Best Personal Loans in Florida
We have found 121 personal loans in Florida. Compare and choose the best loan for your purpose.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Personal Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.
Marcus does not charge origination, late payment and check processing fees.
- Minimum credit:Poor (300-579)
- Origination fee:10%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment penalty
- Next day funding
- Cons:
- Origination Fee
- Extra Fees
Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.
The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).
Borrowers need credit scores of 580 or higher.
Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 0% to 8%.
- Minimum credit:Good (670-739)
- Origination fee:5%
- Funds available in:3-6 business days.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment or late fees
- Free monthly FICO score updates
- Cons:
- Co-signers are not accepted
- Origination Fee
- Slow funding
- Not available in all states
The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.
The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.
- Minimum credit:Poor (300-579)
- Origination fee:3 - 6%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Quick, easy online application
- Fast funding
- Cons:
- Origination fee
LendingClub offers loans of $1,000 to $40,000.
The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.
LendingClub charges an origination fee of 3% to 6% on personal loans.
- Minimum credit:Good (670-739)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Rate discount for autopay
- No Fees
- Cons:
- Not available to residents of Mississippi
- No secured loan option
SoFi loans range between $5,000 to $100,000.
The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.
The loan is not available in Mississippi.
SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.
- Minimum credit:Poor (300-579)
- Origination fee:4.75%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Low minimum credit score requirements
- No prepayment fees
- Cons:
- Fees
- No Autopay discount
- No Cosigner Option
Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.
Avant charges an origination fee up to 4.75%.
Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.
- Minimum credit:Fair (580-669)
- Origination fee:2.41 - 5%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Simple application process
- Cons:
- Origination fee
- Extra Fees
- No Autopay Discount
- Not available in all states
Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.
If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.
- Minimum credit:Good (670-739)
- Origination fee:0.99 - 8.99%
- Funds available in:1-3 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval
- Low fixed rates
- Fast funding
- Cons:
- Fee charged
Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
Best Egg origination fees vary from 0.99% to 8.99%.
The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).
- Minimum credit:Poor (300-579)
- Origination fee:$25 - $500
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Secured and unsecured options
- Poor-credit applicants considered
- Cons:
- Origination fee
- Extra Fees
- High Rates
OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.
You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.
OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.
The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.
TOP 5 banks offering personal loans in Florida
- Bank name
- Total Assets
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How to choose the best personal loan in Florida?
When it comes to managing your finances, personal loans can be a valuable tool to bridge any gaps in your budget. Utilized wisely, a personal loan can provide financial flexibility and contribute to your overall financial well-being. Therefore, it is crucial to find a loan that aligns with your financial situation. To assist you in this endeavor, here are some strategies for comparing and selecting the best personal loan in Florida.
Consider Annual Percentage Rates (APR)
The Annual Percentage Rate (APR) is a vital factor to consider when evaluating loans. Unlike simple interest rates, the APR incorporates fees, offering a more accurate representation of the total cost over time. Comparing APRs will help you identify which loan will prove more expensive in the long run. In Florida, the APR ranges from 4.49% to 36%.
Evaluate Loan Amounts
Since you may not have an exact figure in mind, researching loan amount options is beneficial. Look for lenders who provide a substantial range of loan amounts. In Florida, loans are available from $100 to $500,000. Additionally, consider lenders who offer flexible loan structures, allowing you to withdraw funds in parts and only pay interest on the amount utilized. This feature proves useful for projects where the required funds vary over time, such as home renovations or car repairs.
Assess Monthly Payments
Ensure that the monthly payment fits comfortably within your budget. It is crucial to balance your general expenses with loan repayments, including the accrued interest. By selecting a loan with manageable monthly payments, you can maintain financial stability throughout the loan term.
Examine Credit Requirements
While most lenders prefer borrowers with good to excellent credit scores (670 or higher), some lenders are willing to consider individuals with poor to fair credit. Although a high credit score does not guarantee a lower interest rate, it does increase your chances of approval. In Florida, the minimum acceptable credit score is Poor (300 - 579). Tailor your search to lenders that provide favorable loan terms based on your credit score.
Evaluate Collateral Requirements
While personal loans are typically unsecured, some lenders may require collateral. Secured loans tend to have lower interest rates since the presence of collateral reduces the lender's risk. Unsecured loans, on the other hand, often have higher interest rates. If you wish to avoid high interest rates, which can reach 36% in Florida, consider exploring secured personal loan options.
Consider Origination Fees
In addition to interest charges, many lenders impose processing or origination fees. These fees, typically a percentage of the total loan amount, vary among lenders. Opting for a personal loan with low processing fees can save you money in the long run.
By utilizing these strategies and comparing personal loan options side by side, you can make an informed decision and choose a loan that best suits your financial needs in Florida.
Compare and choose the best personal loan in Florida
Please note that the table below includes essential loan characteristics for comparison purposes.
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Avant | 9.95 - 35.95% | $2,000 - $35,000 | 1 - 5 years | 4.75% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
5 simple tips for increasing personal loan approval odds in Florida
At some point, you may require financial assistance through a personal loan. Avoiding loan rejection is a common goal for everyone. By taking proactive steps to maximize your chances of loan approval, you can significantly benefit your financial future. If you are considering a personal loan in Florida, here are five steps to enhance your odds of approval:
- Improve Your Credit. Enhancing your credit score is the most effective way to increase your chances of loan approval. While the minimum credit score requirement in Florida is Poor (300 - 579), having a higher credit score improves your likelihood of approval. Here are some ways to boost your credit score:
- Make timely debt payments, as your payment history significantly impacts your credit score.
- Keep your overall credit utilization low. The less of your total credit limit you utilize, the better.
- Avoid excessive applications for new credit, as hard inquiries can harm your credit score. Limit new credit line applications.
- Dispute any errors in your credit reports, as one in five reports contains inaccuracies. Rectifying these errors can raise your credit score.
- Increase Your Income. Lenders evaluate your debt-to-income ratio when considering loan approvals. Raising your income is a viable way to improve your chances of approval. Although it may be challenging, you can explore options such as negotiating a raise at your current job or taking on a part-time job to supplement your income. Increasing your income reduces your debt-to-income ratio and enhances your odds of approval.
- Minimize Debt. While searching for a personal loan, avoid taking on additional debt. Lenders view existing debt as a risk, which decreases your chances of approval. Focus on paying off existing debts and refrain from acquiring new ones. The less debt you have, the easier it becomes to secure a personal loan.
- Be Realistic About Loan Amounts. Lenders are generally cautious about lending large sums of money due to the associated risks. Although the maximum loan amount available in Florida is $500,000, obtaining this amount is challenging. It is more realistic to be approved for smaller loan amounts. Smaller loans carry less risk for lenders, and you can comfortably repay them. Determine your precise financial needs and request the minimum loan amount necessary. In Florida, the minimum loan amount offered is $100.
- Consider Joint Applicants. To improve your chances of loan approval, you may consider applying with a joint applicant. Lenders will evaluate both credit scores and incomes when assessing joint applications. Alternatively, you can seek a co-signer who agrees to repay the loan if you default. However, ensure that you trust your joint applicant or co-signer, as your finances will become interconnected.
Conclusion
In conclusion, preparing yourself for the possibility of a personal loan can significantly increase your odds of approval. By taking action today and implementing these strategies, you can enhance your chances of being approved for a personal loan when the need arises.