Best Personal Loans of 2022

Racheal Vazquez

Personal loans are popular among consumers as they offer to cover expenses, such as medical, travel, and weddings. These loans generally have fixed annual rates that vary widely and can be a safe and least costly way of closing any financial issues. Each lender has different features from no fees and soft credit checks.  We’ve evaluated the best personal loans based on rates, terms, loan options, customer reviews, and overall quality.

SoFi Personal Loans

5.99% - 20.69%

Est. APR

680

Min. Credit Score

$5,000 - $100,000

Loan Amount

Overview

SoFi offers online personal loans that are ideal for people who want to borrow money at a low cost. You can use the loan for personal, family or household needs. Borrowers can't use the loan for real estate, business purposes, investments, purchase of securities, postsecondary education, or short-term bridge financing.

What we like

  • No prepayment fees, no origination fees, no late fees
  • High loan limits
  • Offers co-sign and joint loan options
  • Offers unemployment protection
  • Free career coaching and financing advice

What we don't

  • No borrowing below $5,000
  • No refinancing option
  • No secured loan option

Upgrade Personal Loans

6.98% - 35.89%

Est. APR

620

Min. Credit Score

$1,000 - $50,000

Loan Amount

Overview

Upgrade personal loan features include minimal fees and multiple usages, including refinancing credit cards, debt consolidation, home improvement, and major purchases. However, you can’t use it for post-secondary education expenses, investment gambling, or illegal activities.

What we like

  • Flexible loan amount between $1,000 - $50,000
  • Faster funding compared to banks
  • Min. credit score of 620
  • Allows secured, co-signed, and joint loans

What we don't

  • Origination fees
  • Only two loan terms, 3 or 5 years