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

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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

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H3: Best Personal Loan Lender for Bad Credit in Little Rock: Upstart

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Best Personal Loan Lender for Good Credit in Little Rock: SoFi

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Best Personal Loan Lender for Debt Consolidation in Little Rock: Upgrade

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Best Personal Loan Lender for Home Improvement in Little Rock: Best Egg

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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.

The best personal loan lender in Little Rock depends on your needs. MoneyGeek found that the overall best lender is LightStream.

SoFi is the best lender for people with good credit, and Upstart is the best for people with bad credit. Upgrade offers the best debt consolidation loans, while Best Egg has the best home improvement loans.

Upstart has the lowest interest rate in Little Rock. Take note, however, that your rate depends on your creditworthiness.

Yes, with most lenders, you can use a personal loan for vacations in Little Rock. Nevertheless, it’s best to check the loan use restrictions set by your lender.

Yes, you can use a personal loan for home improvement in Little Rock. MoneyGeek found that Best Egg offers the best home improvement personal loan in Little Rock.

Restrictions on the usage of funds vary by lender. Therefore, it’s important to check your loan agreement or contact your lender for these restrictions.

Depending on the lender you choose, you can borrow anywhere from $1,000 up to $100,000 in Little Rock.

Fund disbursement time varies by lender, but in general, you’ll receive your funds within one to seven days of your application being approved.

Yes, you can pay off your loan early in Little Rock. However, be mindful of prepayment penalties or early payment fees. Some lenders may waive these fees, but it’s best to verify any fees with your lender in advance.

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.

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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.