5 Best Personal Loans To Borrow Money For Debt Consolidation In 2022

For a good reason, personal loans are becoming a popular form of financing. In addition, compared to credit cards or other high-interest consumer debt, the best personal loans usually have lower interest rates.

Online loans are among the quickest and most practical methods of borrowing money. They can provide cheaper interest rates than those offered by banks and credit unions, more effortless application procedures, and quicker funding of your loan.

Loans can be used for many things, such as debt reduction, home improvement projects, big purchases, trips, and unforeseen costs.

However, finding the right lender for your needs can be complicated with these many different online loan providers.

So, we evaluated the best online platforms to get a loan based on variables such as interest rates, term lengths, fees, and credit history requirements. Let’s take a look!

5 Best Financial Institutions for Personal Loans In 2022

  • MoneyMutual – Overall best lending platform for personal loans, editor’s pick 
  • BadCreditLoans – Trustworthy lenders for short term loans for bad credit 
  • RadCred – Get monthly installment emergency loans with fair credit score 
  • CashUSA – Reliable online loans fast approval with speedy cash 
  • PersonalLoans – Instant approval loans for best personal loans for bad credit 

#1. MoneyMutual – Overall best lending platform for personal loans, editor’s pick


Money Mutual

A networking website called MoneyMutual connects borrowers in need of loans with short-term lenders. Through a network of more than 60 different lenders, MoneyMutual can assist you in locating local loan sources for payday, installments, bad credit, and other loans.

People can visit the website, complete the required forms, and then access all of the lenders in MoneyMutual’s network. This is far more effective than going to each lending website separately and completing a different loan application 60 times.

By letting borrowers cast a wider net, MoneyMutual may enable them to obtain loan offers much more rapidly. Because they exclusively deal with short-term lenders, the website is a great spot to go if you would like a payday loan right away to cover a payment that might otherwise end up costing in late penalties.



You must be a US citizen or lawful permanent resident and at least 18 years old to be eligible for a loan from MoneyMutual. A consistent source of income is one of MoneyMutual’s prerequisites for obtaining a loan.

As a borrower, you must demonstrate that you make at least $800 per month in income and be able to name your source of income.

You must also have a legitimate checking account in your name so that, after loan approval, the lender can send funds straight into your bank account. It is important to note that even if you satisfy all of these criteria, you are not guaranteed to receive a loan offer.

Application process

You must choose the loan amount you want and enter specific personal and financial data into the online application form to finish it. In addition to their name, ZIP code, email address, and other identifying details, all borrowers must also supply a phone number where they can get SMS updates.

You will also need to provide your address and more information about your living status. Along with documentation, you must also supply the amount of your usual monthly salary.

You will next be required to choose a bank account, provide information about your employment history, and identify your employer. Along with providing identification documents, a driver’s license number, state information, a bank routing number, and an account number are all required.

Approval process

The MoneyMutual loan approval procedure is simple and should just take a few minutes, similar to the application process. This is crucial since it can be difficult to wait days for money, especially if you have urgent expenses to pay. Following your application submission, the lenders will analyze your data to decide whether to make you a loan offer.

You must meet each lender’s requirements to be eligible for a loan. After receiving a loan offer, you will be sent to the lender’s page, where you must fill out a form and review the loan terms and conditions.

You can choose whether to accept the offer and complete the loan process after carefully reviewing the loan terms and conditions. Within 24 hours of the loan arrangement being made, the lenders often transfer the money immediately into the borrower’s bank account.


MoneyMutual specializes in matching customers with a list of lenders who can make them a loan offer, as we’ve already discussed in this review. Borrowers have access to a variety of lending options through MoneyMutual.


Along with certain other extra expenses, lenders have the option to impose late, payback, or administration fees. To avoid accepting a loan offer that is too expensive for you and spending much more money than you expected, it is crucial to carefully study the loan terms and conditions before accepting the offer from the lender.

Additionally, debtors who pay late may also be subject to fines, which you should avoid if you have financial troubles. The loan amount you receive, your credit score, and the lender impact how flexible the payback conditions are for a MoneyMutual loan.

