The Best Personal Loans of 2022: Compare Our Reviews and Rankings of the Top Companies

Taking out one of the best personal loans can be a smart financial decision when done correctly, and for the right reasons. There are several types of personal loans, from short-term options to traditional loans with longer repayment terms. They can be an excellent way to pay for a big event or purchase, consolidate your debt, or afford an unexpected expense.

Find out more about the top personal loan companies, like LendingTreeCredible, and AmOne, and how they compare by reviewing their main benefits. Learn about the criteria required to secure a loan, the amount you can expect to borrow, and how to choose the loan that is best for your needs.

Best Personal Loans for Different Credit Levels and Situations

Runners-Up

1. MoneyMutual – Best Overall Personal Loans

The Best Personal Loans of 2022 Compare Our Reviews and Rankings of the Top Companies

MoneyMutual Personal Loan Pros:

  • Fast approval and funds
  • Small loan amounts available
  • Options available for bad credit
  • Access to a wide range of lenders

MoneyMutual Personal Loan Cons:

  • No guarantee on loan offers
  • Interest rates unavailable until matched with a lender
  • Screening process for qualifying isn’t clear

MoneyMutual is not a lender, but a service that allows you to fill out your information once and then receive offers from a network of lenders. A large number of lender partnerships raises your chances of finding a loan that meets your needs, even if you have bad credit. However, there is no guarantee that you will get an offer.

Once you select a loan offer, funds can be deposited into your account as soon as the next day. The speed and convenience of MoneyMutual are a huge plus for borrowers who need funds fast.

Loan Amount Available from MoneyMutual: 4.8/5

MoneyMutual connects you with lenders that offer loans from $200 to $5,000. This range generally suits the needs of borrowers looking for a short-term loan, which is what the company specializes in. Review your loan agreement carefully. Some loans are expected to be repaid on your next pay date, while others have longer terms.

Interest Rate on MoneyMutual Loans: 4.6/5

One of the frustrating parts of using MoneyMutual’s service is that you won’t know the interest rates until after you fill out the form and are matched with a lender. Each lender services all loan offers independently, so they set their rates, and the screening process for approval is unclear. Even with being unable to determine rates upfront, the large number of lenders gives you better odds of finding a loan that meets your needs and budget.

Loan Terms Offered by MoneyMutual: 4.6/5

Like the interest rate, the term of your loan is determined by the lender you choose to work with, and not MoneyMutual. That being said, there are still a few options to choose from. You can opt for a short-term loan or extend the repayment for several months. This flexibility can help you get the cash you need fast with a repayment schedule that fits your financial situation.

Credit and Income Requirements for MoneyMutual Loans: 5/5

Customers that have difficulty finding a personal loan that is credit-based will love the convenience and options of MoneyMutual. Instead of using your credit score as the main basis to determine approval, the lenders you are matched with look at your income. If you can provide proof of income that is equal to or greater than $800 per month, you can likely find a loan.

MoneyMutual Loan Processing Time: 5/5

Another huge benefit of using this service is the fast access to your loan funds. After you fill out a simple form one time, your information is scanned by a network of lenders. You can get offers in just minutes. Once you accept an offer from a lender, you can have your funds direct deposited the next day. The actual processing time varies by lender but is typically fast.

Overall Score for MoneyMutual Personal Loans: 4.8/5

Check out some of MoneyMutual’s competitors, like LendingTreeCredible, and AmOne, to compare.

2. SoFi – Best Personal Loans for Good Credit

The Best Personal Loans of 2022 Compare Our Reviews and Rankings of the Top Companies

SoFi Personal Loan Pros:

  • Lower rates for good credit
  • Approvals for large loans
  • No fees
  • Discount for autopay

SoFi Personal Loan Cons:

  • Secured loans unavailable
  • High minimum loan
  • No same-day funds

For customers that have good to excellent credit, SoFi is a fantastic option for one of the best personal loans. You can borrow up to $100,000 with zero fees. SoFi also has a great online platform that makes the application process easy.

Most customers report outstanding customer service and high satisfaction with their experience. Get a loan without the added fees. You can even qualify for several discounts to lower your interest rate and reduce the cost of your loan.

