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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Lexington, KY

MoneyGeek analyzed the APR ranges, loan amount, credit score requirements, fund disbursement time, repayment terms and various important factors of different lenders to help you find the one offering the best personal loans in Lexington.

Based on our analysis, Truist is overall the best personal loan lender in the city. We found SoFi and Upstart to be ideal options for borrowers with good and bad credit histories, respectively. If you want a loan for debt consolidation or home improvement, Upgrade and Best Egg are the most suitable options, in that order.

Best Overall Personal Loan Lender in Lexington: 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

    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

    Cons

    • Performs hard credit check
    • No direct payment to creditors for debt consolidation
    • Restricts how funds can be used
    • Doesn’t allow co-signers
    Truist

Best Personal Loan Lender for Bad Credit in Lexington: 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

    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

    Cons

    • Offers limited loan repayment terms
    • Charges origination fees
    • Doesn’t allow co-signers
    • Charges late payment fees
    • No autopay discount
    Upstart

Best Personal Loan Lender for Good Credit in Lexington: 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, 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

    Cons

    • High minimum loan amount
    • Doesn’t allow co-signers
    SoFi

Best Personal Loan Lender for Debt Consolidation in Lexington: 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

    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

    Cons

    • Charges origination fees
    • Doesn’t allow co-signers
    • Charges late payment fees
    • High credit score requirement
    Upgrade

Best Personal Loan Lender for Home Improvement in Lexington: 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

    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

    Cons

    • Charges origination fees
    • High minimum credit score requirement
    • High maximum APR
    • Charges late payment fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Lexington for You

Although getting a personal loan can help you cover various expenses like home renovation, a vacation, medical costs and relocation, consider your current income, previous debts, credit score and overall financial needs before applying. In Kentucky, the average personal loan debt is $18,887.

MoneyGeek recommends taking the following steps to choose the best lender when applying for a loan.

1
Ask Yourself the Important Questions

Before looking for the right lender, evaluate your financial situation and needs to determine which lender will suit you best. Since every lender has different requirements for loan approval, you must assess factors like your credit score and previous debts to understand whether you’ll qualify for a loan.

You can start by asking yourself the following important questions:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2
Do Your Research

Once you understand your situation and funding requirements, you can start researching lenders. This step is essential because a loan is a long-term commitment. Also, avoid getting a quote from every lender, which can hurt your credit score. Although you can read MoneyGeek’s guide on personal loans, you should still do your research, as our recommendations might not suit you based on your situation.

3
Wait

After you select a lender, wait a few days before applying. Take time to consider your choice and whether getting a loan is essential based on your situation. Since a loan is a significant commitment, make sure there are no better options for meeting your financial needs.

4
Read the Fine Print

If you’re sure getting a loan is the best option based on your situation, read the loan agreement carefully. MoneyGeek recommends going through the fine print and identifying any origination, late payment and prepayment fees the lender charges.

5
Apply

After going through the fine print, you’ll be ready to apply for a loan. At this stage, the lender might ask you for identification documents, address and income details. Most lenders allow you to apply online, by phone or in person.

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

Lenders reject personal loan applications for various reasons, including low credit score, high debt-to-income ratio, unstable employment, incomplete application and more. If the lender denies your loan application, ask why. You may be able to lower your loan amount or payment terms.

You can also apply with a different lender, but first, improve any issue that caused the original rejection. For instance, if the lender rejected your loan application due to a low credit score, you can get a credit-building credit card to improve your credit history. If the rejection was due to low income, you could apply again with lenders that accept low-income individuals.

MoneyGeek also recommends against getting a payday loan, as these loans have high interest rates and can cause you to accumulate more debt.

Frequently Asked Questions About Personal Loans in Lexington

The best personal loan lender in Lexington will depend on your financial situation and other factors. MoneyGeek answered the following frequently asked questions to help you choose the ideal lender based on your needs.

What is the best personal loan lender in Lexington?
Which lender in Lexington has the lowest interest rate?
Can I use a personal loan for vacations in Lexington?
Can I use a personal loan for home improvement in Lexington?
What can I not use my personal loan for in Lexington?
How much can I borrow in Lexington?
How long does it take to get a personal loan in Lexington?
Can I pay off my loan early in Lexington?

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek analyzed the personal loan products of more than 30 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, we make our picks with your best interests 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
Shield Insurance

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.

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