=> Click here to visit the official website of MoneyMutual


  • The business has been running smoothly for the corporation for years
  • Millions of people have benefited from MoneyMutual’s financial assistance
  • The application process is quick and easy
  • Within minutes after applying, you can be matched with borrowers
  • Variety of potential lenders
  • Loan services are free


  • Some US states do not offer MoneyMutual’s loan services
  • The organization is no longer responsible after it connects you with a lender.
  • Before applying, the borrowers are unable to compare loan terms

#2. BadCreditLoans – Trustworthy lenders for short term loans for bad credit




For anyone looking for personal loans of $5,000 or less, Chief LLC operates the online lending platform known as BadCreditLoans. Finding businesses that will take a chance on someone with poor credit when applying for a loan might be difficult. You won’t get any money from BadCreditLoans.

As an alternative, it works with other lenders who are open to dealing with borrowers. The company works with other lenders who are prepared to provide loans to clients with bad credit.

The BadCreditLoans network comprises lenders who provide money to small enterprises and startups, which will suit customers looking for a business loan. They’re accessible all the time. Therefore, people with bad credit can seek money anytime they want or need it.

In its lender business processes, BadCreditLoans places a high priority on privacy and security. The company’s website employs strong encryption technology throughout the loan application process.


Simple requirements

To use the service, you should be at least 18 years old and an authorized citizen of the US. You’ll also need a checking account that is in your name.

You will be required to provide information regarding your current employment, including any self-employment, paid employment, or benefits from a government position. BadCreditLoans wants to make sure you have enough money to cover the monthly payments on your loan.

Student loans

A student loan for those with bad credit is unquestionably your best choice if you need to finance your higher education. Students with poor credit can still apply for federal student loans, which do not run a credit check. Private student loans often require good credit.


This step is made considerably simpler by BadCreditLoans by allowing e-consent. This enforceable electronic permission form can be filled out online, saving you time from having to print and scan papers or travel to any offices.

=> Click here to visit the official website of BadCreditLoan


  • There is a free assistance
  • 24/7 client assistance
  • The quick and easy application procedure
  • Quick money
  • The range of APRs is 5.99 to 35.99%
  • It is secure and safe


#3. RadCred – Get monthly installment emergency loans with fair credit score




#4. CashUSA – Reliable online loans fast approval with speedy cash

For any type of financial emergency, use RadCred. This company could be able to help you with unforeseen expenses, house repairs, family trips, business beginning expenditures, and other financial crises. Above all, no contracts, upfront fees, or hidden costs exist.

You can connect easily with a network of lenders through RadCred and apply for a loan. With this business’s outstanding service, you could get a loan of between $1,000 and $35,000.

You can quickly decide if you qualify for a quick loan since the service is free to use. This program provides six-year flexible loans with a few of the best payback terms available in addition to short-term loans.

The application form is quick and easy, thanks to the excellent RadCred website. Any novice may use it without difficulty, but it also offers the support you need if you have any concerns when applying.


Debt consolidation

Although debt is unpleasant, it is occasionally unavoidable. RadCred loans can help you consolidate your debt or refinance your credit cards, enabling you to ultimately escape debt.

Even though you won’t be debt-free tomorrow, negotiating better terms for repayment could save your life.


The alternatives that RadCred offers borrowers are astonishing. It links you with lenders who provide loans ranging from $500 to $35,000. The typical cap on these loans is $10,000, so $35,000 is a sizable sum.

RadCred offers limited freedom other than the term length. This is partially not its fault because it is a middleman, which is how it operates.

Moreover, once you’ve agreed to terms with your preferred lender, RadCred will no longer be involved. If you don’t ask for another, it simply isn’t interested in aiding you anymore.

Loans for bad credit

It’s challenging to raise your credit score. It is challenging to rehabilitate bad credit. However, more and more lenders are giving loans to those with poor credit and helping them start over. Your Annual Percentage Rate (APR) will almost definitely be much higher than the average.

