The interest rates on personal loans currently range from around 3% to 36%. The rate you receive is determined by multiple factors, like, your credit score, annual income, debt ratios, and more.

Want to find the best personal loan for your financial situation? We’d say that it's best to shop around and compare personal loan rates from multiple lenders. That’s exactly what we do for you here at GConnectPro. We’ll help you compare rates and terms from different lenders. Then you can reach an informed decision regarding which lender is right for you.

We’ll first get the basics out of the way (personal loan and current rates) and then get into the details of the Best Personal Loans for 2020.

What is a Personal Loan?

Personal loans are loans that consumers can receive and pay back in monthly installments over a fixed time period. You can receive these loans from banks, credit unions, private lenders, or an online financial marketplace like GConnectPro. You can use the loan funds for just about any purpose, like financing a home renovation, paying off other debt, or paying for family needs.

As a borrower, you’ll receive a single lump sum amount that you’ll have to repay over a number of years. The terms of personal loans usually range from 24 months to 60 months, but some can go as high as 72 months. Typically, a personal loan is repaid in monthly installments, just like an auto loan or home mortgage.

Personal loans are generally unsecured. This means that they are not secured by collateral such as a house, car, or other assets.

Personal Loans are a great option if you need cash fast. This is because the approval and funding process is often very quick.

What are the current Personal Loan Interest Rates?

Depending on your credit score, personal loan interest rates currently range from about 3% to 36%. The average personal loan interest rate right now is 11.88%.

The interest rate on A personal loan goes down as the credit score of the borrower goes up. So, if you have a good credit score, you are more likely to qualify for a personal loan with a lower interest rate. It’s best to compare personal loan rates and offers before applying for a personal loan.

Average Personal Loan Interest Rates by Credit Rating

Let’s take a look at the average personal loan interest rates depending on the variation in credit rating. The following table will give you a better idea of how to interest rate falls with an improvement in credit score:

Credit BandCredit Score RangePersonal Loan Int. rate (avg.)
Excellent Credit720-85010.3%-12.5%
Good Credit690–71913.5%–15.5%
Average Credit630–68917.8%–19.9%
Bad Credit300–62928.5%–32.0%

What is APR?

APR or Annual Percentage Rate is the extra amount borrowers pay on top of their principal. APR is different from your interest rate. It includes your interest rates as well. APR equals your interest rate plus any loan fees.

What’s the difference between fixed and variable interest?

Subject to the loan and the lender, you may have a choice between a fixed rate and a variable rate. Fixed-rate stays the same over the life of the loan. On the other hand, the variable-rate can rise or fall depending on changes in the market.
In a variable-rate loan, the interest often starts low but it might increase over time. The loan agreement will specify how often the lender is allowed to raise the interest rate. Some loans also limit the maximum rate at a certain percentage. By contrast, in a fixed-rate loan, the payments and interest charges will remain the same throughout the loan’s life.
It is entirely your personal decision which one you go for. You might prefer the stability of a fixed-rate or the possibility of saving on interest with a variable-rate. Do your due diligence and thorough research before reaching any decision.

Best Personal Loans for 2020

LenderCurrent APR RangeLoan TermLoan AmountBest For
Upgrade7.99%-35.97%Up to 3 yearsUp to $35,000Refinance Credit Cards, Debt Consolidation, Home Improvement, Major Purchase
BadCreditLoans5.99%-35.99%1 - 4 yearsUp to $10,000Personal Loan for people with bad credit
PersonalLoans5.99% - 35.99%2 - 6 yearsUp to $35,000Emergency, Home Improvement, Debt Consolidation, and more
CashAdvance15% - 30%Up to 12 monthsUp to $5,000Financial or other emergency
LoanPioneer5.99% - 35.99%Up to 12 monthsUp to $5,000Smaller term personal loans
LeapCredit459% – 695%Up to 6 monthsUp to $3,500Medical Emergencies, Car Repair, Home Repair, unexpected life events

Breakdown of the Best Personal Loans for 2020


With Upgrade, you can get your funds within a day. Loan amounts range from $1,000 to $35,000. You can use the personal loan for anything, like, debt consolidation, home improvement, or covering a major expense.
With terms of 3 to 5 years, you can pay off your loan on a schedule that’s great for your budget. Interest rates start at 7.99% for those who have strong credit.

Minimum Credit Score580
Est. APR7.99%–35.97%
Loan Term3 or 5 years
Minimum Annual IncomeNot specified
FeesOrigination fee: 2.9% to 8%; Late fee: Up to $10; Returned check fee: $10
Eligible StatesAll States


A personal loan from a lender in the BadCreditLoans network often ranges between 5.99% and 35.99%. APRs vary as per the information supplied by you in your loan request. Generally, loan products have a 90-day minimum and a 72-month maximum repayment term.

