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Fortunly's Guide

The 10 Best Personal Loans for 2022

By
G. Dautovic

April 22,2022


Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you’re looking for the least expensive way to consolidate your debt, refinance a credit card, cover an unexpected bill, or finally invest in a new kitchen or garage door, you’ll need the best personal loans. To help you find the option that best fits your needs, we’ve compiled a list of the most reputable online funding providers and created in-depth personal loan reviews.

Don’t worry if you have a troubled credit history - unlike traditional funding sources that ask you to prove that you already have a lot of money before they decide to give you some more, online lenders offer good deals to a much wider range of applicants. 

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Best for: Low-interest rates

LightStream

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LightStream Logo
OVERVIEW

The subsidiary of Truist Bank, LightStream started operating in 2013. Best-known for its easy online application process, zero loan fees, and low interest, this online lender has become a go-to solution for borrowers who need unsecured personal loans for different purposes. Read Review

  • Online application and funding
  • No fees
  • Low-interest rate
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$5,000 - $100,000
LOAN TERM:
2 to 7 years
APR RANGE:
2.49% to 19.99%
FEES:
None
MIN. CREDIT SCORE:
660
MIN. REVENUE:
N/A
AVAILABILITY:
All 50 states and Washington, D.C.
FUNDING TIME:
Same-day funding
Best for: Fast application process

Upgrade

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Upgrade Logo
OVERVIEW

Launched in 2017, Upgrade has quickly established itself as one of the most reliable online lenders. The company provides personal term loans and lines of credit. Despite being one of the industry’s youngest players, Upgrade has already provided more than $3 billion in loans to almost 10 million consumers. Read Review

  • Offers Visa card tied to line of credit
  • Fast and simple application process
  • No prepayment fees
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$1,000 - $50,000
LOAN TERM:
2 to 7 years
APR RANGE:
5.94% - 35.97%
FEES:
Origination fees
MIN. CREDIT SCORE:
560
MIN. REVENUE:
Depends on the lender
AVAILABILITY:
46 states
FUNDING TIME:
1–4 business days
Best for: Fast funding

Best Egg

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Best Egg Logo
OVERVIEW

Best Egg has been in operation for eight years, offering various types of loans. If your credit score is less-than-perfect and you need a loan to fix an emergent financial situation, Best Egg is the right option for you. After you are approved for a loan, the money can be in your account within three business days. Read Review

  • Flexible terms
  • Options for individuals with low credit scores
  • Various types of financing are available
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$2,000–$50,000
LOAN TERM:
3 to 5 years
APR RANGE:
5.99% to 35.99%
FEES:
Origination fee
MIN. CREDIT SCORE:
640
MIN. REVENUE:
$100,000
AVAILABILITY:
Not available in IA, VT, WV, D.C., US Territories
FUNDING TIME:
1-3 business days
Best for: Bad credit

Avant

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Avant Logo
OVERVIEW

Avant is an online lender that helps poor-credit borrowers to get a personal loan. The home-owned software technology checks credit and other clients’ data to determine the best rate and a loan amount. This lender is best known for small personal loans up to $35,000. Read Review

  • Funds loans within one business day
  • Individuals with low credit scores can get a loan
  • Soft credit inquiry with pre-qualification
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$2,000-$35,000
LOAN TERM:
2 - 5 years
APR RANGE:
9.95% to 35.99%
FEES:
Origination fee, late fee, dishonored payment fee
MIN. CREDIT SCORE:
550
MIN. REVENUE:
N/A
AVAILABILITY:
Not available in NY, HI, IA, CO, NV, VT, WV
FUNDING TIME:
One business day
Best for: Joint loans

Prosper

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Prosper Logo
OVERVIEW

Established in 2005, Prosper is famous for being the company that introduced peer-to-peer lending solutions to the US market. Since its launch, this P2P lending marketplace has served more than a million consumers and managed to provide more than $17 billion in personal loans. Read Review

  • Loans without collateral
  • Flexible payment dates
  • Joint loan option
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$2,000 to $40,000
LOAN TERM:
3–5 years
APR RANGE:
7.95% to 35.99%
FEES:
Origination fees, late payment fees
MIN. CREDIT SCORE:
600
MIN. REVENUE:
Depends on the lender
AVAILABILITY:
All 50 states
FUNDING TIME:
Up to 5 business days
Best for: Borrowers with no credit

Upstart

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Upstart Logo
OVERVIEW

Upstart uses a non-traditional qualification model to help consumers get the best loan rates. The lender is the best choice for candidates with no credit or with bad credit. The loan amount ranges between $1,000 - $50,000 with a 3-year or 5-year repayment term. Read Review

  • Non-traditional underwriting model
  • Fast funding
  • Accepts borrowers with no credit
Check Rate
On Bankrate Website
LOAN AMOUNTS:
$1,000 to $50,000
LOAN TERM:
3 years & 5 years
APR RANGE:
3.50% - 35.99%
FEES:
Origination fee, late payment fee, ACH return fee, check return fee
MIN. CREDIT SCORE:
None
MIN. REVENUE:
N/A
AVAILABILITY:
All 50 states
FUNDING TIME:
One business day
Best for: Range of funding offered

Monevo

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Monevo Logo
OVERVIEW

Launched in 2009, Monevo is an international UK-based loan marketplace. The company collaborates with more than 30 established online lenders, banks, and peer-to-peer lending platforms and provides an excellent range of loan amounts, low starting fees, customization options, and fast funding times. Read Review

  • Quick loan request process
  • Real-time response
  • Good range of loan amounts
Check Rate
On Official Website
LOAN AMOUNTS:
$500 to $100,000
LOAN TERM:
3 months to 7 years
APR RANGE:
1.99% to 35.99%
FEES:
Depends on the lender
MIN. CREDIT SCORE:
No requirements
MIN. REVENUE:
Depends on the lender
AVAILABILITY:
All 50 states, UK, Australia, Poland
FUNDING TIME:
1 business day
Best for: Ease of use

