Personal loans let borrowers get access to cash for debt consolidation, home remodeling projects, and more without the high interest rates credit cards charge. These loans also come with fixed interest rates and fixed monthly payments so you'll know your payoff date and your total loan costs upfront. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded, so read on to discover our top picks.
Best Personal Loans
The best personal loans that made our ranking offer competitive interest rates, fixed monthly payments, and reasonable fees or no fees. However, it's crucial to compare lenders based on the loan amounts they offer, their customer support options, and their online user reviews.
Written by:Holly D. Johnson
Our Top Picks for Best Personal Loans
- Funding as soon as the same day
- Allows joint applications
- No origination fee
- No origination fees or late fees
- Customizable monthly payment
- No prepayment penalties
- Loans can be funded in one busines day
- Prequalification with a soft credit check
- Accepts borrowers with fair credit
- Wide range of loan amounts available
- Fast application process
- Direct payments to creditors as an option
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
How to Choose the Best Personal Loan?
When you're on the hunt for the best place to get a personal loan, you need to consider several important factors. Our experts considered the following details before choosing the lenders for this ranking.
- Loan features: Compare the best personal loans based on features like potential loan amounts, interest rates, and available repayment plans. Look for companies that will let you get the loan amount you need along with a monthly payment that makes sense with your budget and goals.
- Interest rates and fees: Strive to secure the lowest possible rate you can get, but don't forget to compare each personal loan company based on the rates they charge. Also note that many personal lenders offer loans with no origination fees and no hidden fees.
- Application process: Look for a personal loan company that lets you check your rate without any impact to your credit score. Online lenders stand out due to the fact you can apply and get your loan funded without visiting a loan office in person.
- Qualification process: Have a basic understanding of each lender's qualification requirements, such as minimum credit score requirements or minimum income requirements.
- Customer support: Look for lenders that have robust customer service options, which may include a customer service hotline, an email form, online chat options, or all of the above.
- Online user reviews: Compare lender reviews from past users on websites like Trustpilot and the Better Business Bureau (BBB). Keep in mind that all lenders have their share of negative reviews, but that the best ones have positive reviews as well.
- Perks and Bonuses: Finally, check to see which personal loans come with perks and bonuses, such as refer-a-friend programs or incentives for signing up. Also check for auto-pay discounts that can lower your rate even more.
Best Personal Loans in 2022 - Full Overview
Read on to learn which of the best personal loan companies we recommend, as well as a general overview of their products and services.
1.LightStream — Best Overall Personal Loan
LightStream was chosen as our best personal loan overall due to their incredibly high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and their loans come with no origination fees and no hidden fees. LightStream personal loans also come with an auto-pay discount if you choose to take advantage.
Pros
Cons
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can last up to 240 months or 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
The Bottom Line
Although you need good credit to qualify for a loan from LightStream, their personal loans are truly the best in the business. Interest rates are as low as they go, and these loans don't have any hidden fees. You can even save .50% off your rate when you agree to automatic payments through a bank withdrawal.
Try LightStreamRead more in the full LightStream review.
2. Marcus by Goldman Sachs — Best for Loans with Good Credit
Marcus by Goldman Sachs offers superior loans for people with good credit, mostly because their loans come with incredibly low rates and no hidden fees. Borrowers can even qualify for a rate discount if they sign up for auto-pay, and on-time payment rewards are afforded as well. Best of all, personal loans from Marcus by Goldman Sachs have some of the lowest interest rates on the market today.
Pros
Cons
Personal loans from Marcus by Goldman Sachs are offered in amounts that range from $3,500 to $40,000, and interest rates range from 6.99% to 19.99% APR. Borrowers can choose to repay their loan over anywhere from 36 to 72 months, and there are no prepayment penalties, no origination fees, and no hidden fees. Marcus even lets borrowers secure a .25% auto-pay discount if they sign up for automatic bank withdrawals.
The Bottom Line
If you have good credit, it's hard to beat personal loans from this lender. You'll get the best rates and terms out there, and you can even score auto-pay discounts and rewards for on-time payments.
Try MarcusRead more in the full Marcus by Goldman Sachs review.
