Best Personal Loans in Huntsville, AL: Top Lenders & Best Picks for You

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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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


  • Truist

    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist, established in 2019 when Branch Banking and Trust and SunTrust Banks merged, does not require a minimum credit score. This is just one of the reasons why it claimed the spot as the best overall personal loan lender in Huntsville. Borrowers with good credit scores can qualify for the lender’s lowest APR.

    Truist also has a mobile app that facilitates loan management and monitoring. However, borrowers who need cash the same day or need an amount lower than $3,500 should consider a different provider.

    Pros

    • No minimum credit score required
    • No origination fees
    • Relatively low APR
    • High Better Business Bureau (BBB) rating

    Cons

    • Relatively high loan minimum
    • Restricted fund use
    • Does not accept applicants without a credit history
    • Debt consolidation does not have direct payment
    Truist

Best Personal Loan Lender for Bad Credit in Huntsville: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    People with poor credit may have difficulty qualifying for loans, but not with Upstart. The lender requires a minimum credit score of only 300. Borrowers have a better chance of getting funding with this online lending platform if they are prepared to provide the necessary documentation, such as proof of regular income.

    The provider's maximum loan amount is $50,000, which is not as high as others but is still a substantial sum that can help borrowers in a bind. The lender gives most applications instant approval.

    Pros

    • Low APR
    • Low credit score required
    • Soft credit checking
    • Instant approval for most borrowers
    • No prepayment penalty

    Cons

    • Charges origination fees
    • Not for people without credit scores
    • Late fees
    • No mobile app
    Upstart

Best Personal Loan Lender for Good Credit in Huntsville: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi is the best option for Huntsville-based borrowers with good credit. Individuals with high credit scores can enjoy zero origination fees, no prepayment penalties and a loan ceiling of $100,000. SoFi also offers unemployment protection, which lets borrowers who lose their job suspend payments.

    The provider has generous loan limits and repayment windows, although its $5,000 loan minimum may be more than some need.

    Pros

    • Soft credit checking
    • Zero additional fees
    • Easy loan management with app
    • Loan maximum of $100,000
    • Relatively low APR

    Cons

    • High loan minimum
    • Very high minimum credit score of 680
    • No co-signers
    • No variable-rate loans
    SoFi

Best Personal Loan Lender for Debt Consolidation in Huntsville: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade helps borrowers in Huntsville improve their financial position with debt consolidation. It provides loans of up to $50,000 and offers same-day funding. It also rewards borrowers who set up automatic payments with discounts. The lender pays third-party creditors directly, but payments may take a while to clear.

    Upgrade borrowers can change payment dates to fit their budget and spending habits. APRs depend on the borrower’s creditworthiness.

    Pros

    • Soft credit check
    • Autopay discount
    • Long loan terms
    • Pays third-party creditors directly

    Cons

    • Maximum loan of $50,000
    • New credit not accepted
    • Charges origination fees
    • Imposes late fees
    • Potentially high APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Huntsville: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Best Egg requires a high minimum credit score of 700 and gives borrowers a minimum of three years to repay the loan.

    Best Egg can be an ideal loan provider for borrowers who qualify for the lowest APRs, which you can quickly check using the rate calculator on the lender’s website. However, this lender does not offer same-day funding, which borrowers should consider if they need quick funds for renovation or repairs.

    Pros

    • Soft credit check
    • Low APR if qualified
    • Offers secured and unsecured loan options
    • No repayment penalty
    • Better Business Bureau-accredited

    Cons

    • Charges origination fee
    • Relatively high APR
    • Late fees
    • High credit score requirement
    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.

1
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?
2
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.

3
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.

4
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.

5
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.

What is the best personal loan lender in Huntsville?
Which lender in Huntsville has the lowest interest rate?
Can I use a personal loan for vacations in Huntsville?
Can I use a personal loan for home improvement in Huntsville?
What can I not use my personal loan for in Huntsville?
How much can I borrow in Huntsville?
How long does it take to get a personal loan in Huntsville?
Can I pay off my loan early in Huntsville?

Our Personal Loan Methodology

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
Shield Insurance

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.