Top Lenders & Best Picks for You

Best Personal Loans in Miami, FL

Personal loans in Miami, Florida, can finance sudden expenses, medical bills or large purchases. Likewise, you can use them to consolidate debt or pay for home renovations. Borrowers get a personal loan from a bank, an online lending platform or a credit union. When you apply for a personal loan in Miami, a lender will evaluate your income, credit score, debt-to-income ratio and other factors. MoneyGeek's research found that Florida residents have an average personal loan debt of $10,400 and an average credit score of 713.

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Last Updated: 10/26/2022
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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

    on Truist Website

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

    on Upstart Website

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

    on SoFi Website

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

    on Upgrade Website

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

    on Best Egg Website

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.

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

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.