Top Lenders & Best Picks for You

Best Personal Loans in Louisville, KY

fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

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

MoneyGeek analyzed over 30 data points to select the best personal loans for customers with varying demands and financial backgrounds. SoFi, for instance, is best for borrowers with good credit. Those with bad credit may find the best bargain with Upstart.

Lenders offer different pros and cons, so it’s important to find one that meets your needs. One of SoFi’s benefits, for example, is its unemployment protection, which helps borrowers if they lose their job. MoneyGeek has laid out the advantages and disadvantages of our recommended personal loan lenders in Louisville.

Best Overall Personal Loan Lender in Louisville: 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

    Overall, the best lender for a personal loan in Louisville is Truist. Borrowers can take out loans from $3,500 to $50,000. Funds are released the day after loan application approval. Borrowers can choose to pay off their loan within six to 60 months.

    On the other hand, Truist may not be a good choice for borrowers looking for low APRs. This lender’s minimum APR is 8.14%, although its maximum APR of 18.99% is lower than most competitors.

    Truist has also encountered problems with customer service since the merger with BB&T and SunTrust. Existing customers have experienced some problems with their accounts.

    Pros

    • No minimum credit score required
    • Get a decision for your application within 15 minutes
    • No origination fees
    • Funds can be released the next day of loan application approval
    • Fixed rates

    Cons

    • Requires good to excellent credit
    • Performs hard credit checks
    • $50,00 loan limit
    • Problems with customer service
    Truist

Best Personal Loan Lender for Bad Credit in Louisville: 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

    To qualify for an Upstart personal loan, you need a credit score of at least 300. Borrowers can access loans from $1,000 to $50,000. The APR can range from 3.22% to 35.99%. This lender releases funds a day after your application is approved. Repayment terms can be from 36 to 60 months, but you can pay your loan early without penalties.

    Upstart’s online application process is fast, allowing you to check rates in minutes. Upstart can also approve your application on the same day. However, the loan is still subject to a final approval that requires a hard credit inquiry. Upstart does not offer a mobile app to manage your account.

    Pros

    • Low minimum APR
    • Minimum credit score requirement is only 300
    • Receive funds by the next business day
    • No prepayment penalty
    • Allows adjustment of payment dates

    Cons

    • High maximum APR compared to other lenders
    • Performs hard credit inquiry that affects your credit score
    • Charges origination fees
    • No mobile app
    Upstart

Best Personal Loan Lender for Good Credit in Louisville: 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

    MoneyGeek recommends SoFi as the best personal loan lender for borrowers with good credit. To qualify for a personal loan, you need a credit score of at least 680.

    Borrowers can take out loans from $5,000 to $100,000. SoFi may release the funds two days after the loan is approved. The loan can be repaid over 12 to 60 months, with APRs ranging from 5.74% to 20.28%.

    SoFi is also suitable for borrowers who are looking to avoid additional fees. This lender does not charge origination fees, prepayment penalties or late fees.

    Pros

    • Wide loan amount range
    • No origination fees
    • No prepayment penalty
    • Offers unemployment protection
    • Borrowers can track their account through the mobile app

    Cons

    • Conducts hard inquiry that can affect your credit score
    • Potentially high APR
    • Requires high credit score
    SoFi

Best Personal Lender for Debt Consolidation in Louisville: 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 offers the best personal loan in Louisville for those wishing to consolidate debt. It’s also best for those who want to borrow a small amount since the minimum is $1,000, while the maximum loan amount is $50,000. The repayment terms range from 36 to 60 months, and the lender offers same-day release of funds.

    A personal loan streamlines the process of paying off debts because you’ll only have one monthly payment with lower interest rates. However, you should note that based on your credit score, the APR ranges from 5.94% to 35.47%. In addition, Upgrade requires a minimum credit score of 560 to qualify for a personal loan.

    Upgrade may not be the best option for those who want to avoid loan fees. The lender charges a $10 late fee if your payment arrives 15 days after its due date. Upgrade also charges an origination fee.

    Pros

    • Low minimum credit score required
    • No prepayment fees
    • Same-day funding
    • Allows adjustment of payment dates

    Cons

    • Charges late fees
    • Has an origination fee
    • High maximum APR compared to other lenders
    Upgrade

Best Personal Lender for Home Improvement in Louisville: 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

    Best Egg is our top recommendation for personal loans for home improvement in Louisville. Borrowers can obtain a loan for their properties ranging from $2,000 to $50,000. The APR can be as low as 4.99%, though the maximum APR, at 35.99%, can be high.

