Best Personal Loans in Lincoln, NE: Top Lenders & Best Picks for You

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Edited byAshley Jacobs

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Lincoln, NE

To help you find Lincoln’s best personal loan companies, MoneyGeek evaluated several lenders in the city using over 30 data points. This includes APR ranges, loan amounts, repayment terms, credit requirements, financing times and various other factors. These factors enabled us to identify the best lenders in the city.

Nonetheless, your needs and financial profile affect the top company for you. Whether you have good credit, bad credit or need to consolidate your loans, the ideal company for you could vary.

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Best Overall Personal Loan Lender in Lincoln: LightStream

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Best Personal Loan Lender for Bad Credit in Lincoln: Upstart

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Best Personal Loan Lender for Good Credit in Lincoln: SoFi

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Best Personal Loan Lender for Debt Consolidation in Lincoln: Upgrade

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Best Personal Loan Lender for Home Improvement in Lincoln: Best Egg

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

On average, personal loan debt in Nebraska is $24,901. Personal loans are popular among Lincoln residents who are dealing with both planned and unplanned expenses.

Most companies allow you to get a personal loan online, but it’s recommended that you consider a number of factors before proceeding with your application. MoneyGeek laid out five crucial steps for you to take when getting a personal loan in Lincoln.

1

Ask Yourself the Important Questions

Ask yourself these important questions so you can be certain that getting a personal loan is the best choice available for you.

  • How much money do you need? Personal loans come with interest. Carefully study how much money you truly need for your specific purpose so you won’t pay interest for excess money.
  • What’s your credit score? You may find it difficult to get a lender’s approval if you have a bad credit rating. Check if you’ll be qualified to get a personal loan with your current FICO score.
  • Can you afford the monthly payment? Determine if you can repay the loan with your current budget. Remember that you’ll have to make monthly payments over the course of two to seven years.
  • Do you have existing debts? To assess your creditworthiness, companies will take a look at your existing debt. Having a low debt-to-income ratio may lead to loan rejection.
2

Do Your Research

Personal loan providers have different rates, fees and policies. It’s a good idea to research various lenders and compare their offers before making your decision. This is true even if you already have a preferred lender, as shopping around is the best way to get the lowest available rates.

Check details like APR ranges, prepayment periods, miscellaneous fees and required credit scores. Likewise, review any limitations about the use of loan proceeds, as some companies disallow you from spending your loan on certain things.

MoneyGeek gathered the important information you’ll need when getting a personal loan in Lincoln. Nonetheless, our research is based on assumptions, and our suggestions may not apply to your profile.

We recommend that you do your own research to find the best offers available for you.

3

Wait

Getting a personal loan is a long-term financial commitment, so you need to be sure it’s the best choice for your needs. Like any other decision, it won’t hurt to wait a day or two before making your choice. Doing this will give you enough time to assess the situation with a fresh mind and an objective outlook.

Personal loans come with high interest rates and are repaid over several years. If you’re getting a personal loan to fund unnecessary or leisurely expenses, consider saving for the amount instead. You can also explore more affordable options like home equity lines of credit and home equity loans.

4

Read the Fine Print

If you’ve reached this stage, you may have decided that getting a personal loan is the best solution for your financial needs. Now’s a good time to narrow your options and revisit their offers.

Review the important details that you may have missed during your initial research. Look beyond the company’s marketing materials and study its fine print.

Some of the details to check are early payment fees, origination fees, late payment penalties and miscellaneous fees that can add to your loan’s total expense. Doing this key step may result in substantial savings over time, as you’ll avoid unnecessary charges and a bad customer experience.

5

Apply

After you’ve assessed all your options in Lincoln and reviewed their offers, you probably have a preferred lender. If you feel good proceeding with this company, the time has come for you to apply for your personal loan.

Prepare the documents that are usually asked for by loan providers. This usually includes your identification, proof of address, payslips and other statements related to your income.

Most lenders in Lincoln have online loan application processes. You can use this convenient option so you can get a loan without leaving your home. Nonetheless, this shouldn’t stop you from calling or visiting your preferred lender’s branch if you want to learn more about their policies.

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

Your loan application may still get declined even though you’ve followed the company’s processes and submitted all the requirements. Personal loan providers in Lincoln deny loan applications due to low credit scores, insufficient income, incomplete documents and other reasons.

If you’re in this situation, don’t get disheartened. MoneyGeek suggests that you ask the exact reason why the company rejected your loan application.

You can call or email the lender so you can better understand their reasoning and identify issues in your profile that led to your loan rejection. Doing this is crucial to improving your creditworthiness, which gives you a better chance in your next loan application.

Except during emergencies, we also don’t advise that you apply for a personal loan from another company right away. It’s better to improve your financial profile and creditworthiness before going to another lender.

No matter how desperate you are, avoid payday loans. These are predatory in nature and will only lead you deeper into debt with their high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Lincoln

You have several options if you want to get a personal loan in Lincoln, but the best lender for you will depend on your needs, preferences, credit score and other income-related factors.

To help you make an informed decision, MoneyGeek responded to some frequently asked questions about the topic.

According to MoneyGeek’s research, LightStream stands out as the best personal loan lender in Lincoln. However, our highest-rated company changes depending on the borrower’s needs and profile. If you’re looking to consolidate debt, we recommend Upgrade. Meanwhile, SoFi is our pick for folks with good credit.

LightStream has the lowest possible interest rate among Lincoln personal loan providers. That said, you may get a different APR depending on your profile and loan preferences.

Yes, you can use personal loans for various personal reasons, including vacations. However, some companies attach restrictions on how you can use their loans. We recommend that you read your loan’s fine print and ask the lender’s representatives directly to know any limitations.

You can finance your next home renovation project using a personal loan. Best Egg is our pick if you’re looking for the best personal loan provider in Lincoln for home improvement. However, keep in mind that most companies won’t allow you to use your personal loan to finance real estate purchases.

Although personal loan companies have different policies, you’re usually not allowed to use your personal loan proceeds for stocks, real estate, business expenses, postsecondary education, gambling and illegal activities. Check with your lender for their specific restrictions.

Loan companies in Lincoln allow you to borrow anywhere from $1,000 to $100,000, but some companies cap their loan amounts at $50,000. Nonetheless, your profile and creditworthiness will determine the amount you can get approval for. It’s also more difficult to get approved for higher loan amounts.

This varies by the company. Some lenders will release funds on the same day; others take longer.

You’re allowed to settle your personal loan early, but some lenders may charge an early payment fee if you do this. As a result, it’s recommended that you read the company’s fine print and scrutinize the fees that come with the loan so you can avoid unnecessary charges.

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek ranked over 30 personal loan lenders using more than 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 studied variables that we feel carry the most weight when consumers choose a personal loan company. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

MoneyGeek values you, the consumer, so we’ve also factored each lender’s customer support, business ratings, prequalification process, payment options, mobile apps and additional features that make your experience easier and more accessible.

After thorough consideration and calculation, our rankings are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best choice when looking for a lender that meets your needs.

sources

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.