AmOne

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

AmOne Logo
OVERVIEW

AmOne is a free loan-comparison service that employs cutting-edge technology to match borrowers of all credit scores with lenders willing to give them good deals on personal loans. Recently acquired by California-based marketing company QuinStreet, AmOne has already provided billions of dollars in loans. Read Review

  • Credit calculators on site
  • Quick and easy application process
  • Wide range of loan terms
Check Rate
On Official Website
LOAN AMOUNTS:
$1,000 to $55,000
LOAN TERM:
2–5 years
APR RANGE:
2.49% to 35.99%
FEES:
Depends on the lender
MIN. CREDIT SCORE:
No requirements
MIN. REVENUE:
No requirements
AVAILABILITY:
All 50 states
FUNDING TIME:
Up to 5 business days
Best for: All-purpose loans

Guide to Lenders

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Guide to Lenders Logo
OVERVIEW

GuideToLenders is an online lending platform that connects consumers in need of personal loans with interested investors. An excellent choice for first-time borrowers, the site offers an easy application process, fast approval, and a large network of reputable funding providers. Read Review

  • All-purpose loans
  • Competitive rates
  • No hard credit pull
Check Rate
On Official Website
LOAN AMOUNTS:
$1,000 to $50,000
LOAN TERM:
24–84 months
APR RANGE:
2.49% to 35.99%
FEES:
Depends on the lender
MIN. CREDIT SCORE:
No requirements
MIN. REVENUE:
No requirements
AVAILABILITY:
All 50 states
FUNDING TIME:
Up to 5 business days
Best for: Tech-savvy borrowers

Fiona

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Fiona Logo
OVERVIEW

Established in New York in 2015, Fiona is one of the newest additions to the online lending industry. The company uses an advanced tech-first approach to match borrowers in need of debt consolidation, credit card refinancing, or home improvement loans with interested lenders. Read Review

  • Funding for personal needs exclusively
  • Low credit score requirements
  • Reputable lenders
Check Rate
On Official Website
LOAN AMOUNTS:
$1,000 to $100,000
LOAN TERM:
2–7 years
APR RANGE:
4.99% to 35.99%
FEES:
Depends on the lender
MIN. CREDIT SCORE:
580
MIN. REVENUE:
Depends on the lender
AVAILABILITY:
All 50 states
FUNDING TIME:
Up to 5 business days
Evaluation Criteria

Choosing the Best Personal Loan Company — Our Methodology

From lending marketplaces to direct online lenders, peer-to-peer loan networks, traditional and online banks, and brick-and-mortar credit unions, there are quite a few ways to apply for a loan for personal needs. Although it may seem like there’s an abundance of choice, good options are not that easy to find. To help you determine which funding providers deserve your attention, we’ve identified a list of the most important factors to look at and compare. This should help you get a clearer overview of the services and determine which providers offer top personal loans.

Types of Personal Loans

First of all, we suggest you look at the variety of personal loan types a certain company has to offer. These may include secured and unsecured loans, personal lines of credit, payday loans, and more. 

You should also make sure that the provider you decide to go for will let you use the funding for the specific purpose you have in mind. Let’s say you need to consolidate a past debt or refinance your credit card, but the provider only lists home improvements, major purchases, or covering medical bills as eligible purposes. That’s an inconvenience you’d want to avoid. The best options offered by direct lenders or loan marketplaces are the ones that come with almost no restrictions on how the money can be spent.

Loan Terms and Fees

Different loan companies may offer you a long list of additional benefits, but chances are that you’ll still go with the option that comes with the lowest interest rates. However, keep in mind that you should always look at the bigger picture when it comes to the cost of your loan. In addition to the interest rates, some funding providers also charge origination fees, closing costs, late payment fees, and even prepayment penalties. 

Given that some lenders offer the lowest-APR personal loan options to those looking for short-term funding, while others charge lower fees on longer-term loans, it’s important to take repayment terms into account when making a decision.

Eligibility Requirements

As far as borrower qualifications go, there are generally two sets of requirements. First of all, most lenders on our list won’t offer you the funding that you need unless you are a US citizen or permanent resident who is at least 18 years old and has a steady income. Second of all, some funding providers want you to meet certain minimums regarding your credit score and annual income minimums, along with other lender-specific requirements.

Application Process and Funding Time

You should choose lenders that offer a smooth online application process. Requesting a loan should be safe and transparent - we suggest you stay away from sites that don’t employ industry-standard security measures and fail to provide all the important loan information upfront. At this point, it’s good to mention that speed is also a vital element - how quickly you can get approved for a loan and see the funds on your account is important.

Quick Breakdown

Personal Loan Providers for 2022 - Our Top Picks

  • LightStream - Consider if you want low-interest rates
  • Upgrade - Consider if you’re after personal lines of credit.
  • Best Egg - Consider if you need fast funding
  • Avant - Consider if you have bad credit 
  • Prosper - Consider if you are after joint loans.
  • Upstart - Consider if you don’t have credit 
  • Monevo - Consider if you need a large loan amount.
  • AmOne - Consider if you are after low interest rates.
  • GuideToLenders - Consider if you’d like to apply with a cosigner.
  • Fiona - Consider if you need to borrow up to $100,000

Reviews

LightStream Review

LightStream Review Logo Check Rates

On Official Website

Min. Credit Score:
660
Estimated APR:
2.49% - 19.99%
Loan Amount:
$5,000 - $100,000
Loan Term:
2 - 7 years

Founded in 2013, LightStream is an American financial service company and an online lending subsidiary of Trust Bank. This provider specializes in providing different types of online personal loans - from home improvement and debt consolidation loans to more specific loans such as loans for buying boats or jewelry. Streamlined digital services - from application procedure to loan funding, as well as low-interest rates and fee-free service, are the main reasons why you should consider LightStream as your personal lender. 

