Top Lenders & Best Picks for You
Best Personal Loans in Cleveland, OH
Updated: December 28, 2023
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- 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
Best Personal Loan Lender for Bad Credit in Cleveland: Upstart
Best Personal Loan Lender for Good Credit in Cleveland: SoFi
Best Personal Loan Lender for Debt Consolidation in Cleveland: Upgrade
Best Personal Loan Lender for Home Improvement in Cleveland: Best Egg
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.
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.
Upstart offers the lowest possible interest rate of 3.22% for a personal loan 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.
Personal loans are commonly used for home improvements. Out of the companies we reviewed, Best Egg offers the best rates for this particular purpose.
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.
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.
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.
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.
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
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