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Best Online Personal Loans Of 2022

Need funds and you are probably thinking of getting a personal loan online? Not to worry, this article is going to provide you with all the information you need to know about the best online personal loans in 2022

What are Personal Loans?

A personal loan is an unsecured lump sum loan that is assigned for personal or individual use, although some lenders offer a secured personal loan option with a low-interest rate.

Most personal loans have a fixed interest rate which makes budgeting for your monthly repayments more predictable.

Personal loans can be gotten from a traditional bank, credit union, or online lender which can be used for different expenses and also have repayment terms between two to seven years and offer an interest rate that can be as low as 3% once the borrower is highly qualified.

Common Uses of Personal Loans

Personal loans collected by individual borrowers can be used for different purposes(definitely personal purposes as the name implies).

Some lenders also offer personal loans for specific uses, while others may permit you to use them for whatever purpose you need them for. Some of those uses include:

Paying off high-interest credit cards: Some credit cards come with an extremely high APR which can be hard to pay.

So getting a personal loan whose rates are much lower, helps you pay a lower sum while still paying off the same amount of debts

  • Medical bills: having access to emergency funds is a really good thing that helps to cover up any emergency medical bills that might pop up without having to result in high credit cards. 
  • Debt Consolidation: most people use personal loans to consolidate their debts and settle for the simpler and lower monthly repayment fees with the flexible terms and interest rates than personal loans have to offer that way they can save money on interest.
  • Home Improvements: individuals also take out loans to work on their home emergency repairs or to renovate in order to make it appealing or attractive to buyers

You can read this: Springleaf Loans Review 2022: Legit or Scam

Requirements for Getting an Online Personal Loan.

Every lender has different requirements that are considered when issuing a personal loan and this is because the lenders want to reduce the risk of running at a loss by making sure that the borrowers can pay back the loans. That is why they have come up with the requirement scheme which includes

Credit Score

Lenders take note of your credit score as an estimate of your risk profile. The credit rating agencies look at five main factors when calculating your credit score which includes your

  • Payment history: if you pay your debts on time or have a hobby of missing payments.
  • Amounts owed: they look at the ratio of your current debt and your overall credit limits. So you definitely want to have as little debt as possible because the lower the ratio, the better the chances you’ll have.
  • Length of credit history: the older accounts contribute to a good credit score and active old accounts make it even better.
  • New credit: a new credit account can tarnish your credit score as it implies that you need credit and you are in financial trouble.
  • Credit mix: having a good credit portfolio like retail accounts, credit cards and short-term loans provides a small bump to your credit score. Credit scores range from 300 to 800 and above, the higher the number the better. Some personal loans might require a minimum credit score before you can qualify. 


Income is another thing that the lenders are concerned about, they want to be sure that you can pay off your debts, and in order to qualify you to have to meet up to the minimum income requirements which vary from lender to lender.

Sometimes the lenders might not set a fixed minimum income but even in this situation, you are expected to show evidence of your income which involves tax returns, monthly bank statements, and so on.

Some other things that the lenders might require are your debt to income ratio which indicates how much of your gross monthly income goes to paying debts.

Collateral is any valuable asset that lenders use to secure loans against any threats and for the unsecured personal loans where the lenders don’t require collateral they fight those risks by using high-interest rates unlike that of secured personal loans where the interest rates are usually lower and better.

Seven(7) Best Online Personal Loans

Getting a personal loan from an online lender is one of the efficient ways of accessing a loan. As they provide you with low-interest rates and provide you with the funds within 24 to 48 hours i.e in a day or two and sometimes in a few hours.

Some of the online lenders you can reach out to for your online personal loans include:

#1. Upgrade

Looking for the best online personal loans for 2022 and you are not considering the Upgrade online personal loan company? Then I must say you are stuck in a maze.

It has surprisingly low fixed rates, and a high approval rate so you are assured of a quick and easy approval process with fast funding which makes it an amazing choice for the borrowers of any credit records.

Aside from the easy approval process, it is easy to use. You can apply online in a few minutes and it provides you with your loan rates with no effect on your credit score.

Also, it offers you multiple loan choices so you can easily decide which offer best suits your needs and after accepting the loan offer of your choice, you are sure to receive the money in your bank account within a day or two after it has been approved.

