10 Best Personal Loans of 2022 – Pros and Cons

5 Mins read

Personal loans are lump-sum financing borrowers can get from an online lender, credit union, or traditional bank, which they can use for different expenses like medical bills, auto repairs, home improvement, wedding expenses, vacations, projects, and debt consolidation. Personal loans usually have repayment terms between two and seven years and offer interest rates as low as 3% for high-qualified borrowers.

Many personal loans don’t take time to be funded, so you don’t have to wait long to get the money you need. The best personal loans offer low-interest rates for well-qualified borrowers, flexible loan amounts, repayment terms, and limited fees. Most personal loans don’t demand any form of collateral or security deposit, but late and missed payments on the credit report can lower your credit score.

Suppose you are interested in personal loans for many purposes. In that case, this guide is for you as we will review the best personal loans that offer simple, straightforward application processes in this guide.


SoFi is one of the best personal loans that provide unsecured fixed-rate personal loans in every state except Mississippi. SoFi was founded in 2011 and has offered over $50 billion in loans. It is known for allowing high loan amounts and its availability of extended loan terms. SoFi personal loans are available between $5,000 and $100,000 and may vary by the state you live in, making SoFi a good choice for those with excellent credit who need to borrow a large amount of money. 


  • Prequalification with soft credit check.
  • The funding takes just one to two days.
  • SoFi gives high loan amounts and lengthy terms.


  • SoFi does not offer direct payment to third-party creditors for debt consolidation.
  • Some applicants report difficulty in the qualification standards.
  • Co-signers are not allowed.
Best Personal Loans

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LightStream is one of the best personal loans for low-interest rates. It is a consumer lending division of Truist, which was formed following the merger of SunTrust Bank and BB&T. LightStream platform offers unsecured personal loans from as low as $5,000 up to $100,000. The repayment terms are available from two to seven years, making it an excellent option for those who want to advance the payment of significant expenses for a long time.


  • There is no origination, prepayment, or late fees.
  • The rate is low and less competitive.
  • The approval and funding are fast.


  • There is no prequalification process.
  • There is no due date flexibility.
  • There are some restraints on the use of loan proceeds.


Marcus is one of the best personal loans for terms up to 72 months. Marcus is a subsidiary of the investment bank Goldman Sachs and offers personal loans between $3,500 and $40,000. Marcus may not be an excellent choice for those who need access to a considerable loan amount, but the platform still provides flexible loans available for three- to six-year terms.


  • No origination, insufficient fund, late payment, or prepayment fees exist.
  • Marcus offers direct consolidation payments to third-party lenders.
  • Borrowers can change their payment date up to three times.


  • Marcus does not allow co-signers or co-applicants.
  • Marcus’ loan cannot be used to refinance an existing student loan.
  • The funding can take up to four days after loan approval.


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LendingPoint is one of the best personal loans for fast funding & below-average credit. It is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. LendingPoint personal loans range from $2,000 to $36,500, and the repayment terms range from 24 to 60 months or two to five years.


  • LendingPoint operates quick funding.
  • It has low credit score requirements
  • There is no prepayment penalty.


  • The origination fees are between 0% and 6%.
  • Co-signers or joint loans are not allowed.
  • LendingPoint is not available in Nevada and West Virginia.


Upgrade is the best personal loan for bad credit. It was launched in 2017 and offered accessible online and mobile credit and banking services in every state except Iowa, Vermont, and West Virginia. Since then, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Upgrade provides loans to those with poor credit history.

Upgrade platform has three- and five-year loan terms available and charges an origination fee between 2.9% and 8% of the loan. The borrowers will face a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay.


  • Upgrade has a low credit score requirement.
  • The borrowers can use loans to cover business expenses.
  • It offers direct lender payoff for debt consolidation loans.


  • There is a high APR range.
  • Upgrade charges fees for origination, late payment, and insufficient funds. 
  • The platform only offers two loan repayment periods.

Universal Credit 

     Universal Credit is one of the best personal loans for comparing multiple offers. Universal Credit lending platform offers personal loans between $1,000 and $50,000 through its partners, and the repayment terms range from 36 to 60 months or three to five years. Universal Credit makes getting a personal loan available even to people with damaged credit, and it comes with a few trade-offs. 


  • The qualification requirements are flexible.
  • The funding takes just 24 hours.
  • There is no prepayment penalty.


  • The APRs are high.
  • The personal loans charge a 4.25% to 8% origination fee.


Discover is the best for no interest if refunded within 30 days. It is an online bank that offers customers retirement solutions, credit cards, and personal loans in all 50 states. Discover is known for its online application and mobile banking tools, well-reviewed customer support team, and fast funding. The loans range from $2,500 to $35,000 and can be issued for three to seven years. 


  • There is an option to pay off creditors directly.
  • There are no origination fees or prepayment penalties
  • Directly pays creditors.


  • The Discover platform charges late fees.
  • The maximum loan amount is low.


Upstart is one of the best personal loans for as low as $1,000. It is outstanding in the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. Upstart assesses that it has been able to approve 27% more borrowers than possible under a traditional lending model. 


  • Upstart is accessible to borrowers with fair credit.
  • It offers prequalification with a soft credit check.
  • It enables you to choose a custom payment date.


  • The origination fee charge is up to 8% of the loan amount.
  • There is no secured or co-signer option.
  • The loans are only available for three- or five-year terms.


Avant is among the best personal loans for various repayment terms. Avant is a consumer lending platform that provides secured and unsecured personal loans through a third-party bank (WebBank). The platform focuses on middle-income borrowers with fair to good credit and only requires the least score of 580 to qualify.


  • There is the availability of secured and unsecured loan options.
  • It has a low credit score requirement.
  • The loan terms available are up to 60 months.


  • The platform charges an upfront administrative fee.
  • There is a high starting APR for prime borrowers
  • Co-signers and co-applicants are not permitted.

Rocket Loan

Rocket Loan is one of the best personal loans for fast funding. If you need money urgently, Rocket Loans is an excellent option as it provides loans on the same day and may even approve borrowers with less-than-perfect credit.


  • The platform operates same-day funding.
  • Starting APRs with autopay discount are low.


  • Rocket Loan has origination fees of up to 6%.
  • It operates only two repayment term options. 


Information provided in this guide is for educational purposes only because your financial situation is exclusive, and the products and services we review may not be suitable for your situation. This guide has covered the 10 best Personal Loans of 2022. Pros and Cons of each, kindly read and drop your view at the comment section.


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