Best Personal Loans in Little Rock, AR: Top Lenders & Best Picks for You

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Little Rock, AR

MoneyGeek evaluated 30 lenders for more than 35 key features of their personal loan products, including interest rates, repayment terms, loan amounts, eligibility requirements and more. We also incorporated other factors like customer service, affordability and transparency into our rating system to find the best personal loans.

Based on our research, LightStream offers the best personal loan in Little Rock for its flexible loan amounts and repayment terms. However, the best personal loan for you varies based on your specific financial situation and needs. For instance, those with poor or good credit will get the best personal loan from Upstart or SoFi, respectively. Borrowers looking to fund home improvements or consolidate debt should look into Best Egg or Upgrade.

Best Overall Personal Loan Lender in Little Rock: Truist


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream is MoneyGeek’s top pick for personal loans in Little Rock. It allows borrowers to use funds for almost anything, besides business or education-related expenses.

    The lender offers loan products from $5,000 to $100,000. Repayment terms for LightStream loans are flexible, ranging from 24 to 84 months, depending on the loan type. The higher maximum loan amount and longer repayment term option make it a great lender for those needing to take out a larger loan.

    Though only those with the highest credit scores will be eligible for the lender’s lowest rates, you could save 0.5% on your APR by signing up for automatic payments. These loans also don’t have origination fees, late fees or prepayment penalties, allowing borrowers to save even more money.

    Because the lender has a relatively high minimum credit score requirement of 660, some borrowers may not be eligible. Additionally, this lender does not permit loans to be used for business or education-related expenses; borrowers looking to use their funds for these purposes should choose a different lender.

    Pros

    • High maximum loan amount
    • Flexible repayment terms
    • Autopay discount of 0.5%
    • No fees

    Cons

    • High minimum credit score requirement of 660
    • High minimum loan amount of $5,000
    • Restrictions on the usage of funds
    • Payment due dates can’t be changed
    • Funds can only be released to your personal bank account
    LightStream

H3: Best Personal Loan Lender for Bad Credit in Little Rock: 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, founded in 2012, provides loans to borrowers who have a credit score of at least 300. Besides your credit score, the lender takes into account other factors, like your employment or education history, when evaluating your rate. This allows borrowers with poor credit to qualify for a personal loan.

    Upstart loans feature loan amounts from $1,000 to $50,000, making it a good choice for borrowers that need a small or moderate loan. One of the downsides of this lender is that it only offers two repayment terms: 36 or 60 months. This makes it difficult to customize a loan repayment plan that fits your specific financial goals. Those with poor credit should also be mindful that they may receive an incredibly high interest rate.

    Pros

    • Low minimum credit score requirement
    • No prepayment penalties
    • Low minimum loan amount of $1,000
    • Low starting APR

    Cons

    • High maximum APR
    • Limited repayment terms
    • Co-signers not permitted
    • Origination and late fees
    • Funds to be deposited to your bank account
    Upstart

Best Personal Loan Lender for Good Credit in Little Rock: 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

    Borrowers with good credit may find the best personal loan in Little Rock from SoFi. This lender, founded in 2011, is great for borrowers who want to avoid fees, take out a large loan or need urgent funds.

    A SoFi personal loan can range from $5,000 to $100,000, so it’s great for people who need to fund large projects. Furthermore, you may pay less in interest with a SoFi personal loan depending on a borrower’s credit score.

    SoFi personal loans have no origination fees, late fees or prepayment penalties. As a result, you can save money on your loan and maximize the funds that you get. One of the major perks unique to SoFi personal loan is its unemployment protection. This feature allows borrowers to temporarily pause or adjust their payments if they lose their jobs.

    While a SoFi personal loan offers many benefits, only those who have a credit score of at least 680 will qualify. Borrowers that simply meet the lender’s minimum credit score requirement will likely not receive a low APR; only borrowers with excellent credit scores will receive the lender’s lowest advertised rate.

    Pros

    • Unemployment protection available
    • High maximum loan amount of $100,000
    • Autopay discount of 0.25%
    • No origination, prepayment or late fees

    Cons

    • High minimum loan amount of $5,000
    • Co-signers not permitted
    SoFi

Best Personal Loan Lender for Debt Consolidation in Little Rock: 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

    MoneyGeek recommends Upgrade personal loans for debt consolidation. This lender offers the option for direct payment to creditors, simplifying your finances.

    Loans can range from $1,000 to $50,000. Borrowers with credit scores of at least 560 can qualify, meaning that most people will be eligible for a personal loan from this lender. Your funds may be released immediately after your application is approved, making it a great lender for those that want to start consolidating debt quickly.

    Though its fair credit score requirement makes Upgrade personal loans accessible for more borrowers, those with low credit scores may receive a high APR. Furthermore, Upgrade can send the funds directly to your creditors, but it can take up to two weeks to clear. Because of this, it’s even more important that you make your payments on time.

