Explore top personal loan options in Memphis, TN, to achieve your financial goals. Compare lenders, interest rates, and loan terms to find the ideal solution for consolidating debt, funding home improvements, or covering unexpected expenses. Uncover the best financing opportunities Memphis has to...
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Finimpact is committed to presenting the best lender options for those seeking loans in Memphis, TN. Our expert team has thoroughly vetted and reviewed each lender to ensure that our recommendations are trustworthy and reliable. We take into account factors such as interest rates, fees, repayment terms, and customer service when evaluating lenders.
This comprehensive approach allows you to trust our loan reviews and make informed decisions on which loans in Memphis, TN, best suit your needs. By using a trusted source like Finimpact, you can save time and effort while navigating the various loan options available in Memphis, TN.
Top Personal Loans in Memphis, TN: Full Overview
LightStream — Best Overall Personal Loan
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.
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.
The Bottom Line
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.
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.
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.
The Bottom Line
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.
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.
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.
The Bottom Line
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.
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.
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%.
The Bottom Line
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.
OneMain Financial — Best for Loans with Bad Credit
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.
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.
The Bottom Line
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.
Navigating the Loan Application Process in Memphis, TN
Finding the best personal loans in Memphis, TN, can be a crucial step towards achieving your financial goals. Whether you need funds for debt consolidation, home improvements, or emergency expenses, it's essential to choose the right loan that suits your needs. By understanding your options and comparing various loan offers, you can secure the most favorable terms and interest rates.
Research local options: Memphis has several credit unions and local banks offering competitive loan terms. These institutions might have more flexible lending criteria and a better understanding of your financial situation.
Online lenders: Online lending platforms can provide quick and convenient loan application processes. These lenders may also offer competitive interest rates and more flexible repayment terms.
Check eligibility criteria: Before applying, make sure you meet the lender's minimum credit score, income, and employment requirements. This helps avoid unnecessary credit inquiries and potential rejections.
Debt-to-income ratio: Lenders consider your debt-to-income ratio when evaluating your loan application. Keeping your debts low and ensuring a stable income can increase your chances of approval and better loan terms.
Loan term considerations: While longer loan terms might lower your monthly payments, they result in higher overall interest costs. Consider your repayment ability and choose a loan term that balances affordability and interest expenses.
Secured vs. Unsecured Personal Loans: Pros and Cons
When exploring loans in Memphis, TN, it's important to understand the differences between secured and unsecured personal loans to make an informed decision. Both types of loans have their own set of advantages and disadvantages, depending on your specific financial situation and borrowing needs. To choose the most suitable loan type, it's crucial to weigh the pros and cons of secured and unsecured personal loans while considering factors such as interest rates, repayment terms, and collateral requirements.
Lower interest rates: Secured loans often come with lower interest rates because they require collateral, which reduces the lender's risk.
No collateral required: Unsecured loans do not require collateral, which means you don't risk losing personal assets if you default.
Higher borrowing limits: With collateral to back the loan, lenders may be more willing to offer higher loan amounts for secured loans.
Faster processing: Without collateral evaluation, unsecured loan applications can be approved more quickly than secured loans.
Risk of losing collateral: If you default on a secured loan, you risk losing the asset you put up as collateral, such as your car or home.
Higher interest rates: Due to the higher risk for lenders, unsecured loans typically come with higher interest rates compared to secured loans.
Longer processing time: The process of evaluating and approving collateral can make secured loan applications take longer than unsecured loans.
Lower borrowing limits: Lenders may offer smaller loan amounts for unsecured loans, as they don't have collateral to mitigate the risk.
Limited flexibility: Some secured loans may come with restrictions on how you can use the borrowed funds, limiting their flexibility.
Credit score impact: Unsecured loans rely heavily on your credit score, which means that borrowers with lower scores may face higher interest rates or be denied altogether.