Best Personal Loan Companies of 2022 in USA June 28, 2022June 23, 2022 by Stor (Ad) Getting a personal loan online is one of the fastest and most convenient ways to borrow money. The best personal loans can offer lower interest rates than banks and credit unions, while also offering an easier application process and faster access to your personal loan funds. Best Personal Loan Companies of 2022 in USA Online personal loans can be used for a variety of purposes including debt consolidation, home improvement projects, large purchases, vacations, and unexpected expenses. But with so many different personal loan companies to choose from, finding the right lender for your needs can feel overwhelming. We’ve reviewed the best places to get a loan online and evaluated them on a variety of factors including interest rates, term lengths, origination fees, and credit history requirements. Here are our top picks for the best personal loan companies of 2022. The 10 Best Personal Loan Companies of 2022 SoFi: Best personal loans overall Credible: Best online loan marketplace Upgrade: Best for debt consolidation loans Upstart: Best for borrowers with little credit history BadCreditLoans: Best for bad credit LightStream: Best for low interest rates LendYou: Best for small payday loans under $2,500 Best Egg: Best for home improvement loans OneMain Financial: Best for fair credit Payoff: Best for credit card consolidation Honorable Mentions: Marcus by Goldman Sachs, Avant, Discover Personal Loans, LendingPoint, Universal Credit, Prosper, and PenFed. #1. SoFi: Best Personal Loans Overall Loan Amounts: $5,000 to $100,000 Loan Terms: 24-84 Months APR: 5.74% to 21.28% Minimum Credit Score: 680 SoFi is our top pick for the best personal loan company of 2022. SoFi is an online lending platform that offers fixed rate personal loans, flexible repayment terms, low interest rates, and high loan amounts. SoFi Personal Loans is one of the better-known online lending platforms and has established its reputation as a leader thanks to its reliability, flexibility, and high maximum loan amounts. Since its founding in 2011, SoFi has extended over $50 billion in personal and debt consolidation loans. The company has the necessary experience to make your loan application smooth and straightforward. SoFi offers unsecured personal loans ranging from $5,000 to $100,000, though amounts are limited in certain states. Borrowers can get a wide range of repayment terms, from two to seven years, with relatively favorable APRs, from 4.99% to 18.13%. One drawback of SoFi is its stringent application requirements. Potential borrowers must have a minimum credit score of 680 and have an annual income of at least $45,000 to qualify for a personal loan. However, SoFi also has the benefit of not charging origination fees, late fees, or prepayment penalties, making it one of the most transparent online lenders. Most lenders will charge origination fees at a minimum, which can make SoFi one of the best personal loan providers for qualifying borrowers. Many people use SoFi for debt consolidation. However, while SoFi does have debt consolidation loans, it transfers the money directly into the borrower’s account instead of to the borrower’s creditors. If you get a SoFi debt consolidation loan, you’ll need to use the borrowed money to pay off your other loans. SoFi is dedicated to having its customers succeed in making their monthly payments. The platform has an extensive knowledge base and offers perks such as financial planning advice and unemployment protection. Borrowers can also change their payment due date once per year to adapt to any changing circumstances. Overall, SoFi is one of the best personal loan lenders online for borrowers with a good credit score. SoFi has a higher maximum loan amount than most lenders ($100k), also making it a great option for people looking for a larger loan amount. Pros Easy prequalification with soft credit check High loan amounts available Fast funding in as little as two days No origination fees No prepayment penalties 0.25% autopay discount Option to add co-borrower Cons Doesn’t offer small loans under $5,000 No option for secured loans #2. Credible: Best Online Loan Marketplace Loan Amounts: $600 to $100,000 Loan Terms: 12-84 Months APR: 3.49% to 35.99% Credible is the best personal loan marketplace for comparing multiple lenders at once. Credible is a free-to-use online marketplace where you can shop for the best loan offers from a variety of lenders. You can expect to find personal loan amounts from $600 to $100,000, with an APR from 2.49% to 35.99%. Credible shows you a wide range of offers, making it one of the best personal loan companies for finding the best rates possible. Since Credible is not the lender, credit score requirements depend on the lender you choose. Generally, the minimum score will be over 600. Credible can use a soft credit inquiry to help you learn your score, which won’t make it go up or down. When you start an application with a lender, they will ask to use a hard credit inquiry during the process, which may affect your score by a few points. Life is full of twists and turns, and there are so many reasons you might find yourself looking for a personal loan. Credible will show you offers for loans that you can use for: Debt consolidation Starting a business Wedding expenses Car financing Home improvement Vacation Medical bills Some lenders provide personal loans for specific purposes, so you’ll have to let them know what you plan to use the loan for when applying. To help you out, Credible has a personal loan calculator to give you an idea of what monthly payments you can expect. You can compare offers to find