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The best personal loans lenders for 2022

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The best in personal loans in 2022

Bankrate Awards - Personal Loans video

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

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Upstart

Read the full review by our Bankrate reporters
Highlights No minimum credit score Loans from $1,000 to $50,000 No prepayment penalty

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

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Best Egg

Read the full review by our Bankrate reporters
Highlights Low APR range Loans from $2,000 to $50,000 Quick online application

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

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Best for borrowers with good credit

Figure
Read the full review by our Bankrate reporters
Highlights Online application Low APRs Range of loan amounts

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

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Axos

Read the full review by our Bankrate reporters
Highlights Minimal, low fees Low APRs Range of loan amounts

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

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LightStream

Read the full review by our Bankrate reporters
Highlights Online account management No fees Customer service

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

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LightStream

Read the full review by our Bankrate reporters
Highlights Autopay discount Long repayment terms Low starting APR

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

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Marcus by Goldman Sachs

Read the full review by our Bankrate reporters
Highlights Range of loan amounts Low APRs Fast funding

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

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TD Bank

Read the full review by our Bankrate reporters
Highlights High-rated apps Minimal fees 24/7 customer service

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.
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