9 Best Personal Loans of 2022


Personal loans can be used to finance home improvement projects, wedding expenses, vacations, and much more.

Debt consolidation is also one of the most popular uses because many consumers with credit card debt can find a better interest rate with a personal loan.

Personal loans are typically reserved for expensive items that are difficult, if not impossible, to pay for all at once even if you have a beefed-up savings account.

They can make it easy to finance big-ticket items without draining your savings all at once. And while banks and credit unions have historically been the place to go for personal loans, online lenders now offer easy access to financing, often with lower interest rates.

Compare the Best Personal Loan Lenders and Apply Online

Compare offers from multiple lenders to make sure you’re getting the best personal loan rates. Look at the interest rate and origination fees (plus any other applicable fees) because that will tell you how much your total loan will cost.

Each lender’s annual percentage rate (APR) helps you compare these numbers as a single percentage. Also, make sure you can afford the monthly payments and that you’re comfortable with the length of the repayment period.

Without further ado, we present the nine best personal loans. Because we included lenders focusing on different types of borrowers, we encourage you to read through the list to find the best fit for you.


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If you’re looking to compare multiple, personalized offers for personal loans, Credible is your best bet.

Simply complete Credible’s short pre-qualification form and you can instantly receive real offers from as many as 8 different lenders. The entire process takes less than two minutes and will not affect your credit. It’s also completely free!

Lastly, and importantly, your personal information will not be shared with lenders. Comparing offers on Credible will ensure you do not receive any follow-up or outreach from the lenders in their marketplace.

Check your interest rate from the industry’s best personal loan lenders today!

Read our full review of Credible


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If you’re interested in a peer-to-peer loan, check out Prosper. Rather than submitting a loan application and getting an answer right away, your personal loan needs to get funded by investors.

Prosper will review key components of your request along with a snapshot of your credit profile. While the process is a bit slower because of this extra step, it opens the door for a wider range of borrowers.

The minimum credit score is 640, but the company says that the average borrower boasts a 710. There’s no exact minimum for income requirements, but again the average for a Prosper borrower is over $88,000 per year.

How much can you borrow with a Prosper loan?

Amounts start at $2,000 and are capped at $40,000. Since more credit types are accepted, there’s a broader range of APRs, moving anywhere between 6.95% and 35.99%.

You can also choose between loan terms, which last either three years or five years. You’re likely to save money on interest with the shorter term, but you can potentially lower your monthly payment amount if you spread it out over the longer period.

Expect to pay an origination fee with your Prosper loan, which can cost anywhere between 2.4% and 5% of your loan amount. The fee comes directly out of your personal loan before it’s deposited into your bank account.

Read our full review of Prosper


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FreedomPlus offers personal loans to borrowers with good credit. Their main focus is primarily on debt consolidation loans. However, you can use the money for several purposes, such as home improvement or a wedding. The minimum amount you can borrow is $10,000 while the maximum is set at $35,000.

What kind of APR can you expect from FreedomPlus?

Depending on your credit, interest rates range from 4.99% to 29.99%. You’ll also need to earn at least $30,000 a year through verifiable income.

With FreedomPlus, you can get a same-day personal loan. You just need to provide a completed application with all required supporting documentation early enough on a day that their offices are open. Otherwise, funds can be deposited into your bank account within 48 hours.

An interesting benefit that comes with FreedomPlus is the potential to receive discount points. You can get your APR lowered by using a cosigner, taking advantage of debt consolidation direct pay, or by having at least $40,000 in your retirement account.

Overall, FreedomPlus is a transparent lender with generally favorable loan terms and some extra perks for those who qualify.

Read our full review of FreedomPlus


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Payoff allows you to consolidate credit card debt and instead manage a single installment loan with what could very well be a lower interest rate.

Many Payoff borrowers also experience an increase in their credit score, averaging at least 40 points when paying off $5,000 or more in credit card debt.

Loans start at $5,000 and go up to $35,000 depending on your needs. APRs range from 8% to 25%, which includes an origination fee of 2% to 5%. Loan terms are also flexible, lasting between two and five years.

The minimum credit score is 660. Your debt-to-income ratio must be 50% or less, and you should also have at least three years of good credit.

You also can’t have any current delinquencies and any from the last 12 months should be for 90 days or less. If you meet these requirements, a Payoff personal loan may be a good fit for you.

Once you’re approved, Payoff will give you your free FICO score each month. This helps you track your progress in improving your credit as you pay down your debt.

You’ll also get job loss support in case you lose your job, and check-in calls throughout the year with the member experience team.

Read our full review of Payoff


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Upstart offers personal loans particularly for younger individuals who may not have an extensive credit history. Most borrowers are actually in their early 20s to mid-30s, and many of whom have recently graduated from college.

Rather than focusing solely on credit, they consider other factors as well when considering each loan application.

Upstart’s interest rates start at 7.46% and go up to 29.99% — quite a competitive range. Loan amounts range from $1,000 and $50,000. Loan terms are up to five years. However, you’ll need a credit score of at least 620 (with the average coming in at 692). If you hit financial troubles, they also offer flexible repayment terms.

If you have a solid work or education history that shows you’re a reliable person, you could find the online personal loan you need with Upstart. Each underwriting process is tailored specifically to the individual giving you the best chance for success.

Read our full review of Upstart

Best Egg

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For borrowers with good credit seeking competitive interest rates, Best Egg is a strong option to consider. They’ve funded more than $2 billion since their opening in 2014 and have assisted over 200,000 clients.

For those with the strongest credit scores and an annual income of at least $100,000, APRs are as low as 5.99%. Otherwise, they range up to 29.99%.