3. Upstart — Best for Loans for Fair Credit
Upstart offers personal loans that can be accessed by individuals with a broader range of credit profiles. They do this by using banking information and other alternative data outside of credit scores to approve applicants for the loan amounts they need. Individuals with fair credit who are considering a personal loan from Upstart can also check their rate without a hard inquiry on their credit reports. This is a major advantage for those with fair credit who want to gauge their approval odds before they make a decision.
Pros
Cons
Upstart personal loans can be utilized for any reason, and they come in flexible amounts that range from $1,000 up to $50,000. Borrowers can choose to repay their loans over three-year or five-year terms, and interest rates can range from 5.22% - 35.99% APR depending on creditworthiness. Also note that an origination fee of 0% to 8% of the loan amount can apply.
The Bottom Line
Upstart personal loans are ideal for people with fair credit who want to use alternative data to get approved for funding. This loan company also offers a large range of loan amounts, and interest rates are competitive for those with good credit or fair credit.
Try UpstartRead more in the full Upstart review.
4. Best Egg — Best for Credit Card Consolidation Loans
Best Egg is ideal for credit card consolidation since this loan company lets you borrow a lump sum of money you can use to pay off debt with lower interest rates than credit cards charge. Best Egg personal loans come with fixed interest rates and a fixed monthly payment and repayment timeline, so you will know exactly when you'll become debt-free upfront.
Pros
Cons
Best Egg personal loans are ideal for debt consolidation if you need to borrow up to $50,000. Loans do require an origination fee that varies based on your creditworthiness, and interest rates can range from 5.99% to 35.99%. Borrowers can choose to repay their debt consolidation loan over three years or five years depending on their needs.
The Bottom Line
Best Egg is an excellent lender to consider if you need to consolidate high interest debts racked up on credit cards. You can check your rate without any impact to your credit score, and it's possible to qualify for a fixed monthly payment and a fixed repayment plan that fits with your lifestyle and budget.
Try Best EggRead more in the full Best Egg review.
5.OneMain Financial — Best for Loans with Bad Credit
While OneMain Financial does not disclose their minimum credit score requirements, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you out if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Pros
Cons
Borrowers who apply for a loan with OneMain Financial may get approved for anywhere from $1,500 to $20,000 in cash. Repayment terms can last from 24 months to 60 months, and interest rates may fall between 18% to 35.99% depending on creditworthiness. Borrowers should note that an origination fee of 1% to 10% can apply, although applicants in some states may be asked to pay a flat fee instead.
The Bottom Line
If you have poor credit but you need cash for any reason, OneMain Financial could be the answer you're looking for. Interest rates and fees are on the high end, but you may be able to borrow up to $20,000 if you can prove your ability to repay.
Try OneMain FinancialRead more in the full OneMain Financial review.
6.Upgrade — Best for Emergency Loans
Upgrade personal loans come in amounts up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option to consider if you need an emergency loan. You can get approved online within minutes, and your loan funds can hit your bank account at a record pace. Also be aware that you can get prequalified without a hard inquiry on your credit score, which helps you gauge your approval odds before you apply.
Pros
Cons
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
The Bottom Line
The best personal loans from Upgrade can be funded as soon as the day after you apply. This makes them ideal for people who need cash in a hurry, whether funds are required for a large purchase or an emergency expense.
Try UpgradeRead more in the full Upgrade review.
7. Avant — Best for Small Personal Loans
Avant is a stellar option for borrowers who need a small personal loan that is capped at $35,000. This lender also lets you borrow as little as $2,000, so they can be a solid choice if you only need a small sum of money to reach your goals. Also be aware that Avant has its own mobile app that lets you track your repayment progress and make payments using your mobile device.
Pros
Cons
Consider a loan from Avant if you need a smaller amount from $2,000 to $35,000, although you should expect to pay an administration fee (similar to an origination fee) of 4.75% out of your loan proceeds. Interest rates range from 9.95% to 35.99% based on creditworthiness, so these loans are available for fair credit and poor credit. You can repay your Avant personal loan over 24 to 60 months.
The Bottom Line
Avant personal loans work for borrowers who need less cash than the other best personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and they can get cash deposited in their bank account as soon as the next business day after approval.
Try AvantRead more in the full Avant review.