Best Personal Loans | December 2022

Personal loans offer competitive rates, fast and easy online applications, and you can use them to finance just about anything. Here are our top picks for the best personal loans.

Whether you're looking to finance a home improvement project, solve some short-term cash flow problems, start a business, or consolidate high-interest debt, a personal loan can help you achieve your goals. There are literally hundreds of potential lenders, so finding the best lender for you can be a challenge.

We compared the best lenders, and here is our list of the most-recommended personal loans based on SuperMoney's algorithms and community feedback.

Methodology: How we picked the best personal loans

We analyzed nearly 100 lenders and looked for the most recommended personal loans with the lowest interest rates and fees. Then we took into consideration other important factors, such as availability, flexible terms, and loan amounts.

What is the best personal loan?

It depends on who is asking. Lenders vary their rates, fees, and loan offers considerably depending on the financial situation and credit history of applicants. When evaluating personal loans, it's important to apply for several personal loans and compare the rates you get to make sure you choose the right one for you.

When shopping around for the top personal loans, the interest rate isn't the only thing you should consider. Look into the fees the lender charges, such as origination fees, late fees, and prepayment fees. Lenders are required to state these fees before you apply, so be sure to read the fine print.

Here's a quick summary of what factors you should consider when looking for the best personal loans to apply for.

  • Availability: Some lenders only operate in select states.
  • Purpose: Some lenders require that you use the funds for a reason specified in the loan application.
  • APR: How does the APR you're offered stack up against the competition? Some lenders allow you to check your credit without affecting your credit score.
  • Fees: How much is the origination fee? Do prepayment penalties apply?
  • Customer service: Is it difficult to reach a human in the customer service department? Can they answer all of your questions quickly and accurately?
  • Application process: Is the application process easy to use? And how long does it take to get funding once the loan application is approved?
  • Reputation: What do other borrowers say about their experience with them? Check SuperMoney's community rating before you choose a lender.

Top personal loans: pros and cons

Taking out a personal loan can be easy, but that doesn't mean it's the best decision for you. It's important to consider both the benefits and drawbacks of personal loans before you apply.


Here is a list of the benefits and t