Best Personal Loans For 2022, Top 5 Online Loan Offers Reviewed


 This does not constitute as a financial advice article. Make sure to contact a financial advisor if you need financial assistance.

So, you need some cash and want to avoid scammers and exorbitant personal loan lenders? That’s you?

Great, you made it to the right place! And we can’t wait to help you avoid dodgy lenders and access the best personal loans today.

To ensure you have a pleasant time, we laid down an in-depth compilation of the most reputable and most reasonable personal loans for you. Overall, we found Credible to have some of the most competitive rates and loan amounts – but we’ll let you decide!

DISCLAIMER: Loans are lifesavers in times of need. But, be keen to use these personal loans to tunes you can afford to avoid getting into a debt trap.

Best Personal Loans Online:

1. Credible – Best Personal Loan Provider Overall

Credible Pros

  • Great for comparisons
  • See accurate lender rates
  • Has a rate guarantee
  • Best loan offers
  • Both small and high loans

Credible Cons

Credible Overview

Touting a wide array of lenders that include esteemed personal loan creditors like SoFi, Discover, and Upstart – Credible gives you a higher probability of securing a loan.

However, Credible isn’t a lender per se, but the fact that it has many lender partners means you can contrast the loans and choose the right fit.

Here’s how it goes.

You’ll fill out a prequalification form and up to 10 lenders will reach out, and from there you can gauge the best creditor for yourself.

So you know, it’s easy to choose a specific lender since lenders show their personal loan interest rates, monthly payments, and loan amounts.

And, you don’t have to worry about the prequalification analysis as it is free and doesn’t affect your credit score.

Credible Features

Giving loans as high as $100,000 and a minimum loan of $600, Credible covers both small loan seekers and large loan seekers. You fall in there, yes?

Also, the lender community gives varied credit minimums, and some don’t have a minimum credit score requirement. Suffice to say, everyone has a chance. Still, people with high credit scores have better odds and can attract interest rates as low as 2.49%.

The interesting part is that the service believes in its rates. With this, they have a $200 rate guarantee to win your trust.

The guarantee works in a way that if you find a competitor offering better rates after you receive Credible offers, you can reach out to them within 10 days and score some $200.

What’s more, the interest rates Credible shows are exact rates and not estimates, making it much easier to measure potential monthly payments.

Credible Highlights

  • Loan Amount: $600 – $100,000
  • Loan Terms: 12-84 months
  • APR: 2.49% – 35.99% APR
  • Minimum Credit Score: Depends on the lender
  • Approval and Funding Time: Same business day to 5 business days

Credible Customer Experience

Credible looks to offer additional support with phone, email, and online chat support. And, from a couple of reviews, the support service seems to be very resourceful and timely.

In summary, Credible is one of the most seamless loan companies. The fact that you can view lender interest rates from the onset makes them the best personal loan online.

Variety Of Loan Amounts With Credible

2. LendingPoint –  Fastest Personal Loan Service

LendingPoint Pros

  • Extensive educational resources
  • Tons of positive user reviews
  • Fast decisions
  • Customized customer experience

LendingPoint Cons

LendingPoint Overview

No one wants to compromise on credibility, and nothing speaks to LendingPoint’s credibility better than their Excellent Trustpilot rating and Better Business Bureau accreditation.

It isn’t just reputation, LendingPoint approaches you with a custom experience.

Taking in your loan needs, the company puts you on the front foot for loan approval with a technology algorithm.

The algorithm generally gauges your creditworthiness and matches you to moneylenders that would consider you, subsequently translating to higher approval rates.

LendingPoint Features 

Considering LendingPoint’s credit type matching system, it’s safe to say that you might have higher chances of getting a loan here with a fair credit than with most loan providers. Yes?

Still, we must mention that because of state laws, people in Nevada and West Virginia can’t be able to access LendingPoint’s personal loans.

On the bright side, the service has grown to be more than a lender.

With a comprehensive knowledge centre, you can receive saving and budgeting tips, and credit health resources that could help you work towards your financial well-being.

LendingPoint Highlights

  • Loan Amount: $2,000 – $36,500
  • Loan Terms: 24 – 60 months
  • APR: 9.99% – 35.99%
  • Minimum Credit Score: 580
  • Approval and Funding Time: Next business day on approval

LendingPoint Customer Experience

A good deal of LendingPoint’s glowing reviews has nothing but praise for the service’s customer support.

Even away from customer service, the loan platform gives you a more automated approach to finding personal loans, affording you a painless time.

