Best Personal Loans in Indianapolis, IN

Truist Bank was formed in 2019 by the merging of BB&T (Branch Banking and Trust Company) and SunTrust Bank. It comes with an A+ rating from BBB. The highlights of the lender's personal loans are numerous, including offering loans with terms varying from 6–60 months. You can obtain loans of up to $50,000 without paying an origination fee. In addition, the lender lets you personalize your loan to meet your specific requirements. The majority of loan approvals are completed within 15 minutes, with funds sometimes made available the same day, although next-day funding is more common.

Personal loans from Truist Bank have fixed interest rates, making them ideal for people who wish to be protected from future rate fluctuations and those who plan their finances in advance. Considering that interest rates are dependent on creditworthiness, those with excellent credit might obtain loans at reduced rates. Truist has no minimum credit score requirement, which makes its already low 18.99% top-end APR even more impressive. However, those with excellent credit can probably find better deals elsewhere, as Truist’s 8.14% minimum APR is steep.

Pros

• No origination fees
• Fixed-rate loans
• No minimum credit score requirement
• Variable terms available
• Low maximum APR of 18.99%

Upstart is a lending platform that has been around since 2012 and it comes with an A+ rating from the Better Business Bureau. Because it allows applicants with credit scores as low as 300 to apply for loans, the company was rated the best in this category. Typically, the lender disburses its loans the next day. Although Upstart conducts a soft credit inquiry to verify your eligibility, it conducts a hard credit inquiry during the application process, which may impact your credit score.

However, if you do not wish to pay potentially high interest rates or if you require a substantial loan amount, the lender may not be the best option for you. As a personal loan, the company only offers up to $50,000, making it unsuitable for those who need more money.

Pros

• Low minimum APR of 3.22%
• Accepts those with high DTI ratios
• Loans offered to part-time and self-employed individuals
• No prepayment penalty

SoFi, founded in 2011 as Social Finance, provides its consumers with a variety of loans and other financial products. In addition to its A+ BBB rating, MoneyGeek selected it as the best lender for consumers with good credit in Indianapolis for a number of reasons. Its personal loans are offered to those with a minimum credit score of 680. They can borrow up to $100,000 at reduced interest rates and receive funding two days after their loan application approval. If you unexpectedly become unemployed, SoFi's unemployment protection program may allow you to put your debts on hold and reduce your monthly loan payments.

The bank performs soft credit checks to determine eligibility, which won't affect your score. However, it conducts a hard credit inquiry during the loan application process. Having said that, the lender is not suitable for borrowers with credit scores lower than 680.

Pros

• Offers loans of up to $100,000
• No origination fee and prepayment penalty
• Low top-end APR of 20.28%

Upgrade was founded in 2016, making it a relatively new lender with an A+ rating from Better Business Bureau (BBB). You can obtain personal loans for debt consolidation up to $50,000. The loans are typically funded within a day, allowing you to begin consolidating your debts as soon as possible. With fixed-rate payments, you know exactly how much you'll pay each month. These factors contribute significantly to the firm's excellent ranking in this category. In addition, if you want to pay off your loan early, you can do so without fear of incurring a penalty.

However, depending on your creditworthiness, interest rates can rise to 35.47%. The lender also does not cater to people who require debt consolidation of more than $50,000. Those who do not want to pay an origination fee must also look for a different lender.

Pros

• No prepayment penalty
• Fixed-rate loans
• Same-day funding
• Offers a mobile app

Best Egg is a 2014-founded online loan platform offering secured and unsecured personal loans through Cross River Bank and Blue Ridge Bank. The lender has funded loans totaling $14 billion. Its A+ rating with the Better Business Bureau is impressive. Best Egg issues home repair loans up to $50,000 with no collateral required. Within minutes, you may see your rates and get funds the next day. These aspects explain why MoneyGeek rated it as the best personal loan lender in Indianapolis for home improvement.

The company's usage of soft credit checks ensures that your credit score will not be harmed by its eligibility assessment. Prepayment of loans does not entail any additional expenses. However, Best Egg charges origination fees of up to 5.99%. The lender also requires a minimum credit score of 700, limiting eligible applicants to those with excellent credit.

Pros

• Fixed APR
• Next-day loan funding
• No prepayment penalty