Best Personal Loans in Huntsville, AL: Top Lenders & Best Picks for You
Updated: December 28, 2023
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Huntsville
- The Best Personal Loan Lender for Bad Credit in Huntsville
- The Best Personal Loan Lender for Good Credit in Huntsville
- The Best Personal Loan Lender for Debt Consolidation in Huntsville
- The Best Personal Loan Lender for Home Improvements in Huntsville
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Huntsville
MoneyGeek's Picks for Best Personal Loan Lenders in Huntsville, AL
MoneyGeek's analysis considers over 30 factors to determine the best personal loan options. These include interest rates, loan amounts, payment terms and many others. Our guide to the best personal loans in Huntsville can help borrowers make informed decisions and find the loan that best suits their needs and profile. Overall, the best personal loan provider in Huntsville is Truist.
However, the best lender will depend on your needs. For example, Upstart is best for those with bad credit. SoFi is ideal for people with good credit, and Upgrade is best for home renovation loans.
Best Overall Personal Loan Lender in Huntsville: Truist
Best Personal Loan Lender for Bad Credit in Huntsville: Upstart
Best Personal Loan Lender for Good Credit in Huntsville: SoFi
Best Personal Loan Lender for Debt Consolidation in Huntsville: Upgrade
Best Personal Loan Lender for Home Improvement in Huntsville: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Huntsville for You
To secure a personal loan in Huntsville, Alabama, you will likely need to provide proof of income, your credit score and documents that verify your personal information. According to our data, Alabama residents have an average credit rating of 706 and a reported average personal debt load of $13,892.
MoneyGeek recommends taking the following steps to find the lender most suited to your needs.
Ask Yourself the Important Questions
When deciding whether or not to take out a personal loan, evaluate your current financial situation. Ask yourself the following questions to determine whether a loan is the best course of action:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Lenders offer a variety of repayment terms and rates. The average term is two to four years, although some lenders offer longer or shorter repayment periods. MoneyGeek recommends only reliable lenders that have proven their credibility in different situations. Always research your local lenders before entering into any agreement.
Wait
Before applying for a loan, take the time to think about your options. Remember that a personal loan is a big commitment. Seek advice from family members or friends who have taken out a personal loan, and make sure you understand how the loan will affect your credit rating.
Read the Fine Print
When shopping for a personal loan, read the loan agreement carefully. Lenders often include their most important terms in the main body of their agreements, but some fees, such as prepayment and late fees, can be less noticeable.
Apply
To apply for a loan, you’ll need to gather and submit documentation that proves your identity, address and income. Depending on the lender, you can apply for a loan in person, by phone or online. MoneyGeek recommends contacting the lender if you have any questions during the application process.
What to Do if You Can’t Get a Personal Loan in Huntsville
Rejection can be part of the process of applying for a loan. The lender may reject your application because of a poor credit rating or insufficient income. Ask the lender why it denied your application and whether you have the option to modify the terms. For example, you may be able to qualify for a smaller loan with a shorter repayment period.
You can also consider applying for a loan with another lender. However, before seeking a loan from another source, first address the issues that resulted in your rejection.
Payday loans may sound like a tempting alternative to personal loans. Payday loans are short-term, small-amount unsecured loans that typically come with high interest rates. They are best avoided.
Frequently Asked Questions About Personal Loans in Huntsville
You must consider many factors when shopping for a personal loan lender in Huntsville. Knowing your credit history, income and financial needs will help narrow down your options. MoneyGeek answered questions applicants have before, during and after they apply.
Overall, Truist offers the best personal loan in Huntsville, but if you’re looking for a loan with a different requirement or for a specific purpose, Upstart, Upgrade, SoFi or Best Egg might be better options.
Upstart offers Huntsville residents the lowest-possible interest rates.
You can use personal loans to finance various expenses, including vacations. Before applying for a personal loan, however, make sure you understand any restrictions the lender places on the use of funds.
You can use a personal loan for home improvement but always check with your lender.
Some lenders don’t allow you to use personal loans to pay for college, buy a house or start a business. Check with your lender regarding the restrictions that apply to you.
Lenders in Huntsville can offer personal loan amounts of up to $100,000.
Approved personal loan applicants in Huntsville typically receive their personal loans in one to seven business days.
Yes, but keep in mind that some lenders may charge a prepayment fee. These fees are stated in the lender's terms and conditions.
Our Personal Loan Methodology
We used 35+ individual data points to analyze more than 30 personal loan lenders across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
When choosing a personal loan lender, we weighed several factors within each category to determine which lenders meet our standards. These factors include annual percentage rate (APR) ranges, available loan amount, minimum credit score, minimum income amount and application fees.
We value you, the consumer, and that's why we feature customer support, business ratings and additional features that make your experience easier, such as prequalification, payment options and mobile apps, in our comprehensive reviews.
After careful consideration and analysis, we've selected our preferred loan providers for your consideration. Our recommendations for personal loans are based on our knowledge of the industry and your particular needs.
sources
- Best Egg. "Best Egg Reviews." Accessed September 10, 2022.
- Experian. "What Can a Personal Loan Be Used For?." Accessed September 10, 2022.
- SoFi. "Will SoFi Become a Brick-and-Mortar Bank Now?." Accessed September 10, 2022.
- Truist. "Personal Loans." Accessed September 10, 2022.
- Upstart. "About Upstart." Accessed September 10, 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
our editorial policies and expert editorial team.