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Best Personal Loans for 2022

Online personal loans 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.

Best Personal Loans
Holly D. Johnson
Award-Winning Personal Finance Contributor

Reviewed by: Dahna M. Chandler, Award Winning Business and Finance Journalist

Fact Checked by: Dr. JeFreda R. Brown, DBA, CFEI, and a highly respected financial expert

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, and we provide our top 10 below.

Our Top Picks for Best Personal Loans

lightstream._logo
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Min. Credit Score
Min. Credit Score Not Disclosed
Loan Amounts
Loan Amount $5K-$100K
Est. APR
Loan Repayment 24-240 months
 Marcus_logo
  • No origination fees or late fees
  • Customizable monthly payment
  • No prepayment penalties
Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $3.5K-$40K
Est. APR
Loan Repayment Up to 72 months
upstart review
  • Loans can be funded in one busines day
  • Prequalification with a soft credit check
  • Accepts borrowers with fair credit
Min. Credit Score
Min. Credit Score 600+
Loan Amounts
Loan Amounts $1K-$50K
Est. APR
Loan Repayments 36-60 months
bestegg_logo
  • Wide range of loan amounts available
  • Fast application process
  • Direct payments to creditors as an option
Min. Credit Score
Min. Credit Score Undisclosed
Loan Amounts
Loan Amount $2K-$50K
Est. APR
Loan Repayment 36-60 months
onemain_logo
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Est. APR
Loan Repayment Up to 60 months
Loan Amounts
Loan Amount $1.5K-$20K
Min. Credit Score
Min. Credit Score Undisclosed

How We Choose The Best Personal Loan

Our experts reviewed the following criteria for each lender before choosing them for this ranking. When you're looking for the best place to get a personal loan, you need to consider these important factors.

  • 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 for your budget and financial goals.
  • Interest rates and fees: Strive to secure the lowest possible rate, but compare personal loan companies based on their rates to get the best among them. 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 because 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 qualificatio, such as minimum credit score 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, or online chat options.
  • 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 mostly positive reviews.
  • 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 interest rate.

Best Personal Loans in 2022 - Full Overview

Below, we recommend the best personal loan companies and a view of their products and services.

1.LightStream — Best Overall Personal Loan

LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Pros
Low APRs for good credit
Loan amounts up to $100,000
Check your rate with no impact on your credit
Auto-pay discount available
Cons
Not available for borrowers with bad credit
Rates without auto-pay are .50% higher
Minimum loan amount of $5,000

lightstream review

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 be up to 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.

To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.

LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.

The Bottom Line

LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.

2. Marcus by Goldman Sachs — Best for Loans with Good Credit

Marcus by Goldman Sachs offers superior loans for people with good credit. Their loans come with incredibly low rates and no hidden fees. Borrowers can qualify for a rate discount if they sign up for auto-pay. Marcus also extends on-time payment rewards to its best borrowers and offers flexible repay terms.
Pros
Competitive interest rates for good credit
Discounts for automatic payments
On-time payment rewards
Flexible repayment terms
Cons
Good credit required for approval
Lower loan limits than some competitors
High minimum loan amount


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. To qualify, you’ll need a minimum credit score of 600. Borrowers can choose to repay their loan over 36 to 72 months, and there are no prepayment penalties, no origination fees, and no hidden fees. Marcus also lets borrowers secure a .25% auto-pay discount if they sign up for automatic bank withdrawals.

Marcus by Goldman Sachs has a personal loan calculator on their website where customers can check to see what possible payments and terms would look like for a loan.

The Bottom Line

Your good credit gets you some of the best available rates and terms with Marcus, including auto-pay discounts and rewards for on-time payment.

3. Upstart — Best for Loans for Fair Credit

Upstart personal loans are available to borrowers with less than perfect credit profiles. They lend to borrowers with fair credit by using banking information and other alternative data besides credit scores to approve applicants for the loan amounts they need. Those considering a personal loan from Upstart can also check their rate without a hard inquiry. This is a major advantage for those with fair credit who want to gauge their approval odds before apply formally for loans.
Pros
Get approved with fair credit
No credit score impact to check your rate
Low loan amounts available
Competitive interest rates for those who qualify
Cons
High interest rates for those with bad credit
Only two repayment terms to choose from
Origination fee from 0% to 8% required

upstart personal loans review

To qualify, you’ll need a minimum credit score of 600, but some applicants with lower scores may be accepted. Upstart personal loans can be used 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% to 35.99% APR, depending on creditworthiness. An origination fee of 0% to 8% of the loan amount may 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.

