5 Best Platforms To Get Personal Loans In 2022

Nikhil Goswami
Bad credit loans

With the increasing cost of living, we face ongoing expenses, and some are unexpected. These expenses may include a medical bill, car repair, vacation, consolidated debt, etc.

Unexpected expenses may force one to search for loan funds. You can get the best personal loans from credit unions, traditional banks, and online lenders.

The online lending platform offers the best and most convenient way since the whole loan application process is made simple and fast.

All you have to do is satisfy their loan funds eligibility criteria and fill in their online application form.

Only borrow what you can afford to pay within the given time frame to avoid getting into a cycle of debt. Late or missing payments will lower credit scores.

Our Top 5 Picks For Best Personal Loans In 2022

  1. PersonalLoans: Overall Best Personal Loans, Editor’s Pick
  2. New Silver: Most Popular For Personal Loan
  3. Axos Bank: Most Recommended For Bad Credit Loans Among Users 
  4. OppLoans:  Top Rated Site For Personal Loans For Bad Credit
  5. Credible Loan: Best Personal Loans With Credible Rates 

#1. PersonalLoans: Overall Best Personal Loans, Editor’s Pick 

The PersonalLoans brand started in 2001, making it one of the oldest online lending marketplaces. The brand is dedicated to linking you with the best lenders who offer most personal loans at a competitive rate and favorable terms.

With PersonalLoan, you can get an unsecured personal loan for as little as $500 and as much as $35,000.

This personal loans platform has a repayment period of 90 days with an APR rate starting at 5.99%. Moreover, the site is free for use; hence feel free to check out if you are eligible to get a loan or not.

Loan terms, rates, and amounts differ from one online lender to the other. Besides, you can choose from various available loans, including installment loans, bank loans, and peer-to-peer loans.

Borrowers can use these loans to pay for anything, including vacations, debt consolidation loan rates, home improvement, wending, car buying, etc.

It is a legit lending platform with reputable lenders offering the best personal loan rates and delivering deposits via safe transactions.

Moreover, PersonalLoan is a member of OLA (Online Lenders Alliance), a body that guarantees fair and honest consumer practices in the online business community.

In addition, this lending platform protects every detail shared by the online lender using improved data encryption technology.

Their online loan application process is quick, straightforward, and simple. Follow a few steps to fill in the basic information shared with multiple lenders on their network.

After your application process is approved, you will get the minimum loan amount deposited into your account within one business day.

To be eligible for a debt consolidation loan at PersonalLoans, the borrower should be above 18 years old, be a US resident, and have valid contact details and active bank accounts.


Repayment Terms:  PersonalLoans offers various payment options. These include the option to pay off their loan within one year. There is another option for longer-term loans. The shortest repayment term is within 90 days, while the most extended repayment term is within 72 months.

Simple Application Process: PersonalLoans features a straightforward loan application process. Some basic details to fill in when making an application include your Social Security number, bank account, your name, loan amount, date of birth, email, etc.

Fast Cash Transfer: Emergency expenses require a fast loan application, approval, and funds deposit process. With PersonalLoans, there is no paperwork which makes the process quicker. In addition, after the approval of the loan request, funds deposited to your account will be within 24 hours.

Security: This lending platform guards every borrower’s information with the help of improved data encryption technology. Thus, the borrower will be guaranteed confidentiality of their details, and no third party will have access.


  • More flexible lending options
  • Straightforward application process
  • Keeps borrower’s details safe
  • Free to use the service
  • An active member of OLA
  • Quick funds transfer
  • No minimum credit score check
  • Best for short-term loans
  • The quick loan request process
  • Has a comprehensive knowledge base


  • More personal details required

=> Click here to visit the official website of Personal Loans


#2. New Silver: Most Popular For Personal Loans 

New Silver is a lending platform that has a fast and easy application process. Moreover, the platform has more lenders that offer the best personal loans at a competitive rate with quick approval.

After approving your minimum loan amount request, you will get funds within five business days.

You can easily reach their customer support through a live chat, phone call, or email if you have a query.

Apart from personal loans, this lending platform also offers rent loans, fix and flip loans, ground-up loans, and flips out.

