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Best Personal Loans in Montgomery, AL

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Personal Loan Lender in Montgomery, AL: Truist

MoneyGeek analyzed the BBB rating, loan amounts, repayment terms, interest rates, fees, credit score and income requirements, funding time and other important details to determine the lender that offers the best personal loans in Montgomery.

Our analysis shows that overall, Truist is the best personal loan lender in Montgomery, while SoFi and Upstart offer the best personal loans for individuals with good and bad credit, respectively. If you want a loan for debt consolidation, Upgrade may be a good option. For home improvements, Best Egg would be the best option.

Best Overall Personal Loan Lender in Montgomery, AL: 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 bank, formed after the merger of SunTrust and BB&T in 2019, offers personal loans and other financial products to its customers. Its headquarters are in Charlotte, North Carolina. MoneyGeek found Truist to be the overall best option for personal loans in Montgomery.

    Truist’s primary personal loan product allows you to borrow between $3,500 and $50,000. You can use the funds to pay for weddings, vacations, home improvements, debt consolidation and much more. Truist offers next-day funding to borrowers, making it stand out from its competitors.

    If you’re looking for a wide range of personal loan products, it’s always best to look around. Shopping around and comparing rates is also a good way to find the best rates.

    Pros

    • Offers same-day funding
    • No origination fee
    • No prepayment penalty
    • No late fee
    • Offers joint loans

    Cons

    • Conducts hard credit inquiry that affects credit score
    • Does not allow co-signers
    • 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 Montgomery, AL: 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

    Upstart was founded in 2012 and is headquartered in San Mateo, CA. The company offers personal loans across the U.S., except in Iowa and West Virginia. Since Upstart accepts individuals with a low credit score, MoneyGeek found it the best option for those with a bad credit history.

    Upstart’s personal loans can be used to cover various costs, including home renovation, medical expenses, wedding expenses, moving expenses and more. When you apply for a loan, the company performs a soft credit inquiry that does not affect your credit score. Once you’re approved for a loan, you can get your funds the next day. You can also get a second loan with Upstart as long as you adhere to certain terms and conditions.

    Upstart will charge you higher interest rates if you have a bad credit score. The company also does not have a mobile app, so you might have to look elsewhere if this feature is important for you.

    Pros

    • No prepayment penalty
    • Performs soft inquiry credit check that does not affect credit scores
    • Offers joint loans
    • Next day funding
    • Flexible payment options

    Cons

    • Does not allow cosigners
    • Does not have a mobile app
    • 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 Montgomery, AL: 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, also known as Social Finance, was founded by students of Stanford Business school in 2011. Its headquarters are located in San Francisco, CA. MoneyGeek’s research shows that SoFi offers the best personal loans for those who have good credit scores.

    SoFi allows the use of its personal loans for debt consolidation, home improvements, weddings and more. However, SoFi’s personal loans cannot be used as student loans. Once you’re approved for a loan, it can take as little as two business day to receive funds in your account. In some instances, it can take much longer, like when you apply with a co-borrower or for a loan that is over $20,000. The company also offers multiple loans to eligible borrowers.

    If you have a bad credit score or are looking for a larger loan amount, SoFi might not be a good option for you.

    Pros

    • No origination fee
    • No prepayment penalty
    • No late fee
    • Conducts soft inquiry that doesn’t affect credit score
    • Offers joint loans

    Cons

    • Does not allow cosigners
    • Longer approval time for loans over $20,000
    • 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 Personal Loan Lender for Debt Consolidation: 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 was founded in 2016, and its headquarters are located in San Francisco, CA. The company offers different financial products, including personal loans, credit cards, auto loans and more. Its personal loans are not available in Washington, D.C. If you’re looking to consolidate your existing debt, MoneyGeek found that Upgrade is the best option.

    Once your Upgrade personal loan is approved, the company may send the funds to your account on the same day. It also offers direct payment to creditors in case of debt consolidation, making it a good option among its competitors. With Upgrade, you can get a discount when you set up automatic payments. The company also offers online pre-qualification to its borrowers, which means you can get an estimate of your monthly payments without affecting your credit score.

    You are more likely to get approval for a loan if you have a good to excellent credit score. However, since Upgrade allows joint applications, you can submit your application with a co-borrower, increasing your chances of approval.

