5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Rhode Island

We have found 104 personal loans in Rhode Island. Compare and choose the best loan for your purpose.

By Myfin Team
Updated May 18, 2024
Showing 104 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    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.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
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 24.99%.

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

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    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%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
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 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    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.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
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 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.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 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 35.95%.

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.

See Avant full product review
Check rates
On partner'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 partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    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).

See Best Egg full product review
Check rates
On partner's site
APR
5.4 - 35.99 %
Term
1 - 7years
Loan amount
$600 - $100,000
  • Minimum credit:
    scorer
    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.

See Credible full product review
Check rates
On Credible.com
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 104 personal loans
Amount
$
Credit Score
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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 Rhode Island

Showing 5 banks
Sort by: Branches
Branches 71 bank branches
Total Assets (US$M)226,531,535
Peck Corners Branch
965 County Road, Barrington, RI, 2806
Barrington Branch
184 County Road, Barrington, RI, 2806
Bristol Branch
464 Hope St, Bristol, RI, 2809
Show all departments
Branches 28 bank branches
Total Assets (US$M)2,440,022,000
Barrington
257 County Rd, Barrington, RI, 02806
Saturday: 9:00 AM - 12:00 AM
East Greenwich
200 Main St, East Greenwich, RI, 02818
Saturday: Closed
Greenville
440 Putnam Pike, Greenville, RI, 02828
Saturday: 9:00 AM - 12:00 AM
Show all departments
Branches 28 bank branches
Total Assets (US$M)93,871,794
Barrington Branch
272 County Road, Barrington, RI, 2806
Bristol - Hope Street Branch
1146 Hope Street, Bristol, RI, 2809
Coventry In-store Branch
896 Tiogue Avenue, Coventry, RI, 2816
Show all departments
Branches 9 bank branches
Total Assets (US$M)405,223,010
Td Bank Barrington
231 County Road, Barrington, RI, 02806
Saturday: 9:00 AM - 1:00 PM
Td Bank Middletown
553 West Main Road, Middletown, RI, 02842
Saturday: 9:00 AM - 1:00 PM
Td Bank Pawtucket
430 Central Avenue, Pawtucket, RI, 02861
Saturday: 9:00 AM - 1:00 PM
Show all departments
Branches 9 bank branches
Total Assets (US$M)67,468,299
Barrington Branch
262 County Road, Barrington, RI, 2806
East Greenwich Branch
563 Main St., East Greenwich, RI, 2818
Middletown Branch
716 Aquidneck Ave., Middletown, RI, 2842
Show all departments

How to choose the best personal loan in Rhode Island?

Personal loans serve as a valuable tool for addressing financial gaps and improving budgetary stability when used responsibly. Choosing the right personal loan in Rhode Island is crucial, and employing the following strategies will help you make a well-informed decision:

  • Assess your financial needs. Determine the specific purpose for which you require the personal loan. Whether it's consolidating debt, covering unexpected expenses, or funding a major purchase, understanding your financial needs will guide you in choosing the appropriate loan.
  • Research lenders. Conduct thorough research to identify reputable lenders in Rhode Island. Consider factors such as interest rates, loan terms, customer reviews, and any additional benefits or features offered by different lenders.
  • Compare interest rates and fees. Take into account the annual percentage rate (APR) which includes both the interest rate and any associated fees. Comparing APRs will give you a better understanding of the total cost of the loan, enabling you to choose the most cost-effective option.
  • Evaluate repayment terms. Consider the loan term and monthly repayment amount. A shorter loan term typically means higher monthly payments but lower overall interest costs. Choose a loan term and monthly payment amount that align with your budget and financial goals.
  • Understand credit requirements. Familiarize yourself with the credit score and history criteria that lenders consider for loan approval. Most lenders prefer borrowers with good to excellent credit, but some may consider those with fair or poor credit. Knowing the credit requirements will help you target lenders who are more likely to approve your application.
  • Read the fine print. Carefully review the terms and conditions of the loan, including any hidden fees or penalties. Ensure you understand the repayment schedule, any potential charges for early repayment, and any other relevant details before finalizing the loan agreement.

By following these strategies, you can make an informed decision when selecting a personal loan in Rhode Island that aligns with your financial needs and contributes to your overall financial stability.

Compare and choose the best personal loan in Rhode Island

This side-by-side analysis will assist you in selecting a loan that offers favorable terms for your financial situation:

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo 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 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner'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 partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
Credible
5.4 - 35.99%$600 - $100,0001 - 7 yearsDepends on the lenderFrom Good (670-739) to Excellent (740-799)Check rates
On Credible.com

5 simple tips for increasing personal loan approval odds in Rhode Island

  1. Improve Your Credit Score. Take steps to enhance your credit score, as it greatly impacts your loan approval chances. Although the minimum acceptable credit score in Rhode Island falls within the Poor range (300 - 579), a higher credit score improves your likelihood of approval. Focus on making timely debt payments, maintaining a low credit utilization ratio, minimizing credit applications, and addressing any inaccuracies in your credit report.
  2. Increase Your Income. Lenders consider your debt-to-income ratio when evaluating your loan application. Boosting your income can improve your chances of approval. Seek opportunities for a raise at your current job or explore part-time employment options to supplement your earnings. A higher income reduces your debt-to-income ratio, making you a more attractive candidate for loan approval.
  3. Avoid New Debt. Avoid taking on additional debt while in the process of applying for a personal loan. Lenders view new debt as a potential risk, so focusing on paying off existing debts and refraining from acquiring new ones demonstrates financial stability and increases your likelihood of loan approval.
  4. Request Realistic Loan Amounts. Be mindful of the loan amount you request, as larger amounts pose higher risks for lenders. While the maximum loan amount available in Rhode Island is $500,000, securing such a loan can be challenging. Lenders are more inclined to approve smaller loan amounts as they entail lower risk. Assess your precise funding needs and request the minimum amount required. In Rhode Island, the minimum loan amount is $100.
  5. Consider a Joint Applicant. Explore the possibility of applying with a joint applicant or finding a co-signer. Lenders evaluate both the credit scores and incomes of joint applicants, increasing the chances of approval. However, choose a joint applicant or co-signer whom you trust, as your financial matters will become interconnected.

By implementing these strategies, you can significantly improve your chances of getting approved for a personal loan in Rhode Island and secure the funding you need.

Conclusion

In conclusion, by diligently preparing and taking proactive measures, you can greatly enhance your chances of obtaining approval for a personal loan in Rhode Island. By implementing the strategies and tips outlined, you will be well-equipped to select a loan that perfectly aligns with your financial needs and objectives.

FAQ

What is the highest interest rate on a personal loan in Rhode Island?

The highest interest rate on personal loan in Rhode Island is 36%.

What is the biggest loan amount in Rhode Island?

The biggest personal loan amount in Rhode Island is $500,000.

What credit score do I need to have to get a personal loan in Rhode Island?

To get approved for a personal loan in Rhode Island you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

Loans in other cities in Rhode Island