Moreover, the platform also has other helpful information, including referral programs, investor information, brokers, fintech scholarship, etc.

The loan application process is online, making it more convenient and requiring no collateral.

Moreover, the loan payment terms at this lending platform are 12 months, and you can request the lender to offer you an extension. In addition, the interest rate starts from 5.99%.

The maximum personal loan amount a borrower can get is $100,000, and a minimum loan amount of $1000. After your loan approval request, you will get your loan deposit within 48 hours.

The New Silver lending platform allows lenders to make a comparison with multiple lenders for them to be able to choose the best offer.

With their loan, you can use it in any way to cater to your loan purpose. It can include home improvement, auto repair, starting a business, consolidating debt of secured loans, paying for a vacation or a wedding, etc.


More Loan Varieties: Apart from personal loans, New Silver also offers other kinds of loans, including rent loans, fix and flip loans, ground-up loans, and flips out.

Higher Loan Amount: Lenders at New Silver offer their loans at a competitive interest rate. The minimum loan amount you can get is $1,000, and the maximum loan amount is $100,000. After successful approval, you will get your funds within 48 working hours.

No Credit Check: You will get a loan to cater to your emergency needs with a fair or excellent credit score. Moreover, since this is an unsecured loan, you will get a loan without security or collateral.

Instant Pre-Approval: After making an online loan application at the New Silver lending platform, you will get an instant online pre-approval. Moreover, you’ll be able to compare more lenders and choose that with friendly rates and terms.


  • Quick approval time
  • Features no hard credit pull
  • Offers online pre-approval
  • Allows borrowers to compare numerous lenders
  • Offers higher loan amount
  • No collateral needed


  • Requires origination fee

=> Click here to visit the official website of New Silver

#3. Axos Bank: Most Recommended For Bad Credit Loans Among Users 

Axos Bank started in 2000. Apart from offering most personal loans, this bank provides checking, CDs, savings, retirement accounts, and the money market.

Moreover, one can use this unsecured loan from Axos Bank to consolidate credit card debt, repair a vehicle, pay for a vacation, make home improvements, etc.

With Axos Bank, you will get a personal loan from $5,000 to $50,000. Unlike secured personal loans, the borrowed funds will be deposited directly to your bank within two business days upon loan approval.

Since this is an unsecured loan type, you will be charged higher interest rates. Besides, with a personalized loan, you will get various options depending on what you fill in the application form.

To get a loan, complete an online application, and one of the team members will verify your details. You will need to state the amount of money you need and select a term and reasons for the loan application.

After verification, you will get your money within a single business day.

The basic details required when filling in an online form include your social security number, state ID or valid driver’s license, and proof of income.

If you’ve any queries, you can always reach their customer support team through a contact form or a phone call.

Axos Bank brand is accredited by the Better Business Bureau, with a rating of A+. The rating is determined by evaluating brands’ responses to client complaints, advertising truthfulness, and business transparency.

Moreover, Axos Bank is supported by the Federal Deposit Insurance Corporation (FDIC). The unsecured loan terms range from 1 to 5-year terms; thus, you are free to customize the loan depending on your needs.


Reputable Brand: Axos Bank has been in operation since 2000. Moreover, the bank has an A+ rating from the Better Business Bureau. Further, the bank is also backed by FDIC.

Funds Available Quickly: Upon loan application approval, you will get your money within one or two days. You can get a loan of as low as $5,000; the highest amount is $50,000. When you repay your loan early, there will be no extra cost which will help save on interest.

Loan Eligibility: To get a loan at Axos Bank, you must be above 18 years old, have a source of income, monthly payment, have a checking account, etc.

Origination Fees: Axos Bank charges an origination fee of 0% to 2%. Its APRs range from 6.49% to 29.99%. It depends on your minimum credit score and credit report.


  • Complete the online loan application process
  • Offers flexible loan terms
  • Provides a vast amount of loan
  • No collateral needed
  • Offers good APR range
  • Has no prepayment penalty
  • The funds are available fast


  • Needs a higher minimum credit requirements
  • Requires origination fees

=> Click here to visit the official website of Axos Bank

#4. OppLoans: Top Rated Site For Personal Loans For Bad Credit

OppLoans is one of the leading loan lending technology platforms. It is focused on assisting the middle-income population and every other person who encounters financial challenges.