the terms that work best for you. Again, Credible is not a lender, but it partners with some of the biggest names like Upstart, Discover, SoFi, and Avant. Each of them has its own requirements to qualify for a loan. Typically, you need to be 18 or older, a U.S. citizen or a permanent resident with a valid Social Security number, and have a good credit history. To start looking for personal loans, you just need to spend a couple of minutes providing some basic information to personalize your search. After that, you will see various offers from Credible’s lending partners with the best rates they can offer you. Credible is confident it can find you the best rate possible for a personal loan, and it backs that claim up with its Best Rate Guarantee. If you can find and close on a loan with a better rate than one of the offers it showed you, it will pay you $200. Pros Compare quotes from multiple lenders at the same time Low minimum loan amount of $600 Competitive rates from most lenders in their network See your pre-qualified annual percentage rate without affecting your credit Trusted online loan marketplace since 2012 Great for debt consolidation loans Cons Not a direct lender #3. Upgrade: Best Lender for Debt Consolidation Loan Amounts: $1,000 to $35,000 Loan Terms: 2-7 years APR: 5.94% to 35.97% Minimum Credit Score: 560 Upgrade is the best online lender for debt consolidation loans. With low fixed rates, fast funding, and high approval rate, Upgrade is a great choice for borrowers with good or fair credit. Upgrade offers a quick and easy approval process. You can apply online in just minutes and see your loan rate with no obligation or impact to your credit score. Upgrade will then provide you with multiple loan options so that you can decide which offer is best for your needs. Once you accept your loan offer, you’ll receive money into your bank account within a day after being approved. One of the best features of Upgrade is its flexible loan options. You can select your monthly payment to ensure that it fits within your budget. You can also choose your term-length, ranging from 36 months to 60 months. Whether you prefer to pay your loan off faster with a 36-month term or want a lower monthly payment with a term of 60 months, Upgrade has you covered. Unlike other personal loan lenders, Upgrade doesn’t charge a prepayment penalty. So if you’re ready to pay off your loan before the end of your term, there is no penalty for doing so. Upgrade offers loan amounts ranging from $1,000 to $50,000. You can use your personal loan funds for a variety of different purposes including debt consolidation, home improvement, unexpected expenses, or for a large purchase. Upgrade even allows you to use these funds for business purposes, which isn’t something that most lenders offer. Fees and Terms: Upgrade has APR ranges that vary between 5.94% and 35.97%. This lender charges an origination fee between 2.9% and 8%. The term lengths offered vary between 24-84 months. Eligibility Requirements: To qualify for a personal loan from Upgrade, you’ll need a minimum credit score of 580. There is no minimum income requirement. Ideally, borrowers should have a debt-to-income ratio below 45%, excluding their mortgage. Upgrade does allow co-applicants, increasing loan accessibility to borrowers with no credit history. Pros Allows secured and joint loans Wide range of repayment terms 0.5% discount rate for setting up autopay Rate discounts for checking account holders Low minimum credit score requirement Direct lender payoff for debt consolidation loans Can use loan proceeds to cover business expenses Good option for fair credit scores Cons Charges an origination fee Higher APR range than some of the best personal loan companies Penalties for late payment and insufficient funds #4. Upstart: Best for Fair Credit Loan Amounts: $1,000 to $50,000 Loan Terms: 3-5 years APR: 5.22% to 35.99% Minimum Credit Score: None Upstart is an online lender that takes a unique approach to loan approvals. The site uses a combination of artificial intelligence and machine learning to approve more applications than its competitors. The company reports approving 27% more personal loans than traditional lending models simply by taking factors other than credit score and income into account. Upstart’s evaluation process considers the applicant’s education, job history, debt-to-income ratio, number of credit checks, and even current residence. While the site advises that applicants have a minimum credit score of 600, the algorithm can also approve people who have yet to establish their credit history. Borrowers can get a personal loan between $1,000 and $50,000, with APR rates of 5.31% to 35.99%. The lender has two loan terms—three and five years—making it less flexible than other lenders. Personal loans from Upstart can be used for a variety of purposes including debt consolidation, auto refinancing, paying off credit cards, and large purchases. Unsecured personal loans from Upstart can even be used to cover educational expenses, except in states where this is explicitly disallowed, such as California, Connecticut, Illinois, Washington, and the District of Columbia. Overall, Upstart is a good lender to consider if you have a fair credit score and need a personal loan with a rapid approval turnaround. The high maximum APR and high origination fee may give some people pause, but because the company does a soft credit check, you can get an estimate of your monthly payment before committing to the loan. The company also doesn’t have a prepayment penalty, allowing you to pay off your loan sooner than the initial loan agreement. Pros Accepts borrowers with lack of credit history