Best Personal Loans in Kentucky for 2024

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Updated: July 9, 2024

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MoneyGeek analyzed factors such as reputation, interest rates and loan term options to find the best personal loan lenders in Kentucky. With a MoneyGeek score of 98, First Tech is our pick for Kentucky's top lender for personal loans. It excelled in loan flexibility and consumer transparency. PenFed follows with a MoneyGeek score of 96. It offers competitive rates and impeccable customer service.

If you are a Kentucky resident with a credit score of around 705, you have a greater chance of having favorable rate and term options. Your debt-to-income ratio and income history also matter when you qualify for a personal loan.

MoneyGeek Logo IconBest PersonalLoan LendersKentucky

Best Personal Loan Lenders in Kentucky

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 Kentucky 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 Kentucky

  • 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 pick for personal loans in Kentucky, with a MoneyGeek score of 98 out of 100. The annual percentage rate (APR) range of 8.94% to 18.00% stands out as very competitive. The lender offers an extensive variety of loan terms up to 84 months, allowing flexibility for borrowers. Excellence in providing transparent information to consumers and competitive rates without unreasonable fees sets First Tech apart from its competitors. Repayment terms are also more favorable than other options analyzed by MoneyGeek.


    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Doesn't charge an application or loan origination fee


    • Little published information about credit score requirements
    • Need to be a member to apply
    • Could provide more detail on the loan application process
    First Tech

    Runner-Up for Best Personal Loan Lender in Kentucky

  • PenFed

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

    With a MoneyGeek Score of 96 out of 100, PenFed is the second-best choice for personal loans in Kentucky. This financial institution's APR range of 7.99% to 17.99% is notably competitive, with a lower end that betters the average rates observed. PenFed's repayment terms extend to 60 months, providing borrowers with flexibility. Exceptional customer service and a transparent lending process are PenFed's standout areas, indicating a commitment to customer satisfaction and clarity for borrowers.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • Could provide more detail on the loan application process
    • $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

Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.

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Updated: Jul 18, 2024

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    Best Personal Loan Lender in Kentucy 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

    MoneyGeek's pick for the best personal loan lender for Kentuckians with low credit is Happy Money, scoring 94 out of 100. Although not a traditional lender, Happy Money partners with multiple federally insured financial institutions to offer loans. Distinguished by customer service and an informative approach, its loans feature APRs ranging from 11.72% to 17.99% — a competitive market rate. Requiring a minimum credit score of 640, Happy Money's standout transparency and streamlined application process affirm its top recommendation.


    • Works with 10 federally insured lenders to originate installment loans
    • Clearly outlines the credit score needed for loan eligibility
    • No cost to apply for a loan


    • 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 Kentucky 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

    Truist is MoneyGeek's pick for the best provider of personal loans for debt consolidation in Kentucky. It offers a competitive APR range from 8.74% to 17.39%, advantageous against the backdrop of average rates considered. Truist's MoneyGeek score is 96 out of 100. Focusing on the application process and fees, Truist enables customers to efficiently secure loans with some of the top rates and practical fees. It also stands out for its loan versatility, offering various repayment options without extensive restrictions. Truist did not disclose its minimum credit score requirement, though.

    Truist could suit borrowers seeking same-day funds, as they offer quick disbursement pending approval.


    • FDIC insured
    • No origination fees


    • 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 Kentucky

Lenders will assess your credit profile, income and debt-to-income ratio to determine your creditworthiness and eligibility for the loan. Enhancing your credit score before applying may be advantageous, as a higher credit score can significantly improve your loan terms.

Refer to the table below to see how different credit scores can 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 differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in California

Personal loans offer lower interest rates than credit cards, the convenience of consolidating multiple debts into a single payment and provide quick access to funds for various personal needs. However, it is important to consider that personal loans are not without risks, such as potential origination fees or the jeopardy of assets in a secured personal loan.

Thorough research is essential for a comprehensive understanding of personal loan benefits and drawbacks.


  • Lower interest rates than many credit cards
  • Consolidation of multiple debts into a single payment
  • Rapid approval and fund disbursement
  • Option to use a co-signer for better loan conditions
  • Higher overall cost due to origination fees
  • Penalties imposed for early loan repayment
  • Risk of losing collateral with secured loans
  • Encouragement of excess debt through easy approval

FAQ About Personal Loans in Kentucky

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