Customer experience

Visitors to the RadCred website have given the business high marks for speed and efficiency and the friendliness and problem-solving skills of its outstanding customer care representatives.

Users commended RadCred’s capacity to help people with various credit ratings, including excellent credit, decent credit, fair credit, bad credit, and no credit. Many customers applauded how easily they could get bigger loans for urgent crises and home improvements.

⇒ Visit the Official Website of RadCred


  • The application process moves rather quickly
  • Deposits are made within 24 hours
  • It is secure and safe
  • Free offerings
  • Outstanding client service
  • There are affordable interest rates




The straightforward loan application process offered by CashUSA gives borrowers additional benefits. The loan application procedure is quick to start. CashUSA’s loan application will be approved quickly, unlike typical bank loan applications.

In actuality, the majority of loan requests are immediately routed to lenders. Remarkably, some banks may require weeks to execute a loan.

Utilizing the CashUSA website is entirely secure. Anyone looking to borrow money online should take the website’s security seriously.

CashUSA uses cutting-edge encryption technology to protect the privacy of all of your information. An important benefit is how simple it is to make payments with CashUSA. All of your payments can be made instantly online.

Most importantly, borrowers with bad credit won’t have their loan applications denied. CashUSA accepts applications from people with all levels of credit difficulties.

In our evaluation, CashUSA is the top-ranked platform for loans for those with terrible credit that are guaranteed to be approved. You can only borrow up to $10,000 using it.

The website does not, however, offer direct loans. Instead, CashUSA provides access to a wide range of lenders and lending options, regardless of your credit score.


Online payments

One of the best qualities of the lenders in the CashUSA network was how easy it was to make payments. You may easily make all of your monthly payments online.

There is no requirement to send checks via the mail or rely on the postal system, and there are no late fees if a payment is misplaced or delayed in the mail.

For even greater ease, you may set up autopayments with the lenders in the CashUSA network. Using this service won’t ever have to worry about paying your monthly loan payments again.

On the day set aside each month, your bank automatically transfers the loan payment to your lender’s account. This is a tried-and-true method for managing your loan payments.


The loan platform CashUSA is well-known in the US. Thousands of customers and lenders have used this lending platform to conduct their financial transactions.

When communicating such crucial information, you require a secure solution. The business is not entirely transparent about how it protects personal information.

The most comprehensive information regarding their security procedures is that all disclosures and records are encrypted using 128-bit encryption. The bulk of CashUSA loan ratings emphasizes how commonplace 128-bit encryption is. CashUSA should be a little clearer about its security procedures, but your information should be reasonably protected.

Transparent terms

The interest rate on the online marketplace ranged from 5.99% to 35.99%, and the loan term was between 90 days and 72 months. Each lender may depart from the CashUSA loan requirements because each has its stipulations.

⇒ Visit the Official Website of CashUSA


  • The platform is basic and easy to use
  • There are clear loan proposals
  • Loan conditions and amounts that are manageable


  • It doesn’t have a phone app

#5. PersonalLoans – Instant approval loans for best personal loans for bad credit




In 2001, PersonalLoans was established. One of the first online lending marketplaces was created on this platform. The platform is a go-between for the borrower and lenders, providing various loan amounts, periods, and rates; it is not a direct lender.

Numerous loan amounts are available on the PersonalLoans platform. The minimum loan amount is $500, and the repayment period is only 90 days. This loan amount and payment schedule are the smallest and quickest we have found. Additionally, it distinguishes PersonalLoans from the competition.

Additionally, payday loans are not the only issue. Numerous evaluations of PersonalLoans loans assert that the loan options are diverse and range from highly short-term plans to six-year plans with a few of the best payback terms on the market.

The offers are also suitable for people looking for personal debt consolidation loans and candidates with bad credit. You can even get funding to establish a firm, which is admirable considering that most business lenders won’t give loans to startups.


Application process

Once you’ve decided to use PersonalLoans, you must click the ‘Get Started’ button or select the loan amount from the webpage before providing your email address. Your address, phone number, monthly salary, and a few more personal information must be provided while applying for a loan at PersonalLoans. All of these factors will help the website match your profile with the proper lenders.

