Best Personal Loans in Jackson, MS: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Jackson
- The Best Personal Loan Lender for Bad Credit in Jackson
- The Best Personal Loan Lender for Good Credit in Jackson
- The Best Personal Loan Lender for Debt Consolidation in Jackson
- The Best Personal Loan Lender for Home Improvements in Jackson
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Akron
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
Best Personal Loan Lender for Bad Credit in Jackson: Upstart
Best Personal Loan Lender for Good Credit in Jackson: SoFi
Best Personal Loan Lender for Debt Consolidation in Jackson: Upgrade
Best Personal Loan Lender for Home Improvement in Jackson: 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.
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.
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.
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.
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.
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.
The best personal loan lender in Jackson is LightStream, but the best lender for you depends on your needs and consumer profile.
Upgrade may be the best choice for debt consolidation loans, but Best Egg is our top pick for home improvement loans. Upstart offers the best loans for people with bad credit, while SoFi may be the best option for people with good credit.
Upstart offers the lowest interest rate in Jackson. Rates may be lower for those with strong credit and higher for those with poor credit.
Generally, you can use personal loans for various financial needs, including trips.
Yes, you can use a personal loan for home improvement in Jackson. Best Egg is MoneyGeek’s top pick for home improvement loans.
Usually, you cannot use personal loans for secondary education, business expenses and investments. Ask your lender or review your loan agreement to learn about loan use restrictions.
Depending on your lender, loans can start at $1,000 and go up to $100,000.
While some lenders offer instant approval, others need a few days.
Yes, you can pay off your loan early in Jackson, but prepayment fees may apply.
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
- Best Egg. "Personal Loans." Accessed November 15, 2022.
- SoFi. "Disclosures & Disclaimers." Accessed November 15, 2022.
- SoFi. "Frequently Asked Questions." Accessed November 15, 2022.
- SoFi. "Personal Loans." Accessed November 15, 2022.
- Truist. "Personal Loans." Accessed November 15, 2022.
- Upgrade. "Personal Loan." Accessed November 15, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed November 15, 2022.
- Upstart. "Personal Loans." Accessed November 15, 2022.
- Upstart Support. "Can I Change My Monthly Payment Date?." Accessed November 15, 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
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