With the assistance of OppLoans, consumers can build a good financial path.

Furthermore, it has helped over 700,000 borrowers and has received more than 14,000 higher customer reviews.

This platform is under the credit union and gives the best personal loans to borrowers in a selected number of states.

One can get a loan ranging from $500 to $4,000 with payment terms of up to 18 months.

Lenders at OppLoans don’t consider your hard credit inquiry. The main factors determining whether you are eligible to borrow money are your monthly payment, employment status, bank account details, and financial history.

OppLoans does not allow any in-person or phone loan applications. All the soft credit inquiry process is done online by filling in some basic information in a form. These include your full name, address, date of birth, phone number, social security number, and proof of income.

Other loan offers from OppLoans include no credit check loans, poor credit loans, debt consolidation loans, and installment loans.

With this lending platform, you can get your funds to deposit within a single business day.

The annual percentage rates can be as high as 160% since there is no credit check.

To be eligible for a loan at OppLoans, you need to be above 18 years, be a US citizen, have an active account, and have a regular income source. In addition, borrowers must have a valid phone number and email address.

The loan application at this brand is as simple as possible. The process includes visiting their website, filling in your details, and waiting for loan approval.

OppLoans brand has received various awards and recognition. These include an A+ rating on BBB, FinTech Breakthrough Awards, Forbes, etc.


No Prepayment Fee: Borrowers can pay off their loan earlier or make payments without a penalty. It is beneficial since the borrower will decrease the interest paid on your loan life.

Online Applications Only: At OppLoans, there are no in-person or phone applications. All the process is done online, where you will fill in your basic details. The site is secured; hence no worries about your details being leaked.

Loan Requirements: To be eligible for a loan at OppLoans, you need to be above 18 years, be a US citizen, have monthly payments, and have a valid checking account.

Quick Funding: After making the application, your details are verified and approved. Then, you will get your funds within one business day, making it suitable for an emergency loan.


  • No prepayment fees
  • No minimum credit score requirement
  • Quick funding available
  • It helps in improving your credit score
  • More refinancing selections are available
  • Fast and easy loan application


  • Higher APRs
  • Some military personnel aren’t eligible

=> Click here to visit the official website of OppLoans

#5. Credible Loan: Best Personal Loans With Credible Rates

This San Francisco-based loan marketplace started in 2012. The brand has been helping borrowers who are stuck with a financial emergency.

Besides, Credible is one of the best personal loans that offer a fast way of comparing several lenders all at a go. You can see some prequalified terms and personal loan interest rates.

Moreover, with this brand, you can get a loan that ranges from $600 to $100,000.

The brand has already served millions of borrowers and partners with big financial institutions. Potential lenders include Payoff, Avant, Discover, Axos Bank, FreedomPlus, LightStream, PenFed, SoFi, Prosper, Upgrade, Upstart, etc., unlike secured personal loans.

This brand has received an A+ rating from BBB and a 4.5-star after more than 4,500 reviews on TrustPilot.

With Credible, you need to fill in an online application form to see various personal loan interest rates available for several lenders.

To use Credible marketplace is free of charge. Everyone is free to check the rates and make a loan request. The brand earns through commissions charged from its lending partners.

Moreover, Credible adheres to its privacy policy, and they don’t use any borrower’s details without their consent. Since Credible has a vast network of lenders, each has its qualifications and criteria for the borrower.

Moreover, the minimum requirement includes income proof, a Social Security number, and a satisfactory debt-to-income ratio.

To get a loan, fill in your basic details, including the minimum loan amount and reasons why you need unsecured loans.

After making a comparison, select the online lender with the best loan offer.

Complete your loan application process by submitting any other detail required by the lender who offers the best personal loans.


More Loan Options: More lending partners in their network means this platform features more loan options. It makes it suitable for all borrowers despite having a poor credit score. Moreover, borrowers can get loans from $600 to $100,000 for credit card consolidation.

