What is the best personal loan lender in Indiana?

Truist is the overall best personal loan company in Indiana. However, because personal loans vary in terms, you may find other lenders that better meet your needs. For example, if you have a good credit score, you can get lower interest rates from SoFi. On the other hand, having bad credit causes your interest rates to go up. Getting a personal loan from Upstart might be the option with bad credit. If you plan to consolidate your debts, Upgrade is an ideal option. Alternatively, those who plan to get a loan for home improvements can find the best offers from Best Egg.

Which lender in Indiana has the lowest interest rate?

Out of all personal loan lenders in Indiana MoneyGeek reviewed, Upstart has the lowest interest rate of 3.22%.

Can I use a personal loan for vacations in Indiana?

Approved loan purposes can vary from lender to lender. You should check with your lender if they have particular restrictions on how you plan to use the funds.

Can I use a personal loan for home improvement in Indiana?

Home improvement is one of the most common reasons people apply for a personal loan. In Indiana, the best personal loan lender for home improvements is Best Egg.

What can I not use my personal loan for in Indiana?

Each lender has a list of restrictions when it comes to loan purposes. In most cases, you may not be approved for a loan if you plan to use the funds for payment for college or post-secondary education expenses, investments, gambling or illegal activities.

How much can I borrow in Indiana?

In Indiana, personal loans can be worth $2,000 to $100,000.

How long does it take to get a personal loan in Indiana?

For some lenders like Truist, you can get funded as fast as the same day. Upgrade and Upstart provide the fund as soon as the following day. But some lenders like SoFi may take as long as a week.

Can I pay off my loan early in Indiana?

You can pay off your loan early. In Indiana, lenders like Truist and SoFi allow you to settle your loan without prepayment penalties. However, other companies may charge prepayment fees.

Top Lenders & Best Picks for You

Best Personal Loans in Indiana

According to MoneyGeek’s research, the best personal loans in Indiana are offered by Truist. This lender offers flexible loan terms, fast funding and no origination fees.

MoneyGeek discovered that Upstart is best for people with bad credit, while SoFi is best for people with good credit. Upgrade and Best Egg are the best options for debt consolidation and home improvements, respectively.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Indiana
The Best Personal Loan Lender for Bad Credit in Indiana
The Best Personal Loan Lender for Good Credit in Indiana
The Best Personal Loan Lender for Debt Consolidation in Indiana
The Best Personal Loan Lender for Home Improvements in Indiana
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Indiana
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Indiana

MoneyGeek’s Pick for Best Personal Loan Lender in Indiana: Truist

To help you find the best personal loans in Indiana, MoneyGeek evaluated more than 30 data points to compare different lender options. We explored each lender’s BBB ratings, loan amount, repayment length options, interest rates and other fees. You can also learn about the minimum requirements that you need to get approved.

Additionally, MoneyGeek identified which of these lenders offer the most flexible rates and which ones are best for specific personal loan needs.

Best Overall Personal Loan Lender in Indiana: 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
Truist provides a wide range of financial services to over 10 million customers. As of March 2022, it has over 509 million in assets.
To get approved for a personal loan in Indiana from Truist, you don't need a minimum credit score. Considering that the average credit score in Indiana is 716, this is easy to meet for all borrowers. Having excellent credit makes you eligible for the lowest interest rates. You can borrow as low as $3,500 to as high as $50,000, with up to 60 months to repay the loan. You won’t be charged origination fees and will not be required to present any collateral. Access the cash the next day after your loan application approval.
Personal Loans from Truist are best for consolidating high-interest debt and paying for large purchases. However, you may not get approved if you plan to use the funds for college, buy bonds or stocks or fund a business.
Pros
A+ BBB rating
No origination fees
Offers a 0.5% discount for auto repayment
Next day funding
No prepayment penalties

Cons
Conducts hard credit checks
Limits on fund usage
No co-signers
APR range: 8.14%-18.99%
Minimum/maximum loan amount: $3,500–$50,000
Minimum credit requirements: None
Repayment terms: 6–60 months
Time to receive funds: Next day
on Truist Website

Best Personal Loan Lender for Bad Credit in Indiana: 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
Upstart is an AI lending platform available in 48 states, including Indiana. It uses FICO scores to approve credit but also considers non-conventional variables to reduce risk and make credit easily accessible.
If you live in Indiana and have bad credit, Upstart is worth considering for a personal loan. It has one of the lowest minimum credit score requirements of 300, making it the best personal loan option in Indiana for those who are rebuilding their credit.
The maximum amount you can borrow from this lending company is only up to $50,000, unlike others who can offer double the amount. Expect up to an 8% origination fee for your loan application. If you are unable to make your monthly payments on time, Upstart gives you a 10-day grace period to settle the amount before charging a late fee.
Pros
A+ rating from the BBB
Low credit score requirement
No prepayment penalty
Conducts soft inquiry for credit checks
Joint loans available

Cons
Charges up to an 8% origination fee
Autopay discount not available
No mobile app
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: 1–2 days
on Upstart Website

Best Personal Loan Lender for Good Credit in Indiana: 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
SoFi was founded in 2011. It offers a wide range of financial products, including student loans, mortgages and personal loans.
If you have good to excellent credit, the best personal loan in Indiana is SoFi. You can borrow as little as $5,000 and as much as $100,000 and repay it within two to seven years. There is no need to worry about origination or prepayment fees as SoFi does not charge any. You can easily view your rates in as fast as 60 seconds without making any hard inquiries that could hurt your credit scores.
To be eligible for a loan from SoFi, you need to have a minimum credit score of 680. You also need to have at least $50,000 gross income. If you lose your job while paying off your loan, SoFi provides Unemployment Protection that modifies your payments.
Pros
A+ rating from the BBB
Allows you to borrow up to $100,000
0.25% discount for automatic repayment
Does not charge an origination fee
Conducts soft credit inquiries

