Personal loans can come with more costs than just the interest you pay over time. On top of repaying the loan with interest, you may sometimes be on the hook for other charges, like an origination fee.
An origination fee is the cost of having a lender set up the loan for you, and it can range from 1% to 10% of the loan’s value. So, if you need to borrow a larger amount, you can wind up paying a hefty origination fee. Here are some lenders to consider that don’t charge origination fees. Read more on our methodology below.
Best personal loans with no origination fees
Best for larger loan amounts: SoFi
Who’s this for? SoFi offers personal loans of up to $100,000, making it an appealing option if you need to cover a large expense, such as a home renovation project or wedding.
Standout benefits: SoFi offers personal loan options with no origination fee, and it doesn’t charge late fees or prepayment penalties.
No origination fees required, no early payoff fees, no late fees
- No origination fees required, no early payoff fees, no late fees
- Unemployment protection if you lose your job
- DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
- Can have more than one SoFi loan at a time (state-permitting)
- May accept offer of employment (to start within the next 90 days) as proof of income
- Co-applicants may apply
- Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
- No co-signers allowed (co-applicants only)
Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Best for next-day funding: Discover
Who’s this for? Discover sends your personal loan funds as soon as the next business day after you accept the loan. This makes it worth considering if you need access to funds relatively quickly.
Standout benefits: Discover doesn’t charge prepayment penalties, so you can pay off your loan early without a fee. It also doesn’t charge origination fees or other fees on its personal loans.
No origination fees, no early payoff fees
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- 7 different payment options from mailing a check to pay by phone or app
- No autopay discount
- No cosigners or joint applications
Best from a credit union: PenFed Credit Union
Who’s this for? PenFed Credit Union offers personal loans of up to $50,000. Its membership requirements are also relatively easy to meet, making it an option worth considering if you want to borrow from a credit union without needing to already be a member.
Standout benefits: You don’t need to be a PenFed member to apply for a personal loan. If you move forward with the loan, PenFed will create your membership during the application process. Alternatively, you can become a member by opening a PenFed savings account with a $5 deposit.
Credit union membership is available to anyone and low amount offerings are as low as $600.
- Credit union membership available to anyone
- Loans as low as $600
- Can pick up a physical at a branch
- May apply with a co-borrower
- Funds come as a physical check
- Must be a member to get funds (no membership needed to apply)
- Must pay for expedited shipping to get your funds next day
- Maximum loan amount of $50,000
- Late fee of $29
Best from a bank: Citibank
Who’s this for? If you prefer to get a personal loan from an established traditional bank, Citibank may be worth considering. Existing Citi customers with an eligible checking or savings account or Citi credit card may be eligible to borrow up to $50,000, while new-to-Citi customers can borrow up to $30,000.
Standout benefits: Citi offers a 0.50% APR discount when you enroll in automatic payments at loan origination.
No origination fee, early payoff fee or late fee
- No origination fee, early payoff fee or late fee
- Fixed rate APR
- Generous 0.5% interest rate reduction for enrolling in autopay
- Can deposit funds on the same business day if you have a Citi deposit account
- Co-applicants are not allowed
How much do personal loans cost?
Personal loans can come with several fees that add to the cost of borrowing. You’ll have to repay what you borrow plus interest, and some lenders may also charge an application fee, an origination fee, a late payment fee or a prepayment penalty. Origination fees can range from about 1% to 10% of the loan amount, while late payment fees are typically a fixed amount. Prepayment penalties vary by lender and may apply if you pay off your loan early.
These costs can add up, potentially adding hundreds or even thousands of dollars to the total cost of your loan. That doesn’t mean a personal loan isn’t worth it. You can look for lenders that don’t charge origination fees, application fees or prepayment penalties and compare offers to find the lowest interest rate you qualify for.
How do you save on a personal loan?
If you’re looking to save money on a personal loan, consider lenders that charge low or no origination fees, application fees and other fees. Also, apply with good to excellent credit when possible, as a stronger credit profile can help you qualify for lower interest rates. This can be one of the most impactful ways to spend less on a personal loan because interest can add up over the life of the loan.
You can also enroll in automatic payments if your lender offers an autopay discount. Some lenders reduce your APR by 0.25 percentage points, while others offer discounts of up to 0.50 percentage points. While the savings may seem small, an APR discount can reduce the amount of interest you pay over the life of the loan.
FAQs
How do you apply for a personal loan?
To apply for a personal loan, you’ll need to provide some basic information like your full name, address, Social Security number and date of birth and proof of income in an application. Many lenders offer online application processes but brick-and-mortar institutions often let you apply in person, too. You’ll also need to submit to a credit check.
What is an origination fee?
An origination fee is a one-time fee lenders charge for evaluation and setting up your loan. It typically ranges from 1% to 10% and it’s often deducted from your loan proceeds.
Can you avoid an origination fee?
The lenders in our list above offer personal loans with no origination fee. When conducting research on lenders, you should always read their terms first to make sure you’re aware of all the fees you’ll have to pay.
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AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every personal loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine which personal loansare the best,CNBC Selectanalyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination fees.
When narrowing down and ranking the best personal loans for fair or good credit, we focused on the following features:
- APR:Variable rates can fluctuate over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, so your monthly payment won’t vary and it’ll be easier to budget for.
- No early payoff penalties:The lenders on our list do not charge borrowers forpaying off loans early.
- Streamlined application process:We considered whether lenders offered same-day approval.
- Fund disbursement:The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check.
- Autopay discounts:We noted lenders that reward borrowers for enrolling in autopay, with APR discounts of 0.25% to 0.50%.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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