Get Fast Approval With LendingPoint

3. SoFi – Great For Larger Loans

SoFi Pros

  • Large loan amounts
  • No origination fees
  • Unemployment protection program
  • Wide extra benefits
  • Same day funding if approved

SoFi Cons

SoFi Overview

Boasting features in esteemed financial publications Forbes and CNBC, SoFi’s reputation is one to reckon with. And perhaps, that reputation is the power behind their 3.5 M members!

Even more, Nerd Wallet recognizes the loan platform as the best personal loan lender in 2022, solidifying its claim at the top of the personal loan industry.

In simple terms, you could summarize SoFi as a one-stop loan company.

Yeah, the service doesn’t stop at low-interest personal loans but also provides extras like financial management tools, career coaching, and more.

SoFi Features

SoFi is a boon for people that desire large unsecured personal loans. Giving a minimum loan of worth $5000 and a maximum of $100,000, SoFi is perfect if you want to make a large mortgage payment or something similar.

Applying for SoFi personal loans is straightforward. Even more, that you receive help from an online consultant makes it even more pleasant. And the climax is that, if you’re creditworthy enough, you can receive personal loan funds as fast as the same business day.

You’ll love that the loan platform is compassionate too. If you lose your job, you could tap into the company’s unemployment protection program to make your loan repayment more comfortable as you work on getting back on your feet.

Leave alone that, SoFi offers financial planning resources with credentialed financial advisors to help you make informed financial decisions.

Get Fast Approval With Credible

On the side, you could also receive one-on-one career coaching if you fancy polishing your professional life.

As an active SoFi member, you’ll receive reward points, and these points are redeemable for loans, repayments, and fractional shares. Nice, right?

Information security is important when making online transactions. Considering this, SoFi employs 24/7 account monitoring to stave off fraudsters and identity theft.

SoFi Highlights

  • Loan Amount: $5,000-$100,000
  • Loan Terms: 2,3,4,5,6, and 7 years
  • APR: 6.99% – 21.78%
  • Minimum Credit Score: 680
  • Approval and Funding Time: Same business day funding if approved

SoFi Customer Experience

Better yet, SoFi has a US-based customer support team, so you don’t need to worry about time zones. Also, you could reach support 7 days a week on phone and live chat.

On the whole, you can experience SoFi on its mobile app, which makes it easier to access your loan and financial management resources in a neat interface.

4. Lendingtree – Top Personal Loan Lender for Comparing Offers

Lendingtree Pros

  • Extensive lender information
  • Compare lender offers
  • Low APRs
  • Considers people with fair credit too

Lendingtree Cons

Lendingtree Overview

Lendingtree has built and continues to build its forte on the pillar of transparency.

Standing as a lender marketplace and not a direct lender, Lender Tree gives you wide lender information to help you choose the best loan deal for yourself.

Lender information may include their rates, loan amounts, credit score minimums, what they’re best for, and more, giving you a good picture before you commit to a specific creditor.

Because lenders here have varied credit score requirements, with some going as low as 585, even people with lower credit scores have a shot at landing a loan.

Here’s how it works, Lendingtree will run a free soft credit check on you and give the information to their lenders.

In a matter of a few minutes, multiple lenders will get back to you with offers, and from the site’s lender page, you can shop for the most favorable loan for yourself.

In turn, the ease of comparison helps you save money and time from sending individual applications.

Lendingtree Features

You could get a loan ranging from $1000 – $5,000 with rates as low as 2.49%. So, if you have a decent credit score or credit history, these are arguably some of the most affordable personal loans you’ll get.

Still, we need to state that Lendingtree creditors charge an origination fee, thus keep that in mind when weighing your lender options.

Even better, the service has a loan calculator, which after you receive a loan offer, you could use to gauge your monthly payments and make thoughtful loan decisions.

Another thing, Lendingtree’s web version is good, but we’d recommend the app for its additional financial tools.

For one, the mobile application can show you your credit score and even goes further to give you recommendations on how to boost it.

With a goal to give you a good idea of personal loans, Lendingtree also has extensive education resources that could give you a deeper insight into choosing the right lender.

Lendingtree Highlights

  • Loan Amount: $1,000 – $50,000
  • Loan Terms: 3-7 years
  • APR: 2.49% – $35.99%
  • Minimum Credit Score: Depends on the lender
  • Approval and Funding Time: Same day to 5 business days

Lendingtree Customer Experience

Lendingtree has a kind and responsive customer service, both by phone and email. We particularly loved the email option for their detailed answers to specific customer questions.

Overall, the company’s user-friendliness is awesome. Combining the loan calculators, mobile app, and straightforward lender details, Lendingtree allows for a smooth and fast application process.

Find a Lender Fast With Lendingtree

5. AmOne – Nice Personal Loan Rates Lender

AmOne Pros

AmOne Cons

  • Limited lender information

AmOne Overview

Ever since launching in 1999, AmOne has strived to give consumers like you some peace of mind by helping them pick tailored loans.

