Best Personal Loans in Ohio for 2024

Enter your ZIP code to get started

Shield

Free. Simple. Secure.

fact checked icon

Updated: July 26, 2024

Advertising & Editorial Disclosure

First Tech and PenFed are MoneyGeek's top choices for personal loans in Ohio, with scores of 98 and 96 out of 100, respectively. They stand out for their customer service, fair interest rates and transparency. MoneyGeek considered factors like lender reputation, annual percentage rate (APR) ranges, credit score requirements and loan flexibility to find the best options for you.

With Ohio's average credit score at a healthy 716, according to Experian data from 2023, the average borrower is in a strong position to get good loan terms. Remember that your credit profile, income and debt-to-income ratio matter a lot when you're looking to borrow money.

MoneyGeek Logo IconBest PersonalLoan LendersOhio
2024

Best Personal Loan Lenders in Ohio

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Truist

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

recency icon

We completed our analysis of banks and lenders licensed to do business in Ohio as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Ohio

  • First Tech
    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan lender in Ohio is First Tech, with a MoneyGeek score of 98 out of 100. This financial institution offers APRs from 8.94% to 18.00%, some of the most competitive rates compared to others in the analysis. It also has more flexible repayment terms than other lenders, which extend from six to 84 months. First Tech excels in customer service and education, providing extensive resources and support, as well as in rates and fees, delivering amongst the best values in both areas.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Lots of educational resources available for consumers
    • Provides granular APR data for a variety of loan terms

    Cons

    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Ohio

  • PenFed
    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    MoneyGeek's runner-up for best personal loan lender in Ohio is PenFed Credit Union, with a MoneyGeek score of 96 out of 100. PenFed offers a competitive APR range from 7.99% to 17.99%, which can be advantageous to borrowers when compared to others' rates in the analysis. The lender distinguishes itself by offering repayment terms of up to 60 months, providing favorable conditions for those who seek flexibility. The credit union excels in lending transparency and offers a broad spectrum of loan amounts, making it a commendable choice for Ohio residents seeking personal loans.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Explicitly mentions that debt consolidation is available

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    PenFed
mglogo icon
UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Jul 26, 2024

5 Years
Bar Chart Icon

Next Steps

Get personalized loan rates.

Shield Insurance

Why You Can Trust MoneyGeek

MoneyGeek partners with some of the companies we write about. However, our content is written and reviewed by an independent team of editors and licensed agents. Reference our data methodology and learn more about advertising and editorial disclosure.


    Best Personal Loan Lender in Ohio for Bad Credit

  • Happy Money
    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider in Ohio for those with low credit is Happy Money, scoring 94 out of 100. While Happy Money is not a lender itself, it works with federally insured institutions to provide installment loans. Its APR range is 11.72% to 17.99%, which is favorable compared to others in Ohio, with a required minimum credit score of 640 for eligibility. Happy Money is commendable for its transparent practices and high level of customer education and support, ensuring applicants are well-informed throughout the loan process.

    Pros

    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    Best Personal Loan Lender in Ohio for Debt Consolidation

  • Truist
    • 96MoneyGeek Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider for debt consolidation in Ohio is Truist, with a score of 96 out of 100. It offers a competitive APR range of 8.74% to 17.39%. The provider excels in having an efficient application process and competitive rates compared to others in the MoneyGeek analysis.

    Pros

    • FDIC insured
    • No origination fees

    Cons

    • High minimum loan requirement compared to competitors
    • Difficult to qualify for the lowest rates
    Truist

How does MoneyGeek score lenders for debt consolidation?

mglogo icon
IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Ohio

When you're searching for a personal loan in Ohio, it's crucial to consider your creditworthiness, which lenders evaluate based on your credit report, income and debt-to-income ratio. Your credit score greatly affects your loan terms, including interest rates; improving it prior to application could help you secure lower APRs and better overall terms.

Refer to the table below to see how your credit score might impact your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Ohio

Personal loans offer attractive perks like potentially lower interest rates than credit cards and the ability to consolidate multiple debts into a single manageable payment. They also enable quick access to funds for a variety of uses. However, it's important to consider the potential risks, such as added origination fees or the possibility of facing prepayment penalties.

For a more comprehensive understanding, you may find the pros and cons of personal loans helpful as you navigate your financial options.

The Pros and Cons of Personal Loans

  • Lower APRs for qualified applicants
  • Single payment debt consolidation
  • Expedited funding availability
  • Co-signer opportunities for improved terms
  • Increased overall loan cost due to origination fees
  • Potential penalties for early loan repayment
  • Risk of asset forfeiture with a secured personal loan
  • Encouragement of excessive debt through easy approval processes

FAQ About Personal Loans in Ohio

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Ohio for personal loans?
Where is the best place to get a personal loan in Ohio?
Who has the best personal loan interest rates in Ohio?
What can I use a personal loan for in Ohio?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use