    Pros

    • No prepayment penalty
    • No minimum gross income requirement
    • Conducts soft inquiry that does not affect credit scores
    • Offers joint loans
    • Direct payment to creditors in case of debt consolidation

    Cons

    • Does not allow cosigners
    • Charges an origination fee of 8%
    • 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: 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 was founded in 2014 and is managed by Marlette Funding, a financial services management company. The company offers personal loans in most U.S states. MoneyGeek found it the best option if you’re looking for a loan to fund a home renovation.

    When you apply for a personal loan with Best Egg, the company conducts a soft credit inquiry first, which does not affect your credit score. Once your loan is approved, you can get funds the next day. Best Egg offers flexible due dates, which means you can change your payment date through phone, email, or live chat. The company prohibits using its personal loans to purchase securities, cover educational expenses or any illegal activity.

    Since Best Egg charges a high APR and requires excellent credit scores, it’s best to look elsewhere if you have a bad credit history.

    Pros

    • No prepayment penalty
    • Conducts soft inquiry first that doesn’t affect your credit history
    • Direct payment to creditors in case of debt consolidation
    • Flexible loan amounts

    Cons

    • Does not allow cosigners
    • Does not offer 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 Montgomery for You

Since a personal loan is a significant commitment and takes about three to five years to pay off, it’s best to analyze your options and make the decision accordingly. Before finalizing the lender, you should consider your existing debts, repayment term, fees and other important details of the lender’s loan agreement. MoneyGeek outlined the following steps to help you make a decision.

1
Ask Yourself the Important Questions

Before looking around and finalizing a lender, it’s important to ask yourself some important questions. Consider if you need to take out a loan or if you can cover your emergency expenses from another source. You should also look at your existing debts and determine if you could still easily make monthly payments for an additional loan. Since a personal loan is a long-term commitment, see if any upcoming life event would affect your monthly loan payments. It’s also best to consider your credit score and income level to see if it’s enough to get approval for a personal loan. You can start by asking yourself the following questions:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

Once you’re sure that a personal loan is the only way to meet your financial needs, you should start researching different lenders to see which one would suit you best. You might be able to find lower interest rates by shopping around and comparing different lenders. Look for lenders that do not perform a hard credit inquiry first, so you can get an online estimate without affecting your credit scores. You can also read customer reviews and ask around to see which lender offers the best service quality. MoneyGeek has analyzed different lenders and provided essential details to help you in your research.

3
Wait

After finalizing some lenders, it’s best to wait a few days and think through your decision to get a personal loan. You should be sure that opting for a personal loan is the best option in your situation and would help you meet your financial needs. Since a personal loan can take a few years to pay off, it’s best not to apply for it if you can get funds another way.

4
Read the Fine Print

Once you have chosen your personal loan lender, you should look into their fees and any other charges they might have, like prepayment penalties, origination fees, late payment fees and interest rates. You can find this information on the lender’s website or in the fine print of the lender’s loan agreement. MoneyGeek has also explained different fees charged by lenders. Doing so will help you save a lot of money in the long run.

5
Apply

You can proceed with applying for a personal loan after you have analyzed all the essential details. At this point, the lender may require identification, address verification and proof of income. While submitting an online application would be the most convenient for you, you can also visit or call the lender to apply.

What to Do if You Can’t Get a Personal Loan in Montgomery, AL

You should not sweat it if the lender rejects your loan application. Lenders can reject loan applications for various reasons, including low-income level, debt-to-income ratio, incomplete application and missing information. However, the most common reason behind a denied personal loan is a low credit score.

Lenders are required by law to give you the reason why they rejected your loan application. You can call or email the lender and ask them to identify the factors behind the denial. If your application is rejected you can modify your loan application by adjusting your repayment terms or the loan amount. It is important to address these factors before submitting another loan application.

It might also be tempting to apply for a payday loan. However, MoneyGeek advises against it because payday loans usually have very high interest rates and shorter repayment terms. This might cause you to accumulate a lot of debt, especially if you’re unable to pay the loan before the due date.

Frequently Asked Questions About Personal Loans in Montgomery, AL

MoneyGeek researched the following frequently asked questions to help you find the best personal loans in Montgomery.

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

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.

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.

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