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MoneyGeek’s Pick for Best Personal Loan Lender in Iowa: LightStream

MoneyGeek analyzed more than 30 data points when evaluating different lenders to help you find the best personal loans in Iowa. Some of these data points include BBB ratings, loan amounts, repayment options and interest rates. MoneyGeek determined which lenders have the most flexible rates and are suitable for your personal loan needs.

MoneyGeek identified which of these lenders perform a hard credit inquiry and which ones do not, which is an important consideration if you want to explore as many options as possible. Know the different rates and charges from each of these lenders and how much you can borrow.

Best Overall Personal Loan Lender in Iowa: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds
    LightStream

Best Personal Loan Lender for Bad Credit in Iowa: 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
    Upgrade

Best Personal Loan Lender for Good Credit in Iowa: 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

Best Personal Loan Lender for Debt Consolidation in Iowa: 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

Best Personal Loan Lender for Home Improvement in Iowa: Lending Club


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    LendingClub

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

In Iowa, the average personal loan debt is $15,314. Depending on your situation, your personal loan amount may vary based on how much you need and how much you qualify for. Take note that your personal loan amount is calculated based on factors including your income, credit score and current debts, among many others. The following steps can guide you in finding the best personal loan in Iowa.

1

Ask Yourself the Important Questions

The first important step is to evaluate whether a personal loan is right for you. Ask yourself:

  • How much funding do you need? - Only apply for what you need. Otherwise, you might pay more in interest or potential prepayment fees if you take out too large of a loan.
  • What is your credit score? - Certain lenders have minimum credit score requirements. Make sure your score meets this stipulation.
  • Can you afford the monthly payment? - Don’t take out a loan unless you can afford to pay it off each month.
  • How much debt do you already have? - Evaluate your current debts to make sure that it’s a wise decision to take out a loan.
2

Do Your Research

MoneyGeek’s resources can be helpful if you want to find the best personal loan in Iowa. However, exploring options outside our recommendations is also advisable, especially if you have certain requirements that need to be met.

Take the time to learn about interest rates, loan terms, debt-to-income ratios and how your credit score affects your chance to get approved. Some lenders may perform hard credit inquiries, which may have an impact on your scores. Have an understanding of how long you should be paying off your loan and determine whether you can commit to that length.

3

Wait

Do not apply immediately after you learn about your loan package. Remember that a personal loan is a big financial decision that you must think through carefully. Wait at least a day or two before deciding if you should take out the loan. This will give you time to decide if there’s a better option out there for you.

4

Read the Fine Print

Aside from interest rates, there are other fees like APR, origination fees and prepayment fees that could be added to your loan. Once you have settled on a lender, it’s important to read the fine print and ask about these added charges. Comparing these costs from different lenders may also save you money in the long run. Once you know all the fees that you will be paying, you can consider how you plan to pay off your personal loan.

5

Apply

Once you are confident that a personal loan is the best solution for your financial needs, you can apply for one. Note that any lender you choose to work with will require you to provide personal information and other documents during the application process. These can include identity verification, proof of income, your address and more. Though it is much quicker to apply online, calling or visiting the lender in person can ensure you get any questions you have addressed.

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

Not everyone will qualify for a personal loan. In Iowa, personal loan applications are denied for various reasons. Either you have poor or bad credit, a high debt-to-income ratio or an income that does not meet the lender’s criteria.

If your personal loan application in Iowa has been declined, you can contact your lender and ask why. This allows you to modify your application or improve on these factors for future loan applications. Knowing which factors can be improved also increases your chance of getting approved elsewhere.

A loan purpose mismatch is another valid reason to deny an application. For example, some lenders may deny you if you plan to use the funds to finance your business. In this case, an unsecured business loan is a better choice. Others who plan to take out a personal loan to fund college or post-secondary education may look at student loans instead. There are multiple options you can explore for different funding needs.

That said, you want to avoid payday loans. These types of loans come with high interest rates and short repayment periods.

Frequently Asked Questions About Personal Loans in Iowa

The best personal loans in Iowa are determined by your needs as well as a variety of considerations. Below are some of the most frequently asked questions about personal loans in Iowa.

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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

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.