The Best Personal Loans of 2020 [July's Update]

At a Glance

5KFunds works like a match-maker for borrowers and lenders, providing a platform that connects customers with the most suitable loan company it can find online. This saves lots of time by instantly finding the best possible loan option for every specific borrower. Simply enter your requirements into the website and search its database of hundreds of potential lenders.

5Kfunds offers the following services:

• Loans from as little as $1,000 to up to $35,000
• Loans with an annual percentage rate (APR) from 5.99% to 35.99%
• Repayment terms from a minimum of 61 days up to a maximum of 72 months
• Free-of-charge to use the search with only a 2.5% finders fee once approved.

Benefits of using 5KFunds

5KFunds makes the process of searching and applying for the best-rated personal loans quick and easy. The service simplifies the process of completing the loan application and promptly arranges the transfer of funds directly to your bank account. It exposes the borrower to over 100 reputable loan providers, immediately revealing the most competitive interest rates for them to choose from.

Requirements

• A bank account
• Being a US citizen
• Over 18 years old
• Having a steady income

While a credit check or paperwork is required during the initial search and application, individual third-party providers may request a one at a later date. A fee is only charged once you are successfully matched with a provider.

Restrictions

• No live chat support on the website
• Does not directly supply loans only informs where to get personal loans.

Drawbacks

Some customer complaints mention requests to pay upfront for services via a prepaid credit card and then not receiving the loans. It is unclear if the complaints are resolved as many appear to go unanswered.

Read the Full 5KFunds Review

At a Glance

Monevo is a personal loan search engine that makes it easy to shop for loans from a wide variety of lenders. Rather than apply individually at banks or loan companies, simply enter your requirements and Monevo will match you with hundreds of potential lenders. The service makes the process of applying for a personal loan simple and painless, and removes the risk of damaging your credit score with a ‘hard pull’.

Monevo offers the following services:

• Soft credit pull on hundreds of loan providers
• Get multiple loan offers with one application
• Loans from $1,000 to $100,000
• 3.49% to 35.99% APR
• Short term personal loans from 3 months to 144 months
• Fixed or variable rate terms.

Benefits of using Monevo

Monevo reveals the details of the top 30 loan providers that suit your requirements without having to implement a ‘hard pull’ and damage your credit score. Loans can be as high as $100,000, which is higher than most other loan providers will offer.

 Requirements

• Personal identification — name, date of birth, SSN, contact, education
• Housing and employment situation, income, monthly payments.

There is no fee to the borrower for using Monevo’s search engine as the company charges the loan provider you choose.

Restrictions

• No mobile app
• Is not a direct loan provider
• Monevo only lists its selection of approved loan providers.

Drawbacks

Your contact information will likely be supplied to third-party companies so you may get unsolicited offers after using Monevo’s services. While Monevo is convenient, you could get better interest rates by applying directly to a specific loan provider.

Read the Full Monevo Review

At a Glance

Even Financial is a loan facilitator, helping to connect borrowers with lenders for personal loans. The Even Financial website helps to bring together a wide variety of offers from different companies so you can see which is the best option for you. Even Financial doesn’t offer its customers loans directly but helps to make the process of securing a loan simpler and more enjoyable.

Even Financial offers the following services:

• Multiple offers without damaging your credit score
• Unsecured personal loans from $1,000 to $100,000
• Fixed-rate terms from 2 to 7 years
• 4.99% to 35.99% APR

Benefits of using Even Financial

Even Financial provides a range of excellent loan options all in one place, saving you both time and money. It gives you a better idea of the types of loans and rates available and doesn’t cost you a cent until you make your choice. It provides first-class technology to give its customers the most transparent, up-to-date information about the best personal loan rates.

Requirements

• Provide personal information
• US citizen or permanent resident at least 21 years old
• A minimum credit score of 580
• Agree for information to be shared with third-parties.

Restrictions

• Not BBB accredited
• Does not provide loans directly.

Drawbacks

You are limited to seeing offers from Even Financials chosen providers and your personal information may be shared with third-party companies. Some loan providers can charge loan origination fees up to 6% back to the customer.

Read the Full Even Financial Review

At a Glance

Credible offers both fixed and variable rate personal loans mainly for students who are currently in school or plan on going to school. The website provides a list of student loan providers that fit your criteria without needing to do a hard credit check. You can even invite multiple co-signers to your application to see which offers the best rate.

