8 Best Personal Loan Companies in 2022

 LendingClub

Best for: Borrowers who need a cosigner

If you need a cosigner, LendingClub could be a good choice — it’s one of the few lenders that allow cosigners on personal loans. You can borrow $1,000 to $40,000 with a three- or five-year repayment term.

Pros

Accepts borrowers with poor or fair credit

Allows cosigners

Being turned down doesn’t hurt your credit score

Cons

Origination fees from 3% to 6%

Charges late fees

Funding time can be longer compared to other lenders

LendingPoint

Best for: Borrowers with near-prime credit

LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to five years.

Pros

Accepts near-prime credit

Streamlined approval and application process

Fast loan funding

Cons

Origination fees from 3% to 6%

Not available in Nevada or West Virginia

Rates can be higher than other lenders

LightStream

Best for: Large loan amounts

LightStream could be a good option if you need to borrow a large amount — you can borrow $5,000 to $100,000 and could have your funds as soon as the same business day if you’re approved.

Most LightStream loans have terms ranging from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.

Pros

Can borrow up to $100,000

Fast loan funding

0.50% autopay discount

Cons

Might be difficult to qualify if you have poor credit

Not available in Rhode Island or Vermont

Doesn’t disclose minimum income requirements

Marcus

Best for: Budget-friendly repayment options

With Marcus, you can borrow $3,500 to $40,0002 with terms ranging from three to six years. Marcus personal loans offer tailored monthly payment options designed to fit your budget — plus the option to defer one monthly payment interest-free after making 12 consecutive, on-time payments.

Pros

No fees

0.25% autopay discount

Can defer one monthly payment interest-free after making 12 consecutive, on-time payments

Cons

Might be difficult to qualify if you have poor credit

Doesn’t disclose minimum income requirements

Can have longer funding time compared to other lenders

OneMain Financial

Best for: Borrowers with below-average credit

Unlike many other lenders, OneMain Financial doesn’t have a minimum required credit score — which means you might be able to qualify with poor or even no credit. In addition to your credit, OneMain Financial will also consider your financial history, credit history, income, expenses, and loan purpose to determine creditworthiness.

You can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that collateral might be required in some cases.

Pros

No minimum credit score

Fast loan funding

Previous customers might qualify for larger loans

Cons

Rates can be higher than other lenders

Might require collateral

Will have to visit a branch location to discuss your options if you’re approved

Payoff

Best for: Consolidating credit card debt

If you’re looking to consolidate credit card debt, Payoff could get a good option — its personal loans can only be used for this purpose. You can borrow $5,000 to $40,000 with repayment terms from two to five years.

Pros

Free FICO score updates

If you lose your job, FreedomPlus will work with you on payments

Offers scientific personality, stress, and cash flow assessments to help you get a better understanding of your personal finances

Cons

Origination fees from 0% to 5%

Loans can only be used for credit card consolidation

Not available in Massachusetts, Nevada, or Ohio

PenFed

Best for: Borrowers who need a cosigner

If you only need a small loan, PenFed could be a good option — you can borrow as little as $600 up to $50,000 with terms from one to five years.

Keep in mind that while you don’t have to be a PenFed member to apply for a loan, you’ll have to join the credit union if you are approved and want to accept the loan.

Pros

Can borrow as little as $600

Allows cosigners

No fees

Cons

Must join the credit union to accept a loan if you’re approved

Doesn’t disclose minimum income requirements

Funds are disbursed by mail, which can take longer

Prosper

Best for: Home improvement loans

Prosper offers personal loans from $2,000 to $40,000 with three- or five-year terms. Keep in mind that because Prosper is a peer-to-peer lender, loan funding can take longer compared to other lenders — however, you might also get your funds in as little as one business day.

Pros

No minimum income requirement

No prepayment penalty

Can borrow up to $40,000

Cons

Origination fees from 2.4% to 5%

Charges late fees

Not available in Iowa or West Virginia