Top Lenders & Best Picks for You

Best Personal Loans in Florida

MoneyGeek found that Truist offers the best personal loans in Florida since it has no minimum credit score requirement and flexible repayment terms.

Other lenders worth considering for specific funding needs are Best Egg for debt consolidation and Upgrade for home improvement. Good credit borrowers can get the best offers from SoFi, while Upstart is ideal for those with bad credit.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Florida
The Best Personal Loan Lender for Bad Credit in Florida
The Best Personal Loan Lender for Good Credit in Florida
The Best Personal Loan Lender for Debt Consolidation in Florida
The Best Personal Loan Lender for Home Improvements in Florida
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Florida

MoneyGeek’s Pick for Best Personal Loan Lender in Florida: Truist

To help you find the best personal loans in Florida, MoneyGeek used 30+ data points to score the best lenders for various profiles and needs. We evaluated lenders on factors such as interest rates, repayment terms, fees, penalties and loan limits. We also analyzed and compared minimum requirements set by different lenders as well as the customer experience offered.

Best Overall Personal Loan Lender in Florida: 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 is the best overall lender for personal loans in Florida. Founded in 2019 after a merger between BB&T and SunTrust, Truist is available in 15 states, including Florida.
Truist has a relatively low APR rate starting from just 2.49% and is also low on fees with no prepayment or origination fees for primary personal loans. This lender even offers a wide range of loan limits and payment options to suit different needs.
You need a minimum credit score of 660 to qualify for a Truist personal loan, but you do not need to have a specific minimum income to qualify. This lender is also ideal if you need funds urgently since funds are disbursed within the same business day. However, there is no prequalification option, and Truist conducts hard credit checks, which may impact your credit score.
Pros
A+ BBB rating
No prepayment penalties
Same day disbursement of funds
0.5% autopay discount

Cons
No prequalification
Hard credit check
Limited use of funds
APR range: 8.14%–18.99%
Minimum/maximum loan amount: $3,500–$50,000
Minimum credit requirements: None
Repayment terms: 6–60 months
Time to receive funds: Next day
on Truist Website

Best Personal Loan Lender for Bad Credit in Florida: 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
If you have a bad credit score, Upstart is the best lender for personal loans in Florida. Upstart was founded in 2012 and is available in 48 states, including Florida.
Upstart has a minimum credit score of just 300, meaning even borrowers with bad credit can qualify for personal loans. It also allows lenders to modify their payment dates to fit their needs. This lender uses artificial intelligence to qualify borrowers, especially in cases where you may not have a lengthy credit history.
Upstart gives loans for either three- or five-year terms with an interest rate ranging from 3.22% to 35.99%. You can check if you prequalify without affecting your credit score since Upstart conducts soft credit checks.
Upstart’s online application process is fast and easy, but you may have to pay origination fees of up to 8% depending on your creditworthiness. Upstart has an online platform that borrowers can use to conveniently manage their accounts.
Pros
A+ BBB rating
Low minimum credit score requirement of 300
No prepayment penalties
Flexible payment options
Soft credit inquiry

Cons
Only two term limit options available
Charges late fees
No mobile app
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Personal Loan Lender for Good Credit in Florida: 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
MoneyGeek found that SoFi is the best lender for personal loans in Florida if you have a good credit score. SoFi was founded in 2011 and is available in 49 states, including Florida.
SoFi is a good option for borrowers in Florida who want high loan amounts since it offers personal loan limits of up to 100,000. This lender is also low on fees, and borrowers will not incur any origination fees, prepayment or penalty fees.
The online application process is quick and easy, but the minimum you can borrow is $5,000. For lower loan needs, this may not be the best lender. SoFi offers unemployment protection where you can modify your monthly payments for up to 12 months if you lose your job.
Not everyone will qualify for a SoFi personal loan since it requires a minimum credit score of 680 and a gross income of at least $50,000. In some cases, disbursement of funds may take up to seven days depending on the loan amount, so this lender may not be ideal if you need funds for an emergency.
Pros
A+ BBB rating
No penalties for prepayment
High loan limits
No late fees
Discounts for autopay

