Best Personal Loans in Mobile, AL

Regions Bank is the best personal loan lender in Mobile, Alabama, with a MoneyGeek Score of 98 out of 100, providing quality service, competitive interest rates and flexible repayment terms. Laurel Road is the best lender for online personal loans with a MoneyGeek Score of 93 out of 100, offering strong customer service, a quick application and approval process and being credible and transparent about its loan terms and process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Alabama.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Mobile, Alabama. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Mobile, AL

Company logo for Regions Bank
Regions Bank

MoneyGeek Score98
APR Range9.24% to 29.99%
Loan Amount Range$2,000 to $50,000
Repayment Terms36 to 60 months
Time to Receive FundsSame Day
Overview

Regions Bank is recognized as the best personal loan lender in Mobile, Alabama, with a MoneyGeek Score of 98 out of 100. It provides several features for borrowers, including no origination, processing, or prepayment fees, and same-day funding.

However, its maximum loan amount is capped at $50,000, which may not meet the needs of those seeking larger loans. Additionally, borrowers should be aware that there is a late fee of 5% of the unpaid loan amount.

Best Online Personal Loan in Mobile, AL

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Mobile, Alabama, boasting a MoneyGeek score of 93 out of 100. Its personal loan offerings are substantial, with amounts ranging from $5,000 to $45,000 and repayment options extending from 36 to 60 months, providing a variety of choices to meet different borrowing needs.

Borrowers considering Laurel Road should note its offer of a 0.25% autopay discount, which can reduce interest costs over the life of the loan, and the absence of origination fees, leading to potential savings at the outset. However, the lender does mandate a high minimum loan amount, which might not align with the financial requirements of those seeking smaller loans. Additionally, a late fee of 5% or $28 enforces a penalty for missed payments, emphasizing the importance of on-time repayment.

Calculate Your Monthly Payment in Mobile, AL

The United States Census Bureau reported that the median annual household income in Mobile, Alabama, in 2022 was $50,051. Regardless of whether your actual income is above or below this median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take a $10,000 personal loan with a 10% interest rate and three years in repayment terms, the monthly loan payment would be $323, resulting in $3,876 per year. This annual payment represents 7% of the median annual household income in Mobile, Alabama.

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Estimate the monthly payment for your loan.

Updated: Nov 1, 2024

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Runner-Up for Best Personal Loan in Mobile, AL

Company logo for The Infirmary Federal Credit Union
The Infirmary Federal Credit Union

MoneyGeek Score92
APR RangeFrom 9.99%
Loan Amount RangeUndisclosed
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

The Infirmary Federal Credit Union ranks as the runner-up for the best personal loans in Mobile, Alabama, receiving a MoneyGeek Score of 92 out of 100. It stands out due to its no application fees and APR as low as 9.99%. However, borrowers should take note of its $15 late payment fee, as well as the need for membership to apply.

Other Options for Personal Loans in Mobile, AL

Company logo for All In Credit Union
All In Credit Union

MoneyGeek Score90
APR RangeFrom 14.99%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

All In Credit Union stands out as a suitable option for personal loans in Mobile, Alabama, with a MoneyGeek score of 90 out of 100. One of its highlights is the absence of application fees, which can help reduce upfront costs for borrowers. It also boasts a BBB rating of A+, indicating strong customer satisfaction and service.

On the downside, it charges a late fee ranging from $18 to $100, which could be burdensome if you miss a payment. Additionally, the lender provides limited information about its loans on the website, which might make it difficult to fully understand the terms and conditions before applying.

National Lenders With Physical Locations in Mobile, AL

Borrowers in Mobile, Alabama, looking for the best personal loans have the benefit of choosing from several national lenders if they prefer face-to-face services. In Mobile, clients can explore loan options from Truist, Wells Fargo, PNC and OneMain Financial, all of which maintain a presence in the city and offer a range of personal loan products to meet various financial needs.

OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
Truist8.74% to 17.39%Starting from $3,50024 to 60 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Mobile, AL

Your personal loan application in Mobile, Alabama can get denied due to various reasons, like a low credit score, negative financial history, or an unfavorable debt-to-income ratio. If this happens, there are some steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level, or errors in your application. Reviewing the reasons helps you improve weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees, and customer service helps you find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from the Financial Counseling Association of America. The National Foundation for Credit Counseling can be another option.

FAQ About Personal Loans in Mobile, AL

We addressed common questions about the best personal loans in Mobile, Alabama to offer clarity and assist in your decision-making process.

Who is the best overall personal loan lender in Mobile, Alabama?
What are personal loans used for in Mobile, Alabama?
What are the interest rates on personal loans in Mobile, Alabama?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Mobile, Alabama?
What are the best low-interest personal loans in Mobile, Alabama?
What is an installment loan? Is there a difference between personal loans and installment loans in Mobile, Alabama?
Is there a difference between credit union loans and bank loans in Mobile, Alabama?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.