So you will agree that the flexibility in their loan options or plans is one of the important reasons every borrower looks out for.

Unlike many other online personal loan lenders, Upgrade doesn’t charge an advance payment penalty if you are able to pay up your loan before the end of your term. Then there will be no penalty.

Upgrade offers you a loan amount that ranges from $1,000 to $50,000  isn’t this just amazing? You can use your loan for anything you please be it debt consolidation or business purposes which is not something that any online personal loan lenders will offer.

Requirements and Eligibility:

To be deemed qualified for a personal loan from Upgrade you will need a credit score of at least 580. Borrowers are also expected to have a debt-to-income ratio that is below 45% (excluding their mortgage).

Although there are no minimum income requirements and the upgrade does not allow co-applicants, increasing loan accessibility to the borrowers with no credit scores.

#2. Upstart

Upstart is an online personal loan lender that has a one-of-a-kind approach to loan approvals. The site makes use of artificial intelligence combined with a machine to aid the approval of more applications than its other competitors.

Upstart has an evaluation process that involves the borrower’s educational background, job history, number of credit scores ( which they advise should be a minimum of 600), current residence, and their debt to income ratio.

Borrowers are eligible to get a personal loan ranging between $1,000 and $50,000 with APR rates of 5.32% to $36%.

The lender can choose between two loan terms(3 to 5 years) which makes it less flexible, unlike other lenders.

Upstart has a few limitations on what can be done with the loan funding which can be used to cover educational expenses except in places where it is disallowed.

Upstart doesn’t have a prepayment penalty, allowing you to pay your loan earlier than the initial loan agreement.

#3. SoFi

SoFi is one of the best online personal loan lending platforms and has built a good reputation, known for its reliability, flexibility, and a maximum loan amount that is usually high.

It also offers a fixed-rate personal loan to most U.S residents. Founded in the year 2011, it has extended over $50 billion in personal and debt consolidation loans. 

Unlike its other competitors, SoFi offers personal loans that range from $5,000 to $100,000, although amounts are limited in some states, but borrowers get a wide range of repayment options or terms which is usually between 2 to 7 years with a relatively friendly APRs of $4.99 to $18.14%.

In order to qualify for the SoFi online personal loans, the borrower must have a minimum credit score of about 680 and an annual income of at least $45,000 which might seem like a drawback but it comes with an advantage which is that SoFi does not charge any prepayment penalty, late payment fee, and origination fees which makes it one of the transparent online lenders and the best for qualified borrowers. 

SoFi loans are used for debt consolidation by the majority as it has debt consolidation loans and transfers the money into the borrower’s account instead of the creditor’s account. So if you get a debt consolidation loan you will need to make use of the money to pay off your other debts.

#4. BadCreditLoans

BadCreditLoans is one of the best online personal loans which in turn is offering individuals with bad credit scores a chance to apply but comes with a small price, the thing is people with bad credit will have high-interest rates and it makes the total amount much more expensive than the principal amount loaned.

The loan amount ranges from $500 to $10,000 which is not enough to carry out a renovation but it can surely help to attend to urgent pressing financial issues and the payment terms as well as the loan term, penalties, and fees depend on the lender. had made it their duty and specialty as they connect the borrowers with bad credit to willing lenders online that offer unsecured personal loans to individuals nut it requires an application process that involves filling in details on a form such as your personal and bank information as well as purpose or use of the loan and of course employment details.

The site in turn connects you with a willing lender that meets your criteria. In order to be eligible for the application you must be:

  • A U.S citizen
  • 18 years and above
  • A valid bank account, and
  • A stable income source

Also, you can check this: Best Personal Finance Loans Of 2022

#5. LightStream

LightStream is an online personal loan that has been made available and accessible throughout all 50 states in the U.S as well as in Puerto Rico and Washington DC. Its loan amount falls in the range of $5,000 to $100,000 which depends on the reason and purpose of the loan.

It is very impressive and it offers a flexible repayment term that ranges from 2 to 7 years which will allow you to decide how you want to pay (lower monthly payments or lower total amount paid back).

