Best Personal Loans in Des Moines (IA)
We have found 99 personal loans to apply for in Des Moines, IA. 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: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:$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.
- Minimum credit:Good (670-739)
- Origination fee:Depends on the lender
- Funds available in:24 hours
- Loan Purpose:Personal Loan
- Pros:
- Checking rates will not affect your credit score
- Personal information is not sold to lenders
- Available rates and lenders will appear based on preferred settings, with no bias
- Receive actual rates based on your credit profile, not estimates
- Cons:
- Not a direct lender
Credible.com is a financial marketplace that helps thousands of Americans to get personal loans at the best rates they qualify for.
On Credible.com you can apply for a personal loan of up to $100,000. Then it will match your application with offers on the market and help you to find the lowest rate, based on your credit profile.
Credible.com is free to use and doesn't have any hidden fees.
- Minimum credit:Poor (300-579)
- Origination fee:1.85 - 9.99%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast funding**
- Wide range of loan amounts
- Accessible to most borrowers
- Cons:
- Origination fee
Upgrade personal loans are designed for mainstream appeal, supporting a wide range of credit scores and incomes.
Upgrade offers 36-month or 60-month fixed-rate personal loans, which generally range from $1,000 to $50,000, in 44 states. Upgrade loans are not available in Colorado, Connecticut, Iowa, Maryland, Vermont and West Virginia.
You can repay your Upgrade personal loan over three or five years.
To apply for an Upgrade personal loan, you’ll start by filling out a one-page application to see which terms you qualify for based on a soft credit check (or credit inquiry that doesn’t impact your credit score).
** Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99% - 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
** Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Debt Consolidation 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.
A debt consolidation loan from Marcus allows you to take debt from multiple creditors and combine it into a single, fixed-rate, no-fee personal loan.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Home Improvement Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
A home improvement loan is an unsecured loan that you can use for home improvements, repairs, remodels and renovations.
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.
TOP 4 banks offering personal loans in Des Moines
- Bank name
- Total Assets
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How can I choose the optimal personal loan in Des Moines, Iowa?
When considering personal loans, they can be a valuable resource for addressing budgetary shortfalls. If used wisely, personal loans offer financial flexibility and can contribute to improving your overall financial health. Thus, it is essential to find a loan that suits your financial requirements. Keeping this in mind, here are several strategies to compare and choose the optimal personal loan in Des Moines, Iowa.
Consider Annual Percentage Rates (APR)
The annual percentage rate (APR) must be considered as a critical factor when evaluating a loan. Unlike the interest rate alone, the APR gives a more complete picture of the total cost because it includes fees in the calculation. Comparing APRs, not just interest rates, allows you to estimate which loan will be more expensive in the long run. In the case of Des Moines, Iowa, the APR typically ranges from 4.49% to 36%.
Evaluate Loan Amounts
Considering that you may not have a precise amount in mind for your financial needs, it is advantageous to explore the available loan amount options and select a lender that offers a wide range. In Des Moines, Iowa, you can find loans starting from as low as $100 and going up to $500,000. Additionally, some lenders offer the flexibility to withdraw funds incrementally, meaning you only pay interest on the amount you actually utilize. This feature is particularly useful for projects where the required funds may fluctuate over time, such as home renovations or car repairs.
Assess Monthly Payments
The monthly payment represents the sum you are required to repay on a monthly basis. It is crucial to ensure that this amount comfortably fits within your budget, enabling you to meet your other financial obligations while still servicing the loan and paying the applicable interest.
Consider Credit Requirements
Many lenders prefer borrowers with good to excellent credit scores (670 or higher). However, some lenders may accept individuals with poor to fair credit as well. While having a high credit score doesn't guarantee lower rates, it does increase your chances of approval. In Des Moines, 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.
Evaluate Collateral Requirements
Most personal loans are unsecured, meaning they don't require collateral. However, some loans may necessitate collateral. Secured loans often have lower interest rates since the collateral reduces the lender's risk. Unsecured loans typically carry higher interest rates. If you're concerned about high interest rates (which can reach up to 36% in Des Moines), a secured personal loan might be worth considering.
Consider Origination Fees
In addition to interest charges, many lenders impose processing fees. Typically, the processing fee, also known as the loan origination fee, is a percentage of the total loan amount. While the average loan origination fee ranges from 0.5% to 1%, specific amounts may vary among lenders. Opting for a personal loan with lower processing fees can lead to long-term savings.
Compare and Choose the Best Personal Loan in Des Moines, Iowa
To choose the best loan option in Des Moines, Iowa, it is beneficial to conduct a thorough side-by-side comparison of the available loan options. This comparison will help you identify the loan with the most favorable terms that align with your unique financial situation.
| 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 |
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 |
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 |
Credible | 5.4 - 35.99% | $600 - $100,000 | 1 - 7 years | Depends on the lender | From Good (670-739) to Excellent (740-799) | Check rates On Credible.com |
Upgrade | 9.99 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 1.85 - 9.99% | From Poor (300-579) to Fair (580-669) | Check rates On partner's site |
5 simple tips for increasing personal loan approval odds in Des Moines, Iowa
To maximize your personal loan approval odds in Des Moines, Iowa, follow these five simple tips:
- Improve Your Credit. Enhancing your credit score is the most effective way to increase your loan approval chances. While the minimum credit score required in Des Moines is poor (300 - 579), having a high credit score improves the likelihood of approval. Strategies to improve your credit include making timely debt payments, maintaining low total credit utilization, avoiding frequent applications for new credit, and disputing any errors on your credit report.
- Increase Your Income. Lenders consider your debt-to-income ratio when assessing approval, so boosting your income can improve your odds. Request a raise at your current job or take on a part-time job to generate additional income. Any income increase reduces your debt-to-income ratio and enhances your chances of approval.
- Minimize Debt. Avoid acquiring new debt while seeking a personal loan. Lenders view existing debt as a risk, which can negatively impact your approval odds. Strive to pay off existing debts and refrain from taking on new ones. The less debt you have, the easier it becomes to obtain a personal loan.
- Set Realistic Loan Amounts. Requesting a larger loan amount increases the lender's risk. Although the maximum amount available in Des Moines is $500,000, securing this sum can be challenging. You're more likely to be approved for smaller loan amounts. Smaller loans pose less risk to lenders, and repaying them becomes more manageable. Determine the precise amount you need and request the minimum required. The minimum loan amount offered in Des Moines is $100.
- Consider a Joint Applicant. Exploring the possibility of a joint applicant can boost your chances of approval. Lenders assess the credit scores and incomes of both applicants in such cases. Alternatively, you can seek a co-signer who agrees to repay the loan if you default. However, ensure you can rely on your joint applicant or co-signer, as your finances will be intertwined.
Conclusion
By taking proactive steps today, you can significantly increase your chances of getting approved for a personal loan when the need arises. Being prepared and taking action ahead of time maximizes your approval odds and enables you to navigate the loan application process with confidence.