Top Lenders & Best Picks for You

Best Personal Loans in Mobile, AL

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Personal Loan Lender in Mobile, AL: Truist

To help you select the best personal loan in Mobile, MoneyGeek examined various loan providers in the city. Our team used over 30 data points to identify the top companies for the most popular categories.

We evaluated each lender’s loan terms, interest rates and fees. We also considered the ease of their evaluation process, taking into account their requirements for credit score and income. To ensure you find the best provider for your needs, our research included factors such as customer service reputation.

Best Overall Personal Loan Lender in Mobile: 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

    MoneyGeek’s choice as the best personal loan lender in Mobile overall is Truist. Established in 2019 after the merger of SunTrust and BB&T, it is the sixth-largest bank in the United States.

    Truist personal loans can be as much as $100,000, payable for as long as 60 months. It doesn't charge an origination fee or penalty for prepayment or late payments. In addition, a borrower can expect to have their loan funded within the next day.

    Truist has no credit score requirement and does not allow co-signers. However, it allows joint loans, which is useful for people with lower credit ratings. Note that this company doesn’t prequalify, and they make hard inquiries when checking credit scores.

    Pros

    • No origination fee
    • No prepayment penalty
    • Loan amount up to $50,000
    • Offers same-day funding
    • Offers joint loans

    Cons

    • Conducts hard credit inquiry
    • Does not approve people with new or no credit
    • Does not allow co-signers
    • Restricts fund usage
    • APR range: 8.14% to 18.99%
    • Minimum/maximum loan amount: $3,500 to $50,000
    • Minimum credit requirements: None
    • Repayment terms: Six to 60 months
    • Time to receive funds: Next day
    Truist

Best Personal Loan Lender for Bad Credit in Mobile: 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

    Based on MoneyGeek’s research, Upstart offers the best personal loan in Mobile for people with poor credit. Founded by former Google employees in 2012, it was one of the first lenders to utilize artificial intelligence in the evaluation process.

    With a $50,000 maximum, Upstart’s loan offers aren’t as high as other companies. However, it stands out by allowing borrowers that don’t have a credit score to apply for a loan or at least a FICO score of 300, making it a great personal loan option in Mobile for people with bad credit. Plus, it doesn’t charge a penalty for early payoff.

    Upstart prequalifies through a soft credit check that does not affect an applicant’s credit score. Borrowers with unimpressive credit can apply for a joint loan to improve their chances of approval, but they can’t include a co-signer.

    However, due to Upstart’s flexibility for risky borrowers, it has the potential for high interest rate personal loans — up to 35.99%. It also charges an origination fee for some borrowers and a late payment fee.

    Pros

    • Low credit score requirement
    • No prepayment penalty
    • Low income requirement
    • Conducts soft inquiry to verify credit score
    • Gives loans to people with no credit score

    Cons

    • May charge an origination fee up to 8%
    • Potentially high interest rate
    • Debt-to-income limit of 45%
    • No mobile app
    • Doesn’t allow co-signers
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Mobile: 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 MoneyGeek’s pick as the best personal loan lender in Mobile for people with good credit. Founded in 2012, this fintech company offers diverse products and services, from personal loans to mortgages to cryptocurrencies.

    SoFi’s loan terms are generous, with a maximum loan amount of $100,000, payable for up to 60 months. It also doesn't charge origination, late payment or prepayment fees, reducing the loan’s overall cost. Further, the interest rates are relatively lower than other personal loan lenders, and it has an automatic payment discount of 0.3%.

    Despite its attractiveness for a personal loan in Mobile, SoFi is not for everyone. It requires a minimum credit score of 680 and a gross income of $50,000. While it allows joint applications, it does not allow co-signers.

    Pros

    • No origination fee
    • Conducts soft credit inquiry
    • Up to $100,000 loan amount
    • Up to 60 months repayment term
    • Allows joint application

    Cons

    • Requires at least $50,000 gross income
    • Minimum loan amount is $5,000
    • High credit score requirement
    • No transparent rate disclosure on its website
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Mobile: 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

    For people who are consolidating debt, MoneyGeek’s research shows Upgrade offers the best personal loan in Mobile. Founded in 2017, Upgrade focuses on unsecured loans while also offering secured loans, auto loans, credit cards, and more.

    If a borrower is using their personal loan for debt consolidation in Mobile, Upgrade pays debts directly. For example, if you’re paying off two credit cards with your debt consolidation loan, Upgrade sends the payoff balance to the creditors; it does not deposit the money into your bank account.

    Upgrade has flexible repayment terms that can stretch for up to 60 months, and it also offers a 1% discount for people who enroll in automatic payments. And the credit score requirement is low at 560. It also prequalifies through a soft inquiry, which doesn’t affect a credit score. Borrowers with poor credit can apply for a joint loan to improve their chances of approval.

    But, Upgrade’s maximum debt consolidation personal loan amount is $50,000, which may not be high enough for some people.

    Pros

    • Offers direct payment to creditors
    • Provides a 1% discount for auto repayment
    • Up to 60 months of loan repayment
    • Allows joint loans
    • Conducts soft credit inquiry

    Cons

    • Maximum loan amount is $50,000
    • Charges origination fee
    • Charges late payment fee
    • Doesn’t allow co-signers
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Best Personal Loan Lender for Home Improvement in Mobile: 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

    MoneyGeek found Best Egg is the best personal loan lender in Mobile for people doing home renovations. Best Egg is an online lending platform established in 2014 with loans underwritten by Cross River Bank and Blue Ridge Bank.

