Best Personal Loans for You

Updated March 23, 2020

Best Personal Loans for You

Updated March 23, 2020

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1
Best Choice
https://credible.com
  • APR: 3.99% - 35.99%
  • Loan Term: 24-84 months
  • Max Loan: $100,000
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Over 1,293 users chose Credible today
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Credible Highlights

  • Click "GET MY RATE" to find your unique personal loan rate on Credible's secure site
  • Personalized rates from up to 11 vetted lenders in 2 minutes, all for free
  • Credible is best for those who value dedicated customer service throughout the loan process
  • Great for borrowers with Fair/Good/Excellent credit
  • Outstanding customer service to help with your loan requests
  • No impact to your credit score for applying
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2
https://amone.com
  • APR: 4.99% - 35.99%
  • Loan Term: 24-84 months
  • Max Loan: $50,000
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AmOne Highlights

  • Click "GET MY RATE" to find your unique personal loan rate on AmOne's secure site
  • Instantly Matched to Appropriate Solutions
  • Highly Rated Providers Identified & Offered
  • Offered Nationwide Since 1999
  • U.S. Based Live Support
  • Easy & Efficient Process Saves Time
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3
https://upgrade.com
  • APR: 7.99% - 35.97%
  • Loan Term: 36 - 60 months
  • Max Loan: $50,000
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Upgrade Highlights

  • Click "GET MY RATE" to apply on Upgrade's website
  • Best choice for a loan with no prepayment penalties
  • 3 to 5 year repayment terms
  • Very easy application process, takes less than 5 minutes
  • Low fixed rates from a highly reputable online lender
  • Funds are sent directly to your bank account via ACH transfer
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4
https://loansunder36.com
  • APR: 5.99% - 35.99%
  • Loan Term: 2-72 months
  • Max Loan: $35,000
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LoansUnder36 Highlights

  • Click "GET MY RATE" find your unique personal loan interest rate on LoansUnder36's secure site
  • LoansUnder36 matches you with top-rated online personal loans with absolutely no charge to you
  • A popular choice if you only need a small loan of $500 to $5,000
  • Great for borrowers with damaged credit
  • Loan Term: 24-84 months
  • No impact to your credit score for applying
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5
https://5kfunds.com
  • APR: 5.99% - 35.99%
  • Loan Term: 2-72 months
  • Max Loan: $35,000
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5kFunds Highlights

  • Click "GET MY RATE" start your personal loan process on 5kFunds secure site and find your APR
  • 5kFunds matches you with top-rated online personal loans with absolutely no charge to you
  • Extremely low APR from 5.99%, among lowest in the industry
  • Great for borrowers with Bad/Poor credit
  • Loan Term: 2-72 months
  • No impact to your credit score for applying
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6
https://upstart.com
  • APR: 6.53% - 35.99%
  • Loan Term: 36-60 months
  • Max Loan: $50,000
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Upstart Highlights

  • Click "GET MY RATE" to find your personal loan rate on Upstart's secure site
  • Upstart goes beyond traditional lending metrics to help borrowers find financing that considers their education, work experience, and more
  • Perfect for those with a college degree but limited credit history
  • Founded by ex-Googlers—fair and fast personal loans
  • No prepayment penalties
  • No impact to your credit score for getting your rate (takes 5 minutes)
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7
https://monevo.us
  • APR: 3.49% - 35.99%
  • Loan Term: 3 - 144 months
  • Max Loan: $100,000
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Monevo Highlights

  • Click "GET MY RATE" to view personalized loan offers Monevo's secure site
  • A multi-award winning personal loan matching service
  • Personalized loan offers in less than 60 seconds
  • Network of lenders offering loan amounts $1,000 - $100,000
  • Funds available as soon as next business day
  • No impact on your credit score to check your personal loan rates
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Best Personal Loan Companies for 2020

Although it’s hard to go wrong with any of the top-rated loan companies on this page, here are the top two choices:

1. Credible

  • Best for: No Fees & Great Customer Service
  • APR: 3.99% to 35.99%
  • Impact to Credit Score: None
  • Application time: 2 minutes

Credible is another great way to get a loan in 2020. There are no fees, and what sets Credible apart from other loan companies is their unparalleled customer service via phone and email. If you have any questions at all, Credible is standing by to help with your loan request. Moreover, the entire loan process only takes 2 minutes. If you find a lower personal loan rate, Credible will actually give you up to $200. Although terms apply, it’s a pretty good deal.

Learn more about Credible’s $200 bonus offer or Visit Credible to get a loan.

2. Monevo

  • Best for: Flexible Loan Terms
  • APR: 3.49% to 35.99%
  • Impact to Credit Score: None
  • Application time: 5 minutes

Monevo is the best choice for 2020, because it’s completely free to use, and will not impact your credit score. The application process is also extremely simple and quick. It’s a great way to find a loan, fast and easy.

You’ll have to answer some basic questions about your credit score and income, but it’s very straightforward. The only downside of AmOne is that there is no live customer service available via phone and email like there is for Credible.

Visit Monevo to get a loan.

What Can I use a Personal Loan For?

Personal loans can be used for almost anything! Some of the most popular uses include:

  • Credit card debt consolidation
  • Major purchase
  • Home improvements and renovations
  • Pay for a wedding
  • New boat, RV, or other item that typically doesn’t have financing
  • Medical bills
  • Virtually any other reason

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.

Should I Get a Personal Loan?

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.

Personal Loan Myths

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.

Summary: Best Loan Companies for 2020

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 $1,000 to $100,000 for pretty much any reason

Updated: March 2020

IMPORTANT LENDINGTREE DISCLOSURE: LendingTree NMLS #1136 is NOT a direct lender. Rates, APRs, Monthly Payment Amounts, Fees, Points, and Origination data shown in the LendingTree LoanExplorer℠, NMLS#1136, rate table are examples only and do not take into consideration taxes or insurance. If you choose an ARM, your payment will likely increase at the stated interval.

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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.