Simple Application Process: The loan application process at Credible involves simple steps. These include filling out an online form, submitting the details to see the prequalified rates, choosing a lender with the best loan offer, and finally submitting a digital signature to complete the loan application process.

Eligibility Criteria: Personal loan eligibility is accessible and fair. These include being above 18 years old, a US citizen, excellent credit scores, an active checking account, etc.

Security and Privacy: This brand takes security and privacy very seriously. They employ SSL and 256-bit encryption technology to guarantee safety.


  • Easy application process
  • A network of reputable lenders
  • Has a positive A+ rating on BBB
  • Have different loan terms and interest rates options
  • Source of a resource education center
  • Free to make a loan application
  • Features email, live chat, and phone support
  • No prepayment penalties


  • Approval is not a guarantee

=> Click here to visit the official website of Credible Loan

How We Made The List Of Best Personal Loans On The Market? 

Getting the best personal loan lending platform with the best personal loan lenders isn’t a walk in the park. If not careful, you can easily fall into the hands of scammers.

Usually, scammers have enticing deals with hidden charges, which you will only be aware of after signing the agreement.

To get this list of the top best personal loan lending platforms, we had to make a list of all the leading platforms available and then eliminate them one by one.

What We Looked For?

  • Reputable Brands: First, we chose brands that have been in the lending industry for at least five years. It is sufficient in determining if a brand is legit or not. Scammers are less likely to survive in markets since they aim to make quick money and leave. For brands that were new in the market, we checked what customers said about their services. Moreover, we chose their services, loan agreement, location, and available brands.
  • Loan Amount: We checked on what online lenders were ready to offer. We chose lending platforms with diverse online lenders since different borrowers have different needs. Some require little money, while others need higher loan amounts to cater to their requirements.
  • Approval Time: Best personal loans are mainly meant to cater to emergencies like auto repair, paying medical bills, etc. Thus, we only consider those lending platforms with online lenders that offer cash deposits within the next business day. It will help borrowers cater to their needs as fast as required.
  • Loan Terms: Terms of service are another factor we checked out before choosing a lending platform. We chose the platform with online lenders that offered borrowers fair loan agreements and conditions and gave them time to understand it. Moreover, we eliminated the lending platform with unwelcoming terms. In addition, for a brand to remain on our list, it should be open to all the charges, penalties, interest rates, and every fee incurred.
  • Eligibility: To be eligible for a loan, there are some conditions you should meet. We selected brands that needed few and more common requirements. It includes being above 18 years, a US citizen, having a source of income, a checking account, etc. We eliminated all lenders that strictly required an excellent credit score to offer you a loan.

Factors to Consider When Choosing Best Personal Loans

  • Loan Amount

Many lenders have fixed minimum and maximum limit loan amounts. Before deciding on the lender to work with, always check if their loan limit matches what you need.

With lenders available on these platforms, some are lending out as low as $500, and there are those willing to lend as much as $100,000.

  • Interest Rates

Remember, it’s a loan, and you are supposed to pay it back with interest.

Therefore, you should choose lenders that have reasonable rates and terms. Some lenders charge an origination fee.

The fee varies from 1% to 10%. Moreover, before agreeing with the terms and conditions, you must thoroughly read and understand them.

  • Eligibility Criteria

Before starting a loan application process, check if you are eligible for a loan from either of the lenders. You can check on the requirements needed.

Some standard requirements include being a US citizen, being above 18 years, having a source of income, having a checking account, and more.

Checking this before loan application will help save time.

  • Brand Reputation

Choose a brand that has been operational for some time. It will help you evade scammers who will charge higher rates and hidden fees.

Moreover, check brands that offer customer support and the user’s review section.

Stay away from sites that ask for an upfront payment and don’t disclose their location.

FAQs About Personal Loans 

  1. What’s a personal loan?

A personal loan is the amount of money rented from a lender under an agreement to repay it with interest within the agreed time frame.

  1. What are unsecured personal loans?

Personal loans are unsecured loan types, and they don’t need collateral.

As a result, you will be charged high-interest rates since most borrowers have a minimum credit score.

