Best Overall Choice:
- Click "GET MY RATE" to find your unique personal loan rate on Credible's secure site
- Personalized rates from up to 15 vetted lenders in 2 minutes, ranging from 3.49% APR to 35.99% APR, all for free
- Credible is best for those who value dedicated customer service throughout the loan process
- Credible will give you $200 bonus if you close with a better rate elsewhere*
- Outstanding customer service to help with your loan requests
- No impact to your credit score to check personalized rates
*See Credible’s site
for full Terms & Conditions on the personal loans “best rate guarantee” deal.
- 100% free to get your personal loan rate with LendingTree
- Great for borrowers with fair/good/excellent credit
- LendingTree has been in business since 1996
- Online personal loan pre-qualification process takes just a few minutes on average!
- Very simple process for finding your unique personal loan rate ranging from 3.99% to 35.99% APR
- No impact to your credit score for applying
IMPORTANT LENDINGTREE DISCLOSURE: LendingTree NMLS #1136 is NOT a direct lender.
- 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
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:
How Low Can My Rates Get?
Simply put, loan rates are different for everyone. The rates you’ll get depend mostly on your credit score, income, and chosen loan amount. To instantly get your loan rates, click “GET MY RATE” with any loan offer on this page.
The loan companies on this page offer loans ranging from 3.49% APR
APR. However, your exact personal loan rate depends on your credit score, income, loan amount, and chosen loan terms.
Overall, Credible is the best choice for finding the lowest loan rates, because after filling out the 2 minute form, they search 15 lenders, and you can pick the lender with the lowest rates for you.
- Best for: No Fees & Great Customer Service
- Impact to Credit Score: None
- Application time: 2 minutes
Credible is another great way to find 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.
- Best for: Comparing multiple loan options
- Impact to Credit Score: None
- Completion time: 2 minutes
LendingTree offers a simple, fast, and easy way to compare multiple loan options in one place. It only takes a few minutes, and there are no hidden fees.
You’ll have to answer some basic questions about your credit score and income, but it’s very straightforward. The best part about AmOne is the large number of lenders that the company works with and can get you prequalified for.
View LendingTree Offers
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