Loan Amount Available from SoFi: 4.8/5

Choose SoFi for your personal loan needs if you need a large amount of money. You can borrow anywhere from $5,000 to $100,000. This is great for anyone who wants to take out one of the best personal loans to consolidate debt or pay for a large expense. It’s not as suitable if you want a short-term loan to repay quickly.

Interest Rate on SoFi Loans: 4.9/5

SoFi’s interest rates range from 6.99% APR to 21.78% APR. Borrowers with a good credit history can qualify for lower interest rates. You can qualify for a discount of .25% if you sign up for autopay.

Loan Terms Offered by SoFi: 4.7/5

Loan terms depend on your situation and the agreement you make for the loan. You can expect to repay the balance of the loan in anywhere from two to seven years.

SoFi Credit and Income Requirements for Personal Loans: 4.2/5

SoFi offers unsecured personal loans, which means that the eligibility criteria are a bit stricter than with some short-term or bad credit loan lenders. You should have a credit score of at least 680 to qualify.

SoFi Loan Processing Time: 5/5

You can apply for a loan online in just a few minutes and receive a determination shortly after. While some loans can take a few days to process, it is possible to receive your funds on the same day your application is approved.

Overall Score for SoFi Personal Loans: 4.7/5

Leading Alternatives to Sofi include: LendingTreeCredible, and AmOne.

3. CashUSA – Best Additional Services

The Best Personal Loans of 2022 Compare Our Reviews and Rankings of the Top Companies

CashUSA Personal Loan Pros:

  • Fast approval
  • Funds deposited into your bank account
  • Get approved for a range of services

CashUSA Personal Loan Cons:

  • No guarantee you’re matched with a lender
  • Possible high-interest rates
  • Mixed customer reviews

CashUSA is a service that refers you to a network of potential lenders. Any loan offer that you accept will be processed and administered by the individual lender. For this reason, it’s difficult to know what loan terms and the interest rate you will get before you submit your application.

The good news is that one application puts you in touch with many lenders. If you select an offer, you can get your funds quickly. If you don’t qualify for a loan through one of the CashUSA partnered lenders, you can still be given offers for services like credit repair and debt relief.

Loan Amount Available from CashUSA: 4.8/5

CashUSA is a trusted loan matching service that submits a loan inquiry on your behalf to many lenders at once. You can get a loan of up to $10,000. This amount is significant enough to cover the needs of many borrowers.

Interest Rate on CashUSA: 4.4/5

Interest rates vary by lender but will likely range between 5.99% APR and 35.99% APR. You will only be able to see the interest rate you qualify for after you submit your application and receive offers from lenders.

Loan Terms Offered By CashUSA: 4.4/5

With loan terms of 90 days up to 72 months, there is a loan option that is suitable for nearly any need and budget. Choose a smaller loan to repay quickly, or opt for a larger loan that you can repay in installments for the next several years.

CashUSA Credit and Income Requirements for Personal Loans: 5/5

CashUSA may do a soft pull on your credit report but a hard inquiry won’t take place until you match with a lender and pursue a loan offer. Although your credit rating can impact the loan amount and terms you are given, even borrowers with bad credit can qualify using their income. You must prove that you have at least 90 days of employment. The income minimum is set by each lender.

Another advantage is that if you don’t qualify, you can still receive offers that may be of use to you. CashUSA may give you recommendations and offers for debt relief and credit repair.

SoFi Loan Processing Time: 5/5

This online service gives you answers to your loans queries in seconds. If you choose to accept a loan offer, you can receive the money deposited into your account as early as the following business day.

Overall Score for SoFi Personal Loans: 4.7/5

CashUSA not right for you? Check out LendingTreeCredible, and AmOne.

4. BadCreditLoans – Best Personal Loans for Bad Credit

The Best Personal Loans of 2022 Compare Our Reviews and Rankings of the Top Companies

BadCreditLoans Personal Loan Pros:

  • Low credit scores accepted
  • No application fees
  • Fast funding

BadCreditLoans Personal Loan Cons:

  • Not a direct lender
  • Larger loan amounts unavailable with poor credit
  • Mixed customer reviews

If you find yourself in an emergency where you need access to money quickly, BadCreditLoans can help. You can qualify for a loan even if you have less than stellar credit. Get access to a network of lending partners for faster approval and funding.

