Best Personal Loans in Florida

Despite a credit score that sits below the national average of 714 and an average credit card balance higher than the national average, residents of Florida are still on the lookout for the best personal loans. And though the best rates for personal loans are typically reserved for those with credit scores closer to the national average, there is a wide variety of loans available to serve just about any purpose.

Personal loans can have big implications on your financial situation, but not necessarily in a bad way. Practicing good payment habits can actually help borrowers build their credit scores. This said, when shopping for personal loans in Florida, be diligent to ensure the best possible loan rates and terms. Comparing your rates across multiple lenders can ensure you get the best deal for your credit history and financial situation.

Our financial experts ranked lenders based on our rating methodology for personal loans and found the best loans in Florida. This rating methodology evaluates lenders in Florida and nationally based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.

Best Personal Loans in Florida - Full Overview 

Here is a list of some of the best personal loans available to residents of the Sunshine State. 

Main Features of The Best Personal Loans in Florida

All in all, if you are looking for personal loans in Florida, you should pay attention to what is most important to you. Most borrowers want a competitive yet low APR, a low credit score threshold, fast funding, and high borrowing limits. Check out this terms comparison of the lenders we discussed above.

How to Choose the Best Personal Loans in Florida 

Choosing personal loans in Florida takes time, patience, and a bit of homework. However, we have documented the best practices to follow when choosing your personal loans. Our experts use these parameters to rank lenders, whether you are looking for personal loans for bad credit in Florida or installment loans in Florida for good credit. 

Keep an eye out for the following:

• Loan features - Ensure you understand the loan terms, amount of the loan, and any use limitations. Some lenders restrict how you use the money from their loans, so make sure you know how you will use the money before you apply.
• Interest rates and fees - Identify the APR for the loan and read the fine print for origination fees (this fee is usually due at the time you receive the loan and is generally 1% to 10% of the loan amount), late payment fees, or early payoff penalties.
• Application process - The application process for a personal loan is largely consistent from lender to lender. You should know that when you apply for a loan from a Florida loan company, you will likely be subject to a hard credit check. Hard credit inquiries impact your credit score by five points and remain on your credit report for one to two years.
• Qualification process - Check if the lender requires a minimum credit score, has any income requirements, has a membership requirement, or allows a co-signer or joint application if you need it.
• Customer support - See the lender's options for communicating with them if you require help with your personal loan. Review their hours of operation and see what communication methods are available (in-person, phone, chat, or text).
• Online user reviews - Check Trustpilot and Google for reviews from borrowers that have used the lender you are considering.
• Perks and Bonuses - Some loan companies offer perks and bonuses such as payment flexibility or advanced technology (chat or text) for communications. Another popular and beneficial perk is the ability to access your credit score, which can help you stay on top of your credit.

Reasons to Get a Personal Loan in Florida 

Home repair costs continue to rise. And spending on emergency repairs increased 42% last year, with an average of $2,231 spent on 2.2 projects per household. But despite expenses on the rise and increased costs for supplies, Floridians still seek home improvement projects to better their home and overall standards of living. This all said people in Florida tend to seek personal loans to accomplish the following:

• Desire to finance a large project such as home improvements, a dream vacation, or a wedding
• Debt consolidation loan by combining the balances of other credit cards and loans into one balance with one easier-to-manage monthly payment  
• Alternative to a payday loan that can have interest rates of 400% or higher. Note that though payday loans are legal in Florida, advances can’t exceed $500. You can’t have more than one open payday loan at a time 
• To fund a move or relocation
• Unexpected expenses such as medical bills, funeral costs, etc.
• To purchase a new or new-to-you vehicle, boat, recreational vehicle, ATV, etc.

How to Get a Personal Loan in Florida

The process to get a personal loan in Florida is much the same as it is for other states.

1. Check your credit score. Understanding where you fall in the credit score ranges can help you understand the rate terms and interest rates you might be eligible for. The FICO credit score ranges are as follows:

• Poor, 300 to 579
• Fair, 580 to 669
• Good, 670 to 739
• Very good, 740 to 799
• Excellent, 800 to 850

2. Review your monthly budget. The last thing you want is to take out a loan or go through all the steps to apply only to find out you can’t afford the minimum monthly payment. So, take some time to review your finances and understand how much you have available for a loan payment. Be sure to set some money aside from emergencies, too, if you have a month where you come up short on cash.

3. Determine the type of loan you want. Are you looking to do some home improvements? Planning a wedding? Need to pay for something unexpected? Knowing your loan purpose will help you weed out lenders that don’t offer loans for your specified use.

