Best Direct Lenders of February 2024

ElitePersonalFinance
Last Update: September 14, 2023 Loans

Direct lenders are different from loan comparison sites and peer-to-peer (P2P) lenders because they provide personal loans from their deposit bases. For example, banks borrow from their customers to lend to other customers. Likewise, credit unions use existing funds to provide loans. Similarly, online lenders partner with traditional banks to extend credit. The former handles the application, approval, and servicing process, while the latter provides the capital. Ultimately, all three can help you land an affordable personal loan.

Furthermore, our marketplace has options for borrowers of all credit scores. Whether a small or large loan, dozens of products are available. Moreover, inquiring doesn’t impact your credit score, so submitting multiple applications should help you land the lowest annual percentage rate (APR).

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Best Direct Lenders of February 2024

The direct lenders on our list provide loans ranging from $1,000 to $100,000, with APRs of 2.49% to 35.99%. Moreover, most of their minimum credit score requirements are in the fair credit range, but Upgrade, Universal Credit, and Avant are prudent for borrowers with bad credit.

Lender:Loan Amount:APR:Min. Credit Score:Type:Best For:
LightStream$5,000 – $100,0002.49% – 19.99%660Online LenderStrong credit profiles
Wells Fargo$3,000 – $100,0005.74% – 19.99%660BankWells Fargo customers
SoFi$5,000 – $100,0006.99% – 21.28%680Online LenderNo-fee personal loans
U.S. Bank$1,000 – $50,0005.99% – 18.49%660BankU.S. Bank customers
Upgrade$1,000 – $50,0008.49% – 35.99%560Online LenderHigh DTI ratios
BestEgg$2,000 – $50,0005.99% – 35.99%550 – 600Online LenderWide range of credit scores
TD Bank$2,000 – $50,0006.99% – 18.99%700BankGood to excellent credit scores
Pentagon Federal Credit Union$600 – $50,0004.99% – 17.99%650Credit UnionHigh DTI ratios
Alliant Credit Union$1,000 – $50,0006.24% – 27.24%640Credit UnionFast funding
Navy Federal Credit Union$250 – $50,0007.49% – 18.00%Not ListedCredit UnionService members and affiliates
FreedomPlus$7,500 – $50,0007.99% – 29.99%620Online LenderDebt consolidation
Laurel Road $5,000 – $45,0007.00% – 24.75%660 – 700Online LenderDebt consolidation
UniversalCredit$1,000 – $50,0008.93% – 35.93%560Online LenderLow credit scores, high DTI ratios
Marcus by Goldman Sachs$3,500 – $40,0006.99% – 19.99%660Online LenderNo-fee personal loans
LendingPoint$2,000 – $36,5009.99% – 35.99%580Online Lender$25,000 annual incomes
PNC Bank$1,000 – $35,0005.99% – 35.99%660BankOnline and in-person service
Avant$2,000 – $35,0009.95% – 35.99%580Online Lender$20,000 annual incomes
OneMain Financial $1,500 – $20,00018.00% – 35.99%0Online LenderLow credit scores

LightStream