List updated September 2022
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The Best Personal Loan Lenders 2022

Best Personal Loan Lenders. Get The Cash You Need, Fast!

1
Consumers Top Pick
Multiple Loan Offers
Credible
Super Fast Online Application
  • APR: 2.49% - 35.99%
  • Loan Terms: 12-84 Mo.
  • Credit Score: Fair/Good/Excellent
  • Get up to $100,000
4.6 of 5.0
TrustPilot Score

Based on 5252 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

2
LendingTree
Accepts All Credit Types
  • Apr: 2.49% - 35.99%
  • Loan Term: 12-144 Mo.
  • Credit Score: All Credit Types
  • Get up to $50,000
4.6 of 5.0
TrustPilot Score

Based on 12058 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

3
Upstart
Check Rates in Just Minutes
  • APR: 8.27% - 35.99%
  • Loan Terms: 36-60 Mo.
  • Credit Score: Fair/Good/Excellent
  • Check Rates in Just Minutes
4.9 of 5.0
TrustPilot Score

Based on 37930 User Reviews

Good
Consumer Interest

Based on the past 7 days

Great
Products and Services

BetterPenny Review Score

4
via Credible
PenFed
Pre-Qualify No Credit Check
  • APR: 4.99% - 17.99%
  • Loan Term: 12-60 mo.
  • Credit Score: All Credit Types
  • Loans up to $50,000
4.6 of 5.0
TrustPilot Score

Based on 1002 User Reviews

Good
Consumer Interest

Based on the past 7 days

Great
Products and Services

BetterPenny Review Score

5
Figure
Offers 100% Online Application
  • APR: 5.99% - 15.00%
  • Loan Term: 36-60 Mo.
  • Credit Score: Fair/Good/Excellent
  • Get up to $50,000
4.6 of 5.0
TrustPilot Score

Based on 1983 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

6
Fiona
Compare Offers From Multiple Lenders at Once
  • Apr: 3.99% - 35.99%
  • Loan Term: 6 - 144 Mo.
  • Credit Score: All Credit Types
  • Get up to $250,000
4.4 of 5.0
TrustPilot Score

Based on 254 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

7
Upgrade
Get Low Fixed Rates
  • APR: 5.94% - 35.97%
  • Loan Term: 24-84 mo.
  • Credit Score: Fair/Good/Excellent
  • Get up to $50,000
4.7 of 5.0
TrustPilot Score

Based on 34221 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

8
OneMain Financial
This Won’t Affect Your Credit Score
  • APR: 18.00% - 35.99%*
  • Loan Term: 24-60 Mo.
  • Credit Score: Poor/Fair/Good
  • From $1,500 - $20,000
4.8 of 5.0
TrustPilot Score

Based on 38764 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

9
SoFi
Get Your Rate Online in Minutes
  • Apr: 4.74% - 19.28%
  • Loan Term: 24-84 Mo.
  • Credit Score: Good/Excellent
  • Simple Online Process
4.1 of 5.0
TrustPilot Score

Based on 3318 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

10
via Credible
Get Rewarded for Good Credit
Loans Built for You
  • APR: 2.49% - $19.99
  • Accepts Good & Excellent Credit Scores
  • Loan Terms up to 84 Months
Pending of 5.0
TrustPilot Score

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

11
via Credible
Marcus
Powered by Goldman Sachs
  • No Fee, Fixed Rates
  • Loan Term 36-72 Months
  • Good/Excellent Credit Score Req'd
2.7 of 5.0
TrustPilot Score

Based on 8 User Reviews

Average
Consumer Interest

Based on the past 7 days

Good
Products and Services

BetterPenny Review Score

Featured
Apply 100% Online in Minutes
Start Now

BetterPenny Score

Our Ranking consists of the following 3 scoring criteria:

  • TrustPilot Score

    Total Score is a numerical estimate of the brand's overall quality based on TrustPilot reviews by anybody seeking to share a review. The brand's score on TrustPilot will be included in the our Total Score. If a company does not have a TrustPilot rating, the total score will be determined solely by Consumer Interest.