Like most personal loans, AmOne will relay your loan needs to moneylenders, and almost instantly, up to the task creditors in their network will approach you with loan deals.

Our only bother is the company doesn’t give much away about lender terms before applying. However, once loan deals come through, you can see specific loaner details to weigh up and go with a fitting lender.

Moreover, the platform assures you of personal privacy as they don’t store any sensitive personal information like your security number.

It might interest you to hear that AmOne offers personal loans for all credit types. Even with not the most appealing credit score, you have a chance at securing a personal loan.

AmOne Features

AmOne is a sport in that they offer a wide variety of personal loans, these include;

  • Secured loans
  • Unsecured loans
  • Peer to peer loans (Individual loans)
  • Short term loans

Secured and peer-to-peer loans are especially advantageous for their low-interest rates and usually little credit obligation.

There’s more, AmOne also assigns you a financial search specialist who’ll help you out in your search. Moreover, these specialists boost your prospects by matching you to additional loan companies that might be able to meet your financial needs.

AmOne Highlights

  • Loan Amount: $1,000 – $50,000
  • Loan Terms: 24 – 84 months
  • APR: 2.49% – 35.99%
  • Minimum Credit Score: None
  • Approval and Funding Time: 24 hours after approval

AmOne Customer Experience

See, AmOne has great email, call, and live chat customer support.

Away from that, they pip most lenders by possibly the most beginner-friendly service. Yes, their financial match specialists will help you out every step of the way.

Low-Interest Rates With AmOne

Best Personal Loan Offers – Buying Guide

How Do Personal Loans Work?

Personal loans work when a consumer approaches a personal loan lender and puts in a loan application. After approval, the customer then signs a loan agreement and receives the loan funds in their bank account usually between 1-5 business days.

As the name suggests, personal loans cater to a variety of personal reasons, e.g. mortgage, home renovation, vacation, tuition, unexpected bills, and more.

Again, these loans are usually paid back at a regular monthly fixed or occasionally at a variable interest rate over a period of 1-10 years.

Personal loans are either unsecured or secured.

Unsecured personal loans are the most common type, and they don’t need you to put down any collateral against your loan.

A secured loan, on the other hand, will need collateral, e.g. an asset that’s to be seized in case you default on servicing the loan.

This is not to say you receive no repercussions when you default your unsecured loan repayment terms, you do. When you don’t honor an unsecured loan, the loan companies may demand extra fees and can also report you to the main credit bureaus and that will hurt your credit score.

To secure a personal loan, online lenders will have different requirements. Even so, the base requirements are that you;

  • Are a US citizen
  • Be at least 18 years of age
  • Have a steady income

Variety Of Loan Amounts With Credible

How To Choose a Lender:

When you’re relatively new to online lenders, it can be a bit of a hassle choosing a tailored lender, so here are a few factors to keep in mind.

Your Credit History

Some creditors take a keen interest in your credit history and credit score as a way to measure creditworthiness. On the other hand, some lenders don’t.

For people that don’t have a wide credit history, it is important that you choose a loan provider that considers all credit types.

But, if you have a good credit score, you don’t have to worry about lenders as any lender would potentially grant you a loan approval with a low-interest rate.

The Amount You Need

Maybe you want a large loan to service a property renovation or get a car maybe, or maybe you need a few hundred dollars or 1000 dollars to keep you going until your next paycheck.

You have to choose a loan provider that offers loans within the range you desire.

For instance, SoFi is your best bet if you need a big loan since they offer loan amounts worth $5,000-$100,000. Conversely, Credible offers loans as low as $600, so it’s perfect if you need a quick few hundred bucks.

Compare Quotes

Most of the personal loan companies we reviewed above operate as lender marketplaces. The biggest perk of their lender networks is that you can fill out a prequalification form and get a list of creditors that would like to offer you a loan.

From the list, you could compare APRs, origination fees, terms, and more to assess the right option for yourself, thus saving you time and even money.

APRs and Fees

Lender interest rates and fees determine how much you’re going to pay back in monthly payments.

Fees can be directly deducted from your loan amount or added to your loan amount, hence raising your monthly loan repayment amount.

Before you commit to a lender, you could always do a rough calculation of how much you’ll have to pay back monthly to see if a loan is sustainable.

Terms

A majority of personal loan platforms give terms of between 1 to 7 years, and a few could go up to 10 years.

Generally, the shorter your loan term, the higher you’ll be paying back monthly, but the lesser you’ll be paying in total.

On the flip side, if your loan term is long, you’ll pay back a lower amount every month but a higher total when you finish paying the loan.

So, choose a loan term that would be manageable for you monthly and in the long run.

