Best Personal Loans in Grand Rapids, MI: Top Lenders & Best Picks for You

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Edited byAliha Strange
Edited byAliha Strange

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Grand Rapids, MI

MoneyGeek examined 30+ data points across multiple lenders to establish the top companies offering personal loans in Grand Rapids. Data points such as credit score requirements, disbursement period, fees, BBB ratings and APR ranges played a vital role in determining a lender’s ranking.

Our top pick in the city is LightStream. SoFi is the best for residents with a good credit score, and Upstart is for those with bad credit. Upgrade is the best for borrowers seeking to consolidate debt, and Best Egg had the highest rating for home improvement.

Best Overall Personal Loan Lender in Grand Rapids: 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

    Established in 2013, LightStream offers personal loans online and is from Truist Bank. LightStream offers borrowers who meet the 660 minimum credit score requirement from $5,000 to $100,000 as personal loans. Depending on the loan type, the lender has flexible repayment duration and can offer funds within the same day of approval.

    LightStream has no prepayment or origination fees. Additionally, borrowers who activate autopay receive a 0.5% discount. After receiving funds, customers can manage their accounts and payments through the company app or website.

    Some of the drawbacks of this lender include a hard credit check that may affect borrowers' credit scores and the fact that it does not pay creditors directly. Individuals with bad credit may also need to consider other lenders.


    • No origination fee
    • No prepayment penalty
    • Joint loans available
    • Autopay discount


    • Good credit score required
    • No direct payment to third parties for debt consolidation
    • Conducts hard credit check
    • Borrowers with new credit are not eligible

Best Personal Loan Lender for Bad Credit in Grand Rapids: 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 is the top personal loan lender in Grand Rapids if you have a poor credit rating. The lending platform was founded in 2012. It offers between $1,000 and $50,000. One advantage of Upstart is that it does not restrict how borrowers use their personal loans. Another advantage is its minimum credit score requirement of 300, which is the lowest among top lenders in the city.

    Upstart performs a soft credit check before a hard inquiry. The earliest you can receive funds is the next day after application, and the repayment period is limited to 36 or 60 months. The application process is 100% automated, so borrowers do not need to visit Upstart’s office to submit their applications.

    The lender charges no prepayment fees. However, customers are subject to origination fees and late fees if they delay making their payments.


    • Low credit score requirement
    • Initial soft credit inquiry
    • No prepayment fees
    • No restrictions on loan purpose


    • Co-signers are not allowed
    • No discount on automatic payments
    • Origination and late fees
    • Maximum amount of $50,000

Best Personal Loan Lender for Good Credit in Grand Rapids: 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

    Social Finance, or SoFi, is the best provider of personal loans to residents of Grand Rapids with good credit scores. The lender debuted in 2011 and features a minimum credit score requirement of 680.

    Initially established to offer student loans, SoFi has now diversified to an array of financial products in addition to personal loans. The loans have a maximum limit of $100,000. Customers pay no prepayment, origination or late fees.

    Borrowers who lose their income may leverage the unemployment protection feature to postpone their payments for up to one year. There is also a 0.25% autopay discount on personal loans from the lender.

    Note that SoFi has some restrictions on how you can use the loan.


    • Funding of up to $100,000
    • Soft credit inquiry
    • No prepayment, late or origination fees
    • Offers unemployment protection
    • Autopay discount


    • It does not allow co-signing
    • Minimum credit score requirement of 680
    • High APR
    • Restricted funds usage

Best Personal Loan Lender for Debt Consolidation in Grand Rapids: 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’s pick for the top personal loan lender in Grand Rapids for debt consolidation is Upgrade. Since 2017, the lender has offered eligible customers personal loans and other financial products. The minimum credit score required by Grand Rapids residents is 560.

    Upgrade personal loans have $50,000 as the highest limit. The funds get disbursed immediately after the application.

    Upgrade charges no prepayment penalty but may charge origination and late fees. The lender pays third parties directly but does not allow you to use the loan to fund postsecondary education, gambling, investments and illegal activities.

    Upgrade's customers may pay high interest depending on their profile. Borrowers may check their eligibility for a loan online without affecting their credit score.