Funding Types Offered

LightStream offers unsecured personal loans that range between $5,000 to $100,000. Speaking about APR, this online lender is one of the most affordable ones on the market. The APR can be as low as 2.49%, while the highest interest rate you can expect is 19.99%. Like other low-interest personal loans, LightStream loans require a good credit score. That said, the better your credit score is, the lower rate you’ll get. In addition, you can decrease monthly rates by choosing the AutoPay payment method, which lowers them by 0.50%.

You can use LightStream loans for home improvements, refinancing or purchasing vehicles, paying medical or education bills, or anything else you have on your mind. Of course, the loan purpose you choose on the application must remain the same after you get the funds. 

As far as the repayment terms go, LightStream offers flexible options, depending on whether you want lower monthly loan payments or less overall interest. In most cases, the repayment terms range between two and seven years.

Reasons to Choose Lightstream

In addition to offering a wide range of options for personal loans, LightStream is the best choice for borrowers who prefer online banking. All procedures are completed online, from applying for a loan and signing the loan contract to receiving loan funds to your account. 

It’s also worth emphasizing that this online lender probably offers the most affordable personal loans. Not only can you qualify for a very low interest rate, but you can also repay your loan in full or in part without paying penalties. To do that, you just need to log into your account through the online dashboard or a mobile app and make an extra payment. Moreover, this is one of the rare companies that won’t charge you an origination fee- the costs that lenders charge to set up your loan. 

Unlike many other personal loan companies, LightStream allows you to schedule the date of receiving your funds. For example, home improvement loans can be scheduled within 90 days of loan approval, meaning that you’ll have the exact time that you need to arrange remodeling without paying additional rates. 

Reasons to Look Elsewhere

So far, LightStream seems like an excellent place to go for personal loans. However, this lender has several drawbacks that we must also mention. 

LightStream requires a good to excellent credit score to approve a loan. Although the credit score range is not displayed on the lender’s website, some clients’ reviews say that the minimum amount you need to have to apply is 660.

Unlike many other lenders for personal loans, LightStream doesn’t have a pre-qualification process. Instead, you’ll need to submit your online application and allow the lender to perform a hard credit inquiry. This means that your credit score will drop by several points, whether you accept a loan offer or not. 

Another drawback is that the lender will check your financial history, not only your credit score. If you have at least five years of credit history and liquid assets, you don’t need to worry about the approval. However, if there are debts or late payments, low income, or other financial issues, LightStream might decline your application. 

Key Benefits:

  • Online application and funding
  • No fees
  • Low-interest rate
+ Show more

Upgrade Review

Upgrade Review Logo Check Rate

On Official Website

Min. Credit Score:
560
Estimated APR:
5.94% - 35.97%
Loan Amount:
$1,000 - $50,000
Loan Term:
2 - 7 years

Established in 2017, Upgrade is one of the newest funding providers on our list. Although a relative newcomer to the online lending scene, the company has already managed to serve more than 10 million customers. What helps Upgrade stand out from the competition and provide some of the best personal loans is the advanced tech-first approach that it employs. Users praise its fast and transparent application process, relaxed borrower qualifications, and relatively fast funding times.

Funding Types Offered

As far as personal funding solutions go, Upgrade offers term loans and lines of credit. 

The company’s term loans are unsecured and come with fixed interest rates (5.94% - 35.97% APR) and monthly repayment schedules. If you opt for this funding type, you’ll be able to take out a loan amount of $1,000 - $50,000 with a term length of 2 to 7 years.

As one of the best lending companies for personal loans, Upgrade also offers a good deal on personal lines of credit. If you choose this financing product, you’ll get access to a pool of money from which you’ll be able to withdraw money multiple times. The company will let you borrow $500 to $50,000 and define the repayment terms and the monthly payments as you withdraw funds. The best thing about this funding solution is that you’ll receive an Upgrade Visa for easy access to your credit line.

All the basic borrower qualifications are the same for both funding types - you must have a credit score of at least 580, provide detailed information about your income, and be a US citizen or permanent resident. Note that residents of Iowa, Colorado, West Virginia, Connecticut, Maryland, and Massachusetts cannot apply for a loan via this platform.

Reasons to Choose Upgrade

One of the best things about this personal loan company is that it uses the latest fintech tools to improve the financial services it provides. Additionally, the application procedure is easy and straightforward, the funding time is relatively fast, and the borrower qualifications are pretty down-to-earth. Overall, if you need a small amount of money to make home improvements, consolidate your past debt, or cover unexpected expenses, Upgrade is a good choice. 

Reasons to Look Elsewhere

Although Upgrade offers excellent personal loans for good-credit applicants, its solutions for those with lower FICO scores are much more expensive. In addition to the potentially high fees, another drawback is that repayment options are limited - you can either opt for a three- or five-year repayment plan.

Key Benefits:

  • Offers Visa card tied to line of credit
  • Fast and simple application process
  • No prepayment fees
+ Show more
Read Full Review

Best Egg Review

Best Egg Review Logo Check Rate

On Official Website

Min. Credit Score:
640
Estimated APR:
5.99% - 35.99%
Loan Amount:
$2,000 - $50,000
Loan Term:
3 - 5 years

The next one on our list of loan companies for personal loans is Best Egg. Best Egg has been in operation since 2013, offering personal loans for borrowers with fair to good credit scores. Best known for fast funding, Best Egg is the right place to go if you have an emergent financial situation to fix. Whether you need to refinance a credit card or pay for unexpected home repair, you can expect funds on your account within three business days. So far, this online lender has funded over one million loans and has millions of satisfied clients across the US. 

Funding Types Offered

If you are looking to borrow between $2,000 and $50,000 for three to five years, we suggest applying with Best Egg. The APR ranges between 5.99% and 35.99%, depending on your creditworthiness. Like other lenders for personal loans, Best Egg requires a very good to excellent credit score to get the lowest APR. For example, with a 700 FICO score and an annual income of $100,000, you can expect a very affordable interest rate. However, the lender also accepts applications from borrowers with fair credit, so you can qualify for a loan even if your credit score is below 700. 

