Best Personal Loans in Miami, FL

Tropical Financial Credit Union is the best personal loan lender in Miami, Florida, with a MoneyGeek score of 94 out of 100. It is highly regarded for its excellent services, including a BBB rating of A+. It doesn't impose origination fees, which benefits borrowers looking for cost-effective loan options. Additionally, it doesn't charge prepayment penalties, making it a flexible option for those who wish to repay their loans early. However, it doesn't disclose loan eligibility requirements, which may cause uncertainty during the application process. It also does not allow online prequalification, limiting the convenience for tech-savvy users wanting to gauge their eligibility beforehand.

Laurel Road is the best online lender for personal loans in Miami, Florida, with a MoneyGeek score of 93 out of 100. It offers loan amounts ranging from $5,000 to $45,000 with repayment terms of 36 to 60 months. It provides a 0.25% autopay discount, which can reduce the cost over the life of the loan. It also doesn't charge origination fees, which can make the loan more affordable upfront. However, its minimum loan amount is relatively high, which could be challenging if you need a smaller sum. Additionally, there's a late fee of 5% or $28, which could increase your borrowing cost if you miss a payment.

Power Financial Credit Union is the runner-up for the best personal loans in Miami, Florida, with a MoneyGeek score of 93 out of 100. As an institution federally insured by the NCUA, it offers security and reliability. Borrowers can secure personal loans starting as low as $500, which provides flexibility for those needing smaller loan amounts. However, membership is required to apply for its loans, which might limit accessibility. There is also no option to prequalify for unsecured personal loans, meaning potential borrowers cannot check rates without impacting their credit score.

Dade County Federal Credit Union, with a MoneyGeek score of 92 out of 100, is a solid choice for personal loans in Miami, Florida. It offers a 0.25% discount for automatic payment and has five physical branches in Miami, Florida. However, it has a borrowing limit of up to $30,000 and does not disclose repayment terms.

For those exploring personal loans in Miami, Florida, Miami Federal Credit Union stands out with a MoneyGeek score of 91 out of 100. It is federally insured by the NCUA, providing borrowers peace of mind. It offers an APR as low as 9.75%, which can appeal to those seeking low-interest loans. However, it has a late fee of 20% of the interest due, which can add up quickly if payments are missed, and a $30 loan application fee that might be a deterrent for some.