Best Personal Loans in Jackson, MS: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Jackson, MS

MoneyGeek found the best personal loans in Jackson by analyzing more than 30 data points, including affordability, accessibility, consumer friendliness, customer service, flexibility and transparency. Overall, the best personal loan in this city is from LightStream.

We also examined lenders using various customer profiles and goals. We discovered that the best loan for consumers with good credit is SoFi, and the best for those with poor credit is Upstart. Upgrade offers the best debt consolidation loan, and the best home improvement loan is from Best Egg.

Best Overall Personal Loan Lender in Jackson: 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

    MoneyGeek found that LightStream offers the overall best personal loan in Jackson. LightStream is an excellent option for borrowers searching for large loans, as they can borrow from $5,000 to $100,000 with possible repayment periods of 24 to 84 months.

    LightStream may also be a good option for borrowers who want low rates and no fees. This lender’s rates are relatively lower than its competitors. It also offers an autopay discount of 0.50%. Additionally, LightStream does not have origination fees, late fees or prepayment penalties.

    If you’re planning to get a debt consolidation loan from this lender, the funds will go to your personal bank account. LightStream cannot send funds directly to your creditors.

    Pros

    • Few fees
    • Loans up to $100,000
    • Multiple repayment term options
    • Autopay discount
    • Quick release of funds

    Cons

    • Requires good credit
    • High minimum loan of $5,000
    • High maximum APR
    LightStream

Best Personal Loan Lender for Bad Credit in Jackson: 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 MoneyGeek’s best pick for borrowers in Jackson with poor credit. This company was founded in 2012 and is one of the first lenders to use AI technology in the industry. As a result, Upstart can accept more loan applications while lowering the risk of default.

    To be eligible for a loan, borrowers need to have a credit score of 300. However, Upstart can still accept applications from borrowers who don’t meet this requirement. Its APRs mean that those with poor credit may get higher rates.

    Upstart can provide loans from $1,000 to $50,000. Borrowers can receive their funds on the business day after their loan approval. They can repay their loans in 36 or 60 months. Upstart may allow you to adjust your monthly payment dates or make bi-monthly payments if you're having trouble meeting your monthly deadlines.

    Pros

    • Low minimum credit score requirement
    • Funds released on the next business day
    • Payment flexibility
    • Borrowers can set bi-monthly payments
    • No prepayment penalties

    Cons

    • Charges a one-time origination fee
    • Has late fees
    • Co-signers are not allowed
    • Only two repayment term options
    Upstart

Best Personal Loan Lender for Good Credit in Jackson: 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

    Borrowers with good credit may find the best personal loan from SoFi, a lender established in 2011. SoFi personal loans have no fees, so you avoid prepayment penalties, closing costs, origination fees and late fees. You need a credit score of 700 and above to get these loans.

    SoFi offers $5,000 to $100,000 in personal loans, making it a good option if you need a large amount. You can get your funds after a few days of your loan approval, and repayment terms range from 12 to 60 months.

    SoFi’s unemployment protection can help borrowers repay their loans if they lose their job during the repayment period. It can grant borrowers a forbearance period of up to 12 months throughout the life of their loan.

    Pros

    • Offers unemployment protection
    • Can accommodate larger loans
    • Gives autopay discount
    • No fees

    Cons

    • Funds need to be sent to your personal account
    • High minimum loan amount offered
    • No co-signers allowed
    SoFi

Best Personal Loan Lender for Debt Consolidation in Jackson: 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, a lender established in 2017, is MoneyGeek’s top pick for debt consolidation loans in Jackson. The lender can send funds from your Upgrade personal loan directly to your creditors. However, these can take up to two weeks to clear.

    Upgrade allows you to consolidate debt from $1,000 to $50,000, but you need a credit score of 560 to be eligible for a loan. Your rate can be high if you have poor credit.

    Repayment times range from 36 to 60 months, and Upgrade allows you to adjust your monthly payment deadlines. The lender also offers a 15-day late payment grace period, after which it charges a late fee of up to $10.

