Updated: December 28, 2023
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To help you find the top-rated lenders in Orlando, Florida, MoneyGeek analyzed over 30 personal loan-related data points.
We evaluated each lender’s loan terms, interest rates and fees. We also looked at their credit score and income requirements. Our research further included factors such as how easy it is to apply for a loan and the lender’s customer service reputation.
Through the merger of BB&T and SunTrust, Truist was established in 2019 and serves approximately 12 million customers. Truist is our choice of top lender for personal loans in Orlando. You can borrow up to $100,000 and take up to 60 months to repay it. And if you’d like to pay your loan early, there are no prepayment penalties.
There is no minimum required credit score. The average credit score in the state at 713.
However, Truist does have restrictions on the usage of funds. For example, you cannot use your personal loan to refinance an existing loan from the same lender or for your business. Similarly, you can’t purchase stocks with it or use the money for post-secondary educational expenses.
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It can be challenging to find personal loan lenders when you have poor credit. With its minimum required credit score of 300, however, Upstart is an excellent option for individuals with bad credit in Orlando. Founded in 2012, the AI-enabled lending platform partners with banks and credit unions to make affordable credit more accessible.
The company also conducts a soft credit check, which means that your credit report isn’t affected during the application process.
Still, Upstart may not suit you if you need a loan amount above $50,000. You can borrow up to $100,000 from other lenders. To qualify for a personal loan with Upstart, you’ll also need a debt-to-income ratio below 45% and a minimum of $12,000 in gross income.
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Founded in 2011, SoFi is MoneyGeek’s top pick for borrowers in Orlando with good credit. The lender’s mission statement is to help their customers reach financial independence that allows them to realize their ambitions.
SoFi is not ideal for anyone with less than good credit. You need a credit score of at least 680 and a $50,000 gross income to qualify for a personal loan. The lender also requires a debt-to-income ratio of 43% or less. However, the company has no prepayment penalties, origination fees or late fees. That means you can save money upfront and throughout the term of the loan.
You also get competitive rates with SoFi, can apply online and use their mobile app to check your credit score weekly and manage your account remotely.
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MoneyGeek found that Upgrade is the best option for debt consolidation in Orlando. The provider requires borrowers to have a credit score of 560 and pays creditors directly. It doesn’t have an income requirement, but you do need to be employed.
Keep in mind that Upgrade has several restrictions on personal loans. You cannot use funds to pay for investments, post-secondary education expenses and gambling. It also has a maximum loan limit of $50,000. This is lower than the other lenders, some of which offer loans of up to $100,000.
Launched in 2017, Upgrade’s online and mobile banking services eliminates fees on everyday transactions, offering affordable and responsible credit with their loans.
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Best Egg is MoneyGeek’s top choice for Orlando residents looking to improve their homes. Founded in 2013, Best Egg is a machine learning powered online credit and financial wellness platform owned and operated by Marlette Holdings.
To qualify for a personal loan from Best Egg, you’ll need a minimum credit score of 700 and a gross income of $50,000. You can also pay your loan off early since the provider doesn’t charge prepayment penalties.
With Best Egg, you can borrow up to $50,000. One drawback is that you will pay an origination fee of at least 1%, and it could be as high as 6%. Similarly, the highest interest rate you could be charged is 35.99%, and the lender does not offer a competitive rate match. Best Egg might not be ideal if you need a higher loan amount. Other lenders in the city offer loans of up to $100,000.
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Personal loans can give that extra financial support you need for unexpected expenses like funerals, large purchases or home improvements. You’re certainly not the only person looking for an unsecured loan: Florida's average personal loan debt is $10,400. You’ll need to consider a number of factors when applying for a personal loan in Orlando, such as your credit score, current debt and income.
To guide you through your personal loan journey, MoneyGeek lists a few crucial steps.
Before you even consider personal loan companies, it’s essential to know your current needs and financial situation. Double-check if you are able to pay off a loan over an extended period, without stretching yourself too thin. Also, check which lenders you qualify for based on their specific requirements.
The following questions can help you save time and narrow down your choices of lenders:
Because each lender has different requirements, conditions and rates, take the time to shop around and compare. A typical loan term is about 2–4 years, so you’ll want to be sure before committing.
At this stage, ask yourself what your priorities are. You may find that a particular lender caters to only half of what you need. You’ll want to find a lender that fits your needs. MoneyGeek researched several lenders so you can get a headstart. But if none of our recommendations fit your needs, other providers are available in Orlando.
After you’ve done your research, think it over. Personal loans are big commitments, and it’s okay to take your time and give yourself a few days before you decide. You also need to be confident in your chosen lender. Revisiting your options after some time has passed lets you make a more objective decision.
Because hidden costs may show up in the lender’s loan agreement, you’ll want to read the fine print closely. In addition to prepayment penalties, late fees and origination fees, you might find administration fees or other charges. The fine print could contain important details about your personal loan in Orlando.
Lenders require your identification, address verification and proof of income. While it’s easier to apply online (and most lenders offer that option), you can call or visit the provider if you prefer.
Having your application denied doesn’t mean you’re at the end of your personal loan journey. There may be several reasons you’re having trouble getting a personal loan in Orlando. You might not have met specific criteria like the minimum credit score, gross income or debt-to-income ratio.
Reach out to your lender and ask for the specific reason your loan wasn’t approved. If possible, modify your application to shorten the loan term or decrease the loan amount, and resubmit. If this doesn’t work, try applying with another lender. However, don’t do this until you’ve improved whatever caused your first application to get denied.
Be wary of payday loans. While tempting, payday loans have extremely high interest rates and short payback periods.
MoneyGeek answers commonly asked questions about personal loans in Orlando to guide you through the process. Remember that the best lender for you depends on your needs, income and credit score.
MoneyGeek chose Truist as the overall best personal loan lender in Orlando. The best lender depends on your unique needs. For example, if you have good credit, you might want to consider SoFi.
For personal loans in Orlando, Upstart offers a starting APR of 3.22% for certain borrowers.
Most lenders allow you to use a personal loan for a vacation. Be sure to double-check the lender’s conditions since some have restrictions on funding usage.
Absolutely. For Orlando residents, we recommend that you consider a personal loan from Best Egg for home improvements.
While restrictions vary per provider, several lenders don’t allow personal loans to be used for investments, post-secondary education, business purposes or gambling.
It depends on the personal loan provider. Some have a maximum loan amount of $50,000, while others have $100,000. Factors like your income and credit score can affect your loan limit.
It usually takes one to seven days. Truist offers same-day funding, but funding can take up to a week with SoFi.
Yes, you can. Just make sure that your lender doesn’t charge prepayment penalties, or you’ll have to spend more.
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
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
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