What is the best personal loan lender in Michigan?

In Michigan, LightStream is the best personal loan lender overall. But the best lender for you will vary depending on your unique situation. If you’re looking to improve your home, Best Egg is MoneyGeek’s top pick, while SoFi is ideal for those with good credit.

Which lender in Michigan has the lowest interest rate?

In Michigan, Upstart has the lowest interest rate, which starts at 3.22%. Keep in mind that rates depend on several factors, like your credit score.

Can I use a personal loan for vacations in Michigan?

Yes, you can generally use personal loans for vacations. However, some lenders have restrictions on how you can use the funds. It’s advisable to check their terms before applying.

Can I use a personal loan for home improvement in Michigan?

Yes. It’s common for people to use personal loans for home renovation, and MoneyGeek’s highest-rated company in Michigan is Best Egg.

What can I not use my personal loan for in Michigan?

It depends on the lender. Some companies have restrictions while others don’t. Restrictions can include gambling, post-secondary education expenses, investments and more. Ask your lender for a full list of restrictions, if any.

How much can I borrow in Michigan?

There are certain qualifications and requirements that you need to meet for personal loans. Consequently, it’s up to the lender to decide how much you can borrow. The amounts typically range from $1,000 to $100,000.

How long does it take to get a personal loan in Michigan?

It varies by lender. You can get funding on the same day with LightStream. On the other hand, it takes up to a week to get funds with SoFi.

Can I pay off my loan early in Michigan?

Yes, you can pay your personal loan early. That said, make sure to check with your lender if there are any early repayment fees that you should be aware of.

Top Lenders & Best Picks for You

Best Personal Loans in Michigan

The best personal loans in Michigan are from LightStream. Besides high loan limits, it features an autopay discount and same-day funding without charging origination fees, prepayment penalties or late fees.

MoneyGeek ranked the best lenders for different borrower types. SoFi is the best for those with good credit, while Upstart works best for bad credit borrowers. Upgrade and Best Egg are the top lenders for debt consolidation and home improvement loans, respectively.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Michigan
The Best Personal Loan Lender for Bad Credit in Michigan
The Best Personal Loan Lender for Good Credit in Michigan
The Best Personal Loan Lender for Debt Consolidation in Michigan
The Best Personal Loan Lender for Home Improvements in Michigan
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Michigan
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Michigan

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
Launched in 2013, LightStream is available nationwide. Unlike other lenders, LightStream doesn’t charge late fees, prepayment penalties or origination fees. Therefore, it’s an ideal option for those looking to save. The company also lends funds within the same day and has one of the lowest starting interest rates at 4.49%.
However, LightSteam isn’t available to those with a credit score lower than 660 and individuals with new or no credit. Before applying, check LightStream’s restrictions for funding usage. It doesn’t allow you to use funds for business, life insurance, investments and post-secondary educational expenses.
Pros
A+ BBB rating
0.5% auto payment discount
No origination fee
No prepayment penalty
Receive funds on the same day

Cons
Conducts hard credit inquiry
Individuals with without credit don’t qualify
No co-signers allowed
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
on LightStream Website

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
Upstart was established in 2012 and is currently available in 48 states, including Michigan. If you’re looking to get a personal loan but have poor credit, Upstart may be a good option for you.
Upstart has one of the lowest minimum credit score requirements, starting at 300. The company initially conducts a soft inquiry and doesn’t affect your credit report. But once you proceed with the application and accept their terms, Upstart will do a hard inquiry.
The maximum loan amount is $50,000, which might be low for some borrowers. Other lenders loan up to $100,000. Upstart may not also be an ideal option if you have a debt-to-income ratio that’s higher than 45%.
Pros
Receive funds the next day
Conducts soft credit inquiry first
No prepayment penalty
A+ rating from the BBB
Low credit score requirement

Cons
Has a debt-to-income limit of 45% or less
Personal loans are limited to $50,000
Charges up to an 8% origination fee
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

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
SoFi was launched in 2011, offering financial products and services. With SoFi, you can get personal loans in Michigan as well as 48 other states. SoFi is MoneyGeek’s top pick for those who have good credit.
In order to qualify for a personal loan, you need at least a $50,000 gross income and a credit score of 680. You might be able to save money with SoFi since it doesn’t have any prepayment penalties, origination fees or late fees. Borrowers can also link all their accounts to SoFi’s mobile app.
You can get your funds from SoFi within two days in most situations.
Pros
A+ BBB rating
No origination fee
Uses a soft credit inquiry
0.25% autopay discount
No prepayment penalty

Cons
No co-signers
Minimum gross income requirement of $50,000
Requires minimum credit score of 680
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

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
MoneyGeek found that Upgrade is the best company for personal loans in Michigan if you need to consolidate debt. Upgrade has originated more than $10 billion in credit and is available in all U.S. states.
An average Michigan resident with a 729 might qualify for a personal loan with Upgrade since its minimum credit score requirement is 560. While there’s no gross income minimum, Upgrade only lets you borrow up to $50,000.
Upgrade has certain restrictions when it comes to the usage of funds. Getting a loan with Upgrade might not suit you if you need it for investment or expenses for post-secondary education.
Pros
A+ BBB rating
1% auto repayment discount
Fair minimum credit score
No minimum gross income requirement
No prepayment penalty

Cons
Does not accept those with new or no credit
High potential origination fees
Maximum loan amount is $50,000
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

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
Homeowners looking to renovate their homes may find Best Egg to be the top option for personal loans in Michigan. It’s a great choice for borrowers who have a $50,000 gross income and a credit score of 700 or above. You also need to be currently employed to qualify for a loan.
Keep in mind that origination fees can reach up to 6%, and the company charges late fees. Therefore, it’s best to pay on time. Best Egg offers a discount of 0.5% if you use their automatic payment process.
Best Egg is a good option if you need funds in less than a week since you can get your funds the next day. Depending on your loan and application, you can get an interest rate as low as 5.99%.
Pros
A+ rating from the BBB
0.5% auto payment discount
No debt-to-income limits
Mobile app
No prepayment penalty

Cons
High minimum credit score
Gross income requirement of $50,000
Might charge up to 6% origination fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

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.

Wait

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.

Apply

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.

METHODOLOGY

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.

sources

Best Egg. "About Best Egg." Accessed March 7, 2022.
Upgrade. "Who We Are." Accessed March 7, 2022.
Upstart. "Overview." Accessed March 7, 2022.

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.