Get a Loan Fast With Credible

How to Apply for a Personal Loan

Applying for a loan is relatively straightforward. Once you figure out a specific lender, you’ll need to fill in an application form or a prequalification form for lender networks.

In a few minutes, you could get loan offers from different lenders, after which, you can choose a specific one and fill in the lender’s individual application form.

On approval and once you sign the necessary loan documents, you’ll access the loan proceeds on your checking account on the same day or in a few business days.

Comparing Personal Loan Lenders

Just as a reminder, you’ll receive loan offers from different personal lenders with details ranging from their loan amount, APR, terms, and more.

Most loan agencies do this to help you choose the best deal for yourself. All you need to do is weigh these lenders against each other and choose the most affordable one.

Alternatives To Personal Loans

Let’s say you’ve not managed to get a personal loan, do you have other options? Yes! Here are some to check out;

Line of Credit

A line of credit is when you borrow money in a rolling format. When you keep up a good credit reputation, you could ask your lender to make some funds available to you when the need arises. The good thing about lines of credit loans is that interest is charged only on what you spend.

Try Credible For Quick Loans

Credit Card

Credit cards are awesome for abrupt small expenses. Credit card debt is serviced at the end of the month and it’s great that many banks give you an interest-free grace period.

Usually, grace periods go for up to 6 months, so a credit card debt might be cheaper provided that you commit to your monthly credit bills.

Peer-to-Peer Loans

Peer-to-peer loans are usually provided by individuals, so you don’t have to deal with a financial middleman.

Better yet, your loan approval depends on how you relate to your potential lender.

Salary Advance

Also, if you’re pressed for money, you could ask your employer to offer you your next salary, or part of it before your next paycheck. Typically, salary advances don’t attract interest if you take them directly from your employer.

Family and Friends

Sometimes, we want to keep our financial needs away from friends and families. However, since you probably have a better standing with people you know, it could be easier for them to offer you a loan. Just make sure to give them a clear plan on how you’ll pay it back and stick to it.

Best Bank Personal Loans – FAQs

What Is an Unsecured Personal Loan?

An unsecured personal loan is a loan that’s offered without any collateral or asset obligation.

As opposed to protecting loans against an individual’s assets, unsecured loans look at someone’s creditworthiness instead. When someone fails to pay an unsecured debt, it may hurt their credit score.

Which Online Personal Loan Is Best?

Credible is the best online personal loan. The online loan company provides personal loans as fast as the same business day if you’re approved.

Moreover, Credible offers pretty low-interest fees as well.

Which Bank Gives a Personal Loan Easily?

Lendingtree gives a personal loan easily.

It is easier to get a loan from Lendingtree because the loan provider takes all credit types. Even if you have an average credit score you could still get a personal loan. In addition, Lendingtree can give you as many as five loan offers, thus you can pick the best one.

If you’re still on the search for a fast loan lender, which you’ll be able to pay back quickly, you might be interested in the best payday loan lenders such as MoneyMutual.

Who Has the Lowest Interest Rate for a Personal Loan?

AmOne has the lowest interest rate for a personal loan. The service’s competitive interest rates start from as little as 2.49%. Needless to say, AmOne is one of the most affordable options if you have a favorable credit history.

Even so, Lendingtree and Credible also have some low starting interest rates too.

How Many Personal Loans Can You Have at Once?

You can have multiple personal loans at once, and these can be with the same lender or different lenders.

Personal loan creditors can give you a loan even if you have an outstanding personal loan, provided that it’s not too much.

But keep in mind, before taking a loan on top of existing debt, make sure that you’re in the position to handle the extra financial responsibility.

How Do I Check My Credit Score?

You can check your credit score on Annual Credit Report.com for free once every 12 months. and get a credit report from the three main credit bureaus: Equifax, Experian, and TransUnion.

Alternatively, Equifax account members are also entitled to 6 free credit reports every year, so you might also want to consider that.

An extra option is Lendingtree as the company’s mobile app shows you your credit score, and even suggests possible solutions on how to raise it.

Best Personal Loans – Conclusion

Personal loans are a great recourse when you have a personal expense you can’t foot out of pocket. With our curated list of the best personal loans, everyone sure has something in it for them.

See, all these personal loans are worth your time, but Credible just edges it out as the best personal loan lender.

Not only does Credible have a proven reputation, but the company also gives large loans fast and with lower starting interest rates.

Nevertheless, Lendingtree and SoFi are right up there too. Matter of fact, with the companies’ string of lender partnerships – you get a lot of creditors to choose from.

All in all, we hope you now have a good idea of the best personal lender for you. Still, you could revisit our beginner tips and find your way to an ideal lender.

Thanks for reading!

Show some Love^^