What is the best personal loan lender in Cleveland?

The best overall personal loan lender in Cleveland is Truist. For those with good credit, the best option is SoFi. For those with bad credit, lower rates are offered by Upstart. If you plan to use the borrowed funds for debt consolidation and home improvement, the best options are Upgrade and Best Egg, respectively.

Which lender in Cleveland has the lowest interest rate?

Upstart offers the lowest possible interest rate of 3.22% for a personal loan in Cleveland.

Can I use a personal loan for vacations in Cleveland?

Personal loans can be used for various funding needs, including vacation expenses. However, not all lenders may allow the use of funds for particular purposes. Always check with your lender about any limitations they have in place.

Can I use a personal loan for home improvement in Cleveland?

Personal loans are commonly used for home improvements. Out of the companies we reviewed, Best Egg offers the best rates for this particular purpose.

What can I not use my personal loan for in Cleveland?

Personal loans can be used for a variety of purposes. However, some lenders may restrict the use of funds for a particular expense. Commonly, lenders prohibit the use of loans for refinancing mortgages and other existing loans, paying for educational expenses, buying stocks or bonds and more.

How much can I borrow in Cleveland?

The maximum amount you can borrow is different for each lender. Depending on your lender and your financial profile, loan amounts can range from $1,000 up to $100,000.

How long does it take to get a personal loan in Cleveland?

Funding your loan can be as fast as the same day of application or the next business day. Some may take up to two days. It all depends on the lender.

Can I pay off my loan early in Cleveland?

Yes. However, depending on your lender, you may be charged a prepayment fee if you choose to pay your loan before the term ends. If you are likely to pay off your personal loan early, it can be good to consider lenders that do not charge prepayment penalties. You can check this by reading the fine print of the lender’s loan agreement.

Top Lenders & Best Picks for You

Best Personal Loans in Cleveland, OH

When applying for a personal loan in Cleveland, Ohio, comparing lenders can help you find the best option for your particular needs. Personal loan debt in Ohio averages at $24,808. Loans in the state incur an average interest rate of 8.94%. If you plan to take out a loan in Cleveland, you will need to go through a pre-qualification process. This involves looking at your income, debt-to-income ratio and other personal factors that determine your eligibility for a personal loan in Cleveland.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Cleveland
The Best Personal Loan Lender for Bad Credit in Cleveland
The Best Personal Loan Lender for Good Credit in Cleveland
The Best Personal Loan Lender for Debt Consolidation in Cleveland
The Best Personal Loan Lender for Home Improvements in Cleveland
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Cleveland

MoneyGeek's Picks for Best Personal Loan Lenders in Cleveland, OH

MoneyGeek evaluated personal loan lenders in Cleveland based on more than 30 data points. We weighed their loan affordability and accessibility, APR ranges, terms, origination and late fees, disbursement time, customer service, BBB ratings and other features.

We also evaluated qualifying criteria, including minimum credit scores, gross income requirements, debt-to-income ratios and more.

The best overall personal loan lender in Cleveland for you will vary based on your unique consumer profile. MoneyGeek found the top options for different people, but you should still do your own research to ensure you choose the right option for your needs.

Best Overall Personal Loan Lender in Cleveland: Truist

Truist
- 8.14% to 18.99%APR Range
- NoneMinimum Credit Score
- $3,500 to $50,000Loan Amount Range
- 6 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Truist is overall the best personal loan in Cleveland as it provides fast approval, no collateral requirements and is the best choice for consolidating high-interest debt, home improvements or any other large purchases. To apply for a Truist loan, no minimum credit is required. You can borrow anywhere from $3,500 up to $50,000 and repay it within up to 60 months.
Truist has a wide range of products offered to over 10 million customers. As of March 2022, it has over 509 million in assets.
In addition to personal loans, Truist also offers other loan options, including a secured line of credit with loans starting at $25,000 and a revolving credit line of up to $7,500 that is best for unforeseen expenses.
Pros
A+ BBB rating
No origination fees
Autopay discount
No minimum credit score required
Next-day loan processing

