Best Personal Loans in Lexington, KY: Top Lenders & Best Picks for You

MoneyGeek analyzed several lenders offering personal loans in Lexington and found Truist as the best option. The company was founded in 2019 with the merger of SunTrust and Branch Banking and Trust. Besides personal loans, the lender offers credit cards, checking and savings accounts, mortgages and other financial products.

With Truist, borrowers can get personal loans between $3,500 and $50,000. You can use the funds to finance weddings, vacations, home renovation, debt consolidation and many other needs. The lender doesn’t charge an origination fee for its primary personal loans. Truist provides quick funding, making it stand out from other lenders.

The lender also offers a Ready Now loan, which helps you cover emergency expenses like car repairs, high utility bills or appliance repairs. However, the maximum loan amount for a Ready Now loan is $1,000, and you will have to pay a $5 origination fee for every $100 borrowed.

Pros

• No minimum credit score requirement
• No origination fees
• Offers fast approvals
• No prepayment penalty

MoneyGeek picked Upstart as the best lender for borrowers with bad credit for its low minimum credit score requirement of 300. The lender offers small business loans, auto loan refinancing, debt consolidation loans and personal loans for various purposes.

Besides credit score, Upstart considers your employment history, educational background and income when approving a loan, making it easier for borrowers with a bad credit history to qualify. When you check your rate on the lender’s website, it first performs a soft credit inquiry that doesn’t hurt your credit score. Once Upstart approves your loan, you can receive the funds as soon as the next business day.

However, the lender won’t be the perfect option if you need a loan for significant expenses, as its maximum loan amount is $50,000.

Pros

• Conducts soft credit inquiry first
• Low minimum credit score requirement
• No prepayment fees
• Flexible loan amounts

SoFi, also known as Social Finance, is the ideal option for borrowers with a good credit history. The lender was founded in 2011 by Stanford business school students and started offering personal loans in 2015. It also offers student loan refinancing, mortgages, auto loan refinancing and other financial products.

SoFi doesn’t charge prepayment, late payment or origination fees on its loans. It provides unemployment protection, so if you lose your job, SoFi will modify your loan payment and help with job placement.

Although you might get funding fast, loan approvals and funds disbursement can sometimes take up to a week. Funding can take even longer if you have a co-applicant.

Pros

• Doesn’t charge prepayment, origination or late payment fees
• Provides unemployment protection
• Offers an autopay discount
• Maximum loan amount of $100,000

Based on MoneyGeek’s analysis of lenders that offer debt consolidation loans, Upgrade is the best option for borrowers looking to consolidate high-interest debt. The lender was founded in 2017, and in addition to personal loans, it offers credit cards and rewards checking accounts to its customers.

In the case of debt consolidation, Upgrade disburses the funds directly to your creditors. However, funds may take up to two weeks to clear. When you apply for a loan, the lender first conducts a soft credit inquiry that doesn’t affect your credit score. Although Upgrade doesn’t allow co-signers, it permits joint loans. It also has a mobile app that you can use to manage your loan.

However, the lender charges origination fees and has a high APR. If you have a high credit score, applying with a different lender may be a better option, as you may qualify for a lower interest rate.

Pros

• Doesn’t charge a prepayment penalty
• Conducts soft credit check first
• Provides joint loans
• Offers an autopay discount
• Direct payment to creditors available

MoneyGeek found Best Egg the ideal option for borrowers looking for personal loans in Lexington to fund home improvements. The lender allows the use of funds to pay for various home-related expenses, including garage door replacement, window replacements, kitchen remodeling and more.

With Best Egg, borrowers can get a loan ranging from $2,000 to $50,000 to finance their home renovation. The lender doesn’t charge a penalty if you repay your loan early. It also offers an autopay discount that can lower your rate.

However, Best Egg charges a high maximum APR and has various fees. It’s best to avoid getting a loan with this lender if you have a bad credit score and do not want to pay late payment or origination fees.

Pros

• A+ BBB rating
• Provides an autopay discount
• No prepayment penalty
• Performs soft credit check first
• Minimum loan amount of $2,000