Trusted & Secure
Credible Highlights
- Click "GET MY RATE" to find your unique personal loan rate on Credible's secure site
- Personalized rates from up to 6 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 actually give you a $200 bonus if you find a better loan rate!
- Outstanding customer service to help with your loan requests
- No impact to your credit score for applying
LendingTree Highlights
- 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
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)
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, with rates ranging from 5.99% to 35.99% APR
- Well suited for borrowers who want a small loan of $1,000 to $3,000
- Great for borrowers with Bad/Poor credit
- Loan Term: 2-72 months
- NOT recommended for good/excellent credit history
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 at 7.99% to 35.97% APR
- 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
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
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, rates ranging from 3.49% to 35.99% APR
- 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
Which Loan Company is the Best?
Although it’s hard to go wrong with any of the top-rated loan companies on this page, here are the top two choices:
Overall, Credible is the best choice for finding the lowest loan rates, because after filling out the 2 minute form, they search 8 lenders, and you can pick the lender with the lowest rates for you.
1. Credible
- Best for: No Fees & Great Customer Service
- 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. LendingTree
- 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 LendingTree is the large number of lenders that the company works with and can get you prequalified for.
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.
Additional Personal Loan Info
One of the most common misconceptions about personal loans is that getting a loan will harm your credit score.
Simply put, this is NOT true! Personal loans will actually improve your credit score (even if it’s in the good/excellent range) with on-time payments. In fact, this is one of the many benefits of a personal loan.
How Loans Boost Your Credit Score
For example, say you have $10,000 in credit card debt, and your total credit limit with your credit card company is $12,000. Since $10,000 out of the available $12,000 credit is being used, this is known as “high credit utilization” and is highly detrimental to your credit score.
Getting a loan of $10,000 will allow you to fully pay off your credit card and reduce your credit utilization. In turn, this will dramatically boost your credit score.
Similarly, if you want to purchase something for $20,000, it’s best to use a personal loan and not a credit card. Because keeping your credit utilization low is roughly 30% of your credit score. Personal loans don’t count towards your credit utilization.
This is just one example of how getting a loan can actually lead to a credit score of 800+, but in general, personal loans never your credit score and are viewed as a good sign by the major credit bureaus.
Additionally, getting your loan rate with any of the companies listed on this page will NEVER hurt your score.
What to Look for in a Personal Loan
When finalizing your personal loan, you will typically be presented with multiple offers from different lenders and banks. Make sure you pick the offer that works best for your financial situation.
Longer term loans tend to have slightly higher interest rates. Whereas, loans over shorter periods of time, like just 1 year, tend to have the lowest interest rates, but will typically see higher monthly payments.
Luckily, the Federal Funds interest rate, the benchmark interest rate set by the United States Treasury, is currently at 0.00%, so it’s a great time to get a personal loan.
Summary: Best Loan Companies for 2020
| Loan Company | Link to Apply Instantly |
|---|---|
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| Personal Loan Provider | Best For |
|---|---|
| Best for borrowers who value professional customer service, no hidden fees, and low rates |