requirements

  • U.S. citizen, permanent resident, or visa holder
  • Proof of residence
  • Employment verification or proof of employment to start within 90 days
  • Income verification

Shop Around and Apply Today at Online Loans

Each of our loan options gives you access to an industry-leading online installment loan. Once approved, you’ll receive the full amount of your loan upfront and will then begin making your regular payments according to the terms of your loan.

Online Loans allows you to compare loan offers from the top online lenders as well as receive pre-qualified offers based on your credit rating, the amount you wish to borrow, and the purpose of your loan. Get started today to find your ideal lender.

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