Best Personal Loans in Miami Gardens (FL)
We have found 121 personal loans to apply for in Miami Gardens, 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 Miami Gardens
- Bank name
- Total Assets
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How to Choose the Ideal Personal Loan in Miami Gardens, Florida?
When it comes to managing your finances and bridging any budget gaps, personal loans can be a valuable tool. Used wisely, they offer financial flexibility and can contribute to improving your overall financial health. With that in mind, it's crucial to select a loan that aligns with your specific needs. Here are some strategies for comparing and choosing the best personal loan available in Miami Gardens, Florida.
Annual Percentage Rates (APR)
The annual percentage rate (APR) is a critical factor to consider when evaluating loan options. Unlike a simple interest rate, the APR includes fees, making it a more accurate indicator of the total cost of the loan. Comparing APRs will help you determine which loan will be more expensive in the long run. In Miami Gardens, APRs typically range from 4.49% to 36%.
Loan Amounts
If you're unsure about the exact amount of money you need, researching loan amount options can be helpful. Look for lenders that offer a range of loan amounts to ensure you have access to the funds you require. In Miami Gardens, you can find loans ranging from $100 to $500,000. Additionally, consider lenders who offer flexible loan options that allow you to withdraw funds in parts and only pay interest on the amount used. Such flexibility suits projects where the required funds may vary over time, such as home renovations or car repairs.
Monthly Payments
Ensure that the monthly payment amount is within your budget. It should allow you to cover your regular expenses while also repaying the loan plus interest. Carefully assess your financial situation and choose a loan with a manageable monthly payment.
Credit Requirements
While most lenders prefer borrowers with good to excellent credit scores (670 or higher), some may accept individuals with poor to fair credit as well. While having a high credit score doesn't guarantee lower interest rates, it increases your chances of approval. In Miami Gardens, the lowest acceptable credit score is Poor (300 - 579). Tailor your search to lenders that cater to your credit score range to secure the best possible loan terms.
Collateral Requirements
Personal loans are typically unsecured and don't require collateral. However, some loans may require collateral, which can result in lower interest rates due to reduced risk for the lender. If you want to avoid high interest rates (which can reach up to 36% in Miami Gardens), consider a secured personal loan as an option.
Origination Fees
In addition to interest rates, most lenders charge processing fees, commonly known as loan origination fees. These fees are typically a percentage of the total loan amount and vary from lender to lender. Opting for a personal loan with low origination fees can save you money in the long run.
Compare and choose the best personal loan in Miami Gardens
Personal loans are valuable financial tools that streamline your finances. By comparing loan offers side by side, you can identify the most suitable loan with optimal terms for your financial situation.
Here's a comparison of various lenders offering personal loans in Miami Gardens:
| 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 |
These key loan characteristics were included in the table as they are crucial when comparing personal loan options.
5 Tips for Maximizing Personal Loan Approval Odds in Miami Gardens, Florida
When considering a loan in Miami Gardens, it's essential to maximize your chances of approval. Here are five steps to enhance your personal loan approval odds:
- Improve Your Credit. Increasing your credit score is the most effective way to improve your loan approval chances. Make timely payments, maintain low credit utilization, avoid excessive applications for new credit, and dispute any errors on your credit report.
- Increase Your Income. Lenders evaluate your debt-to-income ratio during the approval process. Boosting your income can lower this ratio and improve your odds. Consider asking for a raise or taking on a part-time job to increase your earnings.
- Avoid New Debt. Avoid taking on additional debt while applying for a personal loan. Lenders consider existing debt as a risk factor. Pay off existing debts and avoid acquiring new ones to enhance your approval odds.
- Request Realistic Loan Amounts. Lenders are more willing to approve smaller loan amounts. Assess your needs carefully and request the minimum required amount. Miami Gardens offers a maximum loan amount of $500,000, but larger loan amounts are harder to secure.
- Consider a Joint Applicant. Finding a joint applicant or a co-signer can be beneficial. Lenders take into account the credit scores and incomes of both applicants. Ensure that you have a reliable joint applicant or co-signer, as your finances will be interconnected.
Conclusion
In conclusion, obtaining a personal loan may sometimes be a necessary step. By taking proactive measures to improve your financial standing, you increase your chances of loan approval. Start working on these steps today to enhance your personal loan approval odds.