Best Personal Loans in Cincinnati, OH

Established in 1872, Truist is one of the largest banks in the United States in terms of assets and has an A+ rating from BBB. The lender's personal loans have several highlights. For example, the bank offers a large maximum loan of $50,000.

In addition, consumers will not be charged a fee if they pay off their loans early or late. Those who make automatic payments of personal loans also save 0.5% on premiums. However, this lender has quite a few restrictions on the usage of funds, as you cannot use your personal loan to refinance an existing loan, to pay for a college education, for business purposes or to purchase stocks or bonds.

In addition, Truist performs hard credit checks, while many competitors start the process with soft inquiries that do not affect your credit scores.

Pros

• No origination fee, late fee or prepayment penalty
• Loans of up to $50,000 offered
• Auto payment discount of 0.5%
• Next-day loan processing
• Reasonable interest rates

• APR range: 8.14%–18.99%
• Minimum/maximum loan amount: $3,500–$50,000
• Minimum credit requirements: None
• Repayment terms: 6–60 months
• Time to receive funds: Next day

Founded in 2012, Upstart is a lending platform that receives an A+ rating from the BBB and generally does not place restrictions on how you use the funds from a personal loan.

Upstart offers loans to applicants with credit scores as low as 300, which contributes significantly to the company's high rating in this category. It also has a low minimum salary requirement of $12,000. The company processes loans quickly, usually within one day, and uses soft inquiry credit checks, so your credit score won't be affected.

However, if you don't want to pay potentially high interest rates, the lender may not be the ideal choice for you. Upstart's APR range goes all the way up to 35.99%.

Pros

• Low credit score requirement
• Soft credit inquiry that doesn’t affect your credit score
• No prepayment penalty
• Low minimum gross income requirement of $12,000
• No restrictions on fund usage

• APR range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next day

Founded in 2011 as Social Finance, SoFi offers a range of loans and other products to its customers. Besides its A+ rating from BBB, MoneyGeek ranked it as the best for Cincinnati borrowers with good credit for several reasons. For instance, it charges no origination fee or late fee and also doesn’t impose a prepayment penalty.

Those with a good credit score of at least 680 can borrow up to $100,000 and often get funded the same day. Furthermore, by setting up auto payments, you can save 0.3% on personal loan premiums. The bank also performs soft credit checks, which will have no impact on your credit score. SoFi’s unemployment protection program may give you a breather if you unexpectedly lose your job by allowing you to put your debts on hold and lower your monthly loan payments.

However, those who want co-signers on their loan application, don't have a minimum yearly income of $50,000 and don't have a credit score of 680 may not find the lender a suitable match.

Pros

• No origination fee, late fee or prepayment penalty
• Loans of up to $100,000
• Auto payment discount of 0.3%
• Soft credit inquiry without affecting your credit score

• APR range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: 0–3 days

Upgrade is a fairly young company, having been established in 2016. Upgrade pays the third-party lenders directly if you wish to consolidate your debts, which adds greatly to the firm being rated highly in this area. The company employs soft credit checks to ensure that your credit score is not harmed.

Premiums are discounted by 1% for those who set up automatic payments. Aside from that, customers will also not be charged a fee for prepaying. However, the lender has several restrictions on the usage of funds. Their loans may also have a higher interest rate depending on your credit score, making them unsuitable for people searching for a lower APR loan in Cincinnati.

Pros

• Soft credit check that has no impact on credit scores
• Pays third-party creditors directly for debt consolidation loans
• No prepayment penalty
• Auto payment discount of 1%
• No income requirements

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

Best Egg is an online lending platform started in 2014 and operates across 47 U.S. states. We appreciate its A+ rating with the Better Business Bureau and various benefits for customers seeking personal loans for home improvement in Cincinnati. The company's use of soft credit checks guarantees that your credit score is unaffected. For individuals who want to pay their premiums automatically, they receive a 0.5% reduction. Paying back loans early won't incur any additional fees either.

However, there is a $50,000 minimum income criterion, which makes it inaccessible to individuals who do not earn that much. Best Egg also charges origination fees of up to 6% and has a high credit score requirement of at least 700.

Pros

• Conducts soft credit checks
• Debt consolidation loans are paid directly to third-party lenders
• 0.5% auto payment discount
• No usage restrictions
• No debt-to-income limits

• APR range: 4.99%–35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36–60 months
• Time to receive funds: Next day