4. Narrow down your list of lenders after you have compared rates, loan terms, and how you can use the loan - keep in mind that every time you apply for a loan, a hard credit inquiry will be conducted, so don’t just apply for all the options out there.

5. Fill out the application and include any requested documentation (such as the above identification information).

6. Wait for your loan approval - depending on the lender, this can take several minutes to several days. 

7. Review your loan agreement - after you have been approved - review all loan terms and what will be expected of you throughout the loan. Specifically, look to ensure the date of the agreement is accurate and that the interest rate and repayment terms are called out as part of the Truth in Lending Agreement.

8. Sign the loan agreement and submit it as requested - do not complete it or accept the loan terms if you cannot meet the loan requirements.

You will need to be prepared with the following documentation when applying for a personal loan in Florida:

• A government-issued photo ID  such as your driver’s license, passport, permanent resident card, etc.
• Proof of your residency in Florida or a surrounding community, such as bank statements, a utility bill that has come in the mail, etc.
• Proof of income which could include bank statements, pay stubs, income statements, invoices, etc.

Interest Rates of Personal Loans in Florida

The average consumer debt for Floridians in 2022 was $89,195 which is fortunately shy of the national average of $101,915. However, despite being on the low side, people still seek personal loans to help save on interest and secure a lower minimum monthly payment. If you are considering a personal loan, you should know that the average interest rate as of early March 2023 was 10.71%. Though there are no specific APR discounts for residents of Florida regarding personal loans, you should understand that your rates could be higher or lower depending on your specific financial circumstances. 

How to Deal with Loan Scams in Florida 

As Florida boasts a high population of retirees and senior citizens, the state as a whole is at high risk for loan scams. Though most scammers go after seniors with government impersonation, sweepstakes, and robocall scams, loan scams aren’t out of the question. One of the best ways to protect yourself from a loan scam in Florida is to know what to look for.

Here is what to be on the lookout for.

• You are guaranteed approval before receiving any of your personal information.
• The lender isn’t registered in Florida - check with the National Association of Attorneys General, Better Business Bureau, or Florida Department of Financial Services. 
• You are asked for payment upfront - even with a secured personal loan, you will not be asked to provide a deposit until you have signed your loan agreement.
• You are asked for an unusual payment, such as a gift card or a check written to an individual.
• You receive a phone call, letter, or a solicitor that appears on your doorstep. According to the FTC, it is not legal for companies to over a loan in the U.S. over the phone or asks you to pay before the loan is delivered.
• No credit check is required or the loan and terms sound too good to be true.
• You are unable to locate a physical address for the lender.
• The lender pressures you to take action immediately. A reputable lender will give you time to review the offer and loan terms and your loan agreement.
• The lender has hidden fees.

If you have a consumer complaint against a legitimate or illegitimate consumer loan lender in Florida, you should file a complaint with the Florida Better Business Bureau. You can also file a 

complaint against the lender with the OFR or call (850) 487-9687. Additionally, you may file a complaint with the Attorney General's Office online or by phone at 1-866-9-NO-SCAM.

Personal Loan Alternatives in Florida 

If you live in Florida and can’t get a personal loan, there are alternatives. The best alternatives are:

• Taking out a personal line of credit from your credit card issuer - however, note that this might come with a cost for a cash advance and may be subject to a higher interest rate
• Using the available credit on your credit card - if you can keep your balance below 30% of your credit limit
• Consider emergency loans in Florida - however, understand that emergency loans often come with very high-interest rates and early payoff penalties
• Taking out a home equity loan or home equity line of credit against your mortgage
• Taking out a peer-to-peer (P2P) loan from an investor
• Taking out a small business loan if you are a small business owner or see if you are eligible for a Florida Small Business Emergency Bridge Loan
• Taking a 401(k) loan from your employer or investment firm
• Asking for a salary advance from your employer
• Getting a second job or a side hustle is a great way to earn some extra money to help you pay off debt or save up for a big purchase 

If you need financial help in Florida, consider one of the many financial assistance programs designed to help low income families.

Conclusion 

With over 90 banks in Florida, there is no shortage of great places to obtain a personal loan. Whether you need a bad credit loan in Florida or simply want to work with a loan company with a brick-and-mortar location, you won’t have trouble finding what you need. Our article lists only a snapshot of the lenders available to you. Do your homework and work only with a lender that can provide the terms that align with your financial goals.