October 3, 2022
List of 10 Best Personal Loans in the USA

List of 10 Best Personal Loans in the USA

One of the quickest and easiest methods to borrow money is to apply for a personal loan online. The best personal loans can provide interest rates that are cheaper than those of banks and credit unions while also making the application process simpler and providing quicker access to your personal loan cash.

Online personal loans can be taken out for a range of reasons, such as debt consolidation, home renovation projects, significant purchases, vacations, and unforeseen costs.

However, with so many personal loan providers to pick from, it might be difficult to find the one that best suits your needs. We’ve researched the top online sources for personal loans to aid in your decision-making. A number of aspects, such as interest rates, term lengths, origination fees, and credit score criteria, were taken into consideration when evaluating each personal loan provider.

Here are our best personal loan companies of list.

The 10 Best Personal Loans of 2022

  • SoFi: Best personal loans overall
  • Credible: Best online loan marketplace
  • Upgrade: Best for debt consolidation
  • Upstart: Best for borrowers with little credit history
  • BadCreditLoans: Best for bad credit
  • LightStream: Best for good and excellent credit
  • LendYou: Best for short-term loans under $2,500
  • Best Egg: Best for home improvement loans
  • OneMain Financial: Best for fair credit
  • Payoff: Best for credit card consolidation

SoFi: Best Personal Loans Overall

Our top choice for the finest personal loan provider for 2022 is SoFi. SoFi is an online lending company that provides high loan amounts, fixed rate personal loans, flexible payback options, and low interest rates.

One of the more well-known online lending platforms, SoFi Personal Loans has become a market leader due to its dependability, adaptability, and high maximum loan amounts.

SoFi has disbursed more than $50 billion in personal and debt consolidation loans since its establishment in 2011. The business offers the required expertise to make the loan application process simple and clear.

SoFi provides unsecured personal loans with amounts ranging from $5,000 to $100,000, while there are some states where the maximum is higher. Borrowers have access to a wide range of APRs, from 4.99% to 18.13%, and payback durations ranging from two to seven years.

SoFi’s severe application requirements are one of its drawbacks. To be eligible for a personal loan, prospective borrowers must have a credit score of at least 680 and an annual income of at least $45,000.

SoFi, one of the most open online lenders, also has the advantage of not levying origination fees, late fees, or prepayment penalties. For borrowers that meet the requirements, SoFi may be one of the best personal loan providers because most lenders will only charge minimal origination fees.

SoFi is a popular debt consolidation company. While SoFi does provide debt consolidation loans, the funds are transferred to the borrower’s account rather than their creditors. You must use the borrowed funds to pay off your previous loans if you obtain a SoFi debt consolidation loan.

To ensure that its customers are successful in completing their monthly payments, SoFi is committed. The website includes a wealth of information and provides benefits like counseling on financial planning and unemployment insurance. Additionally, borrowers have the option of modifying their payment due date once a year to accommodate any conditions.


  • Prequalification is simple with a mild credit check.
  • Available high loan amounts
  • In as little as two days, quick finance
  • zero origination costs
  • No early payment fees
  • 0.25% off with autopay
  • Choice to include a co-borrower


  • doesn’t provide small loans of less than $5,000
  • There isn’t a secured loan option

Credible: Best Online Loan Marketplace

The finest personal loan marketplace for comparing several lenders at once is Credible.

You may compare loan offers from a range of lenders on Credible, a free to use online marketplace. Personal loans typically range in size from $600 to $100,000 and have APRs between 2.49% and 35.99%. Credible is one of the top personal loan providers for locating the lowest rates because it presents you with a variety of choices.

The credit score criteria vary depending on the lender you choose because Credible is not the lender. The minimum score is typically greater than 600. With a soft credit inquiry from Credible, you may learn more about your credit score without having it change in any way. A lender will ask to run a hard credit inquiry as part of your application, which could lower your credit score by a few points.

