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Best Personal Loans for 2020

Get the best personal loans by comparing offers from highly-rated partners.  All lenders listed below have a proven track record. And they all have a secure online application, making it easy to apply.


Top Choice for 2020

They make it super-simple to compare offers fast and you only need to apply once. 

  • APR 3.99% - 35.99%
  • Get amounts from $1,000 - $100,000
  • They accept fair, good, and excellent credit
  • Hassle-free online qualification process



Second Choice for 2020

PersonalLoans.com is a good option for anyone with fair to good credit. 

  • APR from 12% to 35.99%
  • Loan amounts from $500 - $35,000​
  • Apply online, quickly see if you qualify
  • Great option if Credible.com can't help you



They are also a comparison site that let’s you apply to multiple lenders fast and easy. 

  • APR from 6% to 35.99%
  • Loan amounts from $1,000 - $50,000
  • Easy online application with fast approval
  • A good third option for personal loans



TrustedPersonalLoans.com allows consumers to borrow as much as $40,000.

  • Rates vary depending on circumstances
  • Get Loan amounts up to $40,000
  • Fair credit borrowers accepted
  • No-hassle online platform



As the name suggests, they are for borrowers with bad credit or no credit. 

  • APR varies for each person
  • Obtain loan amounts from $500 - $5,000
  • Complete the application process online
  • This option is for people with bad credit




Sofi is a good option if you have good credit because they have low rates.

  • APR depends on your finances
  • Loan amounts from $5,000 - $50,000
  • They don't charge a prepayment penalty​
  • Easy to apply online and get approved




Another option for anyone borrowing up to $50,000 with good or fair credit.

  • Good starting APR for fair credit or better
  • You can borrow from $1,000 to $50,000
  • Get 3 to 5 year loan terms / no prepay penalty
  • Easy online application process




Avant is a good solution for anyone with fair credit or better.

  • APR varies according to your credit
  • Loan amounts from $2,000 to $35,000
  • Get 24 to 60 month repayment plans
  • Simple online form gets you started


Getting the Best Personal Loans

A personal loan is money given to you by a lender who usually doesn’t require any form of collateral in return. 

That’s why these loans are also known as unsecured personal loans. And they can be the perfect tool for anyone who needs money fast.

But beware of companies that guarantee the best rates without knowing anything about the borrower. No company or website can promise with certainty that a particular lender will give you the best personal loan with the lowest rate.

After all, they wouldn’t know what your current financial situation is.

And they wouldn’t know what your credit score is either.

Ask any financial expert and they will tell you that getting the best rates on a personal loan comes down to comparing offers from one lender to another. 

That’s been the time-tested way of finding the best deal.

But to do that, you need a good starting point. Otherwise, you end up wasting a lot of time looking at companies that have no chance of maximizing your savings.

This loan guide gives you the best starting point possible.

We do the research on the different companies, then we share the results with you. You save time, money and aggravation.

And you bypass all the fly-by-night lenders that are just looking to make a quick dollar off you. We only list proven companies with a strong track record.

See why Credible.com is our top-ranked personal loan destination.

What is a Personal Loan?

Like most other loans, a personal loan is money you borrow from a lender. You could get a personal loan from a traditional bank, a credit union, or one of the newer kids on the block, the online lender.

What separates personal loans from many other loans is the time frame you have to pay it back. Usually, you’ll have about 2 to 5 years to repay it. 

Additionally, your interest rate will be a little higher because it’s viewed by lenders as a riskier type of loan.

The reason it’s viewed as riskier is because you don’t put up any collateral to secure the loan. That’s why these loans are also referred to as unsecured loans.

So the 3 main differences of personal loans are:

  • Shorter time period to pay it back
  • Interest rates are higher than home loans
  • You don’t put up any collateral to secure the loan

Naturally, if you put up collateral like your house to secure the loan, the interest rate would be much lower because the lenders would consider it less risky to their company.

In other words, if you defaulted on the personal loan, the lender would get some of there money back in the form of your collateral.

So those are the main differences between personal loans and many of the other familiar loan types such as a home loan.

Smarter Way to Find the Best Personal Loans

Many people find the need for a personal loan at some time or another. 

Whether they want to consolidate multiple high interest debts into one lower interest loan, make a home improvement, start a hobby/business, or simply make a variety of purchases to set projects in motion, there are many different reasons to take out a personal loan.

Whatever your reason, you want to make sure you get the best possible terms to ensure you get the best personal loans for your situation.

For some people, the best loan might be a longer payback time to keep cash flow open, for others it is the lowest interest rate possible, and for many this will be a combination of these two factors.

There are several options out there when it comes to finding the best personal loan, and by understanding your options you’ll have a much better chance of finding the best possible deal out there for you and your current situation.

Compare Personal Loans on the Net

Naturally, one of the best places to search for personal loans is on the internet. You can find what you’re looking for faster. And you can also find out if you qualify without ever having to meet with a lender or company representative.

The whole process is simplified but you give up the personal touch you would get from actually talking to someone.

Shop Multiple Banks for Your Personal Loan

There aren’t nearly as many big banks as there used to be, but you still want to check with all the local big name branches just to see what’s available. You might be amazed at how different the offered terms for a personal loan are between two big banks.

By mentioning you are looking around at options you might end up with a better offer on personal loans – slightly better payback terms, a slightly lower interest rate, etc. Don’t commit right away but do find out what type of terms you can expect.

Look at Local Lenders for the Best Personal Loans

Many times, smaller local banks will be more willing to give friendly terms. They aren’t pushed by heavy investments the way many of the larger banks are, allowing them to concentrate more on local lending and interest rates.

Local banks are often overlooked for personal loans as more and more people turn towards big brands, but the ones that do well tend to do so because they build personal relationships with their customers.

That means they are often very receptive to finding ways to get good terms for borrowers to keep them happy and in good shape to re-pay those loans.

While this won’t always be an option, most people are surprised to see how many local banks there are relatively close to them.

A simple Google search could reveal several options for a personal loan that you didn’t know about – but as always – do your research on the reputation of each one to only work with the most reliable.

Get the Best Personal Loans from a Credit Union

If you need personal loans for large sums of money, a credit union might be a great option. Many times this is especially true if you are looking for a relatively small loan or are in that gray area of credit scores where you’re not terrible, but not very good.

If you’re struggling to find someone willing to grant you a small personal loan for something like a computer, a home appliance, or something in that range then a credit union is often a very good option.

Since they’re set up in a way where they can’t pull in the massive profit of big banks they are often happy to take chances with lower loan amounts or less than perfect credit.

Look at Non-Conventional Lending Options

There are many different online lending options for a personal loan that weren’t there even a few years ago, and they are worth a look.

In many cases it’s easier to find high interest personal loans if you have mediocre or poor credit from peer to peer (p2p) lending sites, but there are sometimes very good options. Borrowers with great credit or good cash flow, or both, might find a gem of a deal from one of these p2p lending platforms.

These are generally the biggest factors in deciding interest rates and amounts available to borrow, so someone in good shape should look at popular choices like Upstart, Prosper Marketplace, or other similar sites just to see what’s possible.

In Conclusion

There are a lot of different options out there for personal loans that are a good fit for you. While some tend to be consistently better when it comes to borrowing terms than others, it’s important to understand all the potential funding sources so you can always check out the specific options and terms available.

Some personal loan options are clearly going to be superior to others. 

Each situation is different and the only way to rest easy knowing you received the best possible terms is to know what all your options are.


Quick Review of the Best Personal Loans

Here’s another quick look at the 5 best personal loan companies.

These are the lenders that can most likely get you the best deal on whatever type of loan you’re looking for.

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