Best Personal Loans in Florida for 2024
Updated: April 24, 2024
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First Tech and PenFed are MoneyGeek’s top personal loan choices in Florida, scoring 98 and 96 out of 100, respectively. These lenders have exceptional customer support, competitive rates and transparent terms.
According to Experian data from 2023, the average credit score in Florida is 708. This generally suggests good lending terms for the average borrower. In addition to your credit score, lenders will also look at your income and your other debts.
- First Tech
- 98MoneyGeek Score
- 8.94% to 18.00%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 6 to 84 monthsRepayment Terms
First Tech is MoneyGeek's top personal loan lender in Florida, with a score of 98 out of 100. It offers competitive APRs ranging from 8.94% to 18.00%. This lender stands out for excellent customer service, numerous educational resources and favorable rates and fees. Additionally, First Tech provides reasonable repayment terms of up to 84 months, indicating a commitment to flexibility and choice for borrowers.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Balanced, low APRs
- Doesn't charge an application or loan origination fee
Cons
- Need to be a member to apply
- Little published information about credit score requirements
- Could provide more detail on the loan application process
Overall Best Personal Loan Lender in Florida
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is MoneyGeek's runner-up recommendation for personal loan lenders in Florida, with a score of 96 out of 100. It offers more competitive rates than other alternatives, with an APR range of 7.99% to 17.99%. Its repayment terms of up to 60 months give borrowers ample flexibility for managing their loans. PenFed excels in reputation and transparency, giving customers clear insights into their loans. Its loan terms and flexibility ensure a wide range of repayment options without penalties for early payoff.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Insured by the National Credit Union Administration (NCUA)
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
Runner-Up for Best Personal Loan Lender in Florida
The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.
— Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
- 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
MoneyGeek's pick for the best personal loan provider for those with low credit in Florida is Happy Money, with a score of 94 out of 100. Although Happy Money is not a lender itself, it partners with federally insured institutions to offer loans. With APRs ranging from 11.72% to 17.99%, it provides lower average rates than competitors. A minimum credit score of 640 is required to qualify. The provider excels in providing clear information and customer service accessibility.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders it works with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Florida for Bad Credit
- Truist
- 96MoneyGeek Score
- 8.74% to 17.39%APR Range
- UndisclosedMinimum Credit Score
- From $3,500Loan Amount Range
- 24 to 60 monthsRepayment Terms
MoneyGeek recommends Truist as the top choice in Florida for borrowers aiming to consolidate debt. With a MoneyGeek score of 96 out of 100, Truist offers an APR range from 8.74% to 17.39%, which stands out compared to other lenders in the analysis. In addition to competitive rates and fees, the bank has a quick and straightforward application process.
Pros
- FDIC insured
- No origination fees
Cons
- High minimum loan requirement compared to competitors
- Difficult to qualify for the lowest rates
Best Personal Loan Lender in Florida for Debt Consolidation
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in Florida
When considering a personal loan in Florida, your credit score, income and debt-to-income ratio significantly influence lenders' decisions and the terms of your loan. Note that a good credit score often leads to more favorable loan terms and lower APRs, so improving your credit before applying may benefit you financially.
Refer to the table provided to understand how credit scores can affect your monthly payments on a personal loan.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Florida
Personal loans offer numerous advantages, such as potentially lower interest rates than credit cards and the convenience of consolidating multiple debts into a single payment. They also provide fast funding options and the versatility to cover various expenses, from unexpected bills to home improvements. However, it's important to consider that personal loans also carry certain risks, including possible origination fees and losing assets with secured loans.
For a balanced view, explore the pros and cons of personal loans to make an informed decision.
FAQ About Personal Loans in Florida
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the best lender in Florida for personal loans is First Tech, with a MoneyGeek score of 98. Its average APR is 13.5%.
In Florida, you can obtain personal loans from online lenders, banks and credit unions. For local in-person services and community-oriented financial assistance, you can consider local credit unions such as Florida Credit Union, First Florida Credit Union or MIDFLORIDA Credit Union.
PenFed offers the lowest starting APR of 7.99% for personal loans in Florida, according to MoneyGeek's analysis. Securing a low rate often hinges on an excellent credit score.
In Florida, restrictions on the use of personal loans are more dependent on the lender than the state. Personal loans can typically be used for debt consolidation, emergency circumstances and home or auto repairs. However, they are usually not permitted for college tuition or illegal activities.
When considering personal loan red flags, be wary of extremely high APRs, strict repayment penalties and a lack of transparency about the loan originator. A high number of negative consumer reviews and a lack of information about the credit score impact can also be concerning.
Yes, income level is a factor lenders consider, along with your debt-to-income ratio, credit score, employment history and type of employment. Lenders evaluate these factors to assess your ability to manage new debt. Note that opening new credit lines can affect your loan application outcomes.
sources
- Experian. "What Are the Different Credit Scoring Ranges?." Accessed April 9, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 9, 2024.
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.
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