With costs rising every day, personal loans are increasingly popular to fund family expenses, weddings, vacations, and even the purchase of homes or land. The best personal loans offer low-interest rates, provided you have a good credit score, along with flexible loan amounts, repayment terms, and few transparent fees. You can use personal loans for anything, even consolidate debt from other loans! The following are the top seven personal loans to consider in 2022.

SoFi
No matter the reason, SoFi, is the insurer for you, as long as your credit is reasonable. It offers low rates and flexible payments with zero additional fees. You can get any amount from $5,000 to $100,000 with a credit score of 680 or more. You can use their mobile app to manage the loan and use co-signers to improve your chances of approval. You get a 0.25% discount for automating withdrawals from your savings or checking account. Be sure to speak to an insurance agent from SoFi before agreeing to these terms.

Marcus
If you want a flexible personal loan from a reputed organization, Marcus by Goldman Sachs is the most ideal. While the amounts offered are not particularly large, between $3,500 and $40,000, the flexible 3 to 6 year repayment period makes it suited for immediate needs. Like SoFi, you get a 0.25% auto-pay discount. There is no prepayment, late payment, or sign-up fee. So, you can make use of this top lender without worry. The two primary drawbacks are that you cannot use the loan to refinance student loans or apply using co-signers.

LightStream
LightStream offers the widest variety of personal loan options online. There is no prepayment or origination fee, and you can make use of the auto-pay discount (0.50%). However, you must have a credit score of above 700. Term lengths vary from 24 to 144 months on amounts from $5,000 to $100,000. LightStream offers a low starting APR of 3%, and you can use the amount for virtually any purpose. If this does not convince you, LightStream promises to pay $100 if you are unsatisfied with their services after closing the loan.

Rocket Loans
If you have a minimum credit score of 580, you can get personal loans between $2,000 and $45,000 approved on the same day as your application. While they charge origination fees and the terms are limited to 3 to 5 years, it is perfect for those with fair credit and emergency needs. The online dashboard is easy to use, and there is no prepayment penalty. There is no option for co-signers, but pre-qualification is a soft credit check.

Upstart
Again, with no minimum credit score, Upstart is perfect for people with short credit histories. You are eligible for personal loans from $1,000 to $50,000 approved in one business day. You can use the amount for debt consolidation. Drawbacks are the origination fee (up to 8%) and the lack of a mobile app for easy management. Term periods range from 3 to 5 years, and late fees are applicable on payments. Note that the amount is predominantly determined based on credit score and income.

PenFed
With brick-and-mortar branches nationwide and flexible repayment terms, PenFed is the ideal personal loan company! PenFed does not impose prepayment penalties or origination fees, and terms vary from a mere six months to 10 years. Unfortunately, you must be a member, and it costs $5 monthly. Military personnel, employees of certain government agencies, and residents of eligible locations get free membership. There is no minimum credit score, but your score could influence your application, and you can apply with co-borrowers as well to get an even lower APR.

Avant
While Avant is not a loan provider, it offers secured and unsecured personal loans through WebBank. You can get services in all states, but unsecured loans are unavailable in Hawaii, Louisiana, Nevada, and South Carolina. With a minimum score of 580, you can get personal loans of $2,000 to $35,000. It specializes in offering personal loans to middle-income borrowers and low minimum amounts. Additionally, the repayment terms are flexible, from 2 to 5 years.