    The lender releases most funds on the day of approval, although some funds take between one and three business days. Borrowers can pay their loans over 36 to 60 months, and there’s no early payment penalty.

    Best Egg may not be the best option for borrowers with low credit scores. The credit score required to qualify for a Best Egg loan is at least 700.

    Pros

    • Low minimum APR
    • Receive funds the day after loan approval
    • No prepayment penalty
    • Does not require collateral

    Cons

    • Minimum credit score requirement is 700
    • The maximum APR can be high
    • Charges origination fees
    • No mobile app
    Best Egg

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

The average personal loan debt in Kentucky is $18,887. So, you’re not alone in thinking about a personal loan or looking for one. As you embark on this process, factors like your credit score, current debts, payment history and income matter. Whether you’re using the personal loan for a wedding, vacation, debt consolidation, home improvement or other uses, ensure you’re making the right decision.

1
Ask Yourself the Important Questions

Take a moment to understand your needs and preferences. Ask yourself the following important questions to determine whether you’re ready to take out a loan.

  1. How much do I need to borrow?
  2. What is my credit score?
  3. How much can I afford monthly?
  4. How much debt do I already have?
2
Do Your Research

Taking out a loan is a commitment that requires research. When you’re finally approved for a loan and the funds are released, you’ll have monthly payments for several months or years.

Explore your options and find the best loan for your needs. For instance, the personal loan APR in Kentucky averages 10.38%. By comparing different lenders, you can find lower APRs, allowing you to save money. While MoneyGeek collects information to guide you through the process of getting a personal loan, everyone’s circumstances are unique and may require additional research.

3
Wait

Waiting a day or two before finalizing your decision gives you time to weigh the pros and cons. Take a moment to make sure you want to take out the loan from a specific lender. Having a loan is a huge commitment, so you don’t want to have doubts when you’re accepting an offer or submitting an application.

4
Read the Fine Print

When you’re sure which lender to choose, examine the loan agreement’s fine print. This prevents overlooking certain information that can affect your monthly payment and may result in significant savings over time.

While going through the agreement, look for fees such as prepayment penalties, early payoff penalties and origination fees. These will give you an idea of how much more you need to pay in certain circumstances, like late or early payments.

5
Apply

The last part of the decision-making process is the application. During the application process, lenders may require documents to prove your identity, credit history and other information. This is where your research comes in handy and will help you be prepared for the lender’s requirements.

Some lenders allow you to start the application process online via their website or a mobile app. However, some lenders don't offer these services and only let you apply over the phone or in their office.

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

Lenders decline applications for various reasons, such as low credit score, insufficient income and inaccurate information on the application. If your lender denies your application, you can take several actions.

First, contact your lender and ask for the specific reason for your application's denial. Lenders may allow you to modify your application in ways that assure them you can meet your monthly obligations. For example, borrowers can extend the repayment term as a way to decrease monthly payment amounts.

You can also apply to another lender, which may be counterproductive if you haven’t fixed the problem(s) that caused your current lender to deny you.

Payday loans may seem attractive, but we do not recommend them. These loans can sink you deeper into debt because their interest rates are so high that borrowers often struggle to make payments.

Frequently Asked Questions About Personal Loans in Louisville

The best personal loan in Louisville depends on your needs and financial situation. Before taking out a loan, it’s important to check your credit score, income, the amount you need to borrow and the services you want from your lender. The following are frequently asked questions about personal loans in Louisville:

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

Our Personal Loan Methodology

Over 30 personal loan providers were evaluated based on 35+ individual data points in six important categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We examined specific factors in each category that we believe have the most influence on a borrower's decision as they look for a personal loan provider. Among these parameters are APR ranges, available loan amounts, minimum credit score, minimum income amount, application charges and disbursement time.

MoneyGeek values you, the consumer. Because of this, we take into account each lender's customer service, business ratings and other elements. As you follow our recommendations, we want you to have a smoother and more accessible experience. Therefore, we prefer to recommend lenders who offer prequalification, payment options and mobile apps.

Our selections are made after thorough consideration and calculation while putting great weight on your best interests. Our personal loan recommendations and expert advice are intended to assist you in making the best decision when selecting a lender that suits your needs. Therefore, MoneyGeek is committed to showing you the best personal loans and giving you expert advice to guide you in decision-making.

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use