Best Personal Loans with No Origination Fee of April 2024

• Pros:
  • Low rates
  • No fees
  • Fast approval and funding
  • Rate discount for autopay
  • Digital experience
• Cons:
  • Minimum loan amount is a bit high
  • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

• Pros:
  • No fees
  • Autopay discount
• Cons:
  • Long time to receive funds
  • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

• Pros:
  • Fast approval and funding
  • Rate discount for autopay
  • No Fees
• Cons:
  • Not available to residents of Mississippi
  • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

• Pros:
  • Low rates
  • No fees
  • Fast approval and funding
  • Rate discount for autopay
  • Digital experience
• Cons:
  • Minimum loan amount is a bit high
  • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

• Pros:
  • No fees
  • Autopay discount
• Cons:
  • Requires excellent credit for lowest rates

BMO Harris Bank offers personal loans from $1,500 to $35,000. You can borrow money for a term ranging from 12 to 72 months.

Your APR may be as low as 7.99% and as high as 16.49%. Rate includes a 0.50% rate discount for Auto Pay.

• Pros:
  • Easy application process
  • No origination fees
  • Flexible repayment terms
• Cons:
  • No autopay discount

BECU offers personal loans up to $30,000 with repayment terms as long as 72 months, and APRs start at 6.99%.

• Pros:
  • Autopay discount
  • No origination fee or prepayment penalty
• Cons:
  • No co-signers permitted

Fifth Third Bank offers fast and convenient personal loans.

The Bank offers loans from $2,000 to $50,000.

The APR range is from 6.49% to 18.49%. Loan terms are available for 12 or 60 months.

The Bank charges a late fee, but only if you do not pay after the 10-day grace period. The actual fee is not disclosed.

• Pros:
  • Autopay discount
  • No origination fee or prepayment penalty
• Cons:
  • No co-signers permitted

Fifth Third Bank offers fast and convenient secured personal loan.

The Bank offers loans from $2,000 to $500,000.

The APR range is from 5.14% to 8.64%. Loan terms are available for 12 or 60 months.

The Bank charges a late fee, but only if you do not pay after the 10-day grace period. The actual fee is not disclosed.

• Pros:
  • No origination or prepayment fee
  • Autopay discount
• Cons:
  • Must be a USAA member

USAA Bank provides personal loans that can be used for any purpose.

USAA Bank offers personal loans that range from $2,500 to $100,000, with repayment terms from 12 to 84 months.

• Pros:
  • No origination fee or prepayment penalties
  • Quick and easy online application
• Cons:
  • No autopay discount

With Greylock FCU you can borrow up to $5000 (based on your creditworthiness) for debt consolidation, vacation, furniture, or other major expenditures. The Credit Union does not charge a loan origination fee.