Best Personal Loans of 2020

There is an increasing demand for personal loans because of the various expenses that come up at various stages of a persons life. Whether you are looking to do some home improvements, go on a family holiday, or pay off student debt, personal loans are there to help. Below is an outline of the best personal loans of 2020 and tips to guide you when selecting a lender.

What is a personal loan?
A personal loan is any amount of money that can be borrowed from a financial institution. The lending institutions include banks, credit unions, and online lenders. The loan an individual qualifies for is based on his/her credit history. Some lenders tend to check the credit score of the borrowers. However, the documentation required for the processing of personal loans is minimal.

The Best Personal Loan Providers of 2020:

AmOne
AmOne is the perfect lender for you if you are looking for a personal loan to cover your needs. AmOne has an APR of 4.99% to 35.99% and a loan term of 24-84 months. This lending company has a good rating and uses current technology in the processing of loans. The processing of loans is simple, and the amount offered is between 1,000 to 50,000 dollars. The applicants only need to provide necessary information on the company’s website or over the phone. Then, several options will be provided from which the applicant will select the one that fits his/her needs.

There are loan matching specialists that can assist applicants in case they are stuck.

Pros
– The process is easy and efficient. Hence it saves time
– The services offered are friendly and very helpful
– The options provided cater for the needs of all types of clients
– There is peace of mind because the loans are safe and confidential
– No cost is required to apply for a loan

Cons
– Applicants must have a good credit score

Credible
Credible is one of the leading companies for online personal loans. It has an APR ranging from 3.99% to 35.99% and a 24 to 84 months loan term. The loan amount that Credible offers ranges from 1,000 to 100,000 dollars. Borrowers are given loans according to their credit score. The minimum credit score is 680. Once the borrowers fill out the required forms, they are provided with several options that fit their needs.

Pros
– The loan processing is swift, thus saves time.
– Various loan amounts options are provided.
– There are no hidden fees
– Borrowers are promised 200$ if they find better rates elsewhere

Cons
– Borrowers must provide a credit score of 680 and above for them to qualify for a loan

LendingTree
LendingTree is another lending company that is based online. It has a reliable experience and a network of several top-rated personal loan companies. The APR of LendingTree is approximately 5.99%. The amount of loan provided is from 1,000$ to 50,000$. No credit score is required from borrowers. The provider offers a wide array of services like mortgages, personal loans, and several other loan types. The borrowers can make a comparison of several lenders and select the one with the best loan terms, amounts, and rates.

Pros
– Availability of an extensive network of personal loan lenders
– No credit score required
– No fees are required to connect borrowers with reliable lenders

Cons
– LendingTree is not a direct loan provider. Thus, rates can be different from one provider to the other
– There is no specific information on the loans

GuideToLenders
Guidetolenders is another lending company you should consider when looking for a personal loan. This lending company has an APR of 3.99% to 35.99%. The amount of loan that applicants can get ranges from 1,000 dollars to 50,000 dollars. Guidetolenders offers its clients a loan term of 24-84 months. The loan application procedure is straightforward. The borrowers fill out a simple form, after which they are matched to various lending partners. The borrowers then compare and select the best option. Friendly loan consultants assist applicants in the application process.

Pros
– Applicants do not need perfect credit scores to apply for a personal loan
– After the approval of loans, applicants can get their funds in a day
– The fast and straightforward loan application process

Cons
– GuideToLenders is not a direct lending company. This means that the rates may vary.

5KFunds
Another top-notch lending company is 5KFunds. This company has many partnerships and several authorized lenders. Thus, the company covers about 50 states. 5KFunds has an APR ranging from 5.99% to 35.99%. The loan term of this company is 3-72 months. Applicants can apply loans ranging from 1,000 up to 35,000 dollars. Once the loan is approved, borrowers receive the money on the next working day. The money is deposited directly into the applicants’ accounts.

Pros
– The application process is done online. Thus, it is fast, straightforward, and secure.
– No specific credit score is required from the borrowers.
– Funds are deposited directly into the accounts of borrowers.

Cons
– Lenders charge borrowers some fees that must be paid before loan approval
– There are penalties for late loan payments
– How to Choose the Best Personal Lending Company

There are various considerations you must make when choosing a personal loan provider:

Fees
Before you select a loan provider, ensure that you check whether there are any fees required. Wage required by loan providers may include processing fees and origination fees. Also, there may be penalties for late repayment.

Reputation
The reputation of a lender is essential. It is advisable to choose a provider with a good reputation. Check the customer ratings and reviews of the provider beforehand.

Loan Requirements
Before applying for a loan, lenders require borrowers to meet specific eligibility requirements. These may include credit scores, income, and debt to income ratio. Hence, ensure you know what needs you must meet.

Interest Rates
Different lenders have different interest rates. Hence, it is advisable to compare several interest rates and APRs before selecting the lender that meets your needs.

Conclusion
To find the best personal loan lender it is paramount to compare different lending companies. Check the requirements and the credit history of the companies before making any decision. Ensure you reach the terms and conditions of the companies as well. The loan terms, APRs, and rates are also essential aspects you should compare. Take as much time as you need when searching for an excellent company to avoid regrets in the future.