Best Loans for Bad Credit in Florida for 2024
Updated: April 25, 2024
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Happy Money emerges as the best personal loan lender for bad credit in Florida, with a MoneyGeek score of 94 out of 100. It has reliable customer support, a high level of reputability and transparency in its loan terms and processes. The runner-up is Avant, with a MoneyGeek score of 92 out of 100. Avant sets itself apart with a broad range of loan terms and flexibility, a swift application and approval process and commendable customer service.
MoneyGeek reviewed four personal loan lenders in Florida with disclosed minimum credit score requirements ranging between 580 and 640 to identify the best personal loans for bad credit. While these lenders were evaluated, it's worth noting that other options, such as Florida Credit Union, First Florida Credit Union and MIDFLORIDA Credit Union, are also viable for those seeking personalized services within Florida.
- Happy Money
- 94MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Florida, with a MoneyGeek score of 94 out of 100. It is a fintech company that partners with federally insured lending partners by the NCUA to originate personal loans. Eligible applicants can receive loans ranging from $5,000 to $40,000 and funds as soon as the next day, even with a minimum credit score of 640. Happy Money does not impose a variety of common fees, and its flexible repayment terms extend from 24 to 60 months. However, be mindful that it's only for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced check, failed ACH or other fees
- Offers to pay creditors directly
- Conducts soft credit pulls
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- $40,000 borrowing limit
Overall Best Personal Loan Lender in Florida
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in Florida, with a MoneyGeek score of 92 out of 100. It works with WebBank, a state-chartered, member FDIC bank, to originate personal loans. Borrowers with a minimum credit score of 580 may access loan amounts ranging from $2,000 to $35,000 and receive funds as soon as the next day. Avant's flexible repayment terms from 12 to 60 months and the ability to check loan options without affecting credit scores can be particularly useful. However, applicants should consider the administration fee of up to 9.99% and the presence of late fees and dishonored payment fees.
Pros
- Doesn't charge a prepayment penalty
- Flexible repayment terms between 12 to 60 months
- Allows you to check your loan options without hurting your credit score
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Low borrowing limits at $35,000
Runner-Up for Best Personal Loan Lender in Florida
Calculate Your Monthly Loan Payment in Florida
In Florida, the average new account balance for personal loans stands at $7,446, as reported by the Credit Industry Snapshot. When you take out a personal loan, the repayment process typically involves making regular monthly payments over a set period until the full amount, along with any interest and fees, is paid back.
Knowing exactly what your monthly payments will be is especially useful for those with less-than-perfect credit who might face higher interest rates. It allows you to budget effectively and ensures that you stay on track with your repayments. To calculate your monthly loan payments with ease, utilize the personal loan calculator provided by MoneyGeek. This tool can help you estimate your payments and plan your finances accordingly.
Best Bad Credit Loans by Credit Score
Florida's average credit score of 708 is below the national average of 715, according to Experian data.
Having a bad credit score does not prevent you from obtaining a personal loan; some lenders accommodate such profiles. Some lenders in Florida may consider applicants with bad credit but anticipate higher interest rates and less advantageous terms. Refer to the provided table to explore personal loan lenders in Florida that align with your credit score.
What to Do if Your Loan Application Is Denied in Florida
It's not uncommon to face a personal loan application denial in Florida, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If a lender denies your personal loan application, it could be due to a poor credit score, a high debt-to-income ratio, low income or inaccuracies in your application. It's crucial to understand these reasons to address any weaknesses and reduce the chances of future denials.
Modify your loan terms
After a denial, consider discussing with your lender the possibility of changing the loan amount or the repayment terms to increase your chances of approval.
Find another lender
Lenders have varying criteria for loan approvals. It's beneficial to compare different options. Evaluate the following crucial factors to find the best lender for your financial situation and credit background:
- Eligibility requirements: Credit score, income level, debt-to-income ratio and employment history standards differ among lenders.
- Interest rates: Seek lenders with competitive rates to save money over the life of the loan.
- Additional fees: Understand if lenders charge fees like origination, late payment or prepayments, as these can impact the total cost.
- Loan terms: The loan duration can affect monthly payments and overall interest paid.
- Customer service and reputation: Investigate the quality of customer support and the lender's track record.
Look for alternatives
Borrowers with bad credit might find other financial solutions more suitable. These alternatives include secured loans, credit builder loans and borrowing from friends or family. Evaluate these options to identify the best fit for your needs.
Improve your credit score
Enhancing your credit health can lead to better loan approval odds in the future. Some approaches include paying bills on time, maintaining low credit card balances and reducing overall debt levels. For detailed strategies on improving your credit score, comprehensive guides are available.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in Florida
When shopping for personal loans, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan for bad credit in Florida is offered by Happy Money, with a MoneyGeek score of 94 out of 100.
The lender with the lowest minimum credit score requirement for personal loans in Florida is Avant, with a required score of 580.
The time it takes to receive a bad credit loan in Florida varies by lender. Some lenders may offer same-day funding, while others could take from a few business days up to a week.
Yes, you can pay off your personal loan early in Florida. However, it's advisable to check with your lender about any potential prepayment penalties.
Sources
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
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