Loan Amount Available from BadCreditLoans: 4/5

BadCreditLoans works with lenders that offer loans of $500 up to $10,000. The downside is that you may only qualify for a maximum amount of $1,000 if you have a credit score of 500 or under.

Interest Rate on BadCreditLoans Loans: 4.3/5

The lenders that partner with BadCreditLoans determine the interest rate you will be charged. The range varies from 5.99% APR to 35.99% APR.

Loan Terms Offered by BadCreditLoans: 4.3/5

Similar to the interest rate, the term of your loan is set by the lender you choose to accept an offer from. Typical loan terms are anywhere from 90 days to 72 months.

BadCreditLoans Credit and Income Requirements for Personal Loans: 4.5/5

With BadCreditLoans, the possibility of getting access to the funds you need even with bad credit is more likely than with other lenders. You can be approved with a credit score as low as 500. Your lender may also ask you to verify proof of income before your loan is finalized.

BadCreditLoans Processing Time: 5/5

The time it takes to receive your funds depends on the lender you select, but many customers get their money the next business day. The quick turnaround time is an excellent perk for any individual who needs funds to cover an emergency.

Overall Score for BadCreditLoans Personal Loans: 4.4/5

Looking for more alternatives? Check out LendingTreeCredible, and AmOne.

5. Zippyloan – Best Range of Loans

The Best Personal Loans of 2022 Compare Our Reviews and Rankings of the Top Companies

ZippyLoan Personal Loan Pros:

  • Loans as low as $100
  • Approval for poor credit
  • Variety of options

ZippyLoan Personal Loan Cons:

  • No guarantee you will get an offer
  • Payday loans have high fees
  • Application information sold to lenders

Zippyloan offers borrowers the option to apply for an unsecured personal loan or a payday loan. You can get a small loan of just $100 or apply for a loan up to $15,000. Be aware that the interest rates for payday loans are high.

Loan Amount Available from ZippyLoan: 4.5/5

Zippyloan has one of the largest ranges of loan amounts on offer. They are another company that provides a service of matching borrowers to a lender. You can borrow from $100 to $15,000.

Interest Rate on ZippyLoan Loans: 4/5

Interest rates at Zippyloan are affected by your credit score, credit history, and income. The rates vary and are determined by each lender.

Loan Terms Offered by ZippyLoan: 4/5

Your loan terms depend on the type of loan you accept. Payday loans are typically due on your next pay date. Other loan terms range from 6 to 72 months.

ZippyLoan Credit and Income Requirements for Personal Loans: 4.1/5

If you are looking for an unsecured loan, Zippyloans can connect you to lenders that are willing to make offers to borrowers with a range of credit scores. If your credit is very low, you may only qualify for a small loan amount. Most borrowers also require you to provide proof of your income before finalizing an offer.

ZippyLoan Loan Processing Time: 5/5

As with many online loan matching services, you can fill out a single application to receive a determination in minutes. After you accept an offer, you could have your money available in your account as soon as the next business day.

Overall Score: 4.3/5

There are many more personal loan providers, like LendingTreeCredible, and AmOne.

Honorable Mentions:

How We Chose the Best Personal Loans

Choosing a lender for your personal loan is a big decision. We looked at some of the top criteria that customers should consider when taking out a loan:

  • Loan amount
  • Interest rate and fees
  • Loan terms
  • Credit requirements
  • Income and employment requirements
  • Loan decision and funding time
  • Company reputation

These factors will affect your repayment terms and whether or not the loan is affordable, and a good fit for you. Take the time to compare a few offers from several lenders to ensure you are getting the best deal before you accept a loan offer.

Guide for Selecting the Best Personal Loans

If you are considering a personal loan, you likely have a lot of questions. Read through these common queries to find out more about the process and to help you make an informed decision.

What Is a Personal Loan and What Can It Be Used for?

Personal loans are a type of credit that you apply for and then repay in installments that include interest added to the principal amount. Once you are approved, your lender will send you the amount of the loan, typically through direct deposit to your bank account.

The great thing about personal loans is that you can use the funds for nearly any reason. Many borrowers use loans to refinance or consolidate high-interest debt or pay for a large expenses like college or home remodeling and repairs.

