Top Lenders & Best Picks for You
Best Personal Loans in Indianapolis, IN
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Indianapolis
- The Best Personal Loan Lender for Bad Credit in Indianapolis
- The Best Personal Loan Lender for Good Credit in Indianapolis
- The Best Personal Loan Lender for Debt Consolidation in Indianapolis
- The Best Personal Loan Lender for Home Improvements in Indianapolis
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Indianapolis
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Indianapolis
MoneyGeek's Picks for Best Personal Loan Lenders in Indianapolis, IN
MoneyGeek assessed personal loan providers in Indianapolis based on more than 30 data factors. We compared their loan affordability and accessibility, terms, APR ranges, minimum credit score and income criteria, disbursement time, origination and late fees, customer service, Better Business Bureau (BBB) ratings and other aspects.
Our analysis found Truist to be the best overall lender in Indianapolis. However, your requirements determine which lender is your best fit. For example, SoFi is the city’s best lender for those with good credit, while Upstart is the best for those with bad credit. Upgrade and Best Egg were rated as the best lenders for debt consolidation and home improvement personal loans, respectively.
Best Overall Personal Loan Lender in Indianapolis: Truist
Best Personal Loan Lender for Bad Credit in Indianapolis: Upstart
Best Personal Loan Lender for Good Credit in Indianapolis: SoFi
Best Personal Loan for Debt Consolidation in Indianapolis: Upgrade
Best Personal Loan for Home Improvement in Indianapolis: Best Egg
How to Choose the Best Personal Loan Lender in Indianapolis for You
Some common reasons for taking out personal loans are debt consolidation, home improvement, financing vehicles, funding vacations, paying college tuition, moving and medical expenses. To assess your eligibility for a personal loan, lenders consider your credit score, monthly income and debt-to-income ratio. Indiana's average personal loan debt is $13,636 and the state's average interest rate is 9.29%.
MoneyGeek proposes the following techniques for finding a suitable lender and the best personal loans in Indianapolis:
Ask Yourself the Important Questions
Your first step should be to analyze your needs and financial situation to determine if a personal loan is the best option for you. Before selecting a lender and applying for a personal loan, you should consider the following:
- How much funding do I require?
- What is my credit score?
- How much debt do I currently have?
- What monthly payment am I able to make?
Do Your Research
Lenders quote and operate in various ways, and their rates and fees may be varied as well. Before filing a loan application, it is crucial to compare different lenders to learn which one fits your bill.
Personal loans are significant commitments since you may have to pay them back over a period of several years. When making a decision, make sure the loan and the lender are the right ones for you. Keep in mind that MoneyGeek's recommendations are generic, necessitating you to do additional research prior to making a selection.
Wait
When presented with several features and options from each lender, as well as different rates and fees to evaluate, it's normal to feel overwhelmed. You may benefit from delaying making a decision for a few days. Personal loans are a big financial commitment, so you must be sure they’re the right choice. Hence, after doing your research and before filing the application, it is recommended to spend some time analyzing your alternatives.
Read the Fine Print
When looking for personal loans, it's easy to ignore the fine print. After you've signed the loan application, you may uncover additional expenses that you didn’t notice in the lender's terms and conditions. Prior to making a decision on a lender, check out the company's fees, such as late fees and origination fees, as well as prepayment penalties. Take note of any applicable interest rates and collateral requirements. You may save a lot of money in the long term by paying close attention to the smallest of things.
Apply
Submitting your application is the final step in the process. The information you need to apply for a loan should be readily available to you by this time. As part of a lender's loan application procedure, a borrower is typically required to submit documents related to identity verification, proof of residence and source of income. In spite of the fact that applying online may be more convenient for some, there is no reason why you shouldn't call or visit the lender's office instead if you prefer.
What to Do if You Can’t Get a Personal Loan in Indianapolis
If your application was turned down in Indianapolis, you should talk to the lender to find out the reason and see what you can do to fix it. Your lender may suggest making your application more acceptable by, for instance, shortening the loan terms or decreasing the loan amount. Those having difficulty getting approval can consider a cosigner or collateral-based loan. You may apply for a loan with a different lender, but if your application was rejected by the first lender, it's best to wait until you've addressed that issue before reapplying.
In the wake of getting rejected, some individuals seek payday loans with exorbitant interest rates, which is a bad idea. If you pay a payday loan on time and in whole, your credit score won't improve. In addition, you may be held accountable for any unpaid interest as well as the remaining sum if you fail to make timely payments. Late payments on a payday loan may encourage a collection agency to get involved in the process, causing further damage to your credit.
Frequently Asked Questions About Personal Loans in Indianapolis
Which lender is the best for you will depend on a variety of factors, including the type of loan you're looking for, your financial profile and how much money you need. To help you better understand personal loans in Indianapolis, we've compiled some frequently asked questions and their answers.
Truist is the best personal loan lender in Indianapolis, Indiana. However, SoFi is the best lender for those with good credit, while Upstart is the best for those with poor credit. The best options for debt consolidation and home improvement loans are Upgrade and Best Egg, respectively.
The minimum 3.22% APR offered by Upstart is the lowest interest rate available for personal loans in Indianapolis, as far as we’re aware.
It all depends on the lender. There are several reasons why people need personal loans, including funding vacations. Some loan providers prohibit the use of their funds for specific purposes. There may be restrictions on how you can utilize your personal loan, so check with the lender you are considering. That said, most lenders allow this.
The vast majority of personal loans can be utilized for home improvement. However, you must check with the Indianapolis lender whether there are any limits in place for their loans.
Personal loans can be utilized for virtually any sensible reason in Indianapolis. However, depending on the lender, there may be restrictions on how the loan may be utilized. Some lenders ban the use of their loans for refinancing mortgages or other loans, paying tuition fees, making business acquisitions, purchasing bonds or stocks or engaging in illegal or gambling activities.
The maximum amount that can be borrowed with personal loans in Indianapolis will vary from one lender to the next. Depending on the lender, the amount of the loan that you could qualify for could range anywhere from $1,000 to $100,000.
Each lender in Indianapolis has a different timescale for funding personal loans. However, depending on the lender, the processing time for a personal loan might range from one to seven days. Some lenders can even fund loans the same day you’re approved.
Yes. However, some lenders may impose a prepayment penalty if you repay your personal loan before the original loan term. For further information, you should contact the lender or read the loan agreement in its entirety.
Our Personal Loan Methodology
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "About Best Egg." Accessed June 14, 2022.
- Best Egg. "Applying for a Personal Loan." Accessed June 14, 2022.
- Best Egg. "Frequently Asked Questions." Accessed June 14, 2022.
- Best Egg. "Home Improvement." Accessed June 14, 2022.
- Better Business Bureau. "Best Egg." Accessed June 14, 2022.
- Better Business Bureau. "SoFi." Accessed June 14, 2022.
- Better Business Bureau. "Truist." Accessed June 14, 2022.
- Better Business Bureau. "Upgrade." Accessed June 14, 2022.
- Better Business Bureau. "Upstart." Accessed June 14, 2022.
- SoFi. "Personal Loans." Accessed June 13, 2022.
- Truist. "Personal Loans." Accessed June 13, 2022.
- Upgrade. "Are there any fees?." Accessed June 14, 2022.
- Upgrade. "Consolidate Your Debt." Accessed June 14, 2022.
- Upgrade. "What are the minimum borrower requirements?." Accessed June 14, 2022.
- Upgrade. "What are the minimum credit requirements to receive a loan?." Accessed June 14, 2022.
- Upstart. "Am I eligible to apply for a loan?." Accessed June 13, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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