4. Best Egg — Best for Debt Consolidation Loans

Best Egg is ideal for credit card consolidation. The company lets you borrow a lump sum of money to pay off credit card 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 complete repayment from the beginning of your loan term.
Pros
Check your rate with no impact on your credit
Competitive rates for qualified borrowers
Borrow up to $50,000 for debt consolidation
Low minimum credit score requirements
Cons
Origination fee of 0.99% to 5.99% required
High APR for poor credit borrowers
Credit score of 700 needed for best rates
Only two repayment plans available
best egg review

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 debt charged 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.

5.OneMain Financial — Best for Loans with Bad Credit

OneMain Financial does not disclose their minimum credit score requirements. But, 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 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
Available for bad credit borrowers
Visit 1,400 nationwide locations
Check your rate with no impact to your credit
Flexible repayment options
Cons
Lower loan amounts than other lenders
Potential for a very high APR
High origination fees likely

onemain financial personal loans

Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may 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 a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.

6.Upgrade — Best for Emergency Loans

Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Pros
Check your rate with no impact on your credit
Funding in as little as one day
Generous loan amounts available
Choose from flexible repayment terms
Cons
Origination fee charged on every loan
Potential for a high APR

upgrade

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

Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.

7. Avant — Best for Small Personal Loans

Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Pros
Low loan amounts available
Check your rate with no impact on your credit
Mobile app available
Available for fair and poor credit
Cons
Administration fee up to 4.75%
Potential for a high APR
Lower borrowing limits than other lenders

avant

To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.

The Bottom Line

Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.

Try Avant

8.Payoff — Best for Credit Card Consolidation Loans

Payoff offers personal loans for credit card consolidation. Their loans are designed to help you get out of credit card and boost your credit score. Payoff is transparent about their approval requirements, and you can get approved with fair credit or bad credit.
Pros
Low APR range for all credit scores
Check your rate with no impact to your credit
Fixed monthly payments
Cons
Origination fee from 0% to 5% required
High minimum loan amount of $5,000

payoff

Payoff personal loans are available to people with credit scores as low as 550 but without delinquencies on their credit reports. Loan amounts range from $5,000 to $40,000, and borrowers can repay their personal loan over 24 to 60 months. An origination fee of 0% to 5% can apply, and interest rates range from 5.99% to 24.99%.

The Bottom Line

Payoff personal loans help consumers eliminate their credit card debt by consolidating them into a new loan with a fixed interest rate monthly payment, and repayment timeline. Borrowers can get prequalified online with no impact to their credit scores.

9.SoFi — Best for Loans with No Origination Fee

SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Pros
Loan amounts up to $100,000 available
Check your rate with no impact on your credit
No origination fees or hidden fees
Unemployment protection offered
Same-day funding available
Cons
High minimum loan amount of $5,000
Not available for bad credit
Lowest rates require auto-pay

sofi

SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.

The Bottom Line

SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.

Try SoFi

10.Rocket Loans — Best for Home Improvement Loans

Rocket Loans is best known as a mortgage company, but they also offer a personal loan product that is for home improvements. Borrowers can prequalify for the funds they need in minutes, and same-day funding is available.
Pros
Competitive interest rates for good credit
Check your rate with no impact to your credit
Borrow up to $45,000 for home projects
No hidden fees
Cons
Origination fees required
Best rates require auto-pay
Only two repayment options
Lower loan limit than other lenders

rocket loans

Rocket Loans offers personal loans in amounts up to $45,000, and eligible applicants can get same day funding. Repayment terms are 36 or 60 months and interest rates range from 5.970% to 29.99% with an auto-pay discount. The lender charges an origination fee from 1% to 6% of the loan amount.