Other reasons are to cover a medical bill or other unexpected expenses. Some borrowers turn to personal loans to finance an event such as a wedding or vacation. A loan allows you to repay over time instead of needing to come up with the money all at once.

How Can I Qualify for a Personal Loan?

The criteria that are used to determine your eligibility vary by lender. Some require you to have a minimum credit score of at least 600 and a fair to good credit history. They will probably also ask for your employment and income details.

Other lenders specialize in bad credit loans for individuals who may have some past financial difficulties that make securing a traditional loan difficult. Instead of using your credit score as a basis for approval, these lenders look at your income. You may be able to take out a loan if you can prove that you have a steady income from a consistent source. The monthly amount needed to qualify varies depending on your lender and the amount you wish to borrow.

Your age, collateral, and debt-to-income ratio may also be considered. As part of the application process, you will be asked to provide your personal details and verify your identity, income, and employment history.

How Much Can I Borrow?

The amount you are approved to borrow is dependent upon your credit history, income, and employment, as well as the type of loan you apply for. The loan amount for the best personal loans can range from as low as $100 to $100,000.

What Is the Cost of a Personal Loan?

Interest rates and loan fees vary widely by lender. The typical range is from 5.99% APR to 35.99% APR. Your credit history and income level will also impact your rate.

Some of the best personal loans also have origination fees or application fees. Late fees are also common. There is a chance you may have a prepayment penalty if you pay off the entire loan early. Check your loan agreement to determine which fees apply and to avoid any surprises.

How Soon Can I Get the Money?

Many lenders, especially those with online applications, can give you a loan approval decision in minutes. Once you review and accept the offer, your loan can be released to you as soon as the following day. Others take longer to process. The time it takes to get your money depends on the lender. Refer to the loan offer and agreement contract for the specific details of your loan.

How Do I Choose the Best Personal Loan for My Needs?

The personal loan that is best for you depends on your needs and financial circumstances. Before you make a decision, compare offers from several lenders. This will help you get a good idea of the interest rate and amount that you qualify for.

It’s also a good idea to know your credit score and history. If the need for the loan isn’t urgent, you can increase your chance of being approved for a larger loan by working on improving your credit rating first.

Always make sure that you can fulfill the repayment terms of the loan before you sign a contract. Failure to repay your loan could result in additional fees, collections activity, and even impact your credit, making future attempts to borrow money more difficult.

Top 5 Best Personal Loans Summary

Money Mutual

  • Loan amount: $200 to $5,000
  • Rate and terms: Varies by lender
  • How soon you get your money: As soon as 24 hours
  • Minimum credit score or income: Must verify income of at least $800 per month

SoFi

  • Loan amount: Up to $100,000
  • Rate and terms: 6.99% APR to 21.78% APR – Terms of 2 to 7 years
  • How soon you get your money: As soon as the same day of approval
  • Minimum credit score or income: 680

CashUSA

  • Loan amount: Up to $10,000
  • Rate and terms: Typically range from 5.99% APR to 35.99% APR with terms from 90 days to 72 months
  • How soon you get your money: As soon as the next business day
  • Minimum credit score or income: Employed for at least 90 days with lender-specific income minimums

BadCreditLoans

  • Loan amount: $500 to $10,000
  • Rate and terms: Typically range from 5.99% APR to 35.99% APR with terms from 90 days to 72 months
  • How soon you get your money: As soon as the next business day
  • Minimum credit score or income: Proof of regular income

ZippyLoan

  • Loan amount: $100 to $15,000
  • Rate and terms: APR varies by lender. Terms from 6 to 72 months
  • How soon you get your money: As soon as the next business day
  • Minimum credit score or income: Proof of regular income

Runners-Up

Final Thoughts on Selecting the Best Personal Loans

Loan types and options vary widely. The best personal loans will clearly communicate the interest rate and terms of your loan. You must understand the conditions of the loan agreement before you sign a contract to avoid hidden fees.

Choose a lender that is willing to work with your type of credit and income situation. This will increase your chances of being approved.

You should also only borrow the amount that you need. It can be tempting to take out a larger loan, but remember that you will be paying that amount back with interest. You must keep your loan payments within your budget to avoid financial strain and uphold your repayment terms.

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