MoneyGeek's Picks for Best Personal Loan Lenders in Indianapolis, IN

MoneyGeek assessed personal loan providers in Indianapolis based on more than 30 data factors. We compared their loan affordability and accessibility, terms, APR ranges, minimum credit score and income criteria, disbursement time, origination and late fees, customer service, Better Business Bureau (BBB) ratings and other aspects.

Our analysis found Truist to be the best overall lender in Indianapolis. However, your requirements determine which lender is your best fit. For example, SoFi is the city’s best lender for those with good credit, while Upstart is the best for those with bad credit. Upgrade and Best Egg were rated as the best lenders for debt consolidation and home improvement personal loans, respectively.

Best Overall Personal Loan Lender in Indianapolis: 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


Best Personal Loan Lender for Bad Credit in Indianapolis: 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


Best Personal Loan Lender for Good Credit in Indianapolis: 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


Best Personal Loan for Debt Consolidation in Indianapolis: 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


Best Personal Loan for Home Improvement in Indianapolis: 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

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

Some common reasons for taking out personal loans are debt consolidation, home improvement, financing vehicles, funding vacations, paying college tuition, moving and medical expenses. To assess your eligibility for a personal loan, lenders consider your credit score, monthly income and debt-to-income ratio. Indiana's average personal loan debt is $13,636 and the state's average interest rate is 9.29%.

MoneyGeek proposes the following techniques for finding a suitable lender and the best personal loans in Indianapolis:


Ask Yourself the Important Questions

Your first step should be to analyze your needs and financial situation to determine if a personal loan is the best option for you. Before selecting a lender and applying for a personal loan, you should consider the following:

  1. How much funding do I require?
  2. What is my credit score?
  3. How much debt do I currently have?
  4. What monthly payment am I able to make?

Do Your Research

Lenders quote and operate in various ways, and their rates and fees may be varied as well. Before filing a loan application, it is crucial to compare different lenders to learn which one fits your bill.

Personal loans are significant commitments since you may have to pay them back over a period of several years. When making a decision, make sure the loan and the lender are the right ones for you. Keep in mind that MoneyGeek's recommendations are generic, necessitating you to do additional research prior to making a selection.



When presented with several features and options from each lender, as well as different rates and fees to evaluate, it's normal to feel overwhelmed. You may benefit from delaying making a decision for a few days. Personal loans are a big financial commitment, so you must be sure they’re the right choice. Hence, after doing your research and before filing the application, it is recommended to spend some time analyzing your alternatives.


Read the Fine Print

When looking for personal loans, it's easy to ignore the fine print. After you've signed the loan application, you may uncover additional expenses that you didn’t notice in the lender's terms and conditions. Prior to making a decision on a lender, check out the company's fees, such as late fees and origination fees, as well as prepayment penalties. Take note of any applicable interest rates and collateral requirements. You may save a lot of money in the long term by paying close attention to the smallest of things.



Submitting your application is the final step in the process. The information you need to apply for a loan should be readily available to you by this time. As part of a lender's loan application procedure, a borrower is typically required to submit documents related to identity verification, proof of residence and source of income. In spite of the fact that applying online may be more convenient for some, there is no reason why you shouldn't call or visit the lender's office instead if you prefer.

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

If your application was turned down in Indianapolis, you should talk to the lender to find out the reason and see what you can do to fix it. Your lender may suggest making your application more acceptable by, for instance, shortening the loan terms or decreasing the loan amount. Those having difficulty getting approval can consider a cosigner or collateral-based loan. You may apply for a loan with a different lender, but if your application was rejected by the first lender, it's best to wait until you've addressed that issue before reapplying.

In the wake of getting rejected, some individuals seek payday loans with exorbitant interest rates, which is a bad idea. If you pay a payday loan on time and in whole, your credit score won't improve. In addition, you may be held accountable for any unpaid interest as well as the remaining sum if you fail to make timely payments. Late payments on a payday loan may encourage a collection agency to get involved in the process, causing further damage to your credit.

Frequently Asked Questions About Personal Loans in Indianapolis

Which lender is the best for you will depend on a variety of factors, including the type of loan you're looking for, your financial profile and how much money you need. To help you better understand personal loans in Indianapolis, we've compiled some frequently asked questions and their answers.

Our Personal Loan 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 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 our editorial policies and expert editorial team.