There are numerous reasons why you could need a personal loan, and life is full of unexpected turns. You can use the loan offers that Credible displays for:

  • debt consolidation
  • Starting a business Expenses for the wedding
  • vehicle financing
  • house renovation
  • Vacation
  • medical expenses

You must inform the lender when applying for a personal loan of the purpose(s) for which you want to utilize the money.

To assist you, Credible offers a personal loan calculator that will estimate your monthly payment amounts. To find the terms that work best for you, you can compare offers.

Once more, despite not being a lender, Credible collaborates with some of the biggest brands, like Upstart, Discover, SoFi, and Avant. To qualify for a loan, each of them has its own standards. Usually, you must be 18 years of age or older, a citizen of the United States or a lawful permanent resident with a Social Security number, and have a solid credit history.

You only need to invest a few minutes in personalizing your search for personal loans by supplying some basic information. Following that, you will get a range of offers from Credible’s lending partners along with their best rates.

With its Best Rate Guarantee, Credible stands by its claim that it can get you the best personal loan rate imaginable. It will provide you $200 if you can locate and close on a loan with a lower interest rate than one of the ones it presented to you.


  • Obtain estimates from various lenders at once and compare them.
  • Low $600 minimum loan amount
  • the majority of their network’s lenders offer competitive rates
  • Without impacting your credit, find out the annual percentage rate that qualifies.
  • Since 2012, a reliable online loan marketplace
  • outstanding for debt consolidation loans


  • Not a direct lender

Upgrade: Best Lender for Debt Consolidation

The top online lender for debt consolidation loans is Upgrade. Upgrade is a fantastic option for consumers with good or fair credit because of its inexpensive fixed rates, quick funding, and high acceptance rate.

A quick and simple approval process is provided by Upgrade. Applying online takes only a few minutes, and there is no commitment or effect on your credit score. Then, Upgrade will provide you a variety of loan options, allowing you to choose the one that best suits your requirements. You will get money into your bank account within a day of getting accepted if you accept your loan offer.

The adaptable financing alternatives offered by Upgrade are one of its strongest advantages. To make sure it fits in your budget, you can choose your monthly payment. Additionally, you can select your term duration, which ranges from 36 to 60 months. Upgrade has you covered whether you choose to pay off your loan more quickly with a 36-month term or desire a lower monthly payment with a 60-month term.

Upgrade does not impose a prepayment penalty, in contrast to other businesses that provide secured personal loans. Therefore, there are no fees associated with paying off your loan early if you’re prepared to do so.

Upgrade provides loans in the $1,000 to $50,000 range. You can utilize the money from your personal loan for a number of things, such as paying off debt, making home improvements, covering unforeseen expenses, or making a sizable purchase. Even better, Upgrade enables you to use these funds for professional endeavors, something that the majority of lenders do not permit.

Fees and Conditions: Upgrade has APR values ranging from 5.94% to 35.97%. The origination cost assessed by this lender ranges from 2.9% to 8%. The available term lengths range from 24 to 84 months.

You must have a credit score of at least 580 to be eligible for a personal loan from Upgrade. There is no requirement for a minimum income. Borrowers should ideally have a debt-to-income ratio that is lower than 45%, not including their mortgage. Co-applicants are permitted under Upgrade, making loans more accessible to customers without credit histories.


  • allows joint and secured loans
  • Various repayment options
  • 0.5 percent off when you set up autopay
  • Rate reductions for holders of checking accounts
  • low required minimum credit score
  • debt consolidation loan direct lender payoff
  • The loan proceeds may be used to pay for business expenses.
  • Optional for those with fair credit scores


  • fees for origination
  • greater APR range than some of the top providers of personal loans
  • Late payment and inadequate cash fees

Upstart: Best for Fair Credit

Online lender Upstart has a distinctive method for approving loans. To approve more applications than its rivals, the website combines artificial intelligence and machine learning. The company claims that by considering factors outside income and credit score, it can approve 27% more personal loans than it can using conventional lending models.

The application’s schooling, employment history, debt-to-income ratio, number of credit checks, and even current address are all taken into account during Upstart’s evaluation process. Although the website recommends that applicants have a credit score of at least 600, the algorithm may potentially approve individuals who have not yet built a credit history.