The qualification procedure is quick and easy to complete through the lender’s website. Aside from providing personal information, you need to prove that you are an American citizen with a permanent address in the US.  

Also, the loan amount you can qualify for depends on your state of residency. The minimum amount for a personal loan in Massachusetts is $6,500. In Ohio and New Mexico, applicants can apply for a minimum loan of $5,000, while in Georgia, it is $3,000. 

When applying for a loan, don’t forget that the lender charges an origination fee. It can be anywhere between 0.99% and 5.99% of your loan amount. 

Reasons to Choose Best Egg

Unlike other personal loans, Best Egg’s loan options come with fewer restrictions on how you can spend the money. The lender allows you to take out a loan to refinance your credit card, consolidate debt, refinance your credit card, buy a car or repair your home. You can also use a loan to pay for any emergency situation you have, to pay for a wedding and vacation, or any other type of personal financing.  

One of the top reasons to choose Best Egg as your lender is the fast funding process. This lender will transfer your funds within one to three business days after your application is approved.  You can expect your funds to be deposited in your account within the same time frame. Another great feature is that your credit score will not be impacted before accepting a loan offer. The lender makes a soft credit inquiry during the pre-qualification procedure. 

If you take care with your personal loan repayment terms and make payments on time every month, you will quickly see a credit score improvement. Best Egg reports to all three credit bureaus (Equifax, TransUnion, and Experian). Moreover, the lender offers an online financial tool to help you see how your potential financial moves will impact your credit. This way, you can decide what’s best for your finances. 

Reasons to Look Elsewhere

Even though the lender offers numerous options when making payments, there’s no discount for autopay. Furthermore, personal loans are not available in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.

Key Benefits:

  • Flexible terms
  • Options for individuals with low credit scores
  • Various types of financing are available
+ Show more
Read Full Review

Avant Review

Avant Review Logo Check Rate

On Official Website

Min. Credit Score:
550
Estimated APR:
9.95% - 35.99 %
Loan Amount:
$2,000 - $35,000
Loan Term:
2 - 5 years

Avant offers online personal loans for bad credit borrowers. This Chicago-based fintech company was founded in 2012. Since then, Avant has helped over 1,500,000 clients easily apply for and get funding. The main benefits you’ll enjoy are a fast and straightforward application with a pre-qualification procedure, industry-standard interest rates, and one-day funding time.

Funding Types Offered

Avant operates in all states except New York, Hawaii, Iowa, Colorado, Nevada, Vermont, and West Virginia. Although most of Avant’s clients have a credit score of at least 600, this online lender is the perfect solution for consumers with poor credit scores. Their loans for people with bad credit accept even clients with a score as low as 550. The lender will look at many other criteria, including your annual income, to determine your loan amount and monthly rates.

Avant offers small personal loans between $2,000 and $35,000. However, the minimum loan amount varies by state, so you should check it with the lender first. 

Avant charges an origination fee that can go up to up to 4.75% of your loan amount. There is also a late payment fee of $25.00. If you don’t have money in your account to pay your monthly rate, Avant charges a $15 fee. 

Reasons to Choose Avant

Avant’s bad credit personal loans can be used for various purposes. You can cover moving expenses, home renovation, debt consolidation, as well as significant life events like a wedding. You can also use a loan to buy or repair your vehicle or go on a vacation. 

Avant is a good choice for consumers without credit or with bad credit. This lender uses software to determine if you are a good applicant or not. Aside from checking your credit, Avant will consider your income and other factors to create a top personal loan offer for you. 

Another great thing about Avant is that you can check your rate and term length before signing a loan contract. The lender has a pre-qualification process that doesn’t impact your credit score. This is good to know, especially if your credit score is already very low. Some other lenders do a hard inquiry that will decrease your credit for a few points and further lower your chances of applying for better loan rates. 

Avant is also praised for its fast and secure funding process. After signing the contract, the lender will immediately transfer funds into your account. The money transferring doesn’t take more than a day. 

Like other personal loan websites, Avant has a decent knowledge base and an extensive FAQ section. If this is not enough for you, the support team is available via different communication channels, including email and phone support. 

Reasons to Look Elsewhere

While it is best for consumers with bad credit who want to get a loan quickly, Avant is not a good choice for consumers who wish to borrow more than $35,000. The lender has specialized in providing small personal loans. 

Don’t forget that Avant charges several fees, including an origination fee that many other lenders don't have. There are also fees for late payments and a fee charged if you don’t have enough money in your account to pay the rate. 

Key Benefits:

  • Funds loans within one business day 
  • Individuals with low credit scores can get a loan
  • Soft credit inquiry with pre-qualification
+ Show more
Read Full Review

Prosper Review

Prosper Review Logo Check Rate

On Official Website

Min. Credit Score:
600
Estimated APR:
7.95% - 35.99%
Loan Amount:
$2,000 to $40,000
Loan Term:
3–5 years

Established in 2005, Prosper is well-known as one of the best places to get personal loans online. Since its launch, this US peer-to-peer lending pioneer has already helped more than a million consumers find the most suitable investors. By bridging the gap between people who need a loan and business entities or individuals that can provide the funding, Prosper has managed to provide over $17 billion in combined loan value.

Funding Types Offered

Unlike most of its competitors that only let you request a loan individually, Prosper also allows joint applications. The company offers unsecured fixed-rate personal loans with amounts ranging between $2,000 and $40,000 and repayment periods of three to five years. APRs start at 7.95% and go up to 35.99%. Customers can use Prosper’s personal loans for debt consolidation, home improvements, medical and dental bills, and major purchases such as cars and motorbikes. 

As far as borrower requirements go, an eligible applicant must be at least 18 years old, a US citizen or a permanent resident, have a minimum of two years of credit history and a credit score of at least 600, have no bankruptcies within the past 12 months, and have a debt-to-income ratio below 50%.

