Top Lenders & Best Picks for You

Best Personal Loans in Miami, FL

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Miami, FL

MoneyGeek evaluated personal loan lenders in Miami using more than 30 data points. We took into account a lender's affordability, accessibility, APR ranges, loan terms, minimum credit score and income requirements, origination fees, late fees, disbursement times, customer service reputation, BBB ratings and other features.

Our analysis shows Truist has the highest ratings and is the best lender overall in Miami. However, the top provider may vary depending on your profile.

For example, the best option for borrowers with good credit is SoFi, while Upstart is our pick for consumers with bad credit. Meanwhile, Upgrade has top ratings for debt consolidation, whereas Best Egg is the best for home renovation.

Best Overall Personal Loan Lender in Miami: 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

    Formed in 2019 after the merger of BB&T Bank and SunTrust, Truist is one of the largest banks in the U.S. It has over 2,700 branches in most eastern states, including Florida. The lender offers various financial services and products such as savings, credit cards, investments and loans.

    MoneyGeek's analysis found Truist to be Miami's best personal loan provider. Miami residents with good and excellent credit can borrow anywhere from $3,500 to $50,000 and repay the loan within 60 months. With Truist, you don't need to worry about origination or prepayment fees.

    Truist has a streamlined loan application process that you can do entirely online. Additionally, the company claims that most of its credit evaluations are decided in under 15 minutes. You may receive the funds within the same day.

    Although Truist displays its APR range on its website, it lacks a page for FAQs that details the terms of its loans. The lender also conducts hard credit checks during their evaluation process and does not prequalify applicants.

    Pros

    • Same-day funding
    • No origination and prepayment fees
    • Low interest rates
    • APRs are specified on the company's website
    • Online application available

    Cons

    • Hard credit checks
    • No auto-payment discount
    • Requires good to excellent credit
    • The website doesn't have FAQs page
    • Loans only up to $50,000
    Truist

Best Personal Loan Lender for Bad Credit in Miami: 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

    A pioneer in using artificial intelligence to evaluate loan applications, Upstart was founded in 2021. The company boasts higher approval rates compared to traditional banks.

    Upstart offers the best personal loans in Miami for consumers with bad credit. Borrowers with a credit score of at least 300 can apply for loans of up to $50,000. Once the funds are available to you, you may pay within 60 months.

    Upstart only conducts a soft inquiry when checking your rates, ensuring it doesn't affect credit scores. You can expect the funds in your account within the next business day. In addition, it's possible to conduct the entire application process online.

    Upstart doesn't have prepayment fees, but the provider may charge an origination fee with its loans. It has relatively high APRs compared to other companies. Upstart's website doesn't have a page for FAQs. Its policies aren't clearly defined there either.

    Pros

    • Low credit score requirement
    • Funds available within the next day
    • Soft inquiry for credit checks
    • No prepayment penalty
    • Allows online application

    Cons

    • Loans only up to $50,000
    • Charges origination fee
    • Has late fees
    • Relatively high APR range
    • The website doesn't feature FAQs page
    Upstart

Best Personal Loan Lender for Good Credit in Miami: 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

    Social Finance (SoFi) was founded in 2011 and initially focused on student loans. The provider has since expanded its products to include savings accounts, insurance, investment and other kinds of loans.

    Based on MoneyGeek's analysis, SoFi is the best personal loan company in Miami for people with good credit scores. The company has generous loan offers. You can borrow up to $100,000, payable for up to 60 months.

    SoFi also carries low-interest rates. There are no origination, prepayment or late fees with this lender. Borrowers who sign up for auto-payment can get discounts.

    Unfortunately, SoFi is only available to applicants with a credit score of 680 or above. It allows joint applications but no co-signers. Nonetheless, SoFi only conducts a soft credit check when prequalifying applicants. You can view most of its policies on the FAQs page.

    Pros

    • No origination, prepayment or late fees
    • Soft credit checks
    • Joint loans available
    • Auto payment discount of 0.25%
    • Clearly defined policies on the FAQ page

    Cons

    • A high credit score required
    • Not available to people with new or no credit
    • No co-signers allowed
    • Relatively high minimum loan amount
    • Approval for joint applications may take up to two weeks
    SoFi

Best Personal Loan Lender for Debt Consolidation in Miami: 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

    Upgrade is a financial services company that offers checking accounts, credit cards and personal loans. Although relatively new, it has already served over 1 million customers all over the U.S. since its launch in 2017.

    Based on MoneyGeek's findings, Upgrade is the best personal loan lender for debt consolidation in Miami. Borrowers can get loans of up to $50,000 and pay for as long as 84 months. The provider pays creditors directly and has discounts if you sign up for auto-payment.

    To qualify for Upgrade's personal loan, you need a credit score of at least 560. The lender only does soft credit checks. There are no prepayment fees but Upgrade charges for late payment and has a high origination cost of up to 8%. With this lender, Funds are available within the same day.

    Pros

    • Directly pays creditors for debt consolidation
    • Discounts for auto repayment
    • Soft credit pull
    • No prepayment penalty
    • Repayment term up to 84 months

    Cons

    • A 3% to 8% origination fee
    • Low maximum loan amount
    • Charges late fees
    • No co-signers
    Upgrade

Best Personal Loan Lender for Home Improvement in Miami: 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

    Best Egg is an online lending company that offers credit cards and secured and unsecured personal loans. Established in 2014, the company issues its loans through Cross River Bank and Blue Ridge Bank.