Credible offers the following services:

• Quick and easily find all the best student loan offers in one place
• Get a personal loan for credit card refinancing or other needs
• Terms range from 12 to 84 months
• Variable APR from 5.99% to 35.99%

Benefits of using Credible

You get instant quotes on prequalified rates with multiple lenders all in one convenient place with Credible without damaging your credit rating. While Credible offers multiple services, it is particularly good for students wanting to refinance their student debt.

 Requirements

• At least $5,000 worth of student debt to refinance
• At least 18 years old
• A minimum credit score of 650 (average)
• A co-signer if you have no stable income.

Restrictions

• Mainly offers student loans
• Lots of documentation must be provided
• Does not provide loans directly.

Drawbacks

Credible will only show you options from its chosen list of providers. Although it is an extensive network you may not necessarily get the lowest possible rates that you would from an independent search.

Read the Full Credible Review

At a Glance

GuideToLenders offers to find personal loans for credit card debt, medical emergencies, or other needs for its customers. It has some of the widest range of terms and has been operating for over 15 years. This long-standing comparison website aggregates loans from its huge network of vetted lenders, with APRs from as little as 4.99%. Borrowers from all 50 U.S. states are welcome to use the service free of charge and could receive funds from as little as 24 hours after approval.

GuideToLenders offers the following services:

• Personal loans for fast funding from $1,000 to $50,000
• Fixed-rate terms from 3.99% to 35.99% APR
• Terms from 24 to 84 months.
• Free comparison service, no hidden fees.

Benefits of using GuideToLenders 

GuideToLenders has one of the largest lender networks since its been running since 2005, so you get a very broad range of terms and offers. Even borrowers with a bad credit score will find lenders through GuideToLender’s expansive network. You can get the best personal loans to pay off debt, household expenses, repairs, medical, or emergencies.

 Requirements

• A US citizen
• At least 18 years old
• A verified bank account
• A steady source of income

Restrictions

There are almost no restrictions on who can use GuideToLenders and the services they offer although you may need to meet an income threshold.

Drawbacks

There is limited information provided on the exact rates and terms available and it’s difficult to get hold of customer support. Users have complained about receiving a barrage of marketing calls, possibly even more so than can be expected from using comparison sites.

Read the Full LoansUnder36 Review

At a Glance

AmOne is a free lender discovery service accredited by the Better Business Bureau with an A+ rating. It provides potential borrowers with a range of lenders like BlueVine, FreedomPlus, and NetCredit for the best personal loan interest rates. Simply fill in your online information and describe the type of loan you are looking for, and AmOne does the rest. No worries about damaging your credit score with multiple hard pulls as AmOne collects all the necessary info.

AmOne offers the following services:

• Wide variety of loans from $100 to $50,000
• Fixed-rate terms from 2 months
• 4.99% to 35.99% APR
• No collateral required, no fees, no obligation.

Benefits of using AmOne

Easily get personal loans for average credit score holders with a good APR to make paying off debt easier. AmOne includes offers for both unsecured or secured loans plus peer-to-peer and short-term loans from as little as $100.

Requirements

• A credit score of at least 500
• At least 18 years old
• U.S citizen or permanent resident.

Restrictions

AmOne cannot guarantee the rates offered at the time of application as these are determined by the individual loan providers.

Drawbacks

AmOne is not BBB accredited and it is difficult to find detailed information about its lenders on its website. Even if your loan doesn’t get approved, your details will be shared with providers who may contact you.

Read the Full AmOne Review

At a Glance

Upgrade offers direct personal loans to help build credit scores or provide income relief. Customers get access to credit monitoring tools and information to improve their credit situation. Rather than provide loans based purely on income, Upgrade takes into account an applicant’s disposable cash flow. This is to ensure the borrower doesn’t get into further debt unnecessarily.

Upgrade offers the following services:

• Personal loans from $1,000 to $35,000
• Fixed-rate terms of 3 to 5 years
• Get 6.99% to 35.99% APR
• Direct debt consolidation with payments to creditors
• Improve your credit rating with low risk

Benefits of using Upgrade

Upgrade provides personal loans directly to the public for use in improving credit, debt consolidation, home improvements, or other large purchases. Rather than simply issuing loans based on income and credit rating, Upgrade ensures that its customers have enough free cash flow to pay off the loan without defaulting.

