Best Online Loan Application in 2023

If you need money quickly, an online loan application is your best bet. These processes are quick and effortless with no collateral needed.

These apps provide 24/7 access to your loan application. This means you can apply at any time of day or night and have the cash deposited directly into your bank account.

LendYou

If you need a fast and straightforward loan, LendYou may be an ideal solution. Before signing up with this company, make sure you have all necessary information and understand the terms of the loan you're considering.

LendYou is an online loan connecting service that links borrowers to lenders across multiple US states. It provides a range of loan products with various limits and repayment periods.

The lending process is swift and effortless, with the website making it simple to apply for a loan. To complete an application, proof of income must be provided; this information will then be verified against the borrower's digital bank statement.

Once approved, borrowers can set up auto-debit for their loan instalments and receive a personalized email and SMS with the final loan agreement that they can e-sign.

Upstart

Upstart is a cloud-based lending platform that connects consumers to banks offering loans. It provides personal loans, car refinancing and small business loans.

Upstart makes applying for a loan easy, with its low fees. You can preview loan offers from partner lenders and select one that meets your needs.

The company uses artificial intelligence to evaluate borrowers, meaning it can approve more people with low or no credit scores.

Most approved borrowers are able to receive funds within one business day of approval - faster than other peer-to-peer lenders.The software process is rapid and effortless.

PenFed

PenFed, a Virginia-based credit union, offers small personal loans to eligible government employees. Their selection of loan amounts and terms from one to five years allows borrowers to customize their loans according to their individual needs.

Additionally, it has a soft credit check and pre-qualification tool that allow borrowers to view rates without impacting their credit score. Furthermore, loan amounts start at $600 so borrowers don't have to borrow more than they need.

PenFed not only offers loans, but they also provide credit cards, mortgages and car loans. Their competitive rates and excellent customer service have earned them a solid reputation.

LightStream

LightStream is an online lender that provides low-interest loans to clients with good credit scores. Their loan applications are straightforward and you could receive funding within one day of applying.

Rates and terms on this loan are incredibly flexible, allowing you to pick the loan that meets your needs. Plus, it provides several consumer-friendly features like delayed funding and special home improvement terms.

LightStream offers loans for almost any purpose, from car repairs to remodeling your kitchen or adding a pool in the backyard. Its lowest starting rates are available to borrowers with excellent credit and there are no fees associated with loan origination, late payments or prepayment.

To apply, you need to provide personal information like a Social Security number and address. Documents like a W-2 or paystub can also be used as proof of income.

Marcus by Goldman Sachs

Goldman Sachs founded Marcus, an online lender offering no-fee personal loans and high-yield savings accounts. If you want to grow your savings, pay down high-interest debt or meet other financial objectives, Marcus could be the perfect solution for you.

Marcus offers an easy, fast loan application that takes just three days to process.

Enter your loan amount and credit score to find options that fit within budget. Additionally, you have the freedom to customize payment terms and amounts as desired.

Once you submit a formal application to Marcus, they will run a hard credit check and verify your income information. This may cause your credit score to temporarily decrease.