Reasons to Choose Prosper

As the company that practically invented a new way of lending and borrowing money, Prosper has many upsides. In addition to offering some of the best personal loans for debt consolidation and big purchases, the company lets you apply for funding with a strong-credit second applicant. If you opt for this solution, you may increase your chances of getting a loan offer, and you might even qualify for better rates. Other advantages include a quick and easy application process, fixed interest rates, and flexible payment dates.

Reasons to Look Elsewhere

Unfortunately, taking out a loan via this provider comes with a few downsides. Unlike most of its competitors, which can wire you the money within 24 hours of the loan being approved, Prosper takes up to five days to fund your request. Moreover, with APRs starting from 7.95%, Prosper’s fees and interest rates on personal loans tend to be high, especially for lower-credit applicants. 

Key Benefits:

  • Loans without collateral
  • Flexible payment dates
  • Joint loan option
+ Show more
Read Full Review

Upstart Review

Upstart Review Logo Check Rate

On Official Website

Min. Credit Score:
None
Estimated APR:
3.50% - 35.99%
Loan Amount:
$1,000 - $50,000
Loan Term:
3 & 5 years

Upstart offers online personal loans with a term length of three years or five years. If your credit is not established yet, or you have a less-than-perfect credit score, Upstart is the right place to go. The provider uses modern methodologies to determine consumers’ eligibility and find the best loan rates for them.

Upstart has an A+ rating on BBB and a 4.9 score on Trustpilot. Many clients are satisfied with the lender’s application procedure and the fast funding procedure. 

Funding Types Offered

Upstart offers personal installment loans that you can use for different purposes. You can borrow money to pay off debts or consolidate credit cards. Upstart loans are also suitable for car refinancing, wedding, or moving expenses.

Upstart is a lender for personal loans that range between $1,000 and $50,000. However, the minimum loan amount depends on your state of residence. For example, borrowers from Massachusetts must qualify for a minimum of $7,000, while Ohio residents have a borrowing limit of $6,000.

The lender has a pre-qualification process. It takes only five minutes, during which the lender will pull do a soft credit check. Upstart will give you a loan offer, and only if you accept it, they'll continue with the application and perform shard inquiry. Also, the provider reports to three major credit bureaus, meaning that you can quickly improve your credit score if you make payment on time. 

The APR is between 3.50% and 35.99%, depending on your credit, income, and other factors.

Reasons to Choose Upstart

Unlike other places for personal loans, Upstart uses an underwriting model that enables borrowers without credit to get affordable personal loans. College students and young adults benefit the most from this lender, but also bad credit borrowers. Upstart uses AI to qualify borrowers, checking their job history, state of residence, and college education. 

The best thing about Upstart is that you can see your rate very quickly after completing the pre-qualification procedure.  Should you accept a loan offer, Uspater will continue with your application and approve your loan within one business day. You can also expect funds on your account very quickly. The funding usually takes one business day, except if you borrow money for education. Then, you’ll need to wait up to three business days to get a loan. 

There is no prepayment penalty for paying off a loan on Upstart early.

Reasons to Look Elsewhere

The main downside of Upstart’s low-rate personal loans is that they come with fees. The lender will charge you an origination fee once you are approved for a loan. This is a one-time fee, and it can go up to 8% of your loan amount. If you don’t pay your rates on time, Upstart will add a late payment fee. There are check refund and ACH return costs of $15, too. However, all of the fees except for the origination fee can be avoided. Upstart offers only two repayment term options. You can choose between a three or five-year repayment term. 

Key Benefits:

  • Non-traditional underwriting model 
  • Fast funding
  • Accepts borrowers with no credit
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Monevo Review

Monevo Review Logo Check Rate

On Official Website

Min. Credit Score:
No requirements
Estimated APR:
1.99% - 35.99%
Loan Amount:
$500 to $100,000
Loan Term:
3 months to 7 years

Operating since 2009, Monevo is an award-winning loan comparison service. First established in the UK, the provider has quickly expanded to the US, Australian, and Polish markets. Nowadays, the company offers its services to consumers in all 50 states and works with more than 30 renowned funding providers, from banks to online lenders and peer-to-peer platforms. Thanks to its solid range of loan amounts, fast and transparent application process, and easy-to-use interface, Monevo is considered one of the best personal loan companies.

Funding Types Offered

Monevo prides itself on sourcing great deals on personal, home improvement, debt consolidation, auto, and business loans. As far as personal loan terms go, you can get an amount between $500 and $100,000, with an APR ranging from 1.99% to 35.99% and repay it within three months to seven years.

Keep in mind that the duration and the interest rate may vary widely based on your credit score, pre-tax income, the amount you borrow, and the funding provider’s policies. However, the platform will let you customize the offer to better fit your needs.

Reasons to Choose Monevo

In addition to some of the best personal loan rates and a wide range of funding amounts, Monevo’s loan term flexibility makes this provider ideal for applicants looking for adjustable payback options. This lending marketplace is also an excellent choice for poor-credit applicants, as they stand an equal chance of getting a decent loan offer, as long as they can come to an understanding on payment terms with the potential lender. 

Another great thing about this loan-comparison platform is that it offers one of the fastest and most straightforward application procedures we’ve ever seen. After providing all the necessary personal information and deciding on the desired loan amount and repayment term, you won’t need to wait for more than 60 seconds to receive competitive offers. As one of the best online personal loan companies, not only will Monevo connect you with potential lenders in no time, but it also won’t charge you a dime for its speedy service. 

Reasons to Look Elsewhere

While Monevo is well-known for matching prospective borrowers with suitable lenders at lightning speed, you should keep in mind that the company doesn’t take part in the actual approval process. Monevo isn’t a direct lender, and it’s up to the funding provider to make the final decision.

Moreover, bear in mind that while this lending marketplace works only with well-established funding providers, the list of its partners isn’t that long. While some of its competitors work with more than 100 direct lenders, Monevo’s list only mentions about 30 names. 

