Best Personal Loans in Tennessee
We have found 114 personal loans in Tennessee. Compare and choose the best loan for your purpose.
- 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 Tennessee
- Bank name
- Total Assets
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How to choose the best personal loan in Tennessee?
Personal loans can prove to be valuable in bridging financial gaps and enhancing overall financial well-being. To choose the best personal loan in Tennessee, consider the following strategies:
- Annual Percentage Rates (APR). Evaluate the APR, which includes both the interest rate and associated fees. Comparing APRs offers a more comprehensive understanding of the total cost over time. In Tennessee, APRs range from 4.49% to 36%.
- Assess Loan Amount Options. Research lenders offering a suitable range of loan amounts to meet your needs. In Tennessee, personal loans are available from $100 to $500,000. Look for lenders with the flexibility of partial loan withdrawals, where interest is charged only on the utilized amount. This option is beneficial for projects with fluctuating funding requirements, such as home renovations or car repairs.
- Evaluate Monthly Payments. Ensure that the monthly payment comfortably fits within your budget. It is crucial to meet other financial obligations while repaying the loan and covering the interest.
- Review Credit Requirements. While most lenders prefer borrowers with good to excellent credit scores (670 or higher), some accept individuals with poor to fair credit. Although a higher credit score increases approval chances, it does not guarantee a lower interest rate. In Tennessee, the minimum acceptable credit score is Poor (300 - 579). Tailor your search based on your credit score to secure the best loan terms.
- Consider Collateral. While personal loans are typically unsecured, meaning they do not require collateral, some may need it. Secured loans often come with lower interest rates due to reduced risk for the lender. If you are concerned about high interest rates (which can reach up to 36% in Tennessee), exploring a secured personal loan might be worthwhile.
- Evaluate Origination Fees. Many lenders charge origination or processing fees in addition to interest. These fees, usually a percentage of the total loan amount, can vary among lenders. Opt for a personal loan with low processing fees to save money in the long run.
Comparing and selecting the best personal loan in Tennessee
To ensure you make an informed decision, it is essential to take the time to compare and evaluate the different personal loan options available in Tennessee. By carefully considering and analyzing the information, you can select the loan that best suits your financial needs and aligns with your objectives.
| 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 Tennessee
To enhance your chances of securing a personal loan in Tennessee, it is advisable to follow these steps:
- Improve Your Credit. Elevating your credit score significantly enhances your chances of loan approval. While the minimum credit score requirements in Tennessee can be as low as Poor (300 - 579), having a higher score improves your likelihood of being approved. Focus on making timely debt payments, maintaining a low credit utilization ratio, limiting applications for new credit, and rectifying any errors on your credit report.
- Increase Your Income. Lenders consider your debt-to-income ratio when evaluating your application. Boosting your income can positively impact your approval odds. Explore opportunities such as negotiating a raise at your current job or taking on a part-time job to supplement your earnings.
- Avoid Accumulating New Debt. While applying for a personal loan, it is advisable to avoid taking on additional debt. Lenders view higher debt levels as a risk factor that could lower your approval chances. Concentrate on paying off existing debts to reduce your overall debt burden.
- Be Realistic About the Loan Amount. Requesting a smaller loan amount increases your approval chances as it poses less risk to lenders. Determine the precise amount you need and apply for the minimum loan amount offered by lenders in Tennessee (starting from $100).
- Consider Joint Applicants. Applying with a joint applicant enables lenders to consider both credit scores and incomes, potentially improving your chances of approval. Alternatively, you can seek a co-signer who agrees to pay off the loan in case of default. Ensure that you can rely on the joint applicant or co-signer, as your finances will be interconnected.
Conclusion
In summary, following the steps mentioned above can considerably increase your prospects of securing a personal loan in Tennessee. Being well-prepared and informed will enhance your overall eligibility and improve the chances of finding a loan that perfectly suits your financial needs. By taking these proactive measures, you can smoothen the loan application process and elevate your chances of loan approval.