LightStream does not have any extra or hidden costs such as late payment fees and prepayment penalties and its application process is quite easy/simple with quick approval and swift access to the funds.

LightStream is known to carry out some hard checks from the onset and an unsuccessful application can result in a bad credit score.

Overall, LightStream is known to appeal to individuals who need large loan amounts. Although the lack of the pre-approval process and a relatively high minimum credit means there is a better option for individuals with a stable income source, high credit scores, and a long credit history.

#6. Avant 

Avant is one of the leading online personal loan platforms that offer both secured/unsecured loans. It is one of the few platforms that specialize in an individual with fair credit.

Applicants need a credit score of at least 580 in order to qualify for the personal loans and a minimum income of $20,000 annually which you will agree is a mouthwatering deal option for the middle and low-class individuals.

Furthermore, Avant offers a loan amount that falls between $2,000 to $35,000. Although the maximum loanable amount can be relatively low depending on the purpose of the loan, making it a great option for individuals who need urgent or quick access to funds or money.

The loan term ranges from 2 to 5 years which gives borrowers the chance to keep their monthly payments low. 

So if you happen to be looking for personal loan lenders that don’t just promise but offer flexible loans and require a low credit score then Avant is a very good option.

#7. Best Egg

Founded in the year 2014, has made a prestigious name for itself by offering extremely competitive interest rates, multiple loans, and a streamlined approval process. Borrowers can loan between $2,000 to $35,000 for a loan term of 3 to 5 years.

The APR ranges from 5.99% for individuals with good creditworthiness and can go as high as 35.99% for individuals that pose a high risk.

Best Egg has also made it possible for existing loan holders to take another loan for an optimal amount of $50,000 when combined with the previous one and you can use the loan for anything of your choice be it debt consolidation, medical bills, or personal purchase or refinancing your credit card.

It also offers a pre-approval process that performs a credit check which is a good way to get an estimate of your APR and your monthly payments without worrying about your credit score being lowered.

Although Best Egg requires applicants to have a credit score of 700 and above and an income of about $100,000 in order to be qualified (especially when you want the best APR rate).

The company also charges an origination fee that can be up to 5.99% of your total loan amount and a late fee of 15%.

Overall, they offer flexible loan options with generous amounts for the individuals with an excellent credit score and the loan term permits borrowers to decide on whether they want a higher monthly payment with a lower total loan amount or they want to spread their repayment over a long period of time in order to reduce the monthly payments.

Best Egg has proven to be a great choice for individuals with good credit and income with good debt consolidation loan rates, no-prepayment penalties, and a flexible loan amount.   


There you have it, the information you need to know about online personal loans as a head start, and while choosing and comparing personal loans, it is very important that you consider the purpose of your loan, evaluate the lender’s customer support options,

Also, keep an eye out for additional fees. With all these, you should be able to get the perfect loan for yourself.

FAQs on Best Online Personal Loans

A secured loan requires collateral and if the borrower fails to pay back the loan, the lender can take the asset as compensation for losses.

Unsecured loans don’t need collateral although they tend to have higher interest rates.

Yes, it can affect your credit score in different ways. They can reduce your credit usage ratio, help build a payment history as you pay each installment, and can also contribute to your credit mix.

This depends on the lender but most tend to fall between $2,000 to $50,000 and can go as high as $100,000.

If your personal loan is not good enough, you can consider refinancing your loans. Although some lenders might not allow you to refinance your loan from them but from another lender.

It is as long as you meet up to the requirements of the lenders as they consider many factors when deciding your APR. some of these factors I have explained above.




Ajah Excel is a team growth and performance expert with over nine years of experience in blogging and personal development.
He leads a team of 36 crazy, restless innovators with an enviable work culture at Silicon Africa Technologies Limited – a fast-rising tech firm from the SouthEast.
Excel is the founder of and WriterGig.
He is also the co-organizer of TEDx Ikenegbu and convener of Social Media Fest.
He is a vibrant learner who yearns to share his knowledge to educate and inspire young Africans.
He has a B.Tech in Information Management Technology with certifications in growth hacking, effective communication, leadership, team, and personal development, to mention a few.
Ajah Anayochukwu Excel is a passionate public speaker, creative writer, and brand storyteller.

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