MoneyGeek’s Pick on Best Personal Loan Lender in Michigan: LightStream

To help you find the best personal loan in Michigan, MoneyGeek analyzed more than 30 factors when assessing lenders. We looked at criteria such as maximum loan amounts, origination fees, age requirements, gross minimum income and more.

MoneyGeek also highlighted the best lenders depending on your profile. Whether you have good or bad credit, want to consolidate debt or fund home improvements or are just looking for the best overall lender, options are available to meet your specific needs.

Best Overall Personal Loan Lender in Michigan: 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


Best Personal Loan Lender for Bad Credit in Michigan: 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


Best Personal Loan Lender for Good Credit in Michigan: 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


Best Personal Loan Lender for Debt Consolidation in Michigan: 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


Best Personal Loan Lender for Home Improvement in Michigan: 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

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

In Michigan, the average personal loan debt is $14,756. Personal loans are used for various expenses like emergencies or large medical bills. When applying for a personal loan in Michigan, lenders will look at your income, creditworthiness, employment history, age and more.

To help you get started with your loan application process, MoneyGeek listed steps to follow below.


Ask Yourself the Important Questions

To make a sound financial decision, consider what your needs are when looking for a personal loan. Asking yourself the questions below will help with your decision-making and thus find a lender that is suitable for you.

  • How much funding do you need? - Apply only for what you need, and determine how much you need in advance so you know which lenders can meet your funding requirements.
  • What is your credit score? - Lenders have minimum credit requirements you must meet, so make sure your score meets that criteria before applying.
  • Can you afford the monthly payment? - If you can’t afford your monthly payment, consider other ways to get the funds you need so that you don’t go into deeper debt.
  • How much debt do you already have? - Make sure that you aren’t going to increase your debt-to-income ratio above what is considered acceptable by lenders.

Do Your Research

Shopping around and comparing lenders, their quotes and terms will be beneficial long-term. Keep in mind that payment terms are usually two to four years, so be sure you can follow through with the financial responsibility a personal loan entails.

MoneyGeek compiled important details you should know about each lender so you can find the best personal loan in Michigan for you. Compare a lender’s advantages, disadvantages and qualifications. Some may have a gross minimum income requirement or a maximum loan amount that doesn’t fit what you’re looking for.



Once you’ve gathered a list of lenders to consider, take a step back for a day or two. You’ll be able to make a more objective choice when you take your time. Again, you’ll have to deal with a personal loan for years. It’s best to be confident in your decision and make sure there’s no other way you can meet your funding needs.


Read the Fine Print

A mistake that some borrowers make is not reading the fine print. Personal loans have specific conditions that vary by lender. You’ll encounter different rates or sets of requirements with each company. Check if they have early payoff fees, origination fees, employment requirements and other key fees that can impact your overall costs. Reading the fine print can help you save money in the long run.



After completing each of these steps, finalize your preferred lender and check its application requirements. Then, you can start the application process. Lenders usually require documents for address verification, identification and proof of income. You can apply either online, via phone or by visiting their office. Find out which option is available and choose the most convenient one for you.

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

It can be discouraging to get your personal loan application denied. However, it shouldn’t stop you from getting a personal loan. You may not have been approved because of your credit score, income or another factor.

If you want to reapply, try contacting your lender and ask why your application was denied. It’s possible to negotiate the terms and modify your application. For example, you can shorten the loan term or decrease the amount of the loan.

You can try applying with another personal loan lender if this still doesn’t work. However, you should only apply when you’re able to improve the factor that caused your first loan application to be denied.

It’s tempting to consider payday loans since you can get them immediately. However, you need to be cautious with payday loans. More often than not, payday loans have extremely high interest rates and short repayment periods.

Frequently Asked Questions About Personal Loans in Michigan

MoneyGeek answers commonly asked questions about personal loans in Michigan to help with your decision-making. The best personal loan in Michigan varies based on your needs, income factors and more.

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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.


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.