Best Personal Loans in Akron, OH: Top Lenders & Best Picks for You

Truist Bank was founded in 2019 from the merger of BB&T and SunTrust. MoneyGeek found that it provides the best personal loans in Akron due to its competitive rates, quick funding and flexible repayment terms.

Truist allows borrowers to obtain a loan for up to $50,000. Its varied repayment terms from 6 to 60 months permit borrowers to choose a repayment schedule that best fits their financial goals. Furthermore, Truist doesn’t impose commonly charged fees like prepayment penalties, late fees and origination fees.

Though Truist doesn’t explicitly list any credit score requirements on their website, only those with excellent credit scores are likely to qualify for its personal loan offerings. With a Truist personal loan, borrowers aren’t allowed to use their funds to pay for postsecondary education or buy stocks or bonds.

Pros

• Relatively low APRs
• Flexible repayment terms
• No origination or late fees
• No prepayment penalty

Upstart was named the best personal loan provider for individuals with poor credit in Akron because of its low minimum credit score requirement of 300. The lender, which was founded in 2012, uses AI technology to analyze data when examining loan applications.

Upstart’s loan products feature loan amounts ranging from $1,000 to $50,000 and repayment terms of 36 or 60 months. There are no prepayment fees associated with making partial or full repayments of your loan at any time.

Because the lender’s maximum loan amount is $50,000, this lender isn’t ideal for those that need a large loan. Furthermore, it should be noted that even though you can qualify for a personal loan with a low credit score, you could receive an extremely high interest rate.

Pros

• Low minimum credit requirement
• Soft credit check during initial application
• No prepayment penalty
• Low minimum loan amount

Social Finance, or SoFi, was established in 2011 and began offering personal loans in 2015. MoneyGeek's study shows that SoFi offers the best personal loans in Akron for borrowers with good credit, specifically those who have a credit score of 680 or more.

SoFi personal loans feature loan amounts of $5,000 to $100,000. SoFi’s APR range is among the lowest of the lenders that MoneyGeek reviewed. This means that you’ll likely pay less money in interest with a loan from this lender.

Furthermore, Upstart allows borrowers to prequalify online without negatively impacting their credit score. Unlike other lenders, Upstart doesn’t charge any fees for late payments, prepayment or loan origination. Borrowers can also receive a reduced interest rate by signing up for automatic payments.

However, SoFi's personal loans might not be the ideal choice if you only need a small loan, since the minimum amount you can borrow is $5,000. Its high minimum credit score requirement of 680 may make it difficult for some borrowers to qualify.

Pros

• High maximum loan amount
• Autopay discount
• No late fees
• No origination fees
• No prepayment penalty

Upgrade was established in 2016 and offers personal loans to borrowers nationwide. Our analysis shows that this lender is the best option for Akron residents who are looking to take out a personal loan to consolidate debt.

Upgrade offers personal loans ranging from $1,000 to $50,000. Though it’s possible to qualify for a very low APR if you have an excellent credit score, those with fair-to-poor credit run the risk of receiving an extremely high APR.

The lender’s fees for loan origination and late payments may also significantly contribute to the overall cost of your loan. Borrowers looking for a large loan may find that the lender’s maximum amount of $50,000 isn’t enough for their needs.

Pros

• Direct payment to creditors available
• Flexible repayment terms
• Low starting APR
• Soft credit check during initial application

The online lender, Best Egg, was established in 2014. It’s the top personal loan provider in Akron for borrowers wishing to fund home improvements, according to MoneyGeek's research.

Best Egg offers loans between $2,000 and $50,000, making it an ideal lending option for both small refurbishing projects and massive remodeling ventures. While its starting APR is relatively low, only those with excellent credit scores will receive it. If you simply meet the lender’s minimum credit score requirement of 700, you may receive an extremely high interest rate.

The lender does offer a way to reduce your interest rate by providing a discounted rate to borrowers that sign up for automatic payments. Even with the discount, you may still obtain a lower rate from a different lender.

Pros

• Autopay discount
• Low minimum loan amount
• No restrictions on the usage of funds
• No prepayment penalty