Table of Contents:

Low-Interest Personal Loans

Details on the best personal loan lenders offering low rates in 2020

What are the average interest rates for Personal Loans in 2020?

The best interest rates for personal loans

Low-interest Personal Loans for bad credit

Expert advice to get approved for low-interest Personal Loans

Where can I find low-interest personal loans?

What does the Personal Loan interest rate depend on?

Apply for low-interest personal loans online fast and easy

Low-Interest Personal Loans

If you need to find low-interest personal loans, you definitely need to compare the lenders at first and check what APR they charge. Pay attention to possible additional fees such as late payment fees, verification fees, NSF fees, etc.

We’ve done tremendous research to provide you with this information on the best Personal Loan direct lenders. It’s taken from reliable trustworthy resources and you can use the details to choose the lowest interest rates and apply for a cheap Personal Loan.

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Details on the best personal loan lenders offering low rates in 2020

Personal Loan lender

Overview

Compacom Rating

Benefits

Watch out for

Personal Loans amounts and terms

Personal Loan interest rates

Best for

Lend You

Offers online Personal Loans, as well as small-dollar Payday Loans to both good and bad credit borrowers.

4.7

Available for bad credit, fast funding online

Late payment fees

Up to $35,000 for several months – 7 years

Starting at 4.99%

Overall Personal Loan

Check Into Cash

Provides US residents with $100 - $35,000 Loans online and in-store.

4.6

Poor credit or no credit is not a problem,

Instant decision online

Rather high rates for bad credit

Up to $3,000 for 6 months – 7 years

Varied by state

Best Personal Laon for bad credit

Greenlight Cash

Short-term Payday Loans and Personal Installment Loans with a simple online application process

4.5

Easy and quick online application, fast approval

Amounts only up to $5,000

Maximum $5,000 Personal Loans for several years

Starting at 4.99%

Best Personal Loan for convenient terms

Loan By Phone

They offer Payday Loans, Installment Loans, and Line of Credit for both good and bad credit score customers

4.1

Available for bad credit online, or even by phone

Small-dollar

$500 - $3,000 Personal Loans for up to several years repayment terms

Vary by state

Best personal loan for low-interest rates

 

Indylend

Short-term Payday Loans or Long-term Personal Loans

4

No minimum credit score requirement, Clear-cut loan request, Available in 47 states

Unsecured

Up to $5,000 Personal Loans for 6 months – 6 years

Starting at 4.99%

Best Personal Loan for fast funding

Personal Loans.com

Quick Personal Loan funding within 1 day

4.1

High amounts at competitive rates

At least fair credit score

Up to $35,000 for 3 months – 7 years

5.99% - 35.99%

Best Personal Loan for online instant approval

Choose the Best Personal Loan Direct Lender

What are average interest rates for Personal Loans in 2020?

If you need to get $5,000 - $35,000 Personal Loans online fast, you should expect to be charged from 3.49% to 35.99% APR (Annual Percentage Rate). It means that if you borrow $10,000 loan you’ll be charged $349 in interest a year taking into account that you get approved for the lowest rate.

The best interest rates for personal loans

The lowest interest you can find is about 4% a year. To get such a cheap loan you need to have a good credit score and stable income. Not many Americans qualify for the lowest interest rate for Personal Loans. More often you are to expect an average 9% APR if you have fair credit. If you have bad credit, or no credit, not high income, you’ll probably have to pay about 35% APR.

Low interest Personal Loans for bad credit

It’s not a secret that Personal Loan APR largely depends on your credit score. The higher it is, the better interest rates you can get.

Let’s check what rates are charged from borrowers with different credit score ratings:

Type of credit score

Credit score rating

Personal Loan interest rates

Excellent Credit

720 - 850

10.3% - 12.5%

Good Credit

690–719

13.5%–15.5%

Average Credit

630–689

17.8%–19.9%

Bad Credit

300–629

28.5%–32.0%

Work on your credit score hard to get the lowest rates on your Personal Loan.

Expert advice to get approved for low-interest Personal Loans

Let’s be frank and speak about taking out low interest Personal Loans with the rates of at least 9% APR. Lower charges are very unlikely available.

The approval mostly depends on direct lender and your eligibility criteria such as your credit score, income, debt-to-income ratio, etc.

What should you do to raise your chances of getting guaranteed approval for low-interest Personal Loans? Let’s see what financial experts recommend:

  • Apply for secured Personal loan with a collateral or co-signer. A co-signer with a good credit and income will help you qualify for lower rates.
  • Look for special offers and discounts that your bank or some lending company may offer.
  • Sign up for autopay which will provide you with certain interest rate discount.
  • Compare the offers and choose the loan with the lowest rates. Compacom was designed right for this purpose – help you find the best deal, save time and money and avoid visiting hundreds of websites.
  • Prequalify online and use Personal Loan calculator to check your rates. It will let you see if you can afford this loan.
  • Consider lenders who offer guaranteed Personal Loans at low rates.

Where can I find low-interest personal loans?

There’re several options where you can apply for Personal Loans at low rates. We offer you a list of the most reliable loan places which can provide better interest:

  • Banks usually offer the best rates but their Personal Loans are available only for a good credit score and you need to have an active account in this bank to apply for their funding.
  • Credit unions also charge low rates but it’s a must that you are a member of this union. Besides, their interest rates are limited by federal laws.
  • Online direct lenders have higher rates than banks or credit unions but it’s easier to get approved for online Personal Loans from direct lenders due to simple requirements and easy application process.
  • Connection services such as compacom.com let you save time and get connected with a suitable lender without filling out plenty of loan requests. You can compare the rates and choose the best Personal Loans at the lowest interest rates.

Keep in mind that each place has certain requirements and there’s no 100% guarantee that you get approved for low interest Personal Loans from this lender.

Compare the top Personal Loan lending companies to get low-interest loans:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

What does the Personal Loan interest rate depend on?

To find low-interest Personal Loans you need to understand how this rate is determined by the lender. The most important factors that influence the amount of interest you are going to be charged are:

  • Your credit score shows your ability to repay the loan. The better it is, the lower interest you will be charged.
  • A credit report that will provide a lender with all your previous debts, accounts, credit checks, and other relevant information on your financial behavior.
  • A debt-to-income ratio that shows how much you have to pay for this loan as well as other your debts.
  • Other factors such as your employment history, education, homeownership, etc.

Apply for low-interest personal loans online fast and easy

  1. Compare the offers from the best direct lenders.
  2. Prequalify online to check your rates.
  3. Prepare all the necessary documents in advance to make the process faster.
  4. Fill out a simple application form online.
  5. Submit the loan request.
  6. Read all the details of the offer including rates, terms, fees, etc.
  7. Sign the loan agreement if both you and the lender agree on the conditions.
  8. Get the money within 1 – 2 business days deposited directly into your bank account.

Bottom line

Getting a personal loan with a low interest rate can be rather tough and long but not impossible. Fair credit score and a stable income will increase your chances of getting guaranteed approval. So, do your best to improve the credit rating, shop around for the best Personal Loan offers and you are very likely to find lower interest rates.