People who prefer more conventional methods of communication might be dissatisfied to realize that they cannot call the business. Applying for a loan with PersonalLoans may only be done online using a form.

After you register, the website will send you loan offers automatically until you discover the one that best meets your needs. Because you will have access to some of the greatest loans available, you won’t have to accept the initial selection of offers. Some lenders might get in touch with you directly, which can assist you in getting better terms on repayment.


You can pay off your loan using one of the platform’s several payment choices, including one that lets you do it in less than a year. That is far shorter than many other markets, let alone banks. Naturally, if you’d prefer, you can still choose longer-term loans; 90 days is the shortest, and 72 months is the longest time.

Lenders may demand frequent payments even if you have the greatest online loan. According to the website, the shortest time between payments is two weeks, while one payment per month is the most typical. Keep an eye out for these offers from the lending institutions since you can qualify for reductions for making early repayments.

Debt consolidation

Debt is never pleasant, but it is occasionally unavoidable. Loans from PersonalLoans will assist you in consolidating your debt or refinancing your credit cards so you can finally escape debt. It won’t happen overnight, but negotiating better terms for repayment can save your life.

Fast cash

Because applying for an internet loan is quicker and requires less paperwork than going through a bank or savings and loan, many people with unexpected expenses turn to them for financial assistance. The funds are transferred to your bank within 24 hours if you are granted a loan.

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


  • Rapid judgment on a loan
  • No minimum credit rating is necessary
  • It is ideal for payday loans
  • The platform is free to use
  • The quick loan application process
  • Thorough knowledge base
  • There are adaptable loans


  • Actively seeks a great deal of personal information
  • Only makes small loans

How We Made This List For The Best Financial Services for Personal Loans?

We looked at dozens of lenders to find the best loans for various situations. Our methodology included evaluating these lending companies based on multiple data points most relevant to those who can borrow money.

We prefer top online loan lenders who provide consumer-friendly features like transparency, low fees, reasonable annual rates, customer support, and soft credit checks.

Some loans have strict qualifying restrictions, which could make applying for them challenging. Lenders will typically specify a minimum credit score requirement and minimum yearly income. At the same time, some will also evaluate the candidate’s debt-to-income ratio, loan purpose, and even job history for credit approval.

Unfortunately, some lenders fail to disclose their minimum income or other qualifying requirements and may not be clear about these criteria.

Customers can choose a repayment option that offers them the most economic sense, thanks to flexible repayment options. While some borrowers would choose loans with shorter periods and higher payments, others profit from loans with longer terms and lower monthly payments, even if it results in a greater overall repayment.

The two key factors that make up speed are how quickly you receive your approval status and how quickly the money shows up in your bank account.

Most reputable loan providers offer pre-approval checks, letting you know whether your application will be approved without damaging your credit score. The approval procedure may take a few hours or a few days once you pass this check.

Installment loan clearance dates vary on state laws, the accuracy of the request, and the lender payment method. After a successful application, lenders typically try to pay the loan within one business day, though some payments may take longer.

Anything above the primary loan amount is considered a loan cost. This element considers the loan terms, possible costs, and APR range. Our opinion of the lender is negatively impacted by the eventual total cost of the loan, which is more significant.

Online lenders have put a lot of effort into making their application procedures streamlined and easy to comprehend. We also assessed the website’s usability and clarity and the data the lender sought.

The brand’s reputation should be a significant consideration in your decision because it reveals a lot about the character of the services they’ve provided in the past. For instance, if you learn that a few individuals have had negative experiences with a particular brand or if you hear from numerous sources that a specific brand is dreadful, you should steer clear of it.

Brands that smoothly give top-tier service to borrowers will present you with the most uncomplicated application procedure, an easy-to-navigate and comprehend platform. Furthermore, reputable companies do not charge additional costs for their lending services.

Customer reviews are essential to take into account because they previously offered the viewpoint of somebody who has traveled in your shoes.

