Best Personal Loans in Florida for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byDenise Cristobal
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Updated: May 1, 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.

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Best Personal Loan Lenders in Florida

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in Florida as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Florida

  • 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.


    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Doesn't charge an application or loan origination fee


    • Need to be a member to apply
    • Little published information about credit score requirements
    • Could provide more detail on the loan application process
    First Tech

    Runner-Up for 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.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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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.


    Best Personal Loan Lender in Florida for Bad Credit

  • 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.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?

    Best Personal Loan Lender in Florida for Debt Consolidation

  • 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.


    • FDIC insured
    • No origination fees


    • High minimum loan requirement compared to competitors
    • Difficult to qualify for the lowest rates

How does MoneyGeek score lenders for debt consolidation?

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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.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

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.

The Pros and Cons of Personal Loans

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  • Lower APRs than credit cards
  • Simplified debt management
  • Fast funding for emergencies
  • Potential to improve creditworthiness
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  • Higher total loan cost due to origination fees
  • Penalties incurred for early loan payoff
  • Risk of asset loss with secured personal loans
  • Encouragement of excessive debt through easy approval systems

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.

Who is the best lender in Florida for personal loans?
Where is the best place to get a personal loan in Florida?
Who has the best personal loan interest rates in Florida?
What can I use a personal loan for in Florida?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.