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Best Personal Loans in Florida

Credit card debt continues to be on the rise with an average of $5,805 per person. And Floridians appear to be 11% over the national average, carrying an average balance per person of $6,460. Also, the average credit score in Florida is 680, on the low side of the good range.

Best Personal Loans in Florida
Ann Schreiber
Written by:Ann Schreiber
Seasoned Copywriter & Content Marketer
Best Personal Loans with Cosigner

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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.

Best Personal Loans with Cosigner

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. 

Best Overall

Happy Money Payoff - Best for debt consolidation

Loan Amount
Min. Credit Score
Key Features
  • No prepayment or late fees
  • Direct payments to creditors available
  • Free financial resources
Pros & Cons
  • No prepayment or late fees
  • Preapproal with no hard credit check
  • Eligibility for fair credit borrowers
  • Fast funding
  • No late fee
  • Origination fee up to 5% of loan amount
  • Only for credit card debt consolidation
  • High-interest rates
  • No rate discounts
  • No choice of first payment date

With a higher-than-average estimated credit card balance, many Floridians want to find a personal loan that can help lower the amount of interest they will pay over time, not to mention decrease their out-of-pocket expenses each month. Personal loans can do just that. Payoff personal loans are designed specifically to help consolidate credit card debt. And, Payoff operates in all states but Massachusetts and Nevada, providing loans of up to $40,000.


Main Features

Happy Money Payoff loans are specifically to consolidate debt. Interest rates range from 9.99% to 29.99%, with up to 60 months of repayment terms. Though it is not specified, it is assumed a borrower needs a credit score of at least 640 to qualify for one of these personal loans in Florida. Borrowers can borrow up to $40,000 for debt consolidation purposes.

Happy Money Payoff is a suitable personal loan option for Floridians who want to consolidate their debt. However, as the minimum credit score for this loan is estimated at around 640, Florida residents may be able to get better rates elsewhere.
 sofi review

SoFi - Best for installment loans

6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
Key Features
  • No origination, prepayment, or late payment fees
  • Joint applications accepted
  • Offers .25% discount for autopay
  • Borrowers up to $100,000
Pros & Cons
  • Better Business Bureau rating = A+
  • No hidden fees
  • Discount on auto payments
  • Unemployment protection
  • A minimum credit score of at least 680
  • Loan funding takes two to seven business days
  • High annual income requirement

SoFi is a wise option for those seeking Florida personal loans. These loans are geared toward those with a credit score of at least 680 who want to borrow from a reputable, well-known, online lender, making them a good fit for those with 700 or better credit scores. However, SoFi has the added advantage: they have a brick-and-mortar presence in Florida, too. SoFi has competitive interest rates with other online lenders and offers flexible loan terms. Applicants will need a gross income of at least $50,000 per year ($961 per week) to qualify for a SoFi loan.


Main Features

This lender offers relatively flexible loan terms and competitive interest rates. Be prepared to qualify with a gross income of at least $50,000 per year ($961 per week). Though you may see your rate in under one minute, loan funds are not distributed on the same day. Typical loan disbursement takes two to seven business days.

SoFi is an excellent installment loan option for Florida residents because of its high borrowing limits, competitive APRs, and lack of hidden fees. This lender is also best for fee-free debt consolidation loans, making them a good choice for those with a higher credit score.

LightStream - Best for home improvement projects

2.99% to 19.99%
Loan Amount
Min. Credit Score
Key Features
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Pros & Cons
  • Low-interest rates
  • No hidden fees
  • Fast approval
  • Easy application process
  • Quick funding - possibly same day
  • Minimum FICO credit score of at least 660
  • Rate beat program
  • High minimum loan amount
  • Requires several years of credit history
  • Must have a well-balanced mix of accounts
  • No pre-approval process

The average cost of a home in Florida is $313,217, putting the state right in the middle when comparing housing costs across the country. However, despite the middle-of-the-road housing costs, Florida homes are highly subject to wear and tear due to weather conditions and the risk of natural disasters. Many residents of Florida seek personal loans to pursue home improvement or renovation projects that can help their homes better withstand the elements. LightStream offers competitive rates for customers with good to excellent credit scores but also offers great solutions for consumers with a credit score of around 660.


Main Features

LightStream offers fast funding (potentially as soon as the same day you sign the loan agreement), competitive APRs, and a cut-and-dry application process. There are no fees for loan origination, late payments, or early loan payoff. Finally, LightStream’s rate beat program will beat a competitor’s interest rate by 0.10 percentage points if borrowers can show the competitor approved them for an unsecured, fixed-rate loan with matching loan terms.

LightStream is a good personal loan option for people seeking emergency loans in Florida for home improvement. Borrowers can get their money fast and don’t have to worry about a complicated application process.

Upgrade - Best for smaller loans

5.94% to 35.97%
Loan Amount
Min. Credit Score
Not disclosed
Key Features
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Pros & Cons
  • Multiple rate discounts
  • Secured and joint loans are available
  • Mobile app to help manage your loan payments
  • You can opt for direct payment to creditors
  • Long repayment terms for home improvement
  • Minimum credit score of 580
  • Origination fee of 1.85% to 8.99%
  • No option to choose initial payment date
  • Loans are only available up to $50,000
  • High-interest rates compared to competitors

Upgrade offers a good option for those in Florida with less than stellar credit but want access to a small loan. These loans can help borrowers with fair credit get approved for a loan, but those with higher credit scores in the good or excellent range may prefer to seek an alternate lender. Upgrade requires a minimum credit score of 580, making it relatively easy to qualify for, especially with the average credit score of 680 in Florida. Loan funds can be used for various purposes including debt consolidation, credit card refinancing, large purchases, and small expenses.