 Requirements

• Minimum credit score of 600
• Minimum monthly free cash flow: $800
• Maximum debt-to-income ratio: 60%

Restrictions

• Upgrade charges late fees
• Not available in Iowa, Vermont, and West Virginia.
• A limited-term window of only 36 to 60 months

Drawbacks

Unlike many other sites, Upgrade charges origination fees which range from 2.9% to 8%. It also has a higher than usual minimum APR of 6.99% and requires a high minimum monthly free cash flow of $800.

Read the Full Upgrade Review

At a Glance

PersonalLoans.com is an online lending portal that provides information to customers about the best personal loans to fit their needs. It has relatively low starting loans ranging from $500 to $35,000 and industry-standard APRs from 5.99% to 35.99%. Repayments can be made from as little as 3 months up to 5 years.

PersonalLoans.com offers the following services:

• Personal loans from as low as $500 up to $35,000
• Repayment terms of 3 months up to 5 years
• Standard rates of 5.99% to 35.99% APR

Benefits of using PersonalLoans.com

PersonalLoans.com is a simple intuitive platform that offers hassle-free personal loans without any unnecessary complications. It connects customers with various different lenders, including banks and credit unions, peer-to-peer, and installment loan providers. Borrowers are free to use loans for a variety of purposes including home repairs, debt refinancing, medical emergencies, or other large purchases.

Requirements

• Valid ID, checking account, and credit score of 580+
• Proof of stable income
• U.S citizen or permanent resident with valid social security number

Drawbacks

PersonalLoans.com seems to indicate that some of its third-party lenders may do a hard credit check so it’s important to check this detail first. Some lenders may charge an origination fee of up to 5%.

Read the Full PersonalLoans.com Review

At a Glance

Lending Tree is one of the longest-running peer-to-peer online lending exchanges in existence, having launched in 1998. It connects borrowers with multiple lenders across the U.S. to find the best rates on business and personal loans, student loans, and refinancing. Customers can get free, no-obligation quotes and information about their credit scores, credit cards, and other financial decisions.

LendingTree offers the following services:

• Info on where to get personal loans from a variety of lenders
• Get a loan from $1,000 to $35,000
• Free service plus added information on credit scores, etc
• APR rates from 5.99% to 35.99%

Benefits of using LendingTree

LendingTree helps customers get a good idea of the types of loans available from a broad range of peer-to-peer lenders, financial institutions, banks, and credit unions. There is absolutely no cost for the service and using it won’t hurt your credit rating. LendingTree provides quotes for business and personal loans, short-term loans, college loans, and more.

 Requirements

• Minimum Credit score of 600 for most lenders
• Proof of income plus pay stubs
• Bank account

Restrictions

• Can take up to 7 days for approval
• A debt-to-income ratio below 43%

Drawbacks

Customers receive lots of calls trying to sell them further loans, even after making a decision. Almost all complaints on the Better Business Bureau relate to customers receiving an endless amount of spam email and phone calls after using Lending Tree.

Read the Full LendingTree Review

At a Glance

BadCreditLoans.com is specifically aimed at customers with bad credit who are struggling to find a lender. The platform provides a way to search through hundreds of loan providers that help people with bad credit. It only offers small loans up to $5,000 but could help those who are desperate with nowhere else to turn. APRs are from 5.99% to 35.99% and terms are 3 to 60 months.

BadCreditLoans.com offers the following services:

• APRs from 5.99% to 35.99%
• Bad credit loans from $500 to $5,000
• Repayment terms from 3 months to 5 years.

Benefits of using BadCreditLoans.com

If you have a poor credit rating for whatever reason, BadCreditLoans.com might be able to help you. It specifically aims to help those stuck in the subprime credit score range or with no credit history at all. Using BadCreditLoans.com, you could slowly rebuild your credit rating by paying off multiple debts over time.   

 Requirements

• Personal information
• Income information
• US Bank account
• 18 years of age

Restrictions

Limited loans options available

Drawbacks

BadCreditLoans.com is limited to providing small loans of up to $5,000. The company has an ‘F’ rating on the Better Business Bureau, which is the lowest score.

Read the Full BadCreditLoans.com Review