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Best Personal Loans in Tennessee
Discover the best personal loans in Tennessee by exploring various lenders, interest rates, and loan terms to meet your unique financial needs. This comprehensive guide will help you navigate the Tennessee loan market, providing insights on the state's lending landscape and offering valuable tips to secure the most favorable loan conditions
Written by:Daniel Lewis
At Finimpact, we understand the importance of finding the right lender for your financial needs. Our team has meticulously researched and vetted each lender, taking into account factors such as interest rates, loan terms, and customer service. Our loan reviews can be trusted, as they're based on unbiased, in-depth analysis of the Loans in Loans in Tennessee market.
By using a trusted source like Finimpact, you can be confident in securing the best loan terms possible. The Tennessee loan market offers diverse options, with a range of financial institutions catering to borrowers' varying needs. By leveraging our comprehensive knowledge of Tennessee's financial landscape, we aim to connect you with the perfect loan provider for your unique situation.
Top Picks for Personal Loans in Tennessee
- LightStream - Best Overall Personal Loan
- Avant - Best for Small Personal Loans
- SoFi - Best Overall Personal Loan
- Upgrade - Best for Emergency Loans
- OneMain Financial - Best for Loans with Bad Credit
By using a trusted source like Finimpact, you can be confident in securing the best loan terms possible. The Tennessee loan market offers diverse options, with a range of financial institutions catering to borrowers' varying needs. By leveraging our comprehensive knowledge of Tennessee's financial landscape, we aim to connect you with the perfect loan provider for your unique situation.
Top Personal Loans in Tennessee: Full Overview
Best Overall
OneMain Financial — Best for Loans with Bad Credit
APR.
18% to 35.99%
Loan Amount
$1,500-$20,000
Min. Credit Score
Undisclosed
Key Features
- Offers joint and secured loans
- Accepts low credit borrowers
- Can fund a loan the same or next business day
Pros & Cons
- Available for bad credit borrowers
- Visit 1,400 nationwide locations
- Check your rate with no impact to your credit
- Flexible repayment options
- Lower loan amounts than other lenders
- Potential for a very high APR
- High origination fees likely
Overview
OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.
Main Features
Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.
If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.
Upgrade — Best for Emergency Loans
APR.
5.94% to 35.97%
Loan Amount
$1,000-$50,000
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
- Check your rate with no impact on your credit
- Funding in as little as one day
- Generous loan amounts available
- Choose from flexible repayment terms
- Origination fee charged on every loan
- Potential for a high APR
Overview
Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.
Main Features
Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.
Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.
APR.
6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- No origination, prepayment, or late payment fees
- Joint applications accepted
- Offers .25% discount for autopay
- Borrowers up to $100,000
Pros & Cons
- Loan amounts up to $100,000 available
- Check your rate with no impact on your credit
- No origination fees or hidden fees
- Unemployment protection offered
- Same-day funding available
- High minimum loan amount of $5,000
- Not available for bad credit
- Lowest rates require auto-pay
Overview
SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.
Main Features
SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.
SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.
Avant — Best for Small Personal Loans
APR.
9.95% to 35.99%
Loan Amount
$2,000-$35,000
Min. Credit Score
580+
Key Features
- Low credit score requirements
- Allowed to refinance personal loans
- No prepayment penalties
Pros & Cons
- Low loan amounts available
- Check your rate with no impact on your credit
- Mobile app available
- Available for fair and poor credit
- Administration fee up to 4.75%
- Potential for a high APR
- Lower borrowing limits than other lenders
Overview
Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.
Main Features
To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.
Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
LightStream — Best Overall Personal Loan
APR.
2.99% to 19.99%
Loan Amount
$5,000-$100,000
Min. Credit Score
Not Disclosed
Key Features
- Funding as soon as the same day
- Allows joint applications
- No origination fee
Pros & Cons
- Low APRs for good credit
- Loan amounts up to $100,000
- Check your rate with no impact on your credit
- Auto-pay discount available
- Not available for borrowers with bad credit
- Rates without auto-pay are .50% higher
- Minimum loan amount of $5,000
Overview
LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.
Main Features
The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.
To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.
LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.
LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.
Prepayment Penalties in Tennessee Loan Agreements
Prepayment penalties in Tennessee loan agreements can pose challenges for borrowers looking to pay off their loans early. It's crucial to be aware of these penalties before entering into a loan contract, as they can have a significant impact on your overall repayment strategy. In this article, we offer practical advice on understanding and navigating prepayment penalties, helping Tennessee borrowers make informed decisions.
- Read the fine print: Carefully review your loan agreement for any prepayment penalty clauses, as these can vary significantly from one lender to another.
- Negotiate with the lender: Before signing the loan agreement, discuss the possibility of removing or reducing the prepayment penalty with your lender.
- Calculate potential savings: Weigh the potential savings from paying off the loan early against the cost of the prepayment penalty to determine if it's financially beneficial.
- Consider alternative loan options: Look for loans with no prepayment penalties, such as personal loans or credit union loans, if you anticipate paying off your loan early.
- Make additional payments: If your loan allows, make additional principal payments without triggering the penalty to reduce your balance and save on interest.
- Time your prepayments: If the prepayment penalty decreases or expires over time, consider timing your prepayments accordingly to minimize the penalty cost.
- Refinancing: If prepayment penalties make early repayment unfeasible, consider refinancing your loan with a new lender that doesn't impose these penalties.
The Role of Collateral in Secured Loans in Tennessee
Collateral plays a crucial role in secured loans, providing a safety net for lenders while potentially offering borrowers more favorable loan terms. In Tennessee, understanding the role of collateral in secured loans is key to making informed borrowing decisions. This article offers practical advice on how collateral can impact your loan application and how to navigate the secured loan process in Tennessee.
| Aspect | Description |
| Types of collateral | Common forms of collateral include real estate, vehicles, and savings accounts. Each has its own risks and benefits when used as security for a loan. |
| Assessing value | Lenders will assess the value of the collateral to determine the loan amount, so it's essential to have a realistic appraisal of your asset's worth. |
| Risk of repossession | Defaulting on a secured loan may result in the loss of your collateral, so ensure you have a solid repayment plan in place before applying. |
| Lower interest rates | Secured loans often come with lower interest rates due to the reduced risk for lenders, making them more cost-effective for borrowers. |
| Building credit | By responsibly managing a secured loan, borrowers can improve their credit score, increasing their chances of obtaining more favorable loan terms in the future. |
| Loan-to-value ratio (LTV) | The LTV is the percentage of the loan amount in relation to the appraised value of the collateral. A lower LTV indicates lower risk for the lender, potentially leading to better loan terms. |
| Impact on liquidity | Using an asset as collateral can temporarily reduce your liquidity, as you may not be able to sell or refinance the asset until the loan is repaid in full. |
| Flexibility in repayment | Secured loans may offer more flexible repayment options, such as longer terms or interest-only payment periods, due to the additional security provided by the collateral. |
About the Author
Daniel Lewis
Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.
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