Upstart offers personal loans that can be used for a range of things, such consolidating debt, refinancing automobiles, paying off credit cards, and making sizable purchases. With the exception of jurisdictions like California, Connecticut, Illinois, Washington, and the District of Columbia, where this is expressly prohibited, unsecured personal loans from Upstart can even be used to pay for school costs.

In general, Upstart is a reliable lender to take into account if you require a personal loan with a quick approval process and have fair credit. Although the organization performs a mild credit check, you can obtain an estimate of your monthly payment before agreeing to the loan despite the high maximum APR and large origination cost, which may lead some people to hesitate. Additionally, the business does not impose prepayment penalties, enabling you to repay your loan earlier than stipulated in the loan agreement.


  • accepts applicants who don’t have credit histories
  • Loan proceeds are accessible within one business day for quick funding.
  • offers debt consolidation loans that include direct payments to creditors.
  • prequalification online using a mild credit check
  • the option to select your own payment date
  • low interest rates for personal loans


  • Co-applicants and co-signers are not allowed
  • greater origination charge than the majority of the top online lending providers
  • Only three or five-year terms are offered for loans.

BadCreditLoans: Best for Bad Credit Score

An excellent personal loan firm that specialized in loans for those with bad credit is called BadCreditLoans. Flexible payback options, low interest rates, and a quick online application process are all features of BadCreditLoans.

BadCreditLoans.com is an online marketplace that specializes in matching consumers with negative credit with lenders that will provide them unsecured personal loans.

Loan amounts range from $500 to $10,000, which may not be enough to cover the cost of a kitchen makeover but may be enough to cover an unforeseen need. APR ranges from 5.99% (minimum) to 35.99% (highest). Payment terms, loan term, fees, and penalties related to the personal loan all rely on the lender.

The only criteria needed to apply for a loan are:

  • US citizenship or residence
  • 18 years or older
  • Authentic bank account
  • stable source of income

Filling out an online form with your information is the only step in the straightforward application procedure for BadCreditLoans.com. These comprise personal and financial information, as well as information on the loan’s purpose and your work. The website then introduces you to lenders who fit your requirements. These lenders may contact you with a proposal that is appropriate for your needs.

The main benefit of loan aggregator websites is that they greatly simplify the process of comparing personal loans. BadCreditLoans.com presents the options to you so that you don’t have to go through the same process over.

It’s a wonderful location to start looking for an unsecured personal loan if you need money immediately and have bad credit. The terms and conditions of each offer should be carefully studied because they may vary with regard to origination costs, late fees, and prepayment penalties.


  • Compare several lenders at one location.
  • Low $500 minimum loan amount
  • excellent substitute for payday loans
  • application process is simpler than with credit unions
  • Within 24 hours, you can apply for a personal loan.


  • For those with good credit, this personal loan choice is not the best.
  • not a lender directly

LightStream: Best for Low-Interest Rates

For low interest rates and large loan amounts, LightStream is the greatest provider of personal loans.

The online consumer financing arm of Truist is called LightStream. The business, which was established following the merger of SunTrust Bank and BB&T, has made use of its vast experience in the private loan industry to offer some of the best personal loans available.

Each of the 50 US states, as well as Washington, DC, and Puerto Rico, provide LightStream personal loans. The range of loan amounts is $5,000 to $100,000, depending on the loan’s objective. Customers who choose the auto-pay option get a 0.50% rate discount, and the APR ranges from 2.49% to 19.99%.

People can choose between reduced monthly payments and a lower total amount repaid with the flexible two to seven-year repayment terms offered by LightStream’s personal loans.

LightStream doesn’t charge origination fees, prepayment penalties, or late payment fees like many other lenders do. The business also offers candidates who qualify for one of its rate-beat programs an interest rate that is 0.1% lower than that of a competitor.

The application process for LightStream is incredibly straightforward, and funds are available quickly after acceptance. To determine your loan eligibility, the organization does not run a mild credit inquiry, though. Instead, a hard check is done right away, and a rejected application can lower your credit score.

