By: Jack Bogart Maverick

The Best Personal Loans Online in 2022

Compare online loans from a variety of lenders to find one with the highest rates and features.

Online loans can be a practical and quick option to borrow money. Their annual percentage rates vary from 6 to 36%. It ranges from $1,000 to $100,000.

Other online lenders deal with bad credit (629 or less than FICO scores). The lenders that will take those with excellent and good credit (a FICO of 690 or higher) may offer options such as a rate beat guarantee or the option of not making the monthly installment. Most online lenders allow applicants to get a personal loan personalized rate on private loans before applying.

Unsecured personal loans range from $5,000 to $100,000. Lending amounts vary by loan purpose.

A secured loan has lower interest rates but requires collateral. Unsecured personal loans do not demand collateral. Your savings account bank account or other financial institution serves as security for your loan.

Summary of the Top Personal Loans Online in 2022

  • SoFi

  • Lightstream

  • Payoff

  • Marcus is a product of Goldman Sachs

  • Upgrade

  • Upstart

  • One Main Financial

  • Rocket Loans

Online loans with good credit

  • SoFi
  • Lightstream

Online credit for debt consolidation loans

  • Payoff
  • Marcus is a product of Goldman Sachs

Online loans for people with fair credit

  • Upgrade
  • Upstart

Loans online for bad credit

  • One Main Financial

Online loans with speed

  • Rocket Loans

Pros and cons of online lending

The features of loans vary among online lenders. However, you’ll usually have the pros and cons of loans online:


  • It’s easy to complete the entire unsecured personal loan application process from pre-qualification through the final signing computer, or in some instances, even your mobile. Certain banks provide an online loan option, but you might have visited a branch for the process.
  • No-risk quotes: Pre-qualify and examine projected rates without affecting your minimum credit score with most online lenders. (Before approving a loan, all lenders do a credit check.)
  • Simple, quick shopping: Online pre-qualification only takes just a few minutes. Additionally, websites that compare loans let borrowers look at loan offers from various lenders when they fill out an application form. Some banks, however, may only accept loans in person or will require you to visit their branch at some time during the process of applying.
  • Credit, plus other factors A few online personal loan lenders examine more than the credit history and score when they make an approval decision. They might consider your work or education and request to look over your bank transactions to evaluate your financial behavior. This could boost your chances of being approved for a loan, especially when you’re new to the credit market or have a poor score.
  • Assistance with debt: Some online lenders allow credit consolidation debtors to pay directly to the creditor, eliminating each credit card debt or credit card fee.


  • Higher than credit unions and banks. In general, loans from online lenders aren’t as cheap as those offered by banks and credit institutions. An online lender has its own underwriting methods, therefore rates may vary.
    If you’re already a bank customer that provides personal loans, that bank may offer the lowest rate. Compare rates from a variety of lenders before taking out online loans.
  • Face-to-face, some lenders offer physical offices. However, they provide loan services on the internet only. This may be difficult if you want to talk to the lender face-to-face.
  • Smaller loans aren’t available. The loan amount of less than $500 could be challenging to find at rates lower than 36 percent. Most online lenders offer minimum loan amounts of between $1000 and $2,000. A credit union in your area may be able to offer smaller loans.
  • Online lenders are reputable: These lenders compete with predatory lenders online. Credit checks are conducted by reputable lenders who assess your credit and your ability to pay back the loan with APRs that can top out at 36 percent. Predatory lenders claim that they do not check credit. They charge you for this extra risk with APRs up to 400%.

Personal Loans vs Payday Loans

Payday loans are rapid ways to get modest amounts of money, usually around $1,000, and they don’t need strong credit. However, they are costly, and the firms who provide them tend to prioritize their profits over the interests of consumers interest rates and charge triple-digit rates of interest and charges for late payment.

Most payday loans have repayment terms of between two weeks or one month. If you don’t repay the loan on time, the lender could take money into your checking account, leading to overdraft charges in addition to the late fee charged by the lender.

If you’re seeking a small-sized loan online, personal loans are more affordable, even if your credit score is poor. Many lenders can approve a loan for as little as $1000 within the day you apply for it.

What is The Cost of a Loan Online?

The interest rate you pay for an online loan is contingent upon your excellent credit score as well as your debt-to-income ratio. The higher your credit score, the lower the fixed-rate personal loans and the lower amount of interest you’ll have to pay throughout the term of your loan.

The interest rate can also impact the amount you pay per month and the length of your term; a longer-term implies fewer monthly payments but higher interest.

How Do I Apply For Online Loans?

Here are a few things to ask while searching for loans online:

  • What’s your credit score? Many lenders online consider other elements, like your educational history or professional background; however, they do so compared to your credit score and history of credit.
    If your score is below average or low, it’s worth making an effort to improve your credit score.
  • Are the APR lower than 36 percent? The total of interest rates and all fees is referred to by the term “annual percentage rate and the rate you will receive significantly depends upon your credit.
    Experts in the field of finance and consumer advocates believe that 36% is the appropriate limit for loans early that are affordable for the buyer. If a lender online offers rates higher than 36%, this is a sign that the loan isn’t affordable, even if the monthly payments are within your budget. You may verify your rate before applying, and loan funds can be issued as soon as the following working day.
  • Is your documentation ready? It is easy to get price quotes by giving your name, date of birth, the final four numbers of your Social Security number, and other details you input from memory.
    When you’ve decided to proceed by submitting your application for credit, the lender will need documents, such as proof of identification as well as evidence of income like a pay stub or W-2. The papers will be uploaded electronically.


credit inquiry
credit report
prepayment penalties
consolidate debt
charge origination fees
vary by state
affect your credit score
loan term
business day
loan product
rates and terms
nmls consumer access

Loans Writer | Website | + posts

Over 10 decades of work experience in the field as a financial author and book editor with a specialization in financial markets, trading in forex, and business. J.B. has published hundreds of articles about the futures, stock, and forex markets. He has also written a book on trading in futures as well as created a psychological thriller, A Cross of Hearts. Other areas in which J.B. expounds are political or social commentary.

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