We looked into the experiences users had when using a system for the first time through evaluations. We also took into account their prior borrowing history.

To compare them, we double-checked the interest rates on these loans. This allowed us to thoroughly evaluate the lender’s request, which is suitable for customers.

People with poor credit usually assume they have no alternative but to take out costly loans with higher monthly fees. Getting a loan with a single-digit APR is tough unless you have “Good” credit.

Buying Guide: Things to Consider When Searching for Personal Loans

It’s crucial to compare loan providers and begin with an honest assessment of your financial status while seeking the best loan rates. This entails assessing your credit history, credit score, income, and reasons for your loan request.

All of these variables will affect which loan requirements are most relevant to you and will guide your decision regarding the lending institution.

Finding the lowest interest rate is usually a smart idea. High-interest rates can significantly raise both your monthly payments and the overall amount of your loan repayment.

The most significant loans typically have an APR between three and 36%. Several variables determine your interest rate, such as:

  • The sum borrowed
  • Your credit history in general and score
  • Your general creditworthiness and income
  • Loan duration.

Lenders always give loans to borrowers who can repay them to increase their earnings. The less risky you appear to the provider, the lower your APR.

The size of loans might range significantly across various lenders. While some may have relatively low maximums, others may allow you to borrow up to $100,000.

Estimating the cost of the expenditure you require for the loan is a bright idea. Applying for a loan from a lender with a $10,000 maximum loan limit won’t help you if you want to spend $20,000 remodeling your kitchen.

Repayment options frequently refer to the length of the loan or the time it will take you to pay it back. The flexibility to alter the due date for monthly installments is one of the consumer-friendly features of some of the most excellent online loans.

Longer loan durations often mean cheaper monthly payments but overall higher loan costs. Higher monthly payments but cheaper borrowing costs result from shorter payback durations.

Even if you expect minimal contact with your lender, you should still research its track record of providing excellent customer service. You need a firm with approachable and supportive customer service in case anything happens or you have queries regarding your loan.

Numerous top online loan providers also offer comprehensive knowledge bases, frequently asked questions, and advice on managing your finances, building your credit, and benefiting from debt consolidation and management.

If you have poor credit or have trouble paying off credit card debt, these resources may greatly help you.

These fees represent the administrative and other costs incurred by the lender in connection with your loan. Depending on the lender, these costs might be between 1% and 8% of the entire loan amount. Your APR has already taken these into account.

The conditions and size of your loan and your credit score will affect your interest rate. You may be charged application or processing costs related to origination fees. However, many banks, including several on our list, have eliminated these additional fees.

If you pay back your loan early, some lenders charge prepayment penalties. Your loan agreement will specify how long you’ll have to repay your debt. While some lenders impose a flat fee, most of these costs are indicated as a percentage of the loan amount.

Your lender may assess penalties for late payments. Some lenders may grant you a grace period, while others may charge you a fee of up to $50 if you don’t pay on time.

FAQs On Personal Loans for Bad Credit

Q 1. How much money can I borrow with personal loans?

The lender will decide. Though some will reach as high as $100,000, most usually fall within the region of $2,000 and $50,000. A credit union loan will have lower caps than loans from banks and online lenders.

Q 2. Is a loan available to those with bad credit?

Some lenders specialize in giving loans to those with bad to fair credit, although many banks and lenders have a minimal credit score requirement for loans.

Pre-qualification allows you to determine whether you have the necessary credit score. Most online lenders feature a pre-qualification procedure that does a light credit check and informs you of your eligibility for the loan.

It also provides helpful information regarding the loan, such as the origination charge amount, terms, and an estimated APR.

If you’re having problems receiving a loan because of your bad credit score, think about a co-signed or secured loan.

Because the lender has a backup plan in case you can’t be bothered to make your payments on time, secured loans frequently have a lower minimum credit score demand. Co-signers will raise your credit score by theirs, which frequently suffices to meet the minimal need.

Q 3. Can I refinance a loan?

If your loan isn’t the greatest option for you, you might choose to refinance it with a new loan that has better conditions and interest rates.

