The Ascent’s 2022 Personal Loan Awards Winners
Personal loans ratings methodology
Ratings methodology
To determine the Best Personal Loans awards for 2022, The Ascent’s experts evaluated accounts with our ratings model, focusing on industry factors and user benefits, including:
- Competitive APRs
- Variety of loan options
- Low to no fees
Top-rated offerings were selected that we think represent the top pick for most people. Our final awards winners were determined by vote to ensure objectivity, with a final Golden Rule check: would we recommend them to a family or friend? Special attention was also paid to:
- Autopay discounts
- Customer service
- Loan amounts
- Term offerings
For 2022, we’ve introduced an exciting update, our Editors’ Choice awards. These awards are favorites from our experts, tailored to unique consumer needs, allowing us to explore a more diverse range of offerings and user experiences.
Best Personal Loan Overall
SoFi Personal Loans
= Best
= Excellent
= Good
= Fair = PoorSoFi Personal Loans takes the top spot in personal loans due to its four exceptional features: a great low-end interest rate, high lending limits, no-fees-required origination, and loan deferment when unemployed.
Best Personal Loan for Debt Consolidation
Upstart
= Best
= Excellent
= Good
= Fair = PoorUpstart edges out the competition because it offers a slightly lower interest rate than other lenders for debt consolidation loans. Upstart is a solid option for customers with a strong credit profile looking to make one monthly payment with lower interest.
Best Low-Interest Personal Loan
LightStream
= Best
= Excellent
= Good
= Fair = PoorLightStream not only offers rock-bottom interest rates to highly qualified borrowers, but it also lends up to $100,000 and charges no fees (including origination or prepayment). The loan application process is also simple and can be completed online -- plus loans can be funded within the same day.
Best Medical Loan
LightStream
= Best
= Excellent
= Good
= Fair = PoorLightStream offers extremely competitive rates, which is an important feature for tackling medical debt. In addition to a relatively low interest rate, LightStream doesn't charge any fees other than interest. LightStream also offers fast same-day funding, and if you opt into automatic payments you’ll save 0.50% on the interest rate.
Best Personal Loan for Renovations
SoFi Personal Loans
= Best
= Excellent
= Good
= Fair = PoorSoFi Personal Loans is the winner for best renovation loan because of three factors. First, it offers relatively low interest rates. Second, the loan amounts are enough to support a wide array of renovations (loan limits are up to $100,000). And third, there are no prepayment or origination fees.
*A complete list of 2022 award winners, from credit cards to mortgage lenders, can be found here.
**You can also find more personal loans to compare by checking out The Ascent's best personal loans page.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