LightStream features a customer care portal where customers may manage their loans, just like other businesses that provide personal loans online. Customers have access to customer service Monday through Saturday, as well as a comprehensive online knowledge base, COVID-19 hardship aid, and customer support.

Overall, LightStream is a desirable lender for borrowers that require sizable loans. It is a better alternative for people with good credit scores, a long credit history, a stable income, and the ability to make monthly payments because there is no pre-approval process and a rather high minimum credit score.


  • No origination charge
  • No advance payment or late charges
  • rapid loan acceptance
  • Online personal loans with some of the lowest interest rates provide a 0.5% point rate discount for setting up autopay
  • Reassurance of satisfaction


  • Deadlines for payments are rigid.
  • Use restrictions for loan proceeds
  • On its website, there is no pre-qualification option, and debt consolidation loans do not provide direct payment to creditors.
  • Unsuitable for credit-challenged borrowers

LendYou: Best for Small Loans Under $2,500

One of the most popular online lenders for modest personal loans under $2,500 is LendYou.

An online loan marketplace called LendYou provides quick loans between $100 and $2,500. Within minutes of applying, it connects candidates with lenders and enables them to get the best deals.

With its rapid and secure application process, customers can receive their loans as early as the following business day after submitting their applications.

If you need a little payday loan, LendYou is the ideal credit lending provider. LendYou matches applicants with the best loan conditions for each unique requirement, regardless of the borrower’s financial needs.

LendYou assists and collaborates with debtors of all credit standings.

Noteworthy: Lending

You is not a lender and does not decide whether to approve short-term loans or credits, but the business acts as a conduit between a sizable network of lenders and eager borrowers.

LendYou Background

Lend You are not a direct lender, and neither does the business decide which borrowers get loans. Even so, it functions as a point of contact or a bridge for the initial communication between a borrower and a lender. The platform enables users to look for, complete, and submit loan applications, but it cuts off communication after a direct lender makes a real-time offer with the loan’s terms.

Getting Started With LendYou

  • To be eligible for a payday loan, you must show proof of continuous income.
  • To get approved for a payday loan, you are not required to provide collateral.
  • Typically, the application procedure only takes a few minutes.
  • If accepted, your loan might be paid into your account as soon as the next working day.

While each LendYou-partnered lender has its own conditions for loan applications and acceptance, the following are some common ones:

  • Age requirement: 18 years old
  • A steady annual income of at least $1,000 per month is required.
  • The borrower must be in possession of an active checking or savings account with direct deposit capability.


  • 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


  • Not the ideal personal loans for debt consolidation
  • minimal loan maximum
  • Certain lenders might impose an origination fee.
  • Poor personal loans for those with outstanding credit

Best Egg: Best for Home Improvement Loans

If you’re seeking for personal loans for home improvements, Finest Egg is the best option.

Best Egg, which was founded in 2014, has established a solid reputation by providing a variety of loans at incredibly low interest rates and a quick approval process.

A loan amount of $2,000 to $35,000 with a three- to five-year repayment period is available to borrowers. The APR range for candidates with good credit starts at 5.99% and rises to 35.99% for people who are more at risk. Additionally, Best Egg permits current loan holders to obtain a second loan for a combined maximum of $50,000.

The proceeds of the loan may be used for any objective, including debt consolidation, house improvements, credit card refinancing, paying off medical expenses, or making a sizable individual purchase.

A soft credit check is conducted as part of the pre-approval procedure offered by Best Egg. It’s a great approach to estimate your APR and monthly payments without worrying about bringing down your credit score.

To be eligible for the greatest APR rate, applicants must have good credit—a score of 700 or higher—and a yearly income of $100,000, according to Best Egg. A $15 late fee and an origination fee equal to up to 5.99% of the loan’s total amount are also assessed by the business.

Overall, Best Egg provides borrowers with strong credit with diverse lending alternatives and big loan amounts. The loan terms provide borrowers the option to spread out their repayments over a longer length of time to lower the monthly payments or choose larger monthly payments with a smaller total loan amount.