Quick funding with loan proceeds available within one business day Offers direct payment to creditors with debt consolidation loans Online prequalification with a soft credit check Ability to choose your own payment date Cons Co-signers and co-applicants not permitted Higher origination fee than most of the best online loan companies Loans only available for three or five year terms #5. BadCreditLoans: Best for Bad Credit Loan Amounts: $500 to $10,000 Loan Terms: 3-72 months APR: 5.99% to 35.99% Minimum Credit Score: None BadCreditLoans is a highly rated personal loan company that specializes in bad credit loans. BadCreditLoans has flexible repayment terms, competitive interest rates, and a fast online application process. BadCreditLoans.com specializes in connecting borrowers with poor credit to online lenders that are willing to offer unsecured personal loans to individuals with a bad credit history. Loan amounts vary between $500 and $10,000, which may not be enough to fund a kitchen renovation but could be enough to deal with an unexpected financial difficulty. The minimum APR is 5.99%, with a maximum of 35.99%. Payment terms depend on the lender, as do the loan term, fees, and penalties associated with the personal loan. The only criteria needed to apply for a loan are: US residency or citizenship 18+ years of age Valid bank account Steady income source The application process for BadCreditLoans.com is relatively simple and requires filling in details on an online form. These include personal and banking details as well as the loan purpose and your employment information. The site then connects you with lenders that meet your criteria. These lenders can reach out with an offer that matches what you need. The main appeal of loan aggregator sites is that they make comparison shopping for the best personal loan much easier. Instead of having to repeat the same process multiple times, BadCreditLoans.com brings the offers to you. If you need to borrow money urgently and have bad credit, it’s a great place to start looking for an unsecured personal loan. We strongly recommend reading each offer’s terms and conditions carefully because they can differ in terms of origination fees, late fees, and prepayment penalties. Pros Compare multiple lenders with one place Low minimum loan amount of $500 Great alternative to payday loans Easier application process than credit unions Get a personal loan in as little as 24 hours Cons Not the best personal loan option for borrowers with excellent credit Not a direct lender #6. LightStream: Lowest Personal Loan Rates Loan Amounts: $5,000 to $100,000 Loan Terms: 2-7 years APR: 3.49% to 19.99% Minimum Credit Score: 660 LightStream is the best personal loan lender for low interest rates and high loan amounts. LightStream is the online consumer lending division of Truist. The company formed after the merger of SunTrust Bank and BB&T and has used its extensive experience in the personal loan business to offer some of the best personal loans on the market. LightStream personal loans are available throughout all 50 US states as well as in Washington, DC, and Puerto Rico. Loan amounts range from $5,000 to $100,000 depending on the loan’s purpose. The APR range is from 2.49% to 19.99%, and customers who opt for the auto-pay option receive a 0.50% rate deduction. LightStream’s personal loans offer appealing repayment terms ranging from two to seven years, allowing people to decide whether they want lower monthly payments or a lower total amount paid back. Unlike many lenders, LightStream doesn’t have hidden costs such as origination fees, prepayment penalties, or late-payment fees. The company also has a rate-beat program, in which it will beat a competitor’s interest rate by 0.1% for certain applicants. LightStream’s application process is extremely simple, with fast approval times and quick access to funds. However, the company doesn’t make a soft credit inquiry to ascertain your eligibility for the loan. Instead, it conducts a hard check from the beginning, and an unsuccessful application can affect your credit score. Like companies that offer personal loans online, LightStream has a customer service platform where users can manage their loans. Borrowers get access to customer support Monday through Saturday and qualify for COVID-19 hardship assistance and a comprehensive online knowledge base. Overall, LightStream is an appealing online lender to people who need large loan amounts. However, the lack of a pre-approval process and relatively high minimum credit score mean it’s a better option for individuals with high credit scores, long credit history, and a stable income who can cover the monthly payments. Pros No origination fee No prepayment or late fees Fast loan approval Some of the best personal loan interest rates online 0.5% point rate discount for setting up autopay Satisfaction guarantee Cons No flexibility with payment due dates Limitations on use of loan proceeds No option to pre-qualify on its website Does not offer direct payment to creditors for debt consolidation loans Not suitable for borrowers with bad credit #7. LendYou: Best for Small Loans Under $2,500 Loan Amounts: $100 to $2,500 Loan Terms: Less than 30 days APR: Varies by lender Minimum Credit Score: None LendYou is one of the top online lenders for small personal loans under $2,500. LendYou is an online loan marketplace that offers short-term loans between $100 and $2,500. It matches applicants with lenders and helps them find the best offers within just a few minutes of applying. Its fast and secure application process gives applicants a quick and easy turnaround response on their application, enabling them to receive