Loan amounts are as low as $2,000 and as high as $50,000 if you meet special qualifications. Origination fees range between 0.99% and 5.99% and are taken out of your funds.

Once you’ve had a personal loan for at least six months, you can actually apply for a second loan if necessary. Your combined balances can’t exceed $50,000. However, it gives you more flexibility in your financing, where many lenders prohibit more than one outstanding loan.

Most of their borrowers use their funds to consolidate debt, but you can use the money for just about anything. Whether it’s for medical expenses, a new kitchen, or your upcoming wedding, they allow for a large variety of loan purposes.

If you have strong credit and are in a relatively high-income bracket, you can take advantage of some of their competitive rates and terms. It’s quick and easy to get an offer and won’t hurt your credit. In fact, you won’t have any hard pull at all until you’re ready to sign your loan agreement.

Read our full review of Best Egg


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SoFi is an online lender that works with various borrowers to provide personal loans. The lender offers various loans, but personal loans are one of its specialties.

The best part about SoFi is its transparency. The company offers its borrowers a quick and easy process that is clear the whole way. The personal loans offered through SoFi have no origination fees or pre-payment penalties, so you can more easily understand the loan terms.

SoFi offers unemployment protection. If you lost your job, then you would be able to put your loans into a temporary forbearance with little to no hassle.

Borrowers with a solid credit history and high income will have attractive rate offers made through a transparent lending process. Many of SoFi’s borrowers have high incomes and credit scores. The minimum credit score allowable is 680. The median income of borrowers is $106,000.

Fixed-rate loans through SoFi have a range between 5.99% APR and 16.740% APR. If you sign up for autopay, you may be able to save money through a 0.25% discount on your interest rate. The company offers personal loans with a minimum of $5,000 and a maximum of $100,000. However, it is possible to receive a higher loan amount with a strong application.

If you have a high income and good credit score, then SoFi is a great place to find your personal loan.

Read our full review of SoFi


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Avant has served close to half a million borrowers since opening its doors online in 2012. It’s a great middle-of-the-road option because most Avant borrowers have either average or above-average credit. The average credit score range is actually between 600 and 700.

If you have strong credit, you can get an APR as low as 9.95%. The loan amount ranges from $1,000 to $35,000. With such a low minimum, you can get a low-rate personal loan for a short-term need, whereas many other lenders require a minimum of $5,000.

Many Avant borrowers use their personal loan for debt consolidation. Avant states that six months into the loan, those borrowers see an average 12 point increase in their credit scores.

Funds can be directly deposited into your account as soon as the next business day. You also get to track your VantageScore for free each month.

Another unique feature offered is their late fee forgiveness program. If you’re late making your payment, you’ll be charged a late fee. If, however, you pay your next three consecutive bills on time, your fee will be refunded in full.

You can access your loan dashboard online or through a smartphone app, making this lender user-friendly and competitive.

Read our full review of Avant


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One of the country’s oldest peer-to-peer lenders, LendingClub offers unsecured personal loans to a wide range of borrowers. While most borrowers have excellent credit, it’s still possible to get your personal loan funded with a lower credit score.

The maximum loan is higher than most lenders at $40,000. The minimum loan amount is just $1,000. Your fixed interest rate can range anywhere between 5.32% and 30.99%.

On top of your monthly payments, you’ll be charged an origination loan when you get your cash. Again depending on your credit, you’ll pay anywhere between 1% and 6% of your loan amount.

For the maximum $40,000 loan, that can cost as low as $400 or as much as $2,400. You don’t need the money upfront; the fee will be taken out of your personal loan before receiving it.

Wondering about LendingClub’s credit requirements?

At a minimum, you’ll need a 600, but most successful applicants are closer to a 700 credit score. There isn’t a salary requirement, but the average is just shy of $80,000.

Once you apply, you can choose from various loan terms to best suit your budget and desired repayment term. As a P2P lender, investors will need to fund your personal loan request. During that process, you’ll need to start submitting financial documentation to support your application.

Read our full review of LendingClub


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Having bad credit doesn’t mean you can’t work with an established lender like OneMain. APRs are above average, ranging from 25.10% to 36%, but the minimum credit score is only 550.

While most of their personal loans are secured with collateral such as a vehicle, you might qualify for an unsecured loan if you pay a higher APR. You can potentially borrow as little as $1,500 or as much as $25,000, depending on what you qualify for.

They certainly have a strong track record, serving over 10 million customers in total. With over 1,700 physical branches across the country, it’s easy to get in-person support whenever you need it.

You can apply online, but if there’s a branch nearby, you’ll need to go in for a meeting to verify your information before finalizing your loan agreement. This final step can be performed over the phone if you don’t live near a physical location.

Once you’ve received a personal loan from OneMain, you get to choose from several flexible payment options. You can pay online or through the lender’s smartphone app.

There are also traditional payment options, such as at a branch or through the mail. Finally, you can even stop at a Walmart to pay there. It’s a straightforward and transparent process, particularly if you need access to bad credit financing.

Read our full review of OneMain

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How We Picked the Best Personal Loans

We reviewed countless lenders to come up with the best places to get a personal loan online.

To make it to our list, each lender had to meet the following five criteria:

  1. Diversity in loan options
  2. Wide borrower approval rate
  3. Dependability & Customer Service (or strong reputation and reviews from borrowers)
  4. Competitive loan rates — because regardless of what you’re using the personal loan for, you want it to cost as little as possible
  5. Special features, since many online lenders provide convenient benefits and services for borrowers.

Note: Geographic availability was also an important factor we considered.

Because each state has different regulations, many lenders only focus on a few select locations when they first open. Then, as they gain traction, they move into more and more states. We know our readers live all over the country, so we focused on lenders with a large geographic footprint.

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