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

Truist was established in 2019 from the merger between Branch Banking and Trust and SunTrust. Truist provides personal loans ranging from $3,500 to $50,000. Its rates are relatively lower than most of its competitors. In addition, repayment terms of six to 60 months offer borrowers flexibility.

Truist does not have a minimum credit score requirement, so it’s friendly for borrowers without strong credit profiles. It offers a 0.5% autopay discount. However, the lender performs hard credit checks, which can impact your credit rating. If you want to consolidate debt, know Truist does not pay creditors directly. The lender also places restrictions on how you can use the borrowed funds.

Upstart, established in 2013, uses artificial intelligence to streamline the financing process. MoneyGeek found that Upstart is the best company for borrowers with bad credit.

The application process for Upstart is fast and convenient. You can check your rates within minutes without affecting your credit score. When your application is approved, your funds are released the following day.

The minimum credit score requirement for an Upstart loan is only 300. You can borrow $1,000–$50,000 depending on your credit score. The lender does not charge prepayment fees, but if your payment is more than 15 days late, you’ll pay a fee of $15 or 5%, whichever is greater.

MoneyGeek found that SoFi is the best lender for Toledo borrowers with good credit and an annual income of at least $50,000. The company was established in 2011 and has become a reputable lender, serving four million members. It offers personal loans without origination, prepayment or late fees.

SoFi requires that borrowers have a credit score of at least 680 and either be employed or have another reliable source of income and steady cash flow. You can get a personal loan of $5,000 to $100,000.

The lender does not allow co-signers and restricts how borrowers can use the funds. For example, you cannot use the loan to make investments, finance a business, purchase real estate or pay for postsecondary education.

You can use a personal loan to consolidate debt, such as several credit card balances, under one payment with a lower interest rate. MoneyGeek recommends Upgrade for those looking to consolidate debt in Toledo. The company was established in 2017 to help make credit more affordable and has loaned more than $19 billion.

Upgrade requires a 560 minimum credit score, making loans accessible to those building their credit history. Borrowers can get loans from $1,000 to $50,000 with flexible repayment terms.

Borrowers can choose to have Upgrade pay creditors directly, but payment can take up to two weeks. Those with good credit scores may find more favorable APRs and higher loan amounts from other lenders.

Personal loans can offer a quick source of funding for expensive home improvement work. MoneyGeek recommends Best Egg as the top lender of personal loans for home improvement in Toledo.

Borrowers must have a credit score of at least 700 and a minimum yearly individual income of $100,000 to qualify for the lowest APRs. Borrowers can take out loans from $2,000 to $50,000, with funding available the following business day.

The lender charges origination fees of 1% to 6% and a $15 late fee. Borrowers who need loans of more than $50,000 or earn less than $50,000 will need to look elsewhere.