  1. How are annual percentage rates determined for personal loans?

The APR is the total loan cost calculated annually over the loan life. Moreover, this can also be defined as the full credit cost based on fees, interest rate, and repayment terms.

Other lenders include origination fees in APRs, while others get it from the loan amount during the funding.

Thus, personal loan APR varies according to your credit score, size, and the time taken to repay the loan.

  1. What’s the suitable personal loan rate?

Personal loan rates vary from one lender to the other. Moreover, this rate ranges between 6% to 36%. The actual figure depends on your creditworthiness and some other factors.

  1. How can I get a loan agreement with low-interest rates?

Usually, you will pay lower interest rates when you have excellent credit. Moreover, having fair credit scores means you will have favorable terms since most brands enjoy working with people with excellent credit scores.

  1. Does my credit score affect the interest rate?

A credit score isn’t the only determinant of what interest rate you will get.

Other lending companies will request details about your occupation, minimum annual income, loan amounts needed, savings, stability of your source of income, etc. All these will determine the rates a lender will offer you.

  1. What are some of the uses of personal loans?

Unsecured personal loans are strictly for personal use. Moreover, lenders will offer personal loans to borrowers that need finance on things like travel, credit card consolidation, weddings, home improvement, starting a business, auto expenses, existing debt consolidation of a secured loan, etc.

  1. Will lenders ask me the reason for my loan?

Different lenders will be strict on borrowers to use the borrowed money precisely as stated on their application.

Other lenders will ask borrowers to explain why they are making a loan request.

  1. Who is eligible to get a personal loan?

Personal loan lenders have some eligibility requirements that they are likely to follow when issuing loans. Most common eligibility includes being a US Citizen, being above 18 years, having a source of income, and having a bank account.

  1. Can unemployed people or those with minimum credit score apply for a personal loan?

If you are unemployed, the creditor can ask for documentation that shows when you will get to work.

Moreover, others will check your credit score, debt-to-income ratio, and payment history.

  1. How soon can one get the personal loan money?

Several online lenders will approve your loan request if you meet their requirements. Moreover, this can lead to instant money deposit though in several cases, the request can take one to three business days.

Other lenders may take a while to process the request. Always refer to the loan offer to know some details concerning a loan.

  1. How many loans can one have at a go?

There’s no limit to what number of loans one can take at a go. Moreover, some financial institutions limit the number of high-interest debt they are willing to offer a borrower at any given time.

The policies may differ depending on the circumstances. Moreover, the more existing debt you have, the less likely your loan request will be approved.

  1. Can one refinance a personal loan?

Those who need to refinance their personal loan will need to take out some new loan and use that money to pay off the existing loan.

Moreover, one can refinance it at any time through its best when there is an improvement in your credit scores, lowering the interest rate.

Nevertheless, refinancing is also good when you want to decrease your monthly payment by extending the loan term.

  1. How can one select the best personal loan to cater to their needs?

A personal loan that suits you depends on your financial circumstances. Before signing into a deal, it’s always good you make a comparison on offers from numerous lenders. It will offer you an overview of the interest rate you will get and the loan amount you are eligible for.

  1. What happens if I skip a repayment?

Always ensure you take the loan amount you can repay on time. Failure to do this results in additional fees and can harm your credit score.

  1. What are debt consolidation loans?

There are platforms that offer debt consolidation to refinance your debt. It will combine all your existing debts into one loan. You can borrow money to pay off your debts and avoid incurring fees from lenders.

  1. Can I use personal loans to clear my credit card debt?

Yes, many people use personal loans to refinance their credit card debt and improve their credit score.

  1. Will lenders report to credit bureaus?

Usually, lenders report to credit bureaus within 45 days or once a month. However, it will depend on each provider. There are three main credit bureaus: TransUnion, Experian, and Equifax. Hence, when you take a loan within that time frame, it will reflect in your credit report on the next billing cycle.

Concluding On The Best Personal Loans

Personal loans from credit unions are suitable to help people when they face emergencies. Moreover, you can take this loan to cater to different purposes.

However, you must satisfy some requirements to be eligible for a personal loan. Always take what you can afford to pay within the agreed time and save money.

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