The Bottom Line

Rocket Loans might be ideal for your home improvement loan needs, if you need a smaller loan for your project. Borrowers with good credit can qualify for competitive interest rates.

Best Personal Loans — Main Features


Company Name

Estimated APR

Minimum Credit Score

Loan Amount

Loan Terms

LightStream

3.49% to 19.99% APR with auto-pay

660

$5,000 to $100,000

36 to 240 months

Marcus by Goldman Sachs

6.99% to 19.99% APR

660

$3,500 to $40,000

36 to 72 months

Upstart

5.22% - 35.99% APR

300

$1,000 to $50,000

36 or 60 months

Best Egg

5.99% to 35.99% APR

550

$2,000 to $50,000

36 or 60 months

OneMain Financial

18% to 35.99% APR

Not disclosed

$1,500 to $20,000

24, 36, 48, or 60 months

Upgrade

5.94% to 35.97% APR

580

$1,000 to $50,000

24 to 84 months

Avant

9.95% to 35.99% APR

580

$2,000 to $35,000

24 to 60 months

Payoff

5.99% to 24.99% APR

550

$5,000 to $40,000

24 to 60 months

SoFi

6.99% to 21.78% APR with auto-pay

Not disclosed

$5,000 to $100,000

24 to 84 months

Rocket Loans

5.970% to 29.99% APR with auto-pay

Not disclosed

Up to $45,000

36 or 60 months

What is a Personal Loan?

A personal loan is unsecured debt offered to borrowers in a lump sum. Most personal loans come with fixed interest rates, fixed monthly payments, and fixed repayment terms. This makes personal loans a good option for borrowers who need cash but don't want t the high interest rates and unpredictable monthly payment amounts of credit cards.

Reasons to Get a Personal Loan

Here are reasons to consider personal loans over credit cards:

  • You want to borrow a lump sum of money and pay it off with a fixed repayment plan
  • Fixed interest rates appeal to you, especially when you compare the high variable rates credit cards may charge
  • You need cash to finance a large purchase or event
  • You want to consolidate debt from high-interest credit cards, loans or other debt, like medical bills
  • Your home needs major repairs, but you don't want to make it as collateral for debt
  • Applying online and getting your funding quickly is important

How Do Personal Loans Work?

The best personal loan companies let borrowers check their rate online without a hard inquiry. From there, borrowers can look for the lowest personal loan rates, and the best terms to meet their needs. If they decide to move forward with the loan process, they will complete a formal loan application. After approval, the loan proceeds are electronically transferred to the borrowers' bank account — sometimes as soon as the next business day.

How to Qualify for a Personal Loan

To qualify for the best low APR personal loans, you should have a good credit score, or any FICO score of 670 or higher. Maintain a relatively low debt-to-income ratio and a steady income that proves your ability to repay. There are personal loans for bad credit as well, although they come with higher interest rates and fees.

How to Get a Personal Loan?

Although the the loan process varies by lender, the steps required to get a personal loan are fairly consistent among online lenders. The following steps can help you get the lowest personal loan rates and loan amounts you need.

  • Step 1: Figure out how much you need to borrow, and use a personal loan calculator to see how your monthly payment might be.
  • Step 2: Look at the best personal loan companies to see which lenders offer the loan amount and repayment terms you need.
  • Step 3: Check your rate online and without a hard inquiry, and compare rates across at least three different lenders.
  • Step 4: Look closely at loan terms, and compare loan options based on interest rates, repayment options, and fees.
  • Step 5: Find the best personal loan for your needs, and move forward with the loan application.
  • Step 6: Plan to share information such as your full contact details, social security number, and employment data during the loan application process.
  • Step 7: Wait to receive notification that your personal loan application has been approved.
  • Step 8: Receive your loan funds electronically in your bank account.
  • Step 9: Begin repayment based on the repayment terms you agreed to in your load agreement.

Best Place to Get a Personal Loan

There are many places to get a personal loan, and the best option for you depends on your preferences. Consider the following options before you apply.