Cons
Hard credit checks
Restrictions on usage of funds
Does not accept borrowers with new or no credit
Won’t pay creditors for debt consolidation
Does not allow co-signers
on Truist Website

Best Personal Loan Lender for Bad Credit in Cleveland: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Upstart is an artificial intelligence (AI) lending platform that prides itself on providing customers with a digital-first lending experience. It goes beyond the FICO-based approach in terms of identifying suitable customers, increasing your chances of approval. Applicants only need a credit score of 300 to qualify. As a result, we consider Upstart as the best personal loan lender in Cleveland for borrowers with low or bad credit.
Upstart provides unsecured personal loans ranging from $1,000 to $50,000. These can be used for home improvements, school debt, weddings, vacations, etc. The interest rate ranges from 3.22% to 35.99%.
Upstart offers low-cost financing with fewer risks and costs, as well as higher acceptance and loss rates.
Pros
A+ BBB ratings
Low minimum credit score requirement
No prepayment fees
Offers joint loans
Conducts soft inquiry

Cons
No autopay discounts
Charges up to 8% origination fee
Doesn’t allow co-signers
Minimum income requirement
Late fee
on Upstart Website

Best Personal Loan Lender for Good Credit in Cleveland: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
If you have good credit scores, you might be able to qualify for a SoFi personal loan. SoFi provides unsecured personal loans that are ideal for consolidating debt, home improvements and other large expenses. There are no origination, prepayment penalties, late fees or other hidden expenses with this lender. Borrowers can also pay off their loans earlier, which results in lower interest.
As long as you've made three consecutive scheduled payments on your current loan, you can apply for several personal loans from SoFi. It has a mobile app that allows you to check your balance and control your payments.
Applicants must be employed or have a significant source of income to qualify for a SoFi personal loan. Unemployment protection is available from the lender, which might temporarily stop your monthly payments.
Pros
Conduct soft credit pull
Offers joint loans
A+ BBB rating
No origination, prepayment, late fees or any other hidden fees
Autopay discount

Cons
Conduct soft credit pull
Offers joint loans
A+ BBB rating
No origination, prepayment, late fees or any other hidden fees
Autopay discount
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Cleveland: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade is a fintech startup based in San Francisco, California, with over 15 years of experience and over $15 billion in assets available to users. In addition to fairly low-interest personal loans, Upgrade also provides Upgrade Cards, a credit line that combines the flexibility of a credit card with the monthly predictability of a personal loan.
Based on MoneyGeek’s analysis, the best personal loan lender in Cleveland for debt consolidation is Upgrade. You can combine all of your payments into a single loan with low-interest rates and a set monthly payment.
However, this lender charges a high origination cost of up to 8%, which is deducted from the loan proceeds. It also charges late fees if you don’t make payments on time.
Pros
No prepayment fees
A+ BBB rating
Same day funding
Autopay discount
Low credit score requirement

Cons
Origination fees
Late fees
Loans only up to $50,000
No co-signers
Restrictions on fund usage
on Upgrade Website

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

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Personal loans from Best Egg come with fixed interest rates and manageable monthly payments. The funds can be put towards house upgrades, trips and other large purchases. It is the best personal loan lender in Cleveland for home improvements, according to MoneyGeek's analysis.
With Best Egg, you can borrow up to $50,000 and put it towards a new roof, garage door replacement, new siding, deck and patio expansions or other home improvements.
It does have stringent requirements when it comes to approving applications. A credit score of 700 is required. Those with even higher credit scores may be eligible for an interest rate as low as 4.99%. In addition, borrowers must meet minimum income requirements. Fund disbursement typically happens within the next day.
Pros
A+ BBB ratings
Soft credit pull
Autopay discount
No prepayment penalties
Next-day funding

Cons
High minimum credit score requirement
Minimum individual income requirement
No co-signers
Charges late fees
Has origination fees
on Best Egg Website

How to Choose the Best Personal Loan Lender in Cleveland for You

In Ohio, personal loan debt averages around $24,808. Home improvements, debt consolidation and paying medical bills are just a few common reasons why people in Ohio get a personal loan. Keep in mind that when you send your applications to a specific lender, your financial standing, including credit score, monthly income and debt-to-income ratio, will be reviewed.

