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The best personal loans lenders for 2022
Winners by Category
Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The best in personal loans in 2022
Bankrate's Jane Butler discusses how we found the Best Personal Loans Lenders for 2022 When choosing a personal loan, it's important to find a lender that meets your needs and offers the best terms for you. From funding times and repayment terms to additional fees and APR rates, there are many angles to consider when choosing a lender. Different lenders do different things well, and it can be difficult to find the best options on your own. That's why we have compiled the following group of personal loan lenders, each offering the best service for a particular category or feature. We evaluated over 30 lenders using our objective and meticulous scoring system and picked winners across various categories. Our goal is to help you find the loan with terms that work best for your specific needs. Whether you're looking to consolidate debt or need money for a home improvement project, we can help you find the right loan. Here are the winners of the 2022 Bankrate Awards for Best Personal Loans. How we picked these lenders
Bankrate gave the most weight to low APRs and best overall scores We used factors such as fastest funding, minimum credit scores and long repayment terms. We evaluated overall availability, affordability and customer experience with an emphasis on online tools and bonus features. Best for borrowers with bad credit
Upstart
Upstart offers personal loans with a minimum borrowing amount of $1,000 and low minimum APRs. This lender provides application approval within the same business day and funding by the next business day. The process can be completed entirely online. Upstart has no minimum credit score requirement, making this lender an ideal choice for borrowers with bad credit (300-579). Upstart has no minimum credit score requirement, making its loans accessible to more people Scored high for affordability, availability and customer experience. It particularly stood out in the scoring for its accessibility with low minimum loan amount and fast approval. Funds can be available as soon as one business day The winner of best personal loan for borrowers with bad credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to this credit range. Best for borrowers with fair credit
Best Egg
Best Egg offers personal loans with a minimum borrowing amount of $2,000. Applications are approved within the same business day and funding is typically available by the following business day. Best Egg does require a debt-to-income ratio under 30 percent. The process can be completed entirely online. Best Egg requires a minimum credit score of 640. Minimum credit score of 640, so those with credit scores in the fair range or above may qualify Received high scores in customer experience, availability and customer experience Funding by the next business day The winner of best personal loan for borrowers with fair credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to this credit range. Best for borrowers with good credit
Best for borrowers with good credit
Figure Figure offers personal loans with a minimum loan amount of $5,000. Applications can be approved in as little as 5 minutes, and borrowers typically receive funding in as few as 1 to 2 business days. This lender has few fees, only charging an origination fee of up to 3 percent depending on the state you're applying from. The process can be completed entirely online. Figure requires a minimum credit score of 680, making it the best option for borrowers with good credit (670-799). Minimum credit score in the good credit range of 670-799 Scored highly for availability, affordability and customer experience Figure has few fees that add to the cost of the loan The winner of best personal loan for borrowers with good credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to this credit range. Best for borrowers with excellent credit
Axos
Axos offers personal loans with a minimum borrowing amount of $5,000. Applications can be approved within the same business day and funds are typically available within 1 to 2 business days. This lender only charges an origination fee of up to 2 percent with no other fees mentioned. The process can be completed entirely online. Axos requires a minimum credit score of 720, making this an ideal lender for borrowers with excellent credit (800+). Minimum credit score of 720, meaning this lender caters to those with high credit scores Funding within 2 business days after approval, which makes it ideal for getting funds quickly No prepayment penalties so borrowers can pay off their loan sooner and spend less on interest if they want to The winner of best personal loan for borrowers with excellent credit needed to score the highest on Bankrate Score criteria among the lenders that offer loans to this credit range. Best for home improvement
LightStream
LightStream has the longest repayment period of the lenders we evaluated at up to 12 years, as well as same-day fund delivery and a low minimum APR. LightStream requires borrowers to take out a loan of at least $5,000 but does not charge any fees. The loan amount can go up to $100,000, which makes these loans an option for even large home renovations. Suitable for both large and small projects with loans from $5,000 to $100,000 Same-day funding is possible, which is ideal for emergency home repair situations Home improvement loans may have repayment terms up to 12 years To choose the winner for best personal loan for home improvement, Bankrate evaluated each lender based on repayment period length, fund delivery speed and annual percentage ratings. The lender that scored the highest average of the three categories won. Best for debt consolidation
LightStream
LightStream offers one of the lowest minimum APRs for personal loans. It does not charge any additional fees and offers participation in a Rate Beat program. This program allows you to get a rate 0.1 percentage points lower than any competing lender's unsecured loans. The entire loan process can be completed online. While LightStream offers repayment times up to 12 years for home projects, it still offers one of the longest repayment times for other loan products at seven years. Lowest minimum APR of the evaluated lenders, meaning it may be less expensive than other lenders. Borrowers looking to reduce debt may be able to do so faster as a result. No fees, which means people looking to consolidate debt will not have to worry about added expenses Rate Beat program that can lower APR if another lender offers a borrower a lower one Bankrate chose the best personal loan based on low starting APRs and low fees. To determine how the winner was calculated, we looked at how much the fees added to the overall cost of the loan. Best online lender
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers a fast and convenient online borrowing experience. The entire process can be completed online, and the lender offers online account access and an app. Loan amounts range from $3,500 to $40,000, and customer service is available seven days a week. Funds are available in as few as three days. The website is easy to navigate and includes a detailed resource section to help borrowers understand their options. Strong website experience that lets borrowers apply and manage their loans entirely online Daily customer service hours that extended outside of regular business hours Mobile app with an average customer rating of 4.9 on iOS and 4.4 on Android To determine the best online lender for personal loans, Bankrate compared online-only lenders and picked the one with the best overall Bankrate Score. Best from a bank
TD Bank
TD Bank offers personal loans with a minimum borrowing amount of $2,000. This lender offers same-day approval with funding as soon as the next business day. They also only charge one fee, a late fee at 5 percent of your payment or $10, whichever is lower. TD Bank offers 24/7 customer support, an app for both Android and iOS, as well as the option to complete the loan process entirely online. Multiple online management options including mobile apps and in-person options for those who want both Same-day approval and next business day funding makes getting money in emergencies easier Borrowers are not required to have an existing relationship with the lender to get a loan To determine the best personal loan from a bank, Bankrate chose the bank with the highest Bankrate Score. Bankrate logo Find your winner
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You've seen the best personal loan lenders of 2022, now see how their rates stack up. The Bankrate Awards
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