Cons
Disbursement can take up to one week
Requires employment and a minimum gross income of $50,000
Minimum loan amount of at least $5,000
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000 - $100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Florida: 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
If you are looking for a debt consolidation loan in Florida, Upgrade is the best lender. Upgrade is available in all 50 states, including Florida.
Upgrade offers borrowers flexible loan limits ranging from $1,000 to $50,000, which can be repaid within three- to five-year terms. You can choose to have your funds paid directly to creditors if your loan is for debt consolidation. Loans are also disbursed fairly quickly. If you need a personal loan for emergencies, Upgrade is a good option. However, you will pay origination charges and late payments will also attract fees.
Applicants with a credit score of at least 560 can qualify for an Upgrade personal loan. Upgrade does not have a minimum gross income requirement for borrowers to qualify for personal loans, but employment is required. There are also limitations to the usage of funds, including any illegal activities, funding college education and investments.
Pros
A+ BBB rating
Quick loan disbursement
No fees charged for prepayment
Pre-qualification available with soft credit inquiry
No minimum gross income requirement

Cons
Charges late fees
Charges origination fees
High interest rates starting from 5.94%
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000 - $50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Florida: 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
If you are looking for the best personal loans in Florida for home improvement, Best Egg is the top option. Best Egg offers flexible loan limits of up to $50,000 that can be used for a variety of purposes, including home improvement. This lender offers both secured and unsecured personal loans with a minimum credit limit requirement of 700.
If you are a homeowner, you can get a secured personal loan from Best Egg. Interest rates range from 4.99% to 35.99% depending on your creditworthiness. You can check if you prequalify for a personal loan without impacting your credit score since this lender conducts soft credit checks. The minimum gross income requirement to get a loan from Best Egg is at least $50,000.
Best Egg was founded in 2014 and is available in 47 states, including Florida.
Pros
A+ BBB rating
Quick disbursement
Auto payment discounts
Soft credit inquiry
No usage limits

Cons
Charges origination fees
$15 late fee
Requires a higher credit score
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000 - $50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in Florida for You

On average, personal loans in Florida attract an interest rate of 9.25%. The average personal loan debt in the state is $10,400, but there are a variety of rating factors used by lenders to determine loan amounts, repayment periods and interest rates.

You can take out a personal loan in Florida for different purposes, including financing large purchases, consolidating your debt, home improvement or medical expenses. However, it is important to consider the best lender for you based on your specific need and profile. Here are some steps to follow to make the best decision for your circumstances.

Ask Yourself the Important Questions

Before taking out a personal loan, you need to determine whether you can afford the loan, how much you need and how it will impact your debt-to-income ratio. This requires you to ask yourself the following questions:

How much funding do you need? - Make sure you know your exact funding needs so that you don’t apply for too much or too little.
What is your credit score? - Knowing your credit score can help you determine which lenders you can qualify with.
Can you afford the monthly payments? - Understand your budget so you can make an informed decision on if you can afford monthly loan payments.
How much debt do you already have? - Make sure it’s in your best interest to take on more debt based on the debt you already have.

Do Your Research

When shopping for the best personal loans in Florida, you can save significantly on costs by comparing rates and fees charged by different lenders. This is why it is important to do your own research to find out which lenders have terms and rates that best suit your needs. Loan payments are a long-term commitment that can last up to four years or more, so finding the best lender is crucial.

MoneyGeek recommends the best lenders for different profiles, but your specific needs will determine who the best lender for you is. Explore your options and do thorough checks to find the best lenders based on your credit score, require loan limits and other factors.

Wait

Before submitting a personal loan application, take a day or two to weigh the pros and cons. Waiting gives you time to consider the impact the loan payments will have on your finances and whether you are ready for the commitment. In some cases, you may find that there might be cheaper financing options that may be better for you than a personal loan. Waiting allows you to explore your options and pick the best solution for your needs.