To give you an idea of what your loan journey will look like, MoneyGeek outlines the steps you need to go through to choose the best lender for your needs.

Ask Yourself the Important Questions

Before choosing a lender and applying for a personal loan, you should ask yourself the following questions:

How much funding do I need? Your requested loan amount can impact if your application is approved. Make sure to only ask for how much you really need.
What is my credit score? Lenders look at credit scores to determine whether or not to approve your application. Know what your score is so that you can apply with companies that are more likely to approve your application.
Can I afford the monthly payment? You’ll want to make sure you can make your monthly payments so that you don’t incur late fees or hurt your credit score.
How much debt do I already have? Adding personal loans to your existing debts can be detrimental to your financial health. Make sure you aren’t overextending yourself financially.

Do Your Research

Thoroughly researching your options is an important step before applying for a loan, as it gives you an idea of the interest rates and loan amount available to you.

Taking out a personal loan is a big financial commitment. You will have to make monthly payments for two to four years on average, and some lenders may do a hard credit check which could affect your credit score. While we do our best to make suggestions for different types of borrowers, know that our recommendations are general and it may not capture your unique borrower needs. Doing your own research is key.

Wait

It can be overwhelming to review all the interest rates, fees and loan terms from several lenders. Waiting a day or two can be a good idea before making a decision. Even after you have done your research, take a step back to ensure getting a loan is the right choice for you. It is important to reassess your options before applying.

Read the Fine Print

It is common among borrowers to overlook certain details in their personal loan agreement. This is why you should thoroughly review the fine print before proceeding. Make sure to check the fees, including prepayment penalties, late fees and origination fees, that don’t make sense to you. Look out for interest rates, collateral requirements and other disclosures. Paying attention to these little details could save you more money in the long run.

Apply

Once you are fine with the terms of your loan and have all the information needed to apply, it’s time to submit the application. At this stage, you should already have the necessary documents, including employment verification, your address and more. Typically you can apply online. However, if available, it can be good to apply over the phone or in person so that any additional questions you have can be addressed immediately.

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

Lenders look at a lot of factors to determine your eligibility for a personal loan. If your application is rejected, you can contact the lender to see if there are adjustments you can make to get your application approved. Shortening the loan term or reducing the amount to borrow are just a few of the things you can adjust that can increase your chances.

In such cases where you can’t be approved for a standard personal loan, a co-borrower or a collateral-based loan are also worth considering. Another option is to find a different lender that may have a less rigorous qualification process. However, it’s important to fix whatever issues you encountered during your first application to ensure you don’t get rejected again.

After a rejection, many borrowers may consider payday loans. This type of loan comes with extremely high-interest rates. Even if you pay promptly, you are still liable for the balance amount and interest.

Frequently Asked Questions About Personal Loans in Cleveland

The best personal loan depends on your specific needs, credit and income profile as a borrower. Below are frequently asked questions about personal loans in Cleveland.

Our Personal Loan Methodology

MoneyGeek looked at 35+ unique data points from over 30 personal loan providers in six major categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We analyzed numerous unique data points under each rating criteria that we consider hold the most weight when choosing a personal loan provider. APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time are all aspects to consider.

We also consider each lender's customer service, business ratings and other features like prequalification, payment alternatives and mobile apps that could make your experience easier and more accessible.

Here at MoneyGeek, we do a rigorous analysis and assessment of each lender. Our personal loan recommendations and professional advice are intended to assist you in selecting the right lender for your needs.

sources

Best Egg. "Personal Loans for Home Improvement." Accessed June 15, 2022.
SoFi. "Disclosures & Disclaimers." Accessed June 15, 2022.
Truist. "Personal Loans." Accessed June 15, 2022.
Upgrade. "Personal Loans." Accessed July 15, 2022.
Upstart. "Personal Loans." Accessed June 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 our editorial policies and expert editorial team.