Main Features

Borrowers can get a secured or joint loan through Upgrade. Plus, you may receive a 0.5 percentage point discount for setting up automatic loan payments. If you are taking out an Upgrade personal loan for debt consolidation, you may get a rate reduction of 1 to 5 percentage points when you have Upgrade pay off your debts directly. To top it off, Upgrade offers a reward checking account that gives borrowers up to 20% off of their rate.

Upgrade is a good choice for those with fair credit looking for small personal loans in Florida. This lender provides a convenient mobile app, making it simple and efficient for borrowers to make monthly payments. And, this ease in making payments is a great way for consumers to improve their credit. Plus, the lower credit score requirement of 580 makes it a good choice for those who want a small loan or a credit-builder loan alternative.
space cost

Space Coast Credit Union - Best for those who want their loan where they bank

Loan Amoun
Up to $40,000
Min. Credit Score
High 600s
12.50 to 18.00%
Key Features
  • Loan Amount: Up to $40,000
  • Loan Term: 12 to 60 months
  • APRs ranging from 12.50% to 18.00%
  • Auto loans, credit cards, and home loans
Pros & Cons
  • Apply online, over the phone, or in a branch
  • Access to financial education
  • Access to credit counseling
  • Mobile app to manage loan terms
  • Membership is limited

Space Coast Credit Union was founded on 1951 as Patrick Air ForceBase Credit Union. Today, the institution is headquartered in Melbourne, Florida, serving over 300,000 members. Membership is open to those who live or work in the Florida counties of Brevard, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Seminole, St. Johns, St. Lucie, Sumter, or Volusia. Though membership is limited to these counties, Space Coast Credit Union has a high customer satisfaction rating.


Main Features

Space Coast Credit Union offers APRs ranging from 12.50% to 18.00% and have a unique approach to your borrowing maximum. This institution allows you to borrow up to three times your gross monthly income or a max of $40,000 in unsecured debt. There is no application fee, they provide fast approval decisions, and members get free access to their FICO score. While it is unclear as to the required credit score, they state that borrowers with a credit score in the high 600s and above typically will be able to get an affordable interest rate, while borrowers who have scores above the low 700s are likely to get the best terms and rates. 

Though Floridians can likely get lower rates at a larger bank or an online bank, many people prefer the hometown experience of a credit union. Use your Florida personal loan for home improvements or to finance another large purchase.
BMO Harris
7.99% to 9.24%
Loan Amount
$1,500 to $35,000
Min. Credit Score
Key Features
  • Wide range of loan terms
  • Credit-builder loan program available
  • Autopay discount
Pros & Cons
  • Wide range of loan terms
  • Credit-builder loan program available
  • Autopay discount
  • No online application option
  • Rate quotes are only available in eight states

For borrowers who want a physical banking location and the reassurance of a large lender, BMO Harris is a good option. These loans are good for borrowers in Florida who want to consolidate their debt, fund a home improvement project, or finance a large expense.


Main Features

BMO Harris offers small loan amounts for those that don’t need to fund a large project. Loan terms can be as short as 12 months. But there’s no online application, meaning potential borrowers must visit a bank branch to apply for their loan. However, they have locations all over Florida and in Arizona, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin). Finally, approved borrowers can get a 0.5% interest rate discount if they sign up for autopay.

BMO Harris is a great option for customers that require a physical banking location to manage their personal loans. Interest rates are competitive, and you can take out a personal loan for various reasons.

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.

Company NameEst. APRMin. credit scoreLoan AmountLoan term
Happy Money Payoff9.99% to 29.99%640$5,000 to $40,00012 to 60 months
SoFi5.74% to 20.28%680$5,000 to $100,00012 to 60 months
LightStream6.99% to 23.99% (with autopay)660$5,000 to $100,00024 to 84 months
Upgrade8.24% to 35.97%580$1,000 to $50,00024 to 84 months
Space Coast Credit Union12.50 to 18.00%UnknownUp to $40,00012 to 60 months
BMO Harris7.99% to 9.24%N/A$1,500 to $35,00012 to 72 months

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. 

Credit ScoreAverage APR
300 to 62928.50% - 32.00%
630 to 68917.80% - 19.90%
690 to 71913.50% - 15.50%
720 to 850*10.73% - 12.50%

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.


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.

Frequently Asked Questions(FAQ)

What are the easiest loans to get in Florida?

The easiest loans to get approved for include payday, car title, pawnshop, and personal loans that do not require a credit check. However, while these loans generally come with fast funding and may even be available for people with no credit or bad credit, they often come with fees and high-interest rates that could be avoided with other loan types.

What is the loan limit in Florida?

Though there are Florida statutes around the percent of capital a lender can extend in a personal loan, most personal loans aren’t made for amounts exceeding $100,000. The amount you can borrow is typically determined by your debt-to-income ratio, credit score, and other relevant information in your credit report.

How many personal loans can you have at once in Florida?

You can have as many personal loans as you want, provided your lenders approve them. Lenders will consider factors including how you repay your current loan(s), debt-to-income ratio, and credit score. But typically, any individual lender will only extend you one to two loans.

Do personal loans affect credit score?

Applying for a personal loan triggers a hard credit inquiry, which can negatively impact your credit score by five points. However, provided you pay your loan on time every month and practice responsible borrowing, your personal loan can help you improve your score. The most important factor in calculating your credit score is payment history, representing 35%.

About the Author

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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