Best Personal Loans for 2020

Best Personal Loans for 2020

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For many people, personal loans are the only way to cover an emergency expense, consolidate debt, make a large purchase or pay for a major home improvement. Credit unions, banks, online and alternative lenders all offer personal loans to individuals with different income levels and credit scores. To determine the best personal loans of 2020, we compared every major lender’s interest rates, loan terms, customer satisfaction, customer support and fees using our proprietary SimpleScore methodology. Just do us a favor: don’t take out a personal loan to buy the LEGO Star Wars Millennium Falcon.

If you want the best personal loan interest rates, then yes, you need a good credit score. But it’s still possible to find a suitable option with fair or bad credit –– you’ll just have a higher APR and tighter restrictions. When you’re only a few points away from a lower rate tier and don’t need the loan right away, work towards raising your score as much as you can. If you can boost your score to the next tier, you’ll be able to unlock better rates.

The annual percentage rate or APR is the rate of interest charged to borrowers each year. More than just your interest rate, the APR includes any costs and fees you’ll pay in addition to interest. An interest rate alone will represent what percentage of the outstanding balance will be added to the amount owed, while an APR gives you the whole picture. Use it to compare offers from lenders and find ways you can save money in the long run.

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