Key Benefits:

  • Quick loan request process
  • Real-time response
  • Good range of loan amounts
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AmOne Review

AmOne Review Logo Check Rate

On Official Website

Min. Credit Score:
No requirements
Estimated APR:
2.49% - 35.99%
Loan Amount:
$1,000 to $50,000
Loan Term:
2–7 years

Marketed as “an easier way to get a loan,” AmOne is a popular online lending marketplace that helps prospective borrowers find good deals on personal loans. Established in 1999, the company was acquired by California-based marketing company QuinStreet in 2018. Nowadays, AmOne offers personal loans of up to $50,000, charges competitive rates, and processes funding requests almost instantly. The company has already managed to secure billions of dollars in loans by connecting consumers with suitable funding providers. 

Funding Types Offered

As one of the best personal loan companies, AmOne specializes in unsecured loans, which means that none of its lenders require collateral. The minimum loan amount that a consumer can request is $1,000, while the maximum is $50,000. Loan duration can vary between two and seven years, while the APR ranges from 2.49% to 35.99%. With most lenders, repayments are done on a monthly basis.

Considering that AmOne isn’t a direct lender, borrower qualifications mostly depend on the individual funding providers. However, there are a few general requirements that you’ll need to meet to get pre-approved. A prospective borrower must be 18 or older, be a citizen or a permanent resident of the US, and own a bank account. It’s also worth mentioning that AmOne lets you use its platform to apply for a personal loan completely free of charge. 

Reasons to Choose AmOne

Requesting a loan through this lending marketplace is quick and easy. You start by stating the reason you need the loan for (debt consolidation, starting a business, vehicle purchase, investment opportunity, medical bills, unexpected purchases, or similar), then proceed by indicating your credit score range and desired loan amount. The site will process your application in a matter of minutes and get back to you with an offer.

In comparison to banks and other traditional funding sources, AmOne may not provide the best rates on personal loans. However, its options are still among the best when it comes to online lenders. Also, another good thing about applying for funding through this platform is that you won’t need to go through a hard credit inquiry until you settle on an offer.

Reasons to Look Elsewhere

While this online lending marketplace comes with multiple advantages, there are also a few downsides. Given that AmOne isn’t a direct lender, loan features such as fees, rates, and terms may vary widely depending on the individual funding provider. Also, while having multiple options to choose from sounds helpful in terms of getting the best personal loan rate possible, keep in mind that getting matched with a lender doesn’t mean that you’ll get approved. Lastly, note that the site may share your information with third parties. 

Key Benefits:

  • Credit calculators on site
  • Quick and easy application process
  • Wide range of loan terms
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GuideToLenders Review

GuideToLenders Review Logo Check Rate

On Official Website

Min. Credit Score:
No requirements
Estimated APR:
2.49% - 35.99%
Loan Amount:
$1,000 to $50,000
Loan Term:
24–84 months

Operating in the online lending business since 2005, GuideToLenders is among the industry’s pioneers. Thanks to its partnership with renowned funding providers such as Avant, LendingClub, SoFi, and Marcus by Goldman Sachs, the company has already provided more than $16 billion in loans over the past decade and a half. Considering that it offers personal loans with low interest rates to applicants of all credit histories, GuideToLenders is popular among bad-credit applicants. 

Funding Types Offered

GuideToLenders offers personal term loans that range between $1,000 and $50,000 in value. As far as repayment terms go, the shortest loan term is 24 months, while the longest is 84 months. APRs start at 2.49% and can go up to 35.99%.

Considering that GuideToLenders isn’t a direct lender, there isn’t a specific list of eligibility requirements on its site. Still, you shouldn’t waste your time submitting a loan application if you are not an American citizen or permanent resident who’s at least 18 years old. 

Reasons to Choose GuideToLenders

Personal unsecured loans are easy to apply for at GuideToLenders. The whole process is pretty straightforward - as soon as you state the reason why you need the loan and select your credit score range, the platform will get back to you with dozens of funding options ranked by the highest chance of getting approval. From there, you’ll just need to choose the most suitable offer and wait for the lender’s approval.

Another great thing about this lending marketplace is its higher-than-average acceptance loan rate. Although GuideToLenders doesn’t make the final decision as to whether a prospective borrower is eligible for funding provided by one of its lending partners, the site is still well-known for offering good rates for most applicants. This platform is also a good choice if you’re looking for personal loans with a cosigner.

Reasons to Look Elsewhere

Even though most users agree that applying for funding via GuideToLenders isn’t complicated at all, it’s still good to know that a customer support agent will be there to help should you stumble upon any issues. Unfortunately, GuideToLenders doesn’t offer this service at all, which is one reason why it sits near the bottom of our list. 

GuideToLenders offers some of the best rates for personal loans, but that comes at a cost. The company may share your data with third parties, so we suggest you choose another funding source if you’d like to avoid multiple marketing calls.

Key Benefits:

  • All-purpose loans
  • Competitive rates
  • No hard credit pull
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Fiona Review

Fiona Review Logo Check Rate

On Official Website

Min. Credit Score:
580
Estimated APR:
4.99% to 35.99%
Loan Amount:
$1,000 to $100,000
Loan Term:
2–7 years

Established in 2015, Fiona is a New York-based loan marketplace. The company works as a middleman between borrowers looking for personal loans and companies and individuals that provide this type of funding. Aiming to provide the best low-interest personal loans, Fiona works with a select network of lenders. The platform is completely free to use, which means that you’re encouraged to browse around and check if you’re eligible for any of the offers.

Funding Types Offered

Fiona’s financing solutions are focused on personal use. Through this platform, you can take out a debt consolidation, credit card refinancing, major purchase, or home improvements loan of $1,000 to $100,000. You can opt for a loan term between two and seven years and expect the money to land into your account in less than five business days. As far as charges go, Fiona offers some of the best interest rates for personal loans, with its APR starting at 4.99%. 

To qualify for a loan via Fiona, you’ll need to have a minimum credit score of 580, be at least 21 years old, be a US citizen, and let the lender do a hard credit inquiry with one or more credit reporting agencies.

