Best Personal Loans in Alabama

Truist is one of the oldest lenders in the country. They’ve been in business since 1872 and have undergone several name changes over the years. It’s considered one of the biggest banks in the United States, with $509 billion worth of assets.

Overall, Truist is your best option for personal loans in Alabama. Among the lenders that MoneyGeek evaluated, Truist offers one of the most competitive APRs. Depending on your credit score, your rate may be as low as 8.14%.

You also don’t need to worry about origination fees, which saves you money. There are even ways to lower your cost, such as setting up an automatic repayment process. This qualifies you for a 0.5% discount and ensures you consistently pay your loan on time.

Pros

• Has an A+ Rating from BBB
• You can borrow up to $50,000
• APR can be as low as 8.14%
• Offers a 0.5% discount for auto repayment
• It doesn’t charge origination fees

• APR range: 8.14%–18.99%
• Minimum/maximum loan amount: $3,500–$50,000
• Minimum credit requirements: 660
• Repayment terms: 6–60 months
• Time to receive funds: Same day is possible

Having a low credit score may limit your options when looking for personal loan lenders in Alabama. However, you can still get a good deal with Upstart, a leading AI lending platform. It has partnered with several banks since it began operations in 2012.

As you’d expect, the interest rate Upstart charges can be as much as 35.99%, depending on your credit score. However, even if your FICO score is only in the mid-300s, the lender might still approve your application.

Upstart does have a gross income requirement, which means that even if your credit score is above 300 but your earnings don’t meet their standard, you may still get denied.

That said, Upstart’s credit checks are soft inquiries, which means your credit score won’t be affected. They also have no restrictions on spending. Better yet, it gives you complete freedom to use your loan as you please.

Pros

• Has an A+ Rating from Better Business Bureau
• Requires a minimum credit score of 300
• Available in 48 states
• Only conducts a soft inquiry for credit checks
• No restrictions on how you can use funds

• APR range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next day

SoFi offers various financial products, including personal loans. It’s one of the best personal loan lenders in Alabama for those with good credit scores.

While its lowest possible APR is 5.74%, SoFi has several features that make up for this. It allows a maximum loan amount of $100,000, which is a sizable amount of money. However, you need to show proof of income stating you earn at least $50,000.

That said, you won’t have to worry about additional expenses, such as origination or loan processing fees. Another way to make your loan more manageable is to set up automatic repayments. This allows you to qualify for a 0.25% discount.

It may take up to a week to fund your loan. But once it’s funded, managing it becomes convenient through SoFi’s mobile app.

Pros

• You can borrow up to $100,000
• It offers a 0.25% discount for automatic repayments
• No origination fee
• Credit checks are soft inquiries only
• Has a mobile app

• APR range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: Two days

Although you can only borrow up to $50,000 from Upgrade, it’s a solid option if your primary goal is to use your personal loan to consolidate your debt. It’s one of the newer lenders in the market and was founded in 2016.

Its minimum credit score requirement is significantly lower than the average in Alabama, making it fairly simple to qualify for a loan. The soft inquiries they do for credit checks also prevent your credit score from being affected.

If you can pay off your debt prior to your term ends, you won’t incur any early repayment penalties.

Pros

• Has an A+ Rating from the Better Business Bureau
• Offers a 1% discount for automatic repayments
• It only requires a minimum credit score of 560
• Credit checks are soft inquiries only
• You can find comprehensive information on their website, including rates

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

Best Egg is a newer lender. It was founded in 2014. Once it launched, it quickly made a name for itself as one of the best online lenders. It offers a home improvement loan as one of its financial products.

Best Egg has no restrictions regarding how you can use your funds. So, whether it’s for maintenance or renovation, you won’t run into challenges. It’s best suited for consumers with good credit scores since you need a score of at least 700 to qualify for a loan.

If you decide to set up an auto-repayment plan, you can take advantage of a 0.5% discount. It’s also a way to ensure your credit score remains high. Since Best Egg conducts soft inquiries, their credit checks won’t affect your standing either.

Pros

• Has an A+ Rating from the Better Business Bureau
• Offers a 0.5% discount for auto-repayment
• Conducts soft inquiry credit checks
• Has no usage restrictions for funds
• Has a mobile app

• APR range: 4.99%–35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36–60 months
• Time to receive funds: Next day