    Pros

    • Sends funds to creditors
    • No prepayment penalties
    • Payment flexibility
    • 15-day grace period
    • Allows joint applications

    Cons

    • Origination fees
    • Late fees
    • Possibly high rates
    Upgrade

Best Personal Loan Lender for Home Improvement in Jackson: 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, a lender founded in 2014, is MoneyGeek's top recommendation for home improvement loans in Jackson. Personal loans from Best Egg can range from $2,000 to $50,000 and have repayment terms of 36 to 60 months.

    The minimum credit score requirement for a Best Egg loan is 700. However, your credit score is one of many factors the lender considers when determining your creditworthiness.

    Nevertheless, you may pay higher rates if your credit profile isn't excellent. Best Egg loans' APRs can be higher than those other lenders offer.

    Pros

    • Payment flexibility
    • No prepayment penalties
    • Creditworthiness not solely determined by credit score
    • Fast release of funds

    Cons

    • Origination fee
    • High minimum credit score requirement
    • No joint loans
    Best Egg

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

When applying for a personal loan, you need to consider factors such as your loan amount, credit score, existing debts and interest rates.

The average personal loan debt in Mississippi is $17,692, but your loan amount may vary. Certain loan uses, like home improvement and debt consolidation, may dictate the size of your loan. MoneyGeek compiled a few steps to help you apply for a personal loan in Jackson.

1
Ask Yourself the Important Questions

A loan is a significant financial decision, and you need to understand your needs and preferences before applying. Ask yourself the following questions:

  • How much funding do I need? Loan amounts vary depending on the lender.
  • What is my credit score? Your credit score influences your loan amount, terms and rates.
  • Can I afford the monthly payment? Because personal loans are paid in monthly installments, you'll need to ensure your income and budget can accommodate a loan.
  • How much debt do I already have? Your existing debts may affect your ability to secure a loan.
2
Do Your Research

You’ll need to research each lender’s unique features to compare them and choose one that best fits your needs. Getting a loan is a long-term commitment where you pay monthly installments for at least two years.

MoneyGeek’s goal is to guide you through the process of getting a loan. Although our recommendations result from careful consideration, they may not be the best fit for you. Therefore, doing your research can help you find the best loan for your needs.

3
Wait

Taking time to pause can help you make the right decision. Consider waiting for a day or two before applying for a loan. Utilize the time to review the information you’ve gathered. This will help you spot some details you might have missed. Remember, a personal loan is a significant commitment, and you must be completely sure about your decision.

4
Read the Fine Print

The fine print details your fees, rates and any other costs associated with your loan. These can include origination fees, prepayment penalties, early payoff and late fees.

Knowing about these fees in advance will help you avoid surprises. Consider diving deeper into your lender’s website or the FAQs page to find these details.

5
Apply

Once you’re sure about your choice of lender, the next step is to submit a loan application. The application process can proceed more quickly if you have your documentation. Lenders often need identification, address and income verification papers, but they may reserve the right to request extra paperwork.

Some lenders only accept online applications. Others are more flexible. If applying online makes you uncomfortable, consider applying by phone or at the lender's office.

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

Lenders reject loan applications for several reasons, including low credit score, insufficient income and existing debts. If you are denied a loan, ask your lender why, as you may be able to improve on this factor to strengthen your application.

You could decrease your loan amount or extend your repayment period to lessen the cost of your monthly installments. If you’re rejected due to a low credit score, you can take the appropriate steps to increase your score. MoneyGeek recommends doing this before applying with a different lender.

MoneyGeek does not recommend taking out a payday loan. These loans may be easy to obtain, but they have excessive interest rates, making it challenging for the borrower to repay the debt.

Frequently Asked Questions About Personal Loans in Jackson

MoneyGeek answered questions about personal loans in Jackson to help you choose the best lender for your needs.

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

Our Personal Loan Methodology

We collected 35+ unique data points from 30 different personal loan providers. These factors were then classified into six major groups: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

APR ranges, possible loan amounts, minimum credit scores, minimum income, application costs and disbursement time are some of the factors we considered under these categories. We evaluated these data points as they may have a huge impact when selecting a personal loan.

Because MoneyGeek values you, the consumer, we consider features — like prequalification, payment options and mobile applications — that will make your experience more comfortable and accessible.

MoneyGeek keeps your best interests in mind when selecting the top picks. Our recommendations and expert tips include careful thought and calculation to assist you in making the best decision when choosing a lender that meets your needs.

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.

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