  • Online Lenders: Online personal loans are easiest to apply for since you can complete your loan application and get funding from anyplace you have an internet connectin. Without a physical location in most cases, online personal loan companies often offer the lowest personal loan rates and best terms.
  • Traditional Bank: Here, you may be in a better position to qualify if you have a long history with one of them. Their rates and terms will vary, however, so make sure to compare them with personal loans from other sources.
  • Credit Union: Personal loans from credit unions provide competitive rates and terms c. If you already belong to a credit union, you should check their options to see how their personal loans compare to other lenders.

Personal Loan Interest Rates

While personal loan interest rates are based on factors like your debt-to-income ratio and overall financial health, one of the most important factors for determining your eligibility is your credit score. The chart below shows how your interest rate can vary based on your FICO credit score.


Credit Score Range

Average Loan Rate

Excellent Credit (720 to 850)

10.3%–12.5%

Good Credit (690 to 719)

13.5%–15.5%

Average Credit (630 to 689)

17.8%–19.9%

Bad Credit (300 to 629)

28.5%–32.0%

Pros and Cons of Personal Loans

Personal loans have their own advantages and disadvantages, especially when you compare them to other financial products. Here are some key personal loan pros and cons:

Personal Loan Pros

  • Borrow with fixed interest rates
  • Your monthly payment never changes
  • Lower rates than credit cards charge
  • Use loan proceeds however you want
  • Interest rates can be competitive
  • Borrow up to $100,000 in some cases
  • Fast funding in as little as one day
  • No requirement for collateral

Personal Loan Cons

  • High interest rates for bad credit
  • Origination fees can make them costly
  • Higher monthly payments than credit cards
  • Can increase your debt over time

Conclusion

If you're searching for a personal loan company that will provide you the services and experience you want, the providers we highlight here might be good options. Not only do our lenders offer competitive rates and terms, but these personal loan companies will let you borrow up to $100,000, some with next-day funding. Since you can often check your rate without any impact to your credit score, you don't have to apply to see the lowest APR you could get.

Frequently Asked Questions(FAQ)

Can you refinance a personal loan?

You may not be able to refinance a personal loan directly, but you can always get another personal loan. Then, you could use your new loan proceeds to pay your original personal loan off. This would help you repay of your old loan with a new personal loan with more preferable rates and terms.

What can you use a personal loan for?

One major benefit of personal loans is you can use loan proceeds how you want. You can use your personal loan as a wedding loan or for debt consolidation, home repairs, medical bills, and other purposes of your choice.

What is a good interest rate on a personal loan?

According to the Federal Reserve, the average interest rate for 24-month personal loans worked out to 9.41% as of February 2022. Any rate in that range is likely good, although if you can get lower rates are even better.

How much can you borrow with a personal loan?

How much you can borrow with a personal loan depends on the lender. However, many let borrowers access up to $50,000 in loan funds, and some of the best personal loan companies let qualified applicants borrow up to $100,000.

How many personal loans can you have at once?

You can have more than one personal loan at once as long as lenders keep approving you for financing. However, personal loan companies may consider you a high risk applicant if your debt-to-income ratio is too high.

Do personal loans have fees?

Some personal loans come free of origination fees, while others charge origination fees or "administrative fees" that can automatically deduct up to 10% of your loan proceeds. There may be late fees, returned payment fees, prepayment and hidden fees. Make sure to compare personal loans based on their fees, and look for loan options with no fees required.

Holly Johnson

Written by: Holly Johnson

AWARD-WINNING Personal Finance Contributor

Holly Johnson is an award-winning writer who covers personal finance topics such as insurance, loans and loan products, budgeting, credit cards and loyalty programs.

More about me
Dahna M. Chandler, MPS

Reviewed by: Dahna Chandler

Award-Winning Business Finance Journalist and Brand Storyteller

Dahna M. Chandler is an award-winning business and finance journalist with 25 years of experience writing for major media outlets and top blogs. Because of her love for all things digital and entrepreneurship, she’s worked as a freelance online journalist and blogger her entire career.

More about me
Dr. JeFreda R. Brown

Fact Checked by: Dr. JeFreda R. Brown

DBA, CFEI, and a highly respected expert in personal and business finance

Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal to help others develop and maintain financial wellness.

More about me

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