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

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.

Pros

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

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.

Pros

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

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.

Pros

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

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.

Pros

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

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.

Pros

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