Reasons to Choose Fiona 

Setting up an account with Fiona and requesting a loan through the platform subscribes you to a constant stream of offers. In other words, you shouldn’t worry if the best deal doesn’t come up right away. Once you pick the offer that meets your needs, Fiona will set up a direct line of communication between you and the funding provider. That way, you’ll be able to negotiate any additional personal loan terms without the middleman. 

What really makes Fiona stand out from the competition is the advanced algorithm that it employs to calculate the best possible offer for each loan applicant. This means you can be pre-approved for a loan and wait for formal approval without worrying whether you’ll get the funding. 

Reasons to Look Elsewhere

Given that it accepts applicants with credit scores as low as 580, Fiona does offer some of the best personal loans for fair credit. However, keep in mind that these loans don’t come cheap - some funding providers charge high origination fees and annual percentage rates can go up to 35.99%. Moreover, in most cases, there are no discounts for repaying the loan early. Also, keep in mind that Fiona doesn’t have a huge network of lenders, which may lower your chances of getting approved for a loan. 

Key Benefits:

  • Funding for personal needs exclusively
  • Low credit score requirements
  • Reputable lenders
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Read Full Review

A Guide to Choosing the Best Personal Loans

A personal loan can help you alleviate financial hardships, cover the expenses of a large purchase, or simply supplement an expected or unexpected costly occurrence. If used and repaid in a timely and correct manner, personal loans can be very beneficial in reaching a specific financial goal. 

As we reveal in the personal loan reviews on this site, interest rates can be as low as 6%, making these loans the least expensive financial solution for many borrowers. Many aspects of lending are legally regulated, so lenders often differentiate themselves by competing on features like low fees, soft credit pulls, and speedy funds availability.

With every loan, you repay the amount you borrow - the principal - along with an amount of interest defined by the interest rate. The interest rate and the annual percentage rate are not the same thing. In addition to interest, the APR includes all the fees and other costs associated with the loan, expressed as a percentage of the amount borrowed. If you want to compare the true costs associated with potential loans, compare the APRs.

Reasons to Get a Personal Loan

The best company for a personal loan might be the one that doesn’t ask a lot of questions about why you need to borrow money. While you’re allowed to take out a personal loan for almost any reason - or no specific reason at all - borrowers typically take out loans when they need money for a particular reason such as big-ticket purchases or home improvements. If you can qualify for funding, a personal loan could offer the best solution to cover the costs of your project. 

Here are some of the most common reasons people take out personal loans:

Unlike credit cards, which can be fine for smaller expenses that you can repay each month, personal loans are best suited for spreading out the expense of larger purchases or projects over several years. The optimal personal loans typically come with fixed interest and monthly payments that save you money compared to paying with credit cards.

Overall, taking out a personal loan can be a smart decision when it's the least expensive type of funding, when it can improve your overall financial standing, and when payments don’t stress your budget too much.

On the other hand, getting a personal loan to pay for a tropical vacation or an extravagant shopping trip can be unnecessarily expensive. If you need money for an emergency or medical expenses, you may find alternative funding sources such as community assistance or provider payment plans a better alternative.

Types of Personal Loans

This introduction to personal loan reviews focuses on unsecured loans with fixed repayments, which are quite common. Many of the lenders we cover provide additional types of loans: personal lines of credit, secured loans, mortgages, variable-rate loans, and more. To determine what funding type works best for you, we suggest you evaluate your overall financial situation by considering factors such as the purpose of the loan, your credit score, and how much time you need for repayment.

Here’s an overview of the most common options.

Unsecured Personal Loans

Let’s start with the unsecured personal loan. “Unsecured” means that there is no collateral to provide security to the lender. This means the lender is taking a bigger risk, and you can therefore expect a higher interest rate than you would pay with a secured loan. It might take a higher credit score to qualify.

The unsecured personal loan is a type of installment loan, which means that it is repaid in a series of regularly scheduled payments, or installments.

Overall, this financing solution can be a good option if you have a good credit score, don't mind an interest rate of 5% to 36%, and prefer a regular monthly repayment schedule.

Secured Personal Loans

A secured personal loan is an installment loan backed by collateral. A loan company may accept your house, land, vehicle, or any other valuable asset as collateral. If you default on your personal loan, the lender will resort to seizing your collateral to cover the remaining loan balance. Considering that the lender's risk isn't that high with this funding type, it's much easier to qualify for larger loan amounts and you will be offered lower rates and fees compared to an unsecured loan. The most common examples of secured financing are car loans (secured by your vehicle), and mortgages (secured by your real estate).

Fixed-Rate Loans

With fixed-rate personal loans, you get some peace of mind in knowing that both your interest rate and monthly payment won't change for the duration of the loan. If rising rates on long-term loans concern you and you want consistent monthly payments, you should consider a fixed-rate personal loan. The only downside of this funding solution - even with the best personal loan companies - is that you won't benefit if rates fall.

Variable-Rate Loans

Unlike fixed-rate funding, variable-rate loans come with interest rates that can fluctuate depending on the health of the national economy. Rates can't rise and fall without a limit, as there's usually a cap on how much they can vary over a certain period. Variable-rate loans tend to have lower personal loan interest rates and APRs compared to fixed-rate options. Applying for a variable-rate loan makes sense if you opt for a short repayment period. Although rates may rise, it’s unlikely that they’ll surge. 

Debt Consolidation Loans

A debt consolidation loan consolidates multiple debts into a single new loan. These loans can save you a lot of money if you pay off high-interest credit-card debt and other bills with a low-interest alternative. Borrowers use this type of funding to pay off medical bills, payday loans, credit card bills, loans from friends and family, and other debts. Combining all of your debts into one affordable monthly payment, can help you reduce your total monthly costs and potentially spread out repayment over a longer term. Offered by some of the top personal loan lenders, this financing solution can be a good choice providing that it offers a lower APR than your existing loans.