Additionally, Best Egg features a sizable knowledge base and top-notch customer service. Best Egg is an excellent alternative for people with strong credit and income because it offers competitive debt consolidation loan rates, adjustable loan amounts, and no prepayment penalty.


  • 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


  • Does charge a small origination fee on loans

OneMain Financial: Reputable Lender with Low Credit Score Requirements

OneMain Financial is among the top providers of personal loans to clients with fair or subpar credit.

OneMain Financial stands out since it doesn’t need borrowers to have a certain minimum credit score. Instead, it considers your capacity to settle other debts like rent or a car loan while making loan payments. It is one of the greatest personal loan providers for folks with poor credit histories because there are no credit score criteria.

OneMain Financial provides personal loans for typical purposes like:

  • consolidation of debt
  • medical expenses
  • wedding costs
  • vehicle repair
  • house renovation
  • Vacation

OneMain provides loans ranging from $1,500 to $20,000. Although it’s unlikely that you’ll be able to borrow as much as other lenders do, you can acquire a smaller loan amount, which is a somewhat uncommon choice. OneMain’s APR is extremely high compared to other providers, ranging from 18.00% to 35.99%. For lengthier terms, you can choose 24, 36, 48, or 60 months.

You only need to submit an online application with your personal details and your loan requirements to apply for a OneMain Financial loan. Your information will be checked by a lending specialist before your loan is approved.


A secured loan is an option for OneMain. By utilizing collateral, such as your car, to secure your loan, you may be able to alter the terms of your personal loan. This will greatly speed up the approval process, but you risk losing your car if you are unable to make your loan installments.

OneMain has branches in each of the 44 states where it provides loans. You can stroll into one of these locations and discuss your loan with a loan consultant in person if that is what you would prefer to do.

After submitting your application, OneMain will process your loan within 1 to 3 days. OneMain advertises that it can have the money in your account the same day you apply for the loan, subject to how long it takes to verify your details.

OneMain gives you seven days to withdraw your loan application if you change your mind. Few lenders are that accommodating with cancellation.


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.

Payoff: Best for Flexible Repayment Terms

Payoff is one of the best private lending businesses to take into consideration if you’re wanting to consolidate credit card debt.

Payoff is an online lender that focuses on debt consolidation. Although it doesn’t provide general-purpose personal loans, it is the best option for debt consolidation, particularly for those with fair to good credit.

The range of loan sizes available to borrowers is $5,000–$40,000, with periods ranging from two to five years. Even while Payoff’s bottom APR is competitive, it’s the upper end that has the potential to be so alluring. The maximum APR for a Payoff debt consolidation loan is 24.99%, which is considerably less than the APR for comparable loans for those with terrible credit.

Even though the business levies an origination fee, its pricing system is open and there are no additional fees. No late fees, administrative fees, or prepayment penalties will apply.

Payoff advises a minimum credit score of 640 in order to be approved for a loan. The minimal annual income, debt-to-income ratios, and current credit lines are additional factors considered by the lender. The monthly repayment terms and interest payments may be impacted by these variables.

Prospective borrowers can examine their anticipated APR range and monthly payment alternatives throughout the pre-approval process. You can experiment with loan amounts and loan arrangements before signing a formal loan agreement because the pre-approval procedure uses a soft credit check.

Payoff is a tempting choice if you’re wanting to borrow money for credit card consolidation. Payoff has several advantages for consumers searching for credit card consolidation as a strategy to raise credit scores and get out of credit card debt, even though the loan purpose isn’t as flexible as with some other lenders.

For those with acceptable to good credit who could otherwise receive unfavorable personal loan rates and loan terms from other providers, the service is very helpful.


  • Refinancing existing debt is ideal.
  • There are no late fees.
  • minimal credit score is low
  • competitive interest rates for personal loans
  • Without harming your credit score, see your rate
  • Quickly apply online
  • Developed to raise your FICO score


Can be charged up to 5% origination fee

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