    MoneyGeek's analysis shows Best Egg as Miami's best personal loan lender for home improvement projects. Best Egg offers loans of up to $50,000, which you can use for various purposes, including house renovations. Once you get the funds, you should make payment within 60 months.

    The lender doesn't charge prepayment penalties. However, loans come with late and origination fees of 1% to 6%. Best Egg doesn't offer autopay discounts. The interest rates can go up to 35.99%. You can easily view Best Egg's rates and fees online.

    Pros

    • No prepayment penalty
    • Easily accessible rates on their website
    • Up to 60 months repayment term
    • Allows online application

    Cons

    • Up to 6% origination fee
    • Late fees
    • APR can go as high as 35.99%
    • No autopay discount
    Best Egg

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

The average personal loan debt in Florida is $10,400. Whether you're looking to pay for a home renovation project, an out-of-town trip or an unexpected hospital bill, personal loans are a flexible way to settle planned and unplanned expenses.

It's important to consider your credit score, existing debt, income and other financial factors when choosing a personal loan provider. After all, lenders may have different offers and features based on your unique borrower profile.

To help you find the best personal loan lender in Miami for your needs, MoneyGeek suggests the following steps:

1
Ask Yourself the Important Questions

Before applying for a personal loan, we recommend that you ask yourself the following questions:

  1. How much money do you need? You repay personal loans with interest. The higher the amount you borrow, the more you'll pay over time. It's best to get only the amount you need to avoid excessive interest rates.
  2. What’s your credit score? Companies have different requirements when it comes to credit scores. Know your credit score so you may apply for a loan with companies that will likely approve it.
  3. Can you afford the monthly payment? Track your monthly expenses and determine if you have enough money left to pay for the loan. Ensure you don't incur late fees or adversely hurt your credit score.
  4. Do you have existing debts? During the loan evaluation process, lenders will study your existing debt. Having a low debt-to-income ratio improves the chances of your loan getting approved.
2
Do Your Research

Lenders have different rates, policies and processes, so it's best to thoroughly research your options and compare their offers. Look out for APR ranges, prepayment terms, miscellaneous fees and credit requirements. We also suggest checking loan usage limitations, as some companies limit how you can spend your loan.

While we do our best to gather key information for getting a personal loan in Miami, the research is general, so our recommendations may not apply to your borrower profile. We suggest that you do your own research to find the best fit for you.

3
Wait

It can be overwhelming to explore different offers, rates and fees from multiple loan providers. We recommend waiting a day or two before making a decision.

Getting a personal loan is a big financial commitment that involves high-interest rates and years of payment. You must be sure you're making the right decision before committing to a loan.

Waiting gives you a fresher mind and a more objective outlook on the situation. If you're using the loan to pay for a purchase, this is the time to consider if you really need to buy the item now or if you can save for it.

4
Read the Fine Print

If you've decided to get a personal loan, list your preferred lenders and carefully review each detail. Revisit the company's loan agreement and read beyond the marketing slogans.

Look out for origination fees, prepayment fees, late payment penalties and other fees that can add to your overall expenses. Reading the fine print can save you money in the long run since you'll be able to avoid incurring unnecessary costs.

5
Apply

Once you've analyzed your options and finally decided on your preferred lender, the time has come to apply for a loan.

Prepare all the necessary documents and information the loan provider may require. Typically, you'll need to provide your identification documents and proof of income.

Many personal loan lenders in Miami allow borrowers to apply online. You can take advantage of this if you prefer a streamlined application from the comfort of your home. However, there's no harm in visiting a lender's branch if you'd rather apply in person.

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

A lender may still decline your loan application despite you following the company's processes and submitting all the requirements. Lenders in Miami will look at several factors to determine whether or not you are eligible for a loan. For instance, your lender may decline your application if you have a low credit score, insufficient income or incomplete documents.

If your loan application gets declined, you can call or email the lender and ask for the exact reason for rejection. Ask if adjusting the loan's amount or repayment term will make your lender reconsider its decision. You can also ask if the company will allow you to have a co-applicant.

While you can try applying at a different loan provider, improving your profile first is better. Fix why your initial loan was declined in the first place to have a better chance on your next application. You may face another rejection if you don't address the initial issue.

No matter how desperate you are, avoid payday loans. They are short-term loans that have high-interest rates and predatory policies.

Frequently Asked Questions About Personal Loans in Miami

The best personal loan provider in Miami for you will depend on your needs, credit score and other income-related factors. To help you make an informed decision, MoneyGeek answered some frequently asked questions about personal loans in Miami.

What is the best personal loan lender in Miami?
Which lender in Miami has the lowest interest rate?
Can I use a personal loan for vacations in Miami?
Can I use a personal loan for home improvement in Miami?
What can I not use my personal loan for in Miami?
How much can I borrow in Miami?
How long does it take to get a personal loan in Miami?
Can I pay off my loan early in Miami?

Our Personal Loan Methodology

We studied over 30 personal loan companies using 35+ individual data points spread across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

For each category, MoneyGeek considered several data points that carry the most weight when choosing a personal loan lender. These factors include APR ranges, minimum credit score, available loan amount, minimum income amount, application fees and disbursement time.

MoneyGeek values you, the consumer. Therefore, we consider each lender's customer support, business ratings and additional features like prequalification, payment options and mobile apps that could make your experience easier and more accessible.

We determined our picks after careful consideration and calculation with your best interest in mind. Our personal loan suggestions and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources
Shield Insurance

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.

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