    Best Egg’s home improvement loan terms in Mobile are on par with most companies, with a maximum loan amount of $50,000 that’s payable for up to 60 months. It doesn't charge a prepayment penalty and offers an automatic payment discount of 0.5%. But, the interest rate can be as high as 35.99%. Since Best Egg only conducts a soft inquiry during the prequalification process, you can see the rate it offers without affecting your credit score.

    However, low-income people and borrowers with poor credit may find it difficult to get an approval from Best Egg because it requires a minimum credit score of 700 and a gross income of $50,000. It also does not allow co-signers or joint loans. Plus, it charges up to a 6% origination fee and late payment fee.

    Pros

    • No prepayment penalty
    • 0.5% discount for automatic payments
    • Conducts soft credit inquiry
    • Rates are easily accessible on its website
    • No debt-to-income ratio limit

    Cons

    • Requires a minimum credit score of 700
    • Gross income requirement of $50,000
    • Charges up to a 6% origination fee
    • Charges late payment fee
    • Doesn’t allow co-signers or joint loans
    • APR range: 4.99% to 35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Best Egg

How to Choose the Best Personal Loan Lender in Mobile For You

On average, personal loan debt in Alabama is $13,892, and the average interest rate is 8.85%. Considering how that interest rate is lower than many credit cards, personal loans are popular for debt consolidation, among other reasons like to pay for home improvements or medical bills. Many people find personal loans useful when dealing with both planned and unplanned expenses due to their flexibility and ease of application.

While most lenders allow you to apply for a personal loan online, it’s a good idea to consider a number of factors before proceeding with your application. MoneyGeek highlighted five crucial steps for you to take when getting a personal loan in Mobile.

1
Ask Yourself the Important Questions

To make sure a personal loan is the best decision, ask yourself some important questions.

  • How much money do you need? You pay interest on a personal loan. As such, it makes sense to carefully assess how much money you need for your specific purpose. Likewise, it’s a good idea to think if saving is a better option, especially if you plan to use your personal loan for leisurely purposes like a vacation.
  • What’s your credit score? A very poor or even fair credit score can result in difficulty getting a lender’s approval. And if you do get approved, you may pay a high interest rate on your loan. Study a company’s credit score requirement before applying for a loan.
  • Can you afford the monthly payment? Determine if you can handle your loan’s monthly payment given your current budget. That is important to avoid late payments, which can affect your credit score.
  • Do you have existing debts? To assess your creditworthiness, lenders take a look at your existing debt. With a high debt-to-income ratio, you may find it difficult to get loan approval.
2
Do Your Research

Getting a personal loan is a big financial decision. It makes sense to research to guarantee you’re making a well-informed choice. Visit the websites of the companies you’re considering and check their interest rates, potential fees, credit requirements, and more.

MoneyGeek collected the information you need when getting a personal loan in Mobile. But, we base our research on an average borrower and specific qualities. Since you have unique needs and preferences, it’s a good idea to do your own research to find the best lender for you.

3
Wait

Step back and wait for a day or two before making a decision on whether a personal loan in Mobile is for you. Personal loans are major financial commitments that take years to pay. It is in your interest to have a broader perspective and a more sober understanding of the circumstances, so you can make the best choice for your needs.

Revisit the options available to you, and rethink the necessity of getting a loan. By waiting, you might discover more affordable options that don't involve paying a high interest rate over a long period of time.

4
Read the Fine Print

If, after a period of waiting, you still find yourself sure that a personal loan is the best way to finance your need, shortlist loan providers and reread their policies. Carefully study the loan provider’s offers and read the fine print. Look for details about origination fees or penalties for prepayment and late payment. Also, check the available discounts, such as for scheduling automatic payments. Doing this can lead to savings and reduce the overall loan cost; it can also help you decide what lender is best because you are avoiding fees.

5
Apply

After you study your options and read your preferred lender’s policies, you’re ready to apply for a personal loan in Mobile. Prepare all the documents typically required by lenders, such as proof of identity, address and income verification.

Most lenders have an online personal loan application, which is convenient. You can also call or visit a lender’s office if they have a physical location if you prefer.

What To Do if You Can’t Get a Personal Loan in Mobile

Your personal loan can get denied for various reasons, such as poor credit score, high debt-to-income ratio, insufficient income, unstable employment or incomplete paperwork. If your loan application gets denied, you shouldn’t get disheartened.

You can contact the lender and ask for the reason why your application wasn’t approved. You can offer to modify your loan’s amount and term to see if that changes their decision. You can also ask if you’re allowed to have a co-signer or apply for a joint loan to improve your chances of approval.

Keep in mind that it is not a good idea to apply for a personal loan from another lender right away. It’s better to improve or adjust the factor that caused a denial in your application before going to another lender.

Likewise, we also advise that you avoid payday loans. They have very high interest rates and short repayment terms, and they may only lead you into a debt trap.

Frequently Asked Questions About Personal Loans in Mobile, AL

The best personal loan lender in Mobile for you depends on your needs and creditworthiness. MoneyGeek answered some frequently asked questions to help you find the best available options.

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

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.

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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.

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