Best Personal Loans in Fort Lauderdale (FL)
We have found 121 personal loans to apply for in Fort Lauderdale, FL. Add more criteria to compare personal loans and find the best one for you.
- 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 Fort Lauderdale
- Bank name
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How to Choose the Ideal Personal Loan in Fort Lauderdale, Florida?
Personal loans can be a valuable tool to bridge financial gaps and enhance your overall financial well-being when utilized wisely. Hence, it is crucial to choose a loan that aligns with your financial situation. Here are some strategies to help you compare and select the right personal loan in Fort Lauderdale (FL).
Annual Percentage Rates (APR)
The APR is a key factor to consider when evaluating a loan. It provides a more accurate representation of the total cost, incorporating both the interest rate and fees. By comparing APRs instead of solely focusing on interest rates, you can determine which loan will be more expensive in the long run. In Fort Lauderdale, APRs typically range from 4.49% to 36%.
Loan Amount
Determine the approximate sum of money you require and research lenders that offer loans within that range. In Fort Lauderdale, you can find loans ranging from $100 to $500,000. Some lenders even provide the option to withdraw the loan in parts, allowing you to pay interest only on the amount utilized. This flexibility is beneficial for projects where the exact amount needed at each stage, such as home renovations or car repairs, may not be clear.
Monthly Payments
Ensure that the monthly payment fits comfortably within your budget. It's crucial to be able to meet your other financial obligations while repaying the loan and covering the interest.
Credit Requirements
Most lenders prefer borrowers with good to excellent credit scores (670 or higher). However, some lenders are willing to work with individuals who have poor to fair credit. While a higher credit score doesn't guarantee better loan terms, it increases your chances of approval. In Fort Lauderdale, the lowest acceptable credit score is Poor (300 - 579). Tailor your search to lenders that accommodate your credit score to secure the best possible loan terms.
Collateral
Personal loans are generally unsecured, meaning they don't require collateral. However, some loans may necessitate collateral, leading to lower interest rates as the lender faces reduced risk. Unsecured loans typically have higher interest rates. If you're concerned about high interest rates (which can reach 36% in Fort Lauderdale), consider a secured personal loan as a viable option.
Origination Fee
Many lenders charge processing fees in addition to interest. These fees, known as loan origination fees, are often a percentage of the total loan amount. While the common origination fee ranges from 0.5% to 1%, the specific amounts can vary among lenders.
Compare and choose the best personal loan in Fort Lauderdale
To facilitate your research in selecting the best personal loan in Fort Lauderdale, the table below highlights the essential characteristics of various loans:
| 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 Tips for Maximizing Personal Loan Approval Odds in Fort Lauderdale, Florida
If you anticipate the need for a personal loan in Fort Lauderdale, it is wise to take steps to improve your chances of approval. Here are five tips to increase your personal loan approval odds:
- Enhance Your Credit. Boosting your credit score is the most effective way to improve your loan approval chances. While the minimum credit score requirement in Fort Lauderdale is Poor (300 - 579), having a higher credit score significantly increases the likelihood of approval.
- Increase Your Income. Lenders assess your debt-to-income ratio when evaluating your application. Increasing your income reduces this ratio, improving your odds of approval. Explore options such as requesting a raise at your current job or taking on a part-time job to supplement your income.
- Minimize Debt. Avoid acquiring new debt while applying for a personal loan, as lenders perceive existing debt as a risk. Prioritize paying off any outstanding debts and refrain from accumulating additional debt. The less debt you carry, the easier it will be to secure a personal loan.
- Be Realistic About Loan Amounts. Lenders are generally hesitant to approve large loan amounts due to increased risk. While the maximum available loan amount in Fort Lauderdale is $500,000, it is more likely to be approved for smaller loan sums. Request the minimum amount necessary for your needs, as smaller loans pose lower risks and are easier to repay. In Fort Lauderdale, the minimum loan amount offered is $100.
- Consider a Joint Applicant. A joint applicant or co-signer can enhance your loan approval prospects. Lenders consider the credit scores and incomes of both applicants, increasing the likelihood of meeting their criteria. However, it is crucial to trust your joint applicant or co-signer, as your financial responsibilities will be intertwined.
Conclusion
Preparing in advance can maximize your chances of personal loan approval in Fort Lauderdale. Start by improving your credit score and increasing your income. Avoid new debt and be realistic about the loan amount you request. Additionally, consider finding a joint applicant or co-signer if it aligns with your circumstances. By following these steps, you can enhance your odds of being approved for a personal loan.