  • Consumer Interest

    Consumer Interest is a simple calculation to determine how visitors engage with the brands on our website. User interest is based on clicks and transactions received in the last 7 days. This interest may vary based on an updated weekly average.

  • Products & Services

    Our editorial staff researches and reviews financial services based on criteria such as product and service range, ease-of-use, online accessibility, customer support, special accolades, and more. Each brand is assigned a score for each criterion based on the offerings in that category. If our staff is unable to discover information relevant to a brand's Products & Services Score, it will not be calculated.

Consumer Reviews

Credible
Read review
LendingTree
Read review
Upstart
Read review
Fiona
Read review
Our #1 Consumer Choice
Multiple Loan Offers
Credible
Super Fast Online Application
  • APR: 2.49% - 35.99%
  • Loan Terms: 12-84 Mo.
  • Credit Score: Fair/Good/Excellent
  • Get up to $100,000
4.6
TrustPilot Score

Based on 5252 User Reviews

High
Consumer Interest

Based on the past 7 days

Excellent
Products and Services

BetterPenny Review Score

What is a Personal Loan?

A personal loan is a small amount of money that you borrow from a bank or lending institution. It is only for personal use and not to buy something that has a high value. The personal loan will have a fixed interest rate and must be paid back in a set number of months.

How Much Money Can I Borrow?

Loan amounts can be as low as $500 and as high as $100,000. The personal loan amount will depend on your income and expenses. It is recommended that you borrow only as much as you need. The lender will look at how much money you are bringing in each month and several other factors to ensure that you can pay back the personal loan.


Types of Personal Loans

  • Secured Loans
  • Unsecured Loans
  • Co-Signed Loans
  • Personal Line of Credit


Secured Loans 

This personal loan is backed by something of value that the borrower owns. This could be an automobile, a piece of real estate, or another asset.

Unsecured Loans 
This Loan is not backed by collateral or something of value. Personal loans without collateral are harder to obtain and will have a higher interest rate.

Co-Signed Loans
Are personal loans where the borrower has someone else co-sign for them. For example, if you need a personal loan but your credit history is poor and you do not qualify, a family member or friend could co-sign for the personal loan to help you. 

Personal Line of Credit
A personal financing account that allows the borrower to borrow money up to their personal line of credit agreement. This type of personal loan is best for people who want to build credit. For example, a personal line of credit is like a credit card but with no pre-set spending limit.



When Should I Get a Personal Loan?

The number reason to get a personal loan is when it is your least expensive borrowing option. Here are reasons that a personal loan makes sense.

  • Current credit limits do not match borrowing needs.
  • No collateral to offer.
  • No current low-interest credit cards.
  • Using the personal loan to pay off higher-interest debts to save money.



Choosing The Right Lender

1. Never Take the First Offer: Remember that taking the first offer can be tricky sometimes! You will get to see many offers in the market, but it is advised to take time and check out all of them carefully. The best way to go about things is by making a list of lenders operating in your area and shortlisting them to three to four options. Then choose the best offer according to your preference.

2. Allot Adequate Time for Research: It is advised that you allow at least around thirty days for doing your homework properly. This gives enough time for visiting every possible lender, checking out their offers, and then finalizing on one which appeals to you the most.

3. Avoid Brokers as Much as Possible: Brokers are good to a certain extent, but it is still better that you avoid them wherever possible. They charge a hefty fee for their services and will try to convince you of going with the first option which comes your way.

4. Look Out for Hidden Charges: Almost every lender will ask you to pay a certain processing fee. Moreover, there might be additional charges in terms of taxes and other costs which you have to bear in the initial years itself. So always look out for such charges before finalizing on a lender.

5. Check The Companies History: It is advised that you go through the entire history of an organization before opting for them. A good history will have nothing but appreciation letters, testimonials, and several other positive reviews without any complaints.


Conclusion

Personal loans are personal financing that can help with a variety of personal needs. From consolidating debt to paying for emergencies, personal loans offer people an alternative to credit cards or high-interest rates on money borrowed from friends and family members. If you're looking for the best personal loan provider, look no further than our recommended providers.


Personal Loan Upgrade Disclaimer:

* Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.