their loans as early as the next business day. LendYou is the perfect credit loan company for people looking for a small payday loan. Despite the nature of the borrower’s monetary needs, LendYou pairs applicants with the correct loan terms for each specific need. LendYou supports and works with borrowers of all credit histories. Important to note: LendYou is not a lender and doesn’t make decisions on short-term loans or credits, but the company serves as the bridge between a wide network of lenders and interested borrowers. LendYou Background LendYou is not a direct lender, and the company doesn’t make any loan decisions. Still, it serves as the bridge or point of contact for the initial interaction between a borrower and a lender. The platform allows borrowers to search, fill out, and submit loan applications but leaves the line of communication after a direct lender makes a real-time offer with the terms and conditions of the loan. Getting Started With LendYou Provide proof of consistent income to qualify for a payday loan. You do not need to show collateral to qualify for a payday loan. The application process is quick and usually only takes a few minutes. If approved, you can get your loan deposited into your bank account as early as the following business day. While each lender working with LendYou has its own set of requirements for loan application and approval, here are some standard requirements: Minimum age: 18-years-old A minimum regular annual income of at least $1,000 per month The borrower must hold a valid checking or savings account with access to direct deposit. Pros Best online lender for small personal loans Fast and easy online application process Fast funding with as soon as the next business day All credit scores are welcome Compare multiple online lenders from one interface Cons Not the best option for refinancing credit card debt Low maximum loan amount Some lenders may charge an origination fee Not the best personal loans for excellent credit #8. Best Egg: Best for Home Improvement Loans Loan Amounts: $2,000 to $50,000 Loan Terms: 3 or 5 years APR: 5.99% to 35.99% Minimum Credit Score: 660 Best Egg is the best personal loan company if you’re looking for home improvement loans. Established in 2014, Best Egg has made a name for itself by offering extremely competitive interest rates, multiple loans, and a streamlined approval process. Borrowers can take out between $2,000 and $35,000 for a loan term of between three and five years. The APR range starts at 5.99% for candidates with excellent creditworthiness and tops out at 35.99% for higher-risk individuals. Best Egg also allows existing loan holders to take another loan for a maximum combined amount of $50,000. Loan proceeds can go to any purpose, including consolidating debt, home improvement, credit card refinancing, medical bills, or making a large personal purchase. Best Egg offers a pre-approval process that performs a soft credit check. It’s an excellent way to get an estimate of your APR and monthly payments without having to worry about lowering your credit score. According to Best Egg, applicants must have an excellent credit score, 700 or above, and an annual income of $100,000 to qualify for the best APR rate. The company also charges an origination fee of up to 5.99% of the total loan amount and a $15 late fee. Overall, Best Egg offers flexible loan options with generous loan amounts for individuals with good credit. The loan terms allow borrowers to decide whether they want higher monthly payments with a lower total loan amount or spread their repayments over a longer period to reduce the monthly payments. Best Egg also has a comprehensive knowledge base and excellent customer support. With good debt consolidation loan rates, flexible loan amounts, and no prepayment penalty, Best Egg is a great option for individuals with good credit and income. Pros Check your annual percentage rate in just minutes Low fixed APRs Check your rate without affecting your credit score A+ Better Business Bureau Rating Great for refinancing high-interest debt Cons Does charge a small origination fee on loans #9 OneMain Financial: Best for Secured Loans Loan Amounts: $1,500 to $20,000 Loan Terms: 2-5 years APR: 18% to 35.99% Minimum Credit Score: None OneMain Financial is one of the best personal loan lenders for borrowers with fair credit or less than stellar credit. OneMain Financial is unique because it doesn’t have a minimum credit score for borrowers. Instead, it looks at your ability to fulfill your financial obligations, like rent or car payments, while paying off your loan. The lack of credit score requirements makes it one of the best personal loan companies for those who don’t have the best credit history. OneMain Financial offers personal loans for common uses such as: Debt consolidation Medical bills Wedding expenses Auto repair Home improvement Vacation OneMain offers loans of $1,500 to $20,000. You won’t be able to get as much as other lenders offer, but you do have the relatively uncommon option to get a small loan amount. OneMain’s APR ranges from 18.00% to 35.99%, a very high interest rate compared to other companies. You can get 24, 36, 48, or 60 months for longer-term lengths. To apply for a OneMain Financial loan, you just need to fill out an online application with your personal information and your loan requirements. A loan specialist will verify your information and approve your loan. Pros OneMain has the option of a secured loan. You can potentially improve the terms of your personal loan by using collateral, such as your vehicle, to secure your loan. Doing so will make it much easier to get approved, but if you can’t make your