Best Personal Loans in Oklahoma City (OK)
We have found 117 personal loans to apply for in Oklahoma City, OK. Add more criteria to compare personal loans and find the best one for you.
TOP 5 banks offering personal loans in Oklahoma City
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Choosing the Best Personal Loan in Oklahoma City, Oklahoma
When choosing the ideal personal loan in Oklahoma City, Oklahoma, it is crucial to take into account several key factors.
Annual Percentage Rates (APR)
When assessing loan options, it is crucial to pay close attention to the Annual Percentage Rate (APR). Unlike a simple interest rate, the APR incorporates additional fees, providing a more comprehensive estimate of the total cost of credit. Comparing APRs enables you to identify the loan that offers the most favorable terms in the long run.
In Oklahoma City, the APR typically spans from 4.49% to 36%, highlighting the range of rates available for personal loans in the area.
Loan Amounts
Researching loan amount options is necessary to find a lender who offers the loan amount you want. Loans ranging from $100 to $500,000 are available in Oklahoma City. Some lenders even provide flexible loans that allow you to withdraw funds in installments, paying interest only on the amount used. This flexibility is beneficial for projects where the funds required may change over time, such as home repairs or car repairs.
Monthly Payments
Consider your budget when estimating your monthly payment. It should fit comfortably within your financial constraints, allowing you to cover your regular expenses and repay the loan with interest at the same time.
Credit Requirements
While most lenders prefer borrowers with good to excellent credit scores (670 or higher), some lenders may accept individuals with poor to fair credit. Although a higher credit score doesn't guarantee lower rates, it increases your chances of approval. In Oklahoma City, the lowest acceptable credit score is Poor (300 - 579). Tailor your search based on your credit score to secure the best loan terms possible.
Collateral
Unsecured personal loans are more common and do not require collateral. However, some loans may require collateral, which can result in lower interest rates. Unsecured loans typically have higher interest rates. If you're concerned about high interest rates, especially those as high as 36% in Oklahoma City, a secured personal loan may be worth considering.
Origination Fee
In addition to interest, many lenders charge origination fees. These fees, a percentage of the total loan amount, cover processing costs. While the average origination fee ranges from 0.5% to 1%, fees vary among lenders. Choosing a personal loan with low origination fees can lead to long-term savings.
Comparing and Choosing the Best Personal Loan in Oklahoma City, Oklahoma
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 |
Increasing Personal Loan Approval Odds in Oklahoma City, Oklahoma
- Improve Your Credit Score. Enhancing your credit score significantly improves your chances of loan approval. Make timely payments, keep your credit utilization low, avoid excessive credit applications, and review your credit reports for any errors that need to be addressed.
- Increase Your Income. Lenders take into account your debt-to-income ratio when evaluating your loan application. Boosting your income, such as by requesting a raise or taking on a part-time job, can improve your odds of approval by reducing the ratio.
- Manage Debt. Minimize acquiring new debt while applying for a personal loan. Lenders view existing debt as a risk factor that may impact your approval chances. Prioritize debt repayment to reduce your outstanding obligations and demonstrate responsible financial management.
- Be Realistic About Loan Amounts. Requesting excessive loan amounts raises the lender's risk assessment. In Oklahoma City, it may be challenging to secure larger loans. Assess your financial needs realistically and apply for a loan amount that aligns with your income and repayment capacity.
- Consider a Joint Applicant. Including a joint applicant or finding a co-signer can strengthen your loan application. Combining credit scores and incomes with a joint applicant or co-signer improves your overall financial profile. However, it's essential to choose a trustworthy and reliable individual as your joint applicant or co-signer, as their financial responsibilities will become interconnected.
By following these strategies, you can enhance your chances of getting approved for a personal loan in Oklahoma City. Remember to approach the loan process responsibly and carefully consider your financial circumstances.
Conclusion
To improve your chances of getting a loan in Oklahoma City, you need to take proactive steps and prepare in advance. Start by prioritizing improving your credit history, handling your debts responsibly, and maintaining a healthy financial condition overall. In addition, carefully assess your financial needs to determine the loan amount that best suits your requirements. By following these tips, you can strengthen your financial situation.