The Best Personal Loan Companies And Online Lenders In 2020

If you’re looking to borrow money – maybe to consolidate your debt, find a lower interest rate, or even to make ends meet due to an unexpected expense, a personal loan can make a lot of sense. However, there are a lot of choices when it comes to personal loans – do you have to go somewhere in person or can you do it online? What does it cost? Will I qualify?Well, to make things a bit easier, we break down our picks for the best personal loans companies and online lenders right now. Remember, personal loans are unsecured debt. This means, depending on your credit score, you may qualify for really good rates and terms. Most personal loans are also fixed interest rates with fixed terms – meaning your payment will stay the same throughout the course of the loan.Before you apply, make sure you shop around for the best personal loan you can get. Spending a little bit of time now can save you thousands later!Shop And Compare In MinutesWe recommend thecomparison tool to shop around for the best personal loan in minutes. Think of Credible like Kayak – you enter your information once, and they shop the best lenders for you. If you like the offer, you can apply right there on the platform. Check out Credible here, enter your information, and start applying for a personal loan today.

As you start considering a personal loan, here are our picks for the best personal loan lenders in 2020. If you want a simple comparison, check out Credible below – they are like the kayak for loans and you can easily compare a lot of lenders in 2 minutes.Best Personal Loan Comparison Tool: Best Personal Loans Overall: , , Best Personal Loans For Excellent Credit: , Best Personal Loans For Average Credit: , Best Personal Loans For Low Credit: Best Personal Loans For No Credit/Visa Holders: If you’re looking for another type of loan, these might help:

There are a lot of different personal loan companies that all offer different rates, terms, fees, and more. We do our best to provide an overview of all the different offerings, how they compare, and key facts you need to know.Remember, we recommend usingto quickly compare your personal loan options. With connections to the top lenders, Credible seamlessly allows you to shop and compare, then apply online, for the best personal loan for your situation from multiple companies. Check out Credible here.

Here’s our list of all the major personal loan lenders (in alphabetical order):

Remember, a personal loan is an unsecured loan. This means that you don’t have to put up any collateral to get the loan (like a car or house). Since they don’t require collateral, the loan is based on the lender’s estimate about your ability to repay.They figure this out by looking at your credit history, income, and more. A personal loan can make a lot of sense in a few situations:Debt Consolidation: If you have multiple credit cards or other loans, and you’re looking for a way to streamline your payments and potentially save money, a personal loan can make sense. For example, if you have credit cards with interest rates over 15%, and you can get a personal loan for under 10% – you’ll save 5% in interest! That’s great savings.Paying For Education: You can only get a student loan if the school you’re attending is accredited. However, if you need some type of specialty education or training for you career field, and it can boost your income, getting a personal loan to help pay for it might make sense.Funding Unexpected Expenses: Even the most well prepared people encounter unexpected expenses every now and then. If you just need a quick boost of money to pay for something (say car repairs or home repairs), getting a personal loan and paying it off can make a lot of financial sense. There interest rates on a personal loan may be lower than credit cards, especially if you need time (i.e. years) to repay the debt. Something to Consider: If you have a personal loan or other debts, you might want to consider credit life insurance. This is insurance that will help your family eliminate your debts if something were to happen to you. That way you can avoid being a burden after you’re gone.

When shopping for a personal loan, you need to make sure you’re getting the best loan you can qualify for, that makes sense for your situation.That’s one of the reasons why we like . Credible allows you to shop around for multiple loans in minutes, by filling out just one simple application. When shopping though, here’s what to look for:Interest Rate/APR: The main starting point should be your interest rate. This is what you’re going to pay to borrow, and the higher the number, the more you’ll pay. The better your own credit score and history, the lower interest rate you’ll qualify for. As such, look for the lowest interest rate you can get – it’s one of the biggest factors in cost.Fees: Fees are also important to look at – specifically origination fees. These are fees to just get the loan, and it’s basically a sunk cost to borrow. Some of the best lenders on this list charge $0 in origination fees, so that can save you money when getting a personal loan.Loan Limits: It’s important to get a loan that works for you – and loan limits matter. If you need $10,000, don’t apply for a $5,000 loan – you’re just going to struggle and have to get another loan. Borrow what you need and be mindful of the limits.Repayment Terms: Always look at the repayment terms – specifically the length of time you have to pay it back. The longer the repayment term, the lower your monthly payments will be. Make sure you find a payment amount that you can afford each month, so that you can eventually pay off your loan.Funding Time: Some loans can fund same day or next day, while others take a few days. Make sure the lender you are working with can get you your money when you need it.Benefits: Finally, consider any benefits the company offers to help with repayment. For example, do you get a discount on interest rate if you sign up for auto-payment? Or, even better, do they have any benefits for you if you lose your job and can’t make payments? These are minor compared to the other things on this list, but they can still be helpful!

Another constant debate is when it makes sense to use a personal loan, versus using a credit card with 0% APR. The real thing is, it all comes down to timing and saving money.A 0% APR credit card is fantastic, . For example, if you get a credit card with a 13 month 0% bonus APR, make sure you pay off the full amount in that 13 month period of time. If you can’t, the interest rate will likely shoot up into the 13% or higher range, and there may be fees as well. Check out the best balance transfer cards here. You might be surprised at the deals.If you don’t think you can pay off the credit card while in the 0% period, then a personal loan will usually make the most sense. The reason is simple: your APR/interest rate on the loan will usually be much less than the credit card.So, while your credit card might jump to 13% APR, your personal loan may be at 8% APR. So, even if you paid that for an entire year, you’ll be ahead of the credit card. 

Most people are not fond of getting personal loans. However, they can serve a valid purpose if used correctly, and if you need one, the best thing you can do is find the best personal loan.Hopefully this list and these tools help you understand your personal loan options, and allow you to shop around for the best personal loan rates and terms. Remember, if you just want to keep things simple, check out Credible for personal loans. They will do all the legwork for you in shopping around multiple lenders in minutes.


* Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without Autopay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

SunTrust Bank is an Equal Housing Lender. © 2020 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

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