    Pros

    • Flexible repayment terms
    • No prepayment penalty
    • Joint applications allowed
    • Direct payment to creditors

    Cons

    • Origination fees
    • Late fees
    • High maximum APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Little Rock: 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

    Since 2014, Best Egg has been providing personal loans to borrowers nationwide. MoneyGeek chose the lender as its top choice for home improvement loans in Little Rock.

    The lender’s maximum loan amount of $50,000 makes it a suitable option for moderately sized home improvement projects. Its next-day funding option is also great for those that need a loan quickly to cover the cost of unexpected household repairs.

    Best Egg’s high minimum credit score requirement of 700 means that it may be difficult to qualify for a personal loan. While the lender has a low starting APR, only those with near-perfect credit scores will receive it; most borrowers are likely to pay a relatively high APR. Origination fees, up to 8.99% of your original loan amount, may also significantly increase the total cost of your loan.

    Pros

    • Changes to payment deadlines permitted
    • No prepayment penalties
    • Soft credit check during initial application
    • Several factors are used to determine your rate

    Cons

    • Origination fee
    • High maximum APR
    • High minimum credit score requirement of 700
    • Joint loans not permitted
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Little Rock for You

Personal loans can be used to fund renovation projects, major events or emergency expenses as well to consolidate debt. However, it’s important to consider if it’s the best option for you. In Arkansas alone, the average personal loan debt is $20,001.

MoneyGeek recommends taking the following steps to determine if a personal loan will set you up for financial success:

1
Ask Yourself the Important Questions

Prior to applying for a loan, you should ask yourself the following questions to get a better sense of your financial needs and future goals:

  • How much funding do I need? The amount you need can narrow down your lender options since lenders offer different loan amounts. It’s also important to accurately estimate your loan amount to avoid taking out too much money and having to pay more in interest.
  • What is my credit score? Your credit score impacts your loan eligibility and the loan terms available to you. Those with higher credit scores will likely receive lower interest rates on their personal loans. If you don’t need a personal loan urgently, you may want to consider improving your credit score first to receive a better interest rate.
  • Can I afford the monthly payment? While making a higher monthly payment will reduce the amount you pay in interest, it’s important to ensure that you can still afford your daily living expenses.
  • How much debt do I already have? If you already have existing debt, it may be more difficult to get an additional loan. Rather than taking out another loan, consider repaying your current debts first.
2
Do Your Research

It’s best to compare lenders for their personal loan products’ terms, rates, fees and eligibility requirements. This way, you’ll know which lender has terms and conditions that best fit your needs.

Keep in mind that a personal loan is a significant commitment that takes between two and four years to repay. Because of this, it’s essential that you find the best lender for you.

3
Wait

After you’ve selected the best lender for your needs, you should wait a day or two before applying. Giving yourself time to review other lenders or alternative funding options may allow you to find a better solution or reassure you that taking out a personal loan is the right decision.

4
Read the Fine Print

Sometimes, if we’re in a hurry or feeling stressed, we can miss crucial details, like hidden fees, when reviewing a loan agreement. Because of this, it’s important to actively search your loan agreement for any additional costs, like prepayment penalties, late fees or origination fees. If you have any questions about the terms of your agreement, you should reach out to your lender for clarification.

5
Apply

The application process may differ depending on your lender. Some lenders could have a fully online application process, while others allow you to apply over the phone or in person.

Be sure to prepare any required documents before applying. Lenders may ask for identification, address verification, proof of income or employment and other relevant papers. It’s better to have these ready to avoid delays in your application process. They may also ask for additional documents to confirm information included in your application.

What to Do if You Can’t Get a Personal Loan in Little Rock

If you’re rejected for a personal loan, you should contact your lender to find out why you were denied. Applications can be rejected due to a low credit score, insufficient income or unstable employment history, but you may be able to modify your loan agreement to have your application approved.

Sometimes, simply reducing your loan amount or choosing a different repayment term can lead to your application’s approval. However, if you were rejected due to a low credit score, we advise that you work on improving your score first before applying with a different lender.

Each time you submit a loan application, a lender completes a hard credit check that negatively impacts your credit score. Unless you’re confident that your application will be approved with a different lender, avoid the potential dip in your credit score by improving it first.

MoneyGeek strongly advises against payday loans. These predatory loans may put you in even more debt because of their high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Little Rock

Finding the best personal loan can be a long process, but it’s worth the time to find a lender that best fits your needs. MoneyGeek answered frequently asked questions about personal loans in Little Rock to help simplify the process.

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

Our Personal Loan Methodology

We gathered data from 30 personal loan lenders and analyzed over 35 individual data points in six major categories, namely loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each category, we considered unique data factors, such as APR ranges, loan amounts, minimum credit score, minimum income amount, application costs and disbursement time. We believe all of these factors significantly affect your choice of a personal loan lender.

MoneyGeek values every consumer, so we also considered each lender's customer service, business ratings and other services that could improve the consumer experience. These factors include prequalification, payment alternatives and mobile apps.

Our recommendations are the result of thorough consideration and calculation. We analyzed each of these data points and factors with your best interests in mind. Our personal loan recommendations and expert advice are intended to help you make the best decision when selecting a lender that suits 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.