Best Personal Loans with No Origination Fees

Best Personal Loans with No Origination Fees – An origination fee serves as an extra fee to the overall cost of a loan, but some of the best personal loan lenders do not require origination fees. Borrowers collect personal loans for a lot of reasons. This includes debt consolidation, home improvements, or purchasing a large amount of money.

Best Personal Loans with No Origination Fees

A personal loan without an origination fee can help borrowers save on loan costs while receiving the full loan amount. However, when differentiating personal loan lenders, getting one that doesn’t require origination fees to deduct loan costs is crucial.

What Are Loan Origination Fees?

A loan origination fee helps the insurer cover their processing expenses and is calculated as a percentage of the loan amount. It usually ranges from 1% to 10%. Furthermore, insurers usually reduce this fee right from the loan money you receive. But it can also be added to the total amount you owe.

For instance, if you take a personal loan of $20,000 with a 5% origination fee(which is $1,000). You’ll receive an origination fee of $19,000, not $20,000.

The APR, or annual percentage rate, includes this origination fee. It’s important to review the details to understand your overall costs. Moreover, to save money or get the full loan amount, look for lenders with no origination fees.

Best Personal Loans with No Origination Fees

Some major factors are essential to the borrower to choose the best personal loan with no origination fees. However, borrowers search for a minimal interest rate and review any amount, credit score, and availability of customer satisfaction.


SoFi is a lending platform that doesn’t have any fees. It allows you to borrow significant amounts, reaching up to $100,000. Typically, this loan amount can be used to cover home improvement projects, and the repayment period can extend up to seven years.

It’s important to note that a minimum credit score of 680 is required to be eligible for a loan. However, the interest rates are fixed, ranging from 8.99% APR to 25.81% APR. These rates already include a 0.25% discount for auto-pay and an additional 0.25% discount for direct deposit.


LightStream provides some of the most minimal interest rates for personal loans, especially if you have an excellent credit score. Moreover, it offers loans reaching up to $100,000. If you apply and get approval on the same day, you can receive funding.

In addition, APR ranges from 7.99% to 25.49%, with rates varying based on the purpose of the loan. An auto-pay discount is available, and a minimum credit score of 660 is required to qualify for a loan.

PenFed Credit Union

A credit union is an organization that doesn’t make profits, so it usually offers lower fees and better rates than other places that lend money. However, PenFed can lend you a loan amount ranging from $600 to $50,000 and might have better rates than usual if your credit is good.

PenFed enables friends or family members to join and apply for a loan together. With this, you might still get a loan without paying extra fees, even if your credit isn’t perfect.

Moreover, APR (which means how much extra you pay) can be between 7.99% and 17.99%. You can choose to pay the loan back in 12 to 60 months.


Discover provides personal loan amounts ranging from $2500 without requesting an origination fee. This lender has an alternative for pre-qualification through a credit check and delivers the full loan amount swiftly.

In addition, it has a minimum credit of 660, which is eligible for U.S. citizens aged 18 and older. Also, Discover Lending manages every loan procedure through its mobile app.


USAA provides good rates on personal loans, and you can borrow different loan amounts starting from $1,000 and going up to $100,000.

However, it’s considered the best loan, which depends on how good your credit score is. If your credit score is high, you might get a lower rate. In addition, the APR ranges from 9.64% to 18.51% if you want to apply for a loan.

Laurel Road

Personal loans that are provided by Laurel Road don’t require an origination fee, which makes borrowers with good credit eligible for a minimal interest rate. Additionally, a good-credit borrower can also get a co-signer as an alternative and an auto-pay discount.

However, the maximum loan amount that can be borrowed ranges from $5000 to $45,0000,  which includes debt consolidation, home improvement, and other expenses. Also, the APR ranges from 8.99% to 24.25%, with a repayment option that can be extended from 3 to 5 years.

Navy Federal

As a full-time service member, veteran, or related to a military person, you may be eligible for a personal loan at Navy Federal. It provides a good interest rate with a wide range of loan fees, from $250 to $50,000, and an APR of 8.99% to 18.00%.

However, choosing an extended repayment term can be determined by the loan type. For instance, a home improvement repayment term can be extended up to 15 years, offering customers a monthly fee for huge projects.

Additionally, it has other banking services, and customers are qualified for additional benefits and rate discounts without an origination fee.

U.S. Bank

U.S. Bank is recognized as one of the biggest banks in the country. It has 26 branches across the states and deals with consolidated property.

A regular borrower can request the maximum loan amount with a repayment option that is extended up to seven years. However, first-time borrowers will get a small loan amount of $25,000, which is extended to 5 years to be paid back.

Also, the procedure is lengthy, which helps disburse your loan within four working days without an origination fee. Lastly, the loan amount ranges from $1000 to $50,000, with 8.24% to 24.99%.


Patelco is a credit union that provides customers with a minimal rate and a loan amount of as little as $300 to $100,000 without an origination fee. In addition, it offers a rate discount three times higher than 0.50%, deducting your interest rate by 1.50% of your loan.

However, this minimal rate and discount are only applicable to credit union members, with the additional benefit of an APR ranging from 8.95% to 17.90%. Lastly, Patelco is one of the oldest credit unions, dating back to 1936, with over 450,000 members and $9 billion in assets.

American Express

American Express was a top-leading lender that offered Amex Personal to its cardholders who needed cash for debt consolidation or home improvement. However, it’s possible to pre-approve for a loan with a good rate of $40,000 without paying an origination fee.

Moreover, these loan options are alluring, but not everyone is eligible for them; only Amex cardholders with pre-approval can obtain loans. Although there are some limitations while using the loan, such as covering down balances on the Amex card, purchasing an estate, and more.


Origination fees are associated with personal loans and can be prevented only if you have a good credit score. However, some banks that offer personal loans have minimal rates and additional benefits for borrowers.