Updated Jan 21, 2020
Updated Jan 21, 2020
If you have fair/good/excellent credit, these are the 2 best loan providers. When reviewing loan providers, we looked at the most important categories: fees, customer service, APR, ease-of-use, network of lenders, and more.
Personal loans can be used for almost anything! Some of the most popular uses include:
According to research by Finder, roughly 83.5 million Americans have personal loans, with the most common use being credit card debt consolidation. Typically, credit cards can have APRs above 35%. Personal loans, on the other hand, typically have APRs around 7% to 30%.
Many Americans would rather pay 7% annually to borrow money, and use this borrowed money to pay off their higher interest debts, like credit cards.
Personal loans, often called “unsecured personal loans,” are loans that are issued to individuals based on their creditworthiness. One of the best things about personal loans is that there is no collateral involved. You don’t have to use your house, car, or any other asset to receive a personal loan.
We spent 500+ hours searching for the best personal loans of 2020, because not all personal loans are made equal. Many shady online lenders have high variable rates and lots of hidden fees. None of the lenders on this page have hidden fees, and all are highly rated and respected.
If you need to consolidate debt, finance a purchase or major event like a wedding, or if you just need cash, personal loans are a great option. The typical interest rates for personal loan range from 3.84% to 35.99%. This is significantly lower than the typical APR for a credit card, which is another common form of borrowing.
One of the most common misconceptions about personal loans is that they somehow negatively effect your credit score.
For most cases, this is not true. There’s often no impact on your personal credit score to see if you qualify for a personal loan. And once you receive your personal loan funds, and you begin to make timely monthly repayments, your credit score can actually improve.
The only way a loan can harm your credit score is if you fail to make your payments.
|Personal Loan Provider||Best For|
|Best for borrowers who value professional customer service, no hidden fees, and low rates|
|Best choice for those with good/excellent credit who are looking for a low APR loan|
|Best for loans of $15,000 to $40,000 with no origination fees|
Updated: Jan 9, 2020
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary. LendingClub’s physical address is: LendingClub, 595 Market Street, Suite 200, San Francisco, CA 94105.
For a a representative example of the total cost of the loan, including all applicable fees, please visit the respective lender’s and/or loan marketplace’s site. As OptionsBro.com is not a licensed lender, and does not provide loans to the consumer, this information is not presented here. Rather, OptionsBro.com is an online financial education website, which provides clear and easy-to-understand information about a variety of personal financial topics, like personal loans. Please see the each individual loan market place’s site for specific terms on offers and APR. Some APR is dependent on factors like credit scores, amount of money borrowed, and duration of the loan. The maximum percentage APR for most offers found on OptionsBro.com is 35.99% APR. No offers on this site require loan repayment within 60 days.