5.99 - 24.99 %
APR
2 - 5 years
Loan Term
Check rates
On Payoff®‘s site

Best Personal Loans in Michigan

We have found 71 personal loans in Michigan. Compare and choose the best loan for your purpose.

Updated May 23, 2022
Showing 71 personal loans
APR
5.99 - 24.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    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 5.99% and 24.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On Payoff®‘s site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    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.

See Prosper full product review
Check rates
On Prosper‘s site
APR
3.5 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    8%
  • 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 3.50% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On Upstart‘s site
APR
9.95 - 35.99 %
Term
2 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    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 35.99%.

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.

See Avant full product review
Check rates
On Avant‘s site
APR
5.94 - 35.97 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.9 - 8%
  • 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).

**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 four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Read full review

See Upgrade full product review
Check rates
On Upgrade‘s site
APR
2.49 - 19.99 %
with Autopay
Term
2 - 12years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • 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.

See LightStream full product review
Check rates
On LightStream‘s site
APR
4.99 - 19.53 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    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 5.24% to 19.78% (without 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.

See SoFi full product review
Check rates
On SoFi‘s site
APR
5.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 5.99%
  • 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 5.99%. Origination fees on a loan term four years or longer will be a minimum of 4.99%.

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).

See Best Egg full product review
Check rates
On Best Egg‘s site
APR
6.74 - 19.74 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    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 19.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On Marcus by Goldman Sachs‘s site
APR
7.04 - 35.89 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • 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 7.04% to 35.89%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On LendingClub‘s site
Search for best loan
Showing 71 personal loans
Amount
$
Credit Score
City, state or Zip
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Michigan

Showing 5 banks
Sort by: Branches
Branches 193 bank branches
Total Assets (US$M)3,306,982,000
Long Lake Rochester
1050 E Long Lake Rd, Troy, MI, 48085
Monday: 9:00 AM - 5:00 PM
John R Fourteen Mile
260 John R Rd, Troy, MI, 48083
Monday: 9:00 AM - 5:00 PM
Big Beaver And John R
1735 E Big Beaver Rd, Troy, MI, 48083
Show all departments
Branches 192 bank branches
Total Assets (US$M)173,414,362
Algonac
2850 Pointe Tremble Rd, Algonac, MI, 48001
Monday: 9:00 AM - 5:00 PM
Troy Main
791 W Big Beaver, Troy, MI, 48084
Monday: 9:00 AM - 5:00 PM
Birmingham Maple
1040 E Maple Rd, Birmingham, MI, 48009
Monday: 9:00 AM - 5:00 PM
Show all departments
Branches 175 bank branches
Total Assets (US$M)209,696,785
Algonac Branch
1055 St. Claire River Drive, Algonac, MI, 48001
Armada Branch
74195 Fulton Street, Armada, MI, 48005
Troy Bishop Branch
3754 Rochester Road, Troy, MI, 48083
Show all departments
Branches 165 bank branches
Total Assets (US$M)94,798,000
John R-maple Branch
1494 John R, Troy, MI, 48083
Long Lake-livernois Branch
31 East Long Lake Road, Troy, MI, 48098
Crooks And Maple Branch
1495 Crooks Road, Troy, MI, 48084
Show all departments
Branches 147 bank branches
Total Assets (US$M)551,902,526
Almont
402 N Main St, Almont, MI, 48003
Monday: Closed
Big Beaver / I-75
767 W Big Beaver Rd, Troy, MI, 48084-4901
Monday: Closed
Livernois/square Lake
6024 Livernois Rd, Troy, MI, 48085
Monday: Closed
Show all departments

How to choose the best personal loan in Michigan?

Personal loans can be a useful tool to fill in any gaps in your budget. When used smartly, a personal loan can give some financial flexibility and improve your financial health. So, it is important to find a loan that meets your financial needs. With that in mind, here are some strategies for comparing and choosing the best personal loan in Michigan.

Annual Percentage Rates

The annual percentage rate (APR) is one of the most important features of a loan to consider. The APR is usually a more accurate indicator of how much you will pay than just the interest rate as APR also includes fees into the amount. Comparing APR instead of simple interest rates can tell you which loan will cost you more in the long run.

The APR in Michigan varies from 2.99% to 35.99%.

Loan Amount

You might not know the exact sum of money you need, so it helps to research loan amount options and pick a lender that provides a substantial amount. In Michigan you can find loans from $300 to $100,000. There is an option to find a lender that allows you to withdraw a loan in parts and only pay interest on the money that you actually use. These kinds of flexible loans are useful for projects where it may not be clear how much you will need at each particular period of time, like home renovations or car repairs.

Monthly Payments

The monthly payment is the total amount you have to pay every month. Make sure that the monthly amount is something that fits comfortably into your budget. You have to be able to pay your other bills while also paying back the loan plus interest.

Credit Requirements

Generally speaking, most lenders prefer borrowers with good to excellent credit (670 or higher). However, some lenders will accept those with poor to fair credit. Having a high credit score does not necessarily mean that you will get approved with a better rate, but it will increase your chances. The lowest credit score acceptable in Michigan is Poor (300-579). So you need to tailor your search to your credit score to get the best possible loan terms.

