The best personal loans are the ones that excel in at least one important way. So, we had a look at the best personal loans for 2020. Going into 2020, we found a few personal lenders and marketplaces offering a few great benefits.
After looking back at the best personal loans for 2019, there are a few clear contenders. So, we will go over each of our top picks and discuss what sets them apart.
Honest Loans
Honest Loans matches you with the best personal loans in 2020 for fast funding. They are a lending marketplace that prequalifies you and matches you with the right lender. If you have good credit, they can get you an APR as low as 6%. But their APRs can also go as high as 35.99%.
Honest loans is both fast and lacks a personal credit score requirement. This makes their platform a great place for borrowers with many income levels and credit scores. Just remember that to qualify for the best personal loans, you need a higher credit score.
| Personal Lender | Minimum Credit | Minimum Income | Proof of Citizenship | Next Steps |
|---|---|---|---|---|
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550+ | N/A | U.S. Citizen or Green Card | Shop Deals |
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Bad Credit OK | $800 per Month | U.S. Citizen | Apply Here |
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Bad Credit OK | $1500 per month | U.S. Citizen | Apply Here |
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Bad Credit OK | N/A | U.S. Citizen | See if you qualify |
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Bad Credit OK | N/A | U.S. Citizen or Permanent Resident | See if you qualify |
OppLoans
OppLoans offers the best personal loans in 2020 that serve as alternatives to payday loans. Their rates are very high, but still significantly better than payday loan rates. Payday loans are often disastrous fast loans that carry APRs of over 199%.
OppLoans’ answer to payday loans is a personal loan option that is fast and has short repayment terms. This combination is very similar to what payday loans offer. The difference is that OppLoans offers lower rates and longer repayment terms than payday loans. But compared to other personal loans, OppLoans’ rates are very high and their terms are short.
APRs for OppLoans loans start at 59% and cap off at 199%, just shy of payday loan rates. The only requirement is that you make at least $1,500 per month. No credit checks are needed with OppLoans. These facts make them the payday loan alternative they advertise themselves as.
SuperMoney, the best Personal Loans Marketplace of 2020
SuperMoney is a lending marketplace for many different types of loans. Their personal loans are fast and convenient overall. As long as your credit score is at least 600, you can be matched with at least one loan. You can take your time and apply to different lenders to compare offers on many personal loans. You can do this without harming your credit score, as only your full application will require a hard credit pull.
APRs from SuperMoney can range from 1.99% to 35.99%. Their rates are good, but they can’t service borrowers with credit scores below 600. SuperMoney hosts loans for many purchases, including auto loans.
Even Financial
Even Financial is another personal lending marketplace. It hosts the best personal loans in 2020 if you’re shopping with a low credit score. In fact, the platform doesn’t have a minimum credit score requirement at all.
Bad credit personal loans aren’t the only thing you will find on Even Financial. The platform offers convenient loan management interfaces. You can track any loans you have with Even Financial on a single page. They even have a mobile app to make this tracking more convenient.
If you want to try Even Financial out, you can see available loans before applying. All you need to do is punch in some basic information about yourself and the loan you’re looking for. They can match you with personal loans with APRs between 3.84% and 35.99%.