Co-Signed Loans

You should consider applying for a joint or co-signed personal loan if you have a thin credit history and can't qualify on your own. The second borrower will share the responsibility for repaying the loan and act as insurance for the lender. Adding a co-signer who has an excellent credit score can improve your chances of qualifying for affordable rates and favorable terms on personal loans. 

Personal Lines of Credit 

Given that it works as revolving credit, a personal credit line is more like a credit card than a loan. With this funding type, you get access to a line of credit that you can withdraw from multiple times, whenever you need the money. You pay interest only on the outstanding balance - the amount you’ve borrowed and haven’t yet repaid. A line of credit can be the best personal loan type for covering on-going and emergency expenses. 

Payday Loans 

Payday loans are short-term unsecured loans that come with high interest rates and APRs. Loans are limited to just a few hundred dollars, and repayment is due in full on the borrower's next payday. Unless you're absolutely sure that you won't need to take out additional loans to pay the first, we suggest you explore other options. 

How to Qualify for a Personal Loan

Once you decide what kind of loan you want, take some time to shop around and compare lenders’ rates and fees. Make sure you read all the fine print to find out whether you’re eligible for discounts or if something in your history might disqualify you.

The many personal loan reviews we have conducted show that no two loan providers weigh the prospective borrower’s credit and non-credit factors in the same way. Although lenders have the final say on eligibility, there are a few things you can do to strengthen your credit profile and increase your chances of qualifying for a loan.

Here’s an overview of factors that lenders may take into account when assessing your loan eligibility. 

Credit Factors

With some lenders, you can get approved for a personal loan with a credit score as low as 500. However, it's highly likely that you won't qualify without collateral - and even in the best-case scenario, you'll pay much higher personal loan rates.

For Americans, FICO is the standard credit scoring model. According to this model, a consumer's personal credit score is calculated using a few different pieces of financial data such as length of credit history, amounts owed, repayment history, credit mix (different types of credit), and new credit (information about recent credit inquiries). 

Non-Credit Factors

When deciding whether to fund your application, many lenders go beyond checking your credit score and take additional factors into consideration. Lenders may evaluate your age, location, employment, citizenship status, education, and assets. 

The age threshold can vary from state to state. However, a prospective borrower applying for a personal loan in the USA must be at least 18 years old to qualify. 

Given that not all loan providers offer their services nationwide, you’ll need to be sure the lender you pick operates in your state of residence. 

Depending on the lender’s policy, you may be asked to demonstrate that your income is stable by providing bank records and employment details. 

Most American lenders require that loan applicants be citizens or permanent residents of the United States. 

If you’re planning to apply for an education-related loan, remember that you’ll need to meet minimum education standards imposed by the lender. 

Finally, keep in mind that personal loan companies may also factor in both your liquid and non-liquid assets when assessing your application. Liquid assets are cash and other assets that can quickly be sold and converted to cash - mutual funds or treasury bills, for instance. Non-liquid assets include real estate, heavy machinery, and other belongings that may take longer to convert into cash.

FAQ

Can I get a personal loan with bad credit?

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Yes, you can - but you should be prepared to shop around and compare the terms offered by different lenders. Fortunately, many lenders look beyond your personal credit score and take other factors into account when assessing loan applications. However, if your credit score is below 550, you’ll probably have a hard time finding a lender that will offer a large loan. Keep in mind that even the best personal loan for bad credit may come with a high interest rate.

Do personal loans hurt credit?

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It’s hard to give a simple answer to this question. During the process of pre-approval, most lenders perform a “soft” credit inquiry to give you an estimate of rates that you’ve qualified for. As this type of credit check won’t affect your score, it makes sense to apply with multiple personal loan providers and compare their preliminary offers. After you’ve made your choice on the best place to get a personal loan and settled on a particular lender’s rates and terms, you’ll proceed with a formal loan application. At this stage, you may be required to submit additional personal information and authorize a hard credit check, which may affect your score by a few points.

If you make payments in a timely way and retire your loan, it will contribute to your good credit score. If you make late payments or default, a personal loan will hurt your score. During the period of the loan, the borrowed amount is added to your overall indebtedness. A high level of debt can harm your score.

How fast can I get a personal loan?

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Depending on the lender, loan approval can take anywhere from five minutes to several weeks. If you apply for a personal loan online or from a peer-to-peer lender, you can expect your loan to be approved in just a few minutes and funded the same day. Unlike most online loan companies and lending marketplaces, financial institutions such as banks and credit unions can take a few weeks to process loan applications. So if you need the money fast, online lenders are the way to go.

What happens if you pay off a personal loan early?

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With some lenders, you may be hit with a prepayment penalty, while others may give you a discount on the remaining interest. Considering that this depends on the loan terms imposed by your funding provider, we suggest you take the time to read your loan contract closely.

What is a good loan rate?

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According to our research, the lowest interest rate on personal loans starts at an APR of 3.99%. However, very few consumers can qualify for a rate this low. Debt-to-income ratio, credit score, annual revenue, and other factors dictate how good a deal you can expect on a personal loan. Generally, a good interest rate on a personal loan should be below 9.41%, the national average according to recent data provided by Experian.

Is it a good idea to get a personal loan?

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We have learned during the research we have conducted for personal loan reviews that this type of funding can be a good idea for consumers who have excellent credit and a specific loan purpose in mind. If you have a low credit score and a thin credit history, you’ll probably have to settle with small loan amounts with high interest rates and fees. Paying off one of those loans promptly and reliably can help you qualify for a better loan next time.

What is the best company to borrow money from?

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When shopping for personal loans, you should keep in mind that there are quite a few different factors to take into account. From rates and fees to loan types and purposes, repayment terms, prepayment incentives, and the lender’s reputation, there is a lot to think about. Note that you should stay away from loan companies that aren’t completely transparent about everything they may and may not provide. Based on our research, the best personal loans are provided by 5kfunds, LoansUnder36, BadCreditLoans.com, PersonalLoans.com, Monevo, Prosper, Upgrade, Jora, AmOne, GuideToLenders, and Fiona.