A loan from another lender may be refinanced with some lenders, but not their loans. Others will permit you to refinance another of their loans and use your loan for any other reason.

If your credit score has increased and you can get a better APR, you should consider refinancing a loan since you can benefit from a cheaper interest rate that might save you a lot of money in the long run.

Online and specialist loans are options to consider while looking for the best loan for debt reduction. Even the best online loans are outperformed by some lenders’ dedicated credit card consolidation loans, which have lower rates.

Q 4. What distinguishes fixed interest from variable interest?

A fixed interest rate does not change during the loan. Variable interest rates alter according to market and economic shifts. Every variety has advantages and disadvantages, so it’s important to consider which will work best for you.

Online loans generally have fixed interest rates, leading to predictable payments for the loan’s lifespan. Because a variable rate carries a larger risk for the borrower because it may climb sharply throughout the loan, it is frequently cheaper than a fixed rate.

Q 5. What’s the difference between a secured and unsecured loan?

A secured loan requires collateral in the form of an asset. If the borrower fails to make payments on the loan, the lending institution may take the collateral to recoup its losses. Bank balances, investment accounts, retail goods, and priceless collectibles are frequently utilized as collateral.

Unsecured loans don’t require collateral, so your valuables are safe even if you fall behind on your payments. These loans frequently have higher interest rates to offset the increased lender risk.

Q 6. Do online loans affect my credit score?

Yes. Online loans are a type of credit that can have a variety of effects on a person’s credit score. They can make the following constructive contributions:

  • Add an additional line of credit to your credit portfolio. It’s especially helpful if you have a large amount of credit card debt because it portrays a more consistent portfolio of borrowing
  • As long as you make on-time installment payments, you can help establish a payment history
  • Lower your credit usage ratio if you use the loan to consolidate credit card debt. Your balance will be decreased, but your credit card limit will not change. Since online loans aren’t revolving around debt, they don’t count toward the credit utilization ratio.

However, you should be aware that online loans can potentially lower your credit score if you have bad to fair credit. Whether you are approved for the loan, a hard credit inquiry decreases your credit score for a few months.

Before approving the loan, be sure you can afford it, including the interest and origination cost, as missed payments will severely damage your credit score.

Q 7. What is the procedure for getting a loan?

Loans are a sort of recurring credit that can be a more economical way to pay for essential expenses in life. Numerous expenses, such as debt reduction, house improvements, weddings, getaways, and medical expenses, might be covered by a loan.

Before requesting a loan, be sure you know how you’ll spend it and repay it. Think about how much you’ll need, how long it will take you to comfortably return it, and how you’ll pay for the higher monthly expenditure.

Once your loan request has been approved, money is transferred into your bank account. Your lender might be able to settle your credit card amounts right away if you take out a debt consolidation loan. The balance will be deposited into your account.

Q 8. Is a loan the best option?

Loans are not suitable for everyone or in every circumstance. It may be challenging to qualify for loans with strict credit score requirements. They might also have high-interest rates, which suggests that there might be better options.

Online loans have higher interest rates than auto or education loans. Getting a loan can be your best option for significant expenses that surpass your credit limit.

It is worthwhile to compute the interest and consider alternatives, such as a secured loan, to reduce the interest rate.

However, it should be managed carefully due to its high-interest rates and potential for issues when collateral is involved.

Conclusion: Which Personal Loan Company Do You Prefer?

Personal loans are advantageous for those who need quick access to short-term borrowing. You can borrow money at your convenience and from home. These loans for bad credit are provided to those who have bad credit. You can take out a loan to cover expenses like medical bills or other debts and pay it back with your next paycheck. They may be the last resort in an emergency.

You may quickly apply for a loan through the loan providers mentioned above. They introduce you to one of their several lenders. They collaborate with reputable lenders in the US to give you the best rates. Additionally, their loan application procedure is straightforward, and you will have your money within a few hours.

The best websites for online loans have been suggested. You must, however, make the choice that is best for you. After reading our post, we’re sure you’ll make wise financial decisions and progressively raise your credit scores.

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