Collateral

Most personal loans are unsecured, meaning that they do not require collateral. However, some loans will require it. Secured loans often have lower interest rates as the lender incurs less risk with the collateral present. Unsecured loans, in contrast, usually have higher interest rates. So if you are worried about high interest rates (which can be as high as 35.99% in Michigan), a secured personal loan might be an option.

Origination Fee

Most lenders charge processing fees in addition to interests. Most of the time, the processing fee, also called loan origination fee, is a percentage of the total loan amount. The typical loan origination fee is around 0.5%-1% of the loan amount, but amounts vary from lender to lender. Choosing a personal loan with low processing fees can save you money in the long run.

Compare and choose the best personal loan in Michigan

Personal loans are a useful financial tool and can help simplify your finances. The side-by-side comparison of all loan options available in Michigan will help you when choosing a loan with optimal terms for your financial situation.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
Payoff®
5.99 - 24.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On Payoff®‘s site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On Prosper‘s site
Upstart
3.5 - 35.99%$1,000 - $50,0003 - 5 years8%From Fair (580-669) to Excellent (740-799)Check rates
On Upstart‘s site
Avant
9.95 - 35.99%$2,000 - $35,0002 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On Avant‘s site
Upgrade
5.94 - 35.97%$1,000 - $50,0003 - 5 years2.9 - 8%From Fair (580-669) to Excellent (740-799)Check rates
On Upgrade‘s site
LightStream
2.99 - 20.49%$5,000 - $100,0002 - 12 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On LightStream‘s site
SoFi
5.24 - 19.78%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On SoFi‘s site
Best Egg
5.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 5.99%From Good (670-739) to Excellent (740-799)Check rates
On Best Egg‘s site
Marcus by Goldman Sachs
6.99 - 19.99%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On Marcus by Goldman Sachs‘s site
LendingClub
7.04 - 35.89%$1,000 - $40,0003 - 5 years3 - 6%From Fair (580-669) to Excellent (740-799)Check rates
On LendingClub‘s site

These particular characteristics of the loan were added to the table because we consider them the most important ones when comparing personal loans.

5 simple tips for increasing personal loan approval odds in Michigan

The last thing you want is to go through the loan process and get denied. Taking the time to maximize your odds of personal loan approval will undoubtedly benefit you in the future. So, if you are considering a loan in Michigan, here are five steps to maximizing your personal loan approval odds.

1. Get Your Credit in Shape

The best way to increase your loan approval odds is to improve your credit score. Though the minimum credit score requirements we have found in Michigan is Poor (300-579) having a high credit score will make it more likely that you will be approved. Here are some ways to improve your credit score:

  • Don’t miss any debt payments. Your payment history is one of the most significant factors determining your credit score.
  • Keep total credit utilization low. The less of your total credit limit you are using, the better.
  • Don’t apply for new credit too much. Hard inquiries can damage your credit score, so avoid applying for new credit lines.
  • Dispute errors. About 1 in 5 credit reports have errors in them. You can dispute errors and have them removed to increase your credit score.

2. Increase Your Income

Lenders examine your debt-to-income ratio when considering approval, so one way to improve your odds is to increase your income. Of course, it is easier said than done, nevertheless, there are still some options to achieve an income increase. You can ask for a raise at your job, or you can pick up a part-time job to make extra money. Any income increase makes your debt-to-income ratio lower and improves your odds.

3. Avoid Debt

Avoid taking on any new debt while you are in the process of applying for a personal loan. Lenders consider debt to be a risk, so any debt you have will have a negative impact on your odds. So try to avoid acquiring new debt and try to pay off any existing debts. The less debt you have, the easier it will be to get the personal loan.

4. Be Realistic About Amounts

The lenders are not keen on giving large amounts of money, as it means more risk for them. The maximum amount available in Michigan is $100,000, but it’s not very easy to get this amount. The more money you want, the more income you will need to pay it off. As such, you are much more likely to be approved for smaller loan amounts. Small loans do not impose as much risk to lenders, and you will have an easier time paying off a small loan. Figure out exactly how much money you need, and ask for the minimum amount. The minimum amount lenders offer in Michigan is $300.

5.Get a Joint Applicant

You can also consider finding a joint applicant. If you sign up with a joint applicant, lenders will take into consideration both of your credit scores and incomes. You can also find a co-signer. A co-signer agrees to pay the loans if you default. Make sure that you trust your joint applicant or co-signer as your finances will be tied together.

Conclusion

Getting a personal loan may sometimes be a desperate measure, so you need to be ready for the possibility. If you start working this out today, you will have more chances of being approved for a personal loan.

FAQ

  • What is the highest interest rate on a personal loan in Michigan?

    The highest interest rate on personal loan in Michigan is 35.99%.
  • What is the biggest loan amount in Michigan?

    The biggest personal loan amount in Michigan is $100,000.
  • Which credit score do I need to have to get a personal loan in Michigan?

    To get approved for a personal loan in Michigan you need to have at least a Poor (300-579) credit score.

Loans in other cities in Michigan