Cons
Gross income requirement of $50,000
Does not allow co-signers
Requires a higher credit score
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Indiana: 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
Founded in 2017, Upgrade offers personal loans and allows you to combine them with Rewards Checking, free credit monitoring and credit education tools.
Consolidating your debt is much easier using a personal loan. You can streamline your payments into single monthly payments rather than multiple ones with high interest. It also helps you gain your financial footing by not charging any surprise fees. Upgrade has several fund usage limitations, including funding post-secondary education and investments. However, it is best to use this company for debt consolidation. You can choose between multiple loan options.
To get approved for an Upgrade personal loan in Indiana, you must have a minimum credit score of 560. Missing payments might cost you a $10 late fee.
Pros
A+ BBB rating
Offers a 1% discount for auto repayment
Conducts soft credit inquiries
Same day funding
No prepayment fees

Cons Limits on funding usage It may take up to four days for funding High origination fees of 2.9%–8%
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Indiana: 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 gained a reputation as a low-cost internet lender with over one million funded loans. If you are looking for funds for home improvement, the best personal loan in Indiana is from Best Egg.
You can borrow $2,000–$50,000 from Best Egg, and you can receive funds the next day. The interest rate can be as low as 4.99%. If you use an automatic payment process, you can obtain a 0.5% discount. On the other hand, it charges origination fees that can be as high as 6%. You may also incur late fees if you don’t make your payment on time.
Best Egg is a good option for a personal loan for home improvements if you have outstanding credit. You need a minimum credit score of 700 and must be currently employed with a gross income of $50,000 to be eligible for a loan.
Pros
A+ rating from the BBB
0.5% discount for auto payments
Conducts a soft credit inquiry
Quick online application
Mobile app

Cons
Requires a minimum credit score of 700
Gross income requirement of $50,000
Charges up to 6% origination fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

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

In a 2021 Statista Survey, two in three Americans are in debt. The average personal loan debt in Indiana is $13,636. However, this amount varies depending on the person. Your income, credit score and current debts are just some of the factors taken into account when you’re applying for a personal loan. Here are the important steps to follow when applying for a loan:

Ask Yourself the Important Questions

The most important consideration is whether a personal loan works for you. Aside from weighing the benefits and risks of getting a personal loan, it is important to ask the following questions before you apply for a personal loan:

How much funding do you need? - Make sure you apply for exactly what you need so you don’t end up with added costs or not enough funds.
What is your credit score? - Verify that your credit score is high enough to qualify with the lenders you are considering.
Can you afford the monthly payment? - If you can’t afford the monthly payment, taking out a loan might not be the wisest decision financially.
How much debt do you already have? - Evaluate if adding more debt to your budget is in your best financial interest.

Do Your Research

When applying for a personal loan in Indiana, you should evaluate interest rates and loan terms, among many other things. Have a grasp of how long you will be paying the loan and determine whether you are ready to commit to the term length. Note that some lenders may perform a hard credit inquiry to determine your risk when inquiring about a personal loan, which could affect your score to some degree.

MoneyGeek’s resources can be useful when conducting your research before you even inquire from lenders. However, exploring your options outside our recommendations allows you to compare more options available to you.

Wait

A personal loan takes years to pay off fully. That’s why it’s important to wait at least a day or two before making a decision and be sure that you can commit to it. This gives you time to really evaluate if taking out a loan is the right option for you or if you can pursue other options to meet your financial needs.

Read the Fine Print

Reading the terms and fees included in your monthly payments could help you decide whether you can afford the loan. Once you have settled on a lender, make sure to read the fine print and understand charges like prepayment penalties, early payoff fees, origination fees and more. You might also want to think about how you plan to pay off your loan. Comparing fees from each lender could also save you money in the long run.

Apply

When you are 100% confident that a personal loan is right for you and that you understand all the details in your loan package, you can apply for a loan. Note that any lender you choose will require you to provide personal information and other documents during the application process. Though it is much quicker to apply online, calling or visiting the lender could be more secure.

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

Depending on the circumstances, you may not be approved for a personal loan. Lenders deny personal loan applications in Indiana for various reasons. Perhaps you have a low or bad credit score or a high debt-to-income ratio. Other times, lenders reject applications if they find that your income might not be enough to settle your monthly payments.

Rather than a personal loan, you may want to consider unsecured business loans or other loan options to fund your business. Taking out a student loan is also another option when looking for financial aid to fund college or post-secondary education.

MoneyGeek recommends calling your lender to ask for specific reasons why your application was declined. This allows you to modify your application if possible or improve it for future loan applications.

If there’s no way to change their mind, you could also apply to a different lender. However, make sure that you have improved whatever factor caused you to be denied in the first place.

Opting for a payday loan is not the smartest choice. These have the highest interest rates and possibly the quickest payback periods.

Frequently Asked Questions About Personal Loans in Indiana

The best personal loans in Indiana depend on your needs and other factors. MoneyGeek answers some frequently asked questions about getting personal loans in Indiana.

METHODOLOGY

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 decided and chosen 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.

sources

BestEgg. "Personal Loans for Home Improvement." Accessed March 6, 2022.
SoFi. "Personal Loans." Accessed March 6, 2022.
Truist. "Personal Loans." Accessed March 6, 2022.
Upgrade. "Consolidate Your Debt." Accessed March 6, 2022.
Upstart. "Personal Loans." Accessed March 6, 2022.

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.