loan payments, you can lose your car. Each of the 44 states in which OneMain offers loans has branch locations. If you would rather speak to a loan specialist in person, you can walk into one of these locations and work out your loan with them. You can receive your loan from OneMain within 1 to 3 days of completing your application. Depending on how long it takes to verify your information, OneMain boasts that it can have the money in your account the same day you inquire about the loan. If you change your mind about a loan, OneMain allows you to cancel the application within seven days. Few lenders are as lenient about cancellation. Cons OneMain personal loans have origination fees. Depending on your state, the fee can be $25 to $100, or 1% to 10% of the loan. The interest rates for a OneMain loan are much higher than you’ll find elsewhere. If you have a low credit score, getting approved will be much easier, but you might pay a lot in interest. #10. Payoff: Best for Credit Card Consolidation Loan Amounts: $5,000 to $40,000 Loan Terms: 2-5 years APR: 5.99% to 24.99% Minimum Credit Score: 600 If you’re looking to consolidate credit card debt with a personal loan, Payoff is one of the top personal loan companies to consider. Payoff is an online lender specializing in consolidating debt. It doesn’t offer general-purpose personal loans, but it’s the best for debt consolidation, especially for individuals with fair to good credit. Loan amounts range from $5,000 to $40,000, and borrowers can choose from lending terms spanning two to five years. While its bottom APR is competitive, it’s the top end that can make Payoff so appealing. The highest possible APR on a Payoff debt consolidation loan is 24.99%, which is significantly lower than that of other loans for bad credit. While the company does charge an origination fee, it has a transparent pricing structure with no hidden costs. You won’t have to worry about late fees, administration costs, or prepayment fees. Payoff recommends a minimum credit score of 640 to qualify for loan approval. The lender also looks at minimum annual income, debt-to-income ratios, and existing lines of credit. These factors can influence the interest payments and monthly repayment terms. Prospective borrowers can use the pre-approval process to check their estimated APR range and monthly payment options. Because the pre-approval process uses a soft credit check, you can play around with loan amounts and loan terms before committing to a formal loan agreement. If you’re looking to borrow money for credit card consolidation, Payoff is an appealing option. While the loan purpose isn’t as flexible as with some other lenders, Payoff has many benefits for people looking for credit card consolidation as a way to lower credit scores and get out of credit card debt. The service is especially useful for individuals with fair to good credit who may otherwise get unfavorable personal loan rates and loan terms from other providers. Pros Best for refinancing existing debt No late payment fees Low minimum credit score Competitive rates See your rate without affecting your credit score Fast online application Designed to help boost your FICO score Cons For credit card debt consolidation only Can be charged up to 5% origination fee How We Evaluated the Top Personal Loan Companies We reviewed dozens of lenders to identify the best personal loans for a variety of needs. Our methodology included assessing these lending companies on several data points that are the most useful to people looking to borrow money. We tend to look favorably on the top personal loan lenders that offer consumer-friendly features, such as transparency, low origination fees, reasonable annual percentage rates, customer service, and soft credit checks. Loan Costs Loan costs include everything above the principal loan amount. This factor takes into account the APR range, potential fees, and loan terms. The higher the final total loan cost, the less favorable our impression of the lender. Speed Speed contains two main criteria: how fast you get your approval status and how fast the money appears in your bank account. Most of the top personal loan lenders have a pre-approval check that gives you an indication of whether you’ll succeed in your application without affecting your credit rating. Once you pass this check, the approval process can take a few hours or a couple of days. Installment loan clearance times depend on state requirements, completeness of the application, and the online lender’s payment system. Typically, lenders will aim to pay the loan within one business day of a successful application, but some may take several days to clear. Eligibility Requirements Some loans have stringent eligibility requirements that may make securing them difficult. Lenders will often give a minimum credit score requirement and minimum annual income, while others will also consider the applicant’s debt-to-income ratio, loan purpose, and even employment history for credit approval. Unfortunately, some lenders don’t make these criteria clear and may not reveal their income minimums or other eligibility requirements. Application Process Web-based lenders have spent a lot of time making their application processes smooth and simple to understand. We also evaluated the site’s clarity and helpfulness, as well as what information the lender requested. Repayment Terms Flexible repayment terms allow customers to find a repayment solution that can make the most financial sense to them. While some borrowers may prefer shorter terms with higher monthly payments, others benefit from longer terms and lower payments, even if it means a larger total repayment amount.