Updated: December 28, 2023
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MoneyGeek reviewed lenders to find the best personal loans in Columbus for different borrower profiles. We used a variety of data points to score lenders, including interest rates, loan limits, repayment terms and fees. We also factored in minimum credit score and gross income requirements, accessibility and user experience to find the best lenders.
MoneyGeek found that the best lender for personal loans in Columbus varies based on your particular profile and needs.
MoneyGeek found that Truist is the best overall personal loan lender in Columbus. Truist was founded in 2019 after a merger between BB&T and SunTrust and is available in 15 states, including Ohio.
Truist has a relatively high minimum interest rate and a very low maximum APR rate, ranging from 8.14%–18.99%, depending on your creditworthiness. This lender doesn’t charge origination, early payment or late fees. It also offers flexible loan limits and payment terms ranging from six months to five years.
Truist offers next-day funding. If you need funds urgently, this lender can be a good fit. There is no minimum gross income requirement or minimum credit score. However, Truist conducts hard credit checks, which may impact your credit score.
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Upstart is the best lender for personal loans in Columbus if you have bad credit. The company was founded in 2012 and has a low credit score requirement of 300.
You can qualify for an Upstart personal loan without having a lengthy credit history since this lender uses artificial intelligence (AI) to qualify borrowers. Upstart also has a relatively low minimum gross income requirement of $12,000. However, borrowers may incur origination fees of up to 8% and late fees if they don’t make on-time payments.
Upstart has a convenient online application process that allows you to check if you prequalify without affecting your credit score. You can also manage your account online, including modifying your payment dates to suit your needs.
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If you have a good credit score, SoFi offers the best personal loans in Columbus. SoFi was founded in 2011 and is a good option for borrowers who want high loan limits. You can borrow up to $100,000 with APR rates starting at 5.74%.
SoFi doesn’t charge origination, early payment or late fees. This lender also offers borrowers unemployment protection where they can modify their monthly payments for up to 12 months if they lose their job. However, if you do not have a credit score of at least 680 and a gross income of $50,000 or more, you may not be approved for a loan.
SoFi offers rate quotes with a soft credit pull so you can check limits and rates before applying without impacting your credit score.
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If you are looking for a debt consolidation loan in Columbus, Upgrade is the best lender. Upgrade offers borrowers flexible loan limits ranging from $1,000–$50,000, which can be repaid over 36–60 months.
This lender is ideal if you need a personal loan for debt consolidation since you have the option of having your funds paid directly to creditors. Loans are also often funded on the same day, so this lender is a good option if you need funds urgently. However, you need a minimum credit score of 560 to be approved, and you will incur origination fees of 2.9%–8%. Late payments also incur fees.
Upgrade does not have a minimum gross income requirement, but you need to be employed to be approved for a loan. This lender also has some limitations on the usage of funds.
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If you are looking for the best personal loans in Columbus for home improvement, Best Egg is the top lender. Best Egg offers both secured and unsecured personal loans with flexible loan limits of up to $50,000 that can be used for home improvement and other expenses.
To qualify for a personal loan with Best Egg, you need a minimum credit score of 700 and a gross income of at least $50,000. It typically takes between one and three days for loans to be funded, so this lender is ideal if you need funds quickly. However, compared to other lenders, Best Egg has relatively high APR rates that can reach 35.99% depending on your creditworthiness.
Best Egg was founded in 2014 and also issues credit cards through First Bank & Trust.
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The average personal loan debt in Ohio is $24,808. Factors such as the amount you qualify for, interest rates and repayment terms can vary widely depending on the lender and your financial profile. MoneyGeek recommends using the following steps to find the most suitable lender for your profile.
Before taking out a personal loan, you need to determine whether you qualify for a loan, if you can afford the monthly payments and how it will impact your debt-to-income ratio. This means you should ask yourself the following questions:
When shopping for the best personal loans in Columbus, it pays to compare lenders and analyze your options. Rates and fees tend to vary from one lender to the next, so doing your own research will help you find the most affordable rates. Loan payments are a long-term commitment, which means that it is important to ensure that you choose the best lender available to avoid incurring high costs and fees.
MoneyGeek’s recommendations highlight the best lenders for different profiles. However, your specific needs will determine the best lender for you. Explore your options and do a thorough analysis based on your financial profile and what you need a loan for.
It is important to wait a day or two before submitting a personal loan application. This will allow you to weigh your options, consider the pros and cons and make an informed decision. You may find that a personal loan is the best option for you or that you can meet your funding needs in a different way. Avoid rushing this decision since personal loans are long-term obligations that will impact your finances for two years or longer.
Apart from interest rates, personal loans may also result in origination fees, late fees and other types of charges. It is important to make sure that you are aware of all the charges and rates that apply to your loan by reading the fine print. In some cases, charges like late fees can add up over time, making your personal loan more costly than you expected.
Always seek clarification from the lender if there are rates you do not understand to avoid incurring unnecessary penalties or fees. Some lenders also charge more money for fees than others, so reading the fine print can help you compare rates and find the most affordable personal loans in Columbus.
Once you have determined the right lender for you, you can submit your application for a personal loan. It is standard for lenders to ask for personal information such as your address, proof of income and financial history during the application process. Have this information handy before you start your application.
Most lenders have online applications that you can use to apply for a loan. However, you can also call or visit the lender if they offer these options. Taking advantage of these application options can help you if you need more information or have questions during the application process.
Loan applications can sometimes be declined if you do not need the lender’s eligibility requirements. If your loan is declined, don’t worry. This happens to many people.
Factors such as your credit score and debt-to-income ratio may cause your loan to be declined. Fortunately, these factors can be improved over time. Always find out from the lender why your loan is declined. This will help you understand what you need to improve on to increase your chances of approval next time.
In some cases, you may find that the lender has a higher credit score requirement or gross income than you can satisfy. In such cases, you may qualify for a loan with a different lender. However, it is best to avoid re-applying for a loan before improving the factors that caused you to get declined in the first place.
Additionally, payday loans are not a good option since they usually have high interest rates.
Your specific needs, credit history and other factors will determine the best lender for personal loans in Columbus for you. You can get more information in the frequently asked questions section below.
Truist is the best personal loan lender in Columbus for most borrowers. Truist offers relatively low interest rates with flexible loan limits and repayment periods. However, the best lender for you can vary based on your needs.
Upstart has the lowest interest rates among lenders in Columbus, with rates starting at 3.22%.
You can use a personal loan in Columbus to pay for a vacation. Most lenders do not have usage limitations that restrict the use of personal loans for vacations, but conditions can vary depending on the lender. Always check with your lender to find out about their restrictions on the usage of funds before applying for a loan.
Yes, you can use a personal loan for home improvement in Columbus. Most lenders do not restrict the use of funds for home improvement. MoneyGeek found that Best Egg is the top lender in Columbus for personal loans relating to home improvement.
You cannot use a personal loan in Columbus for illegal activities, gambling, investments or funding a college education. However, each lender may have different restrictions on fund usage, so check with your preferred lender for more details.
Personal loan limits in Columbus can vary from $1,000–$100,000 depending on the lender, your creditworthiness and other rating factors. Your lender will evaluate how much you can borrow based on your credit score, gross income, debt-to-income ratio and other factors.
It depends on the lender. Some personal loan companies in Columbus will release your funds on the same day, while others can take up to one week.
Yes, most lenders in Columbus allow you to pay your loan early without incurring early payment fees. However, some lenders may charge you prepayment penalties. Check with your lender to find out their policy on early repayment.
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
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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