Read the Fine Print

You may find yourself incurring a host of hidden charges if you do not take time to read the fine print. Some lenders charge late fees, early payment fees or origination charges, so it is important to be fully aware of these fees before signing up. While these fees may seem small, over time they can add up and increase your loan payments significantly. It pays to find out beforehand what charges you can expect to incur.

Apply

Once you have settled on a suitable lender and identified all the requirements needed, you can apply for your personal loan. It is standard for lenders to ask for personal information such as your address, proof of income and identification during the application process. In most cases, lenders offer online application platforms that you can use, but you can also visit or call the lender to seek personal clarification on terms, rates and other pertinent information.

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

It is normal for personal loan applications to be declined. Your application may be denied for a variety of reasons, including not having the minimum requirements for eligibility. Take the time to find out from the lender the reason why your application was declined. This information will help you understand what areas you need to improve to be eligible for personal loans. You may also find out that you may qualify for a lower amount than you initially applied for or for a shorter term.

If you are declined, you can apply for a loan at a different company depending on the reason you were declined. However, it is best to work on improving your creditworthiness before re-applying. You should also avoid payday loans as much as possible since they tend to have high interest rates and very short repayment periods.

Frequently Asked Questions About Personal Loans in Florida

There are many options when looking for personal loans in Florida, but the best lender for you will depend on your specific profile. The answers to commonly asked questions below will give you more information on getting a personal loan in Florida.

What is the best personal loan lender in Florida?

Truist is the best personal loan lender in Florida for the average borrower. Truist offers low interest rates, flexible loan limits and repayment periods. However, if you have poor credit, Upstart is the best lender. Those who want to consolidate debt will get the best terms and rates from Upgrade. SoFi is the best lender if you have good credit, while Best Egg is the best option for home improvement loans.

Which lender in Florida has the lowest interest rate?

Upstart has the lowest interest rates among lenders in Florida, with rates starting at 3.22%.

Can I use a personal loan for vacations in Florida?

You can use a personal loan for vacations in Florida. Most lenders will offer personal loans for different purposes, although there can be usage limitations depending on the particular lender. Always check with the lender regarding their restrictions on the usage of funds.

Can I use a personal loan for home improvement in Florida?

Yes, you can use a personal loan for home improvement in Florida. Lenders like Best Egg offer both secured and unsecured personal loans that can be used for home improvement. However, the loan limits available, as well as interest rates charges, will vary from lender to lender. Always find out the specific terms from your lender.

What can I not use my personal loan for in Florida?

Certain lenders in Florida will not let you use a personal loan for illegal activities, gambling, investments or funding a college education. However, each lender may have different restrictions on usage. Some lenders, like Truist, don’t allow personal loans to be used for refinancing existing loans. Check with your lender for their terms on the usage of funds.

How much can I borrow in Florida?

Personal loan limits in Florida can vary from as low as $1,000 to $100,000 depending on the lender, your creditworthiness and other rating factors. Your lender will evaluate how much you can borrow based on your credit score, gross income, debt to income ratio and more.

How long does it take to get a personal loan in Florida?

You can get a personal loan in Florida on the same day, or funds may take up to seven days depending on the lender. Lenders like Truist offer disbursement within the same day, while others will take up to seven days to disburse loans depending on factors such as the loan limit.

Can I pay off my loan early in Florida?

Yes, most lenders in Florida allow you to pay your loan early without incurring any early payment fees. However, some lenders may charge you for paying off your loan early. Always read the fine print to verify whether you will be charged for early payment.

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 decided and chosen 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

Best Egg. "Personal Loans." Accessed March 6, 2022.
SoFi. "Compare Rates and Terms." Accessed March 6, 2022.
Upstart. "Personal Loans." Accessed March 7, 2022.
Upgrade. "Personal loans." Accessed March 7, 2022.
Truist. "Personal Loans." Accessed March 7, 2022.

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.