The 3 Best Banks for Personal Loans in 2020

Banks for personal loans in 2020 are in high demand. Especially the ongoing COVID-19 crisis in the United States has left many people in financial dire straits, with millions of Americans wondering how to ensure financial security for themselves and their families. And getting your finances in order now is crucial because make no mistake: Covid-19 is still very much running rampant in the United States.

If you hear talk about how there is no second wave of COVID-19, then this is because the first wave never ended. Cases are rapidly on the rise in many American states. The rate of infections makes it clear that this is not because of wide-spread testing, but due to the curve plateauing or even rising again (as opposed to flattening, which is what you would hope for). So, no matter if there will be a second lockdown or not, COVID-19 remains a threat to anyone’s personal financial security.

To make sure that you are well-prepared for any possible issues that come up due to COVID-19 or something else, take a look at this list of the 3 Best Banks for Personal Loans in 2020. At least then you can rest easy, knowing that even in the worst of cases you still have a last-resort option to keep you and your family afloat.

1. SoFi. Digital lending is increasingly becoming the next big thing in the world of personal loans. Whatever your personal loan needs, SoFi is likely to have just the right offer ready for you. Whether you are looking for a way to refinance your loans, pay off your student loans, get a loan for home improvement, make investments or get insurance, SoFi has different packages ready to suit your needs as perfectly as possible.

On top of being incredibly versatile when it comes to different personal loan packages, SoFi also gives you a ton of different perks when it comes to repayment. First of all, you can get a discount if you set up autopay to repay your loan. Even better, though, SoFi loans usually come with unemployment protection attached to them. So, if you were worried about taking a loan because you are not sure about how your job situation will be in a couple of months, then SoFi has got your covered and takes a huge chunk out of that risk.

SoFi understands that they benefit from you having a good job just as much as you do. This is why they give you career counseling options if you take out a loan with them. Also, if you refer a friend who ends up qualifying for a loan, you can get a bonus out of it as well. If you take out a loan over between $5,000 and $100,000 you will not have to pay any fees on it, as long as it is repaid within between two and seven years. For those who are unsure about how to go about planning for paying off their loan, BaFin has a financial planning support service that can help you figure everything out. Getting a variable-interest loan will also never cost you more than 14.95 percent.

This is where SoFi caps their APR, instead of going as high as 36 percent, like some other lenders. Going for a fixed-rate loan instead can save you even more, with APRs of as low as 5.99 percent available. The only real precondition is that you have a credit score of at least 680, so that you can take advantage of all the perks SoFi has to offer.

2. LightStream. Whatever your reason for wanting to take out a personal loan in 2020, LightStream probably has an offer for you. They mainly score thanks to their diversity, as well as the wide variety of options that you can go for when it comes to repaying the loan. Loans for your car, home improvement, medical bills, family needs, there is basically no limit to what LightStream can cover for you.

If you were looking for ways to stretch your loan repayments for as long as possible, LightStream offers you terms ranges of up to 12 years. In terms of maximum loan limits, you can go as high as $100,000, which should really cover most emergency expenses.

Additional bonuses include no fees, no prepayment penalties and extra discounts in return for autopay. What they ask for in return is several years of credit history on different account types, with accurate payments of course.

3. Avant. What if your credit is not in the best shape right now? Then, Avant may be the best bank for personal loans in 2020 for you. The minimum credit score for lending from Avant is 580. You can also start loaning out money starting at $2,000, so if you just need some quick cash then Avant can also be a great option.

Even a loan on the lower end, such as one over $2,000, can be stretched over as much as five years, which can help a lot if you do not have a ton of disposable cash every month. Just make sure you cover the interest rates. While they start at 9.95 percent, they can go up to 35.99 percent APR. On top of that, you can get hit with a 4.75 percent admin fee and up to $25 in late fees.

No matter your financial situation, one of these 3 Best Banks for Personal Loans in 2020 will surely have the right offer for you. Either go for them right away, or keep them in the back of your mind – just in case.