Minimum Credit ScoreAll Credit Scores Welcome
Est. APR5.99% - 35.99%
Loan Term90 days to 6 years
Minimum Annual IncomeNot specified
Feesvaries depending on the lender
Eligible StatesAll States specializes in quickly and efficiently connecting you to a loan that will work for you. They offer greater flexibility with how much you can borrow. Using their comprehensive network, you could be offered as much as $35,000. Moreover, they do not charge any fee or cost to submit a loan request on
Minimum Credit ScoreAll Credit Scores Welcome
Est. APR5.99% - 35.99%
Loan Term2 - 6 years
Minimum Monthly Income$500 (or more)
FeesDepends on the loan
Eligible StatesAll States


CashAdvance can help you find a lender for a short-term loan in your time of need. If you urgently need a short-term personal loan, then you should consider their network since they can help you get a personal loan as quickly as within one day.

Minimum Credit ScoreNot specified
Est. APR15% - 30%
Loan TermUp to 12 months
Minimum Monthly Income$1,000 (after taxes)
FeesDepends on the lender
Eligible StatesAll States except Montana, Oregon, Utah, Arizona, Arkansas, Georgia, North Carolina, Maryland, West Virginia, New Jersey, Pennsylvania, New York, Connecticut, Massachusetts, Vermont, New Hampshire, and Maine.


LoanPioneer is a convenient platform to find a personal loan. Through their network, they can help you get a personal loan of up to $5,000, irrespective of the reason.
They connect consumers who need fast, hassle-free financial assistance with a reputed lender, at no charge. With LoanPioneer, you can get your funds quickly, sometimes on the next business day itself!

Minimum Credit ScoreAll Credit Scores Welcome
Est. APR5.99% - 35.99%
Loan TermUp to 12 months
Minimum Annual IncomeNot Specified
FeesDepends on the lender
Eligible StatesAll States

Leap Credit

Leap Credit offers personal loans that help bridge the gap in your financial security. They provide personal installment loans through a quick, easy online application process. Moreover, there’s no compounding interest. A short-term loan from Leap Credit can be a financial life-saver. You can use the money when you need it and then return it.

LenderLeap Credit
Minimum Credit ScoreNot specified
Est. APR459% – 695%
Loan TermUp to 6 months
Minimum Monthly Income$1,800
FeesVaries from state-to-state
Eligible StatesAlabama, Idaho, Mississippi, Missouri, North Dakota, South Carolina, Texas, Utah, and Wisconsin.

How to get a Personal Loan?

Determine how much you need

You might need the loan amount for debt consolidation or home repairs or something else. But, first, you must write down the amount of money you'll need for your loan. You must take origination fees into consideration also. This is because some lenders take the origination fees out of the total loan amount.

Check your credit score

You’ll receive a better APR if your credit score is high. If you have bad credit, you can consider adding a co-signer to your loan. A co-signer with good credit will improve your overall credit picture and help you earn you more favorable rates.

Get prequalified

Prequalification is a process by which many lenders will allow you to check your rates. It doesn’t hurt your credit score. Compare rates from a variety of lenders, like, banks, credit unions, and online lenders to find the best deal.

Finish the approval process

Once you receive an offer and accept the loan, you’ll likely have to submit pay stubs, tax documents, and personal identification. These days a lot of lenders will allow you to submit these documents online. GConnectPro can help you through the entire process!

Start loan payments

Once finalized, you'll likely receive your loan amount within a week. Many online lenders can even help you get funding in as little as one business day. Note the due date of your first payment and consider setting up automatic payments if they're available. Some lenders will offer you discounts for doing so, and that can be beneficial for you.
GConnectPro makes this entire process easy by helping you through every step. We can help you get a personal loan that suits your needs without you having to leave your home!

How to choose a lender for your Personal Loan?

There are some key factors that you must look out for while comparing lenders for your personal loan. Let’s take a look at a few such factors.

Approval Requirements

Every lender has its own benchmark for approving potential borrowers. Lenders will likely consider your credit score, debt-to-income ratio, income, and other relevant information. So, do your research and check out the approval requirements of different lenders on their websites. If you have below-average credit, you should look for lenders that use other criteria for approval.

Interest Rates

When comparing lenders, the interest rate is one of the most important things to consider. You can focus on lenders that advertise low rates if you have good credit. But, remember that the lowest advertised rate is never guaranteed. So, make sure that you compare your actual quotes as well.
It’s also a great idea to incorporate any fees or penalties when comparing interest rates. Origination fees or application fees on a loan can significantly add to its overall cost.

Loan Amount

Go with a lender that offers loans with the amount of funding you desire. Your loan amount will also determine which lender(s) you approach for the loan.

Repayment Options

A good lender usually offers multiple repayment terms. This helps you choose the personal loan that makes the most sense for your situation. If you're borrowing a lot of money, you should look for a lender with longer repayment terms. This will ensure that your monthly payment is not excessively high. For a smaller loan, a shorter repayment term will reduce the amount of interest you pay on the entire loan.

Special Features and Customer Service

Additionally, you should also keep an eye out for lenders with any special, unique perks. Make sure that the lender you're considering will allow you to use your loan for your intended purpose. Some lender might restrict their personal loans to specific uses, like debt consolidation.
You should also investigate a company's customer service options. This is especially important if you prefer personal service.

How can we help?

GConnectPro can help you at every step of getting a personal loan. Right from searching for the right loan till the actual application process, we’ll be there for you. We help borrowers at every stage so that they can easily get approved for their loans. We’ll help you find the right loan, prepare documents for application, and assist you throughout the application process.