Best Personal Loans in Indiana for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 2024

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MoneyGeek picked the best lenders in Indiana based on their reputations, interest rates and ease of application. Scoring 98 out of 100, MoneyGeek found that First Tech is the best personal loan lender in the state. Its customer education, service, competitive rates and fees gave this lender an edge. Close behind is PenFed, earning a MoneyGeek score of 96 out of 100 due to its top-notch loan repayment terms and relatively low rates and fees.

If you are an Indiana resident with a credit score of around 713, you're likely to receive more flexible loan terms. Factors like your debt-to-income ratio and income history also matter when looking for a personal loan.

MoneyGeek Logo IconBest PersonalLoan LendersIndiana

Best Personal Loan Lenders in Indiana

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 Indiana 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 Indiana

  • 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 Indiana, with a MoneyGeek score of 98 out of 100. Offering APRs from 8.94% to 18.00%, which are among the lower end compared to its competitors, First Tech stands out in customer service and education as well as rates and fees. The provider features competitive rates, an exceptional educational approach for consumers and accessible customer service. Additionally, First Tech has flexible repayment terms of six to 84 months.


    • Insured by the National Credit Union Administration (NCUA)
    • Provides granular APR data for a variety of loan terms
    • Lots of educational resources available for consumers


    • Membership is a prerequisite for application
    • The loan application process could be better explained
    • A scarcity of disclosed information on credit score prerequisites
    First Tech

    Runner-Up for Best Personal Loan Lender in Indiana

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    According to MoneyGeek, PenFed Credit Union is Indiana's second-best option for personal loans, with an impressive MoneyGeek score of 96 out of 100. PenFed offers a competitive APR range of 7.99% to 17.99%, which is favorable compared to others in the market. It stands out for its generous repayment terms of up to 60 months. It excels particularly in fees, rates, loan terms and flexibility, demonstrating its commitment to providing affordable and adaptable financing solutions to its members.


    • Offers some of the lowest APRs available
    • No origination fee
    • Provides granular APR data for a variety of loan terms


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Our personal loan calculator can help you assess potential loans by providing detailed insights into your monthly payments and overall costs, ensuring you have the necessary information to make an educated decision about your finances.


    Best Personal Loan Lender in Indiana 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

    With a MoneyGeek score of 94 out of 100, Happy Money is MoneyGeek's pick for the best personal loan provider in Indiana for borrowers with low credit scores. Although not a traditional lender, Happy Money partners with various federally insured financial institutions to offer competitive rates. Its APR range of 11.72% to 17.99%, with a minimum credit score of 640, is noteworthy among available options. Happy Money excels in customer service and providing clear information upfront, making it a standout choice for personal loans.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • The application process doesn't require any fees


    • The lenders they work 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 Indiana 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's pick for the best personal loan lender for debt consolidation in Indiana is Truist, with a MoneyGeek score of 96 out of 100. Truist's APR range of 8.74% to 17.39% is competitive, leaning towards the lower end among the rates others offer. It particularly stands out in the application process, approval speed and the competitiveness of interest rates and fees. These advantages clearly support customers seeking favorable and convenient loan arrangements.


    • FDIC insured
    • No origination fees
    • High minimum loan requirement compared to competitors


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

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 Indiana

Lenders assess your credit score, credit history, income, and debt-to-income ratio to determine your loan terms and APR. As an Indiana resident seeking a personal loan, having a higher credit score before applying can significantly improve your loan terms.

Refer to the table below to understand how different credit scores may affect your monthly loan payments.

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. Please remember that 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 Indiana

Personal loans offer diverse advantages, such as the potential for lower interest rates and the convenience of consolidating multiple debts into a single payment. They also provide the flexibility to cover various financial needs — from unexpected expenses to funding life's milestones. However, it's important to be aware of the potential drawbacks, such as origination fees and the risk of asset loss with secured loans.

For an in-depth understanding, considering the pros and cons of personal loans is advisable.


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  • Lower interest rates than many credit cards
  • Ability to consolidate multiple debts into one
  • Rapid approval and fund disbursement
  • Opportunity to add a co-signer for potentially better loan terms
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  • Additional expense from origination fees
  • Penalties for early loan repayment
  • Risk of losing assets with secured loans
  • Encouragement of excessive debt through easy approvals

FAQ About Personal Loans in Indiana

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 Indiana for personal loans?
Where is the best place to get a personal loan in Indiana?
Who has the best personal loan interest rates in Indiana?
What can I use a personal loan for in Indiana?
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.