    • Quick disbursement of funds
    • No prepayment fees
    • Makes direct payments to creditors
    • Has an autopay discount
    • Performs a soft credit inquiry


    • Late fees
    • Origination fees
    • Restricts funds usage

Best Personal Loan Lender for Home Improvement in Grand Rapids: 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

    Based on MoneyGeek’s research, Best Egg is the best personal loan lender in Grand Rapids if you have a home improvement project. The lender has been offering loan products since 2014. To qualify for a personal loan from Best Egg, you need a credit score of at least 700.

    Best Egg offers Grand Rapids residents between $2,000 and $50,000 to be repaid in 36 to 60 months. While there is no fee on prepayments, the lender may charge a late fee.

    After your application gets approved, you will receive funds the next day. Best Egg’s loans do not have a feature for joint applications.

    Best Egg is excellent if you meet the FICO score requirement and need a loan of $50,000.


    • No prepayment penalty
    • Conducts a soft credit check
    • Autopay discount
    • Direct payment to third parties


    • Minimum credit score of 700
    • High APR
    • Does not allow joint applications
    • Minimum individual annual income of $100,000
    Best Egg

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

The average personal loan debt in Michigan is $14,756. You can use a personal loan to settle costs associated with emergencies, such as funeral and medical bills, or to consolidate debt or fund home improvement projects. Before applying for a personal loan in Grand Rapids, you must ensure your credit score and income level meet the lender’s requirements.

Here are some vital steps you should follow while shopping around for the best offer within the city.

Ask Yourself the Important Questions

Before applying for a personal loan, consider whether this is the best decision and how it will contribute to your financial goals. Compare a personal loan option against other funding alternatives and determine which one suits you. While shopping around, you can ask yourself the following questions to help you find the best funding for your situation:

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

Your loan terms will depend on your profile and how best you meet the lender’s requirements. Detailed research can help you find an ideal offer for your needs, including some not included in this study.

While MoneyGeek reviewed data points from multiple lenders in Grand Rapids to ensure each borrower gets a suitable offer for their profile, personal research gives you a wide array of options to consider. You may also come across notable features of our top recommendations that we may have left out.


On average, a personal loan commits you to monthly payments of two to four years. After choosing your preferred lender, take some time to review their offer in detail alongside your existing financial obligations. Thinking through the lender’s terms can help identify aspects that need clarification and those that are likely to pose a risk to your economic well-being. You may also consider other funding alternatives if available.

Read the Fine Print

Checking the terms of your personal loan in detail can help you avoid unnecessary fees that add up to the total cost of your loan. Check for prepayment penalties, origination fees, late fees and hidden charges. Remember, not considering these costs means you will pay more for your loan than your initial estimates. If any information is missing from the fine print, consult your lender before submitting your application.


Once you go through the loan details and feel satisfied with the terms, you can submit your application. Most lenders allow you to complete the process online, but you may also apply in person at one of their branches. You will need personal identification documents and proof of income.

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

Lenders can deny you a personal loan for several reasons, including an incomplete application, not meeting the income or credit score requirements or having too much existing debt.

However, a denial does not mean you cannot apply for the same loan again. Consider contacting your lender to find out what happened with your application. If the issue is a missing document or incomplete details on your form, you can make the necessary adjustments and reapply. You may need, for instance, to lower the repayment duration or loan amount.

If you fail to meet the credit score threshold, consider improving your score before applying for a loan from the same or different lender.

After your loan gets denied, you may consider short-term loans, like payday loans. While these offer quick funding, they always have incredibly high-interest rates and feature a shorter repayment period.

Frequently Asked Questions About Personal Loans in Grand Rapids

The best personal loan lender depends on your profile. MoneyGeek answered some commonly asked questions about personal loans in Grand Rapids to help you identify the ideal lender.

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

Our Personal Loan Methodology

MoneyGeek used information from 35+ individual data points obtained from over 30 personal loan lenders to identify top companies in Grand Rapids. We combined these data points into six key categories, including lender transparency, loan affordability, customer service, consumer friendliness, flexibility and accessibility.

Each category had a set of data points with more influence on the lender’s scores. Some of them include credit score and income requirements, disbursement times, loan amount and APR ranges.

The consumer friendliness category comprised points that help evaluate each lender based on customer experience scores. The category considered factors like customer support, prequalification, mobile apps and payment options.

MoneyGeek’s top picks are carefully selected in favor of customer interests. Aside from recommendations, we also provide expert tips to help borrowers make informed decisions while shopping around for the best lender.

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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.