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

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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

To identify the top personal loan lenders in Toledo, MoneyGeek examined more than 30 different data points. Based on the data we gathered, we selected the best lenders for those with good credit, bad credit and those looking for debt consolidation or home improvement loans.

We used average consumer profiles in ranking these lenders. The best personal loan will depend on your financial status, needs and preferences. Our recommendations can serve as a guide to help you start the decision-making process.

Best Overall Personal Loan Lender in Toledo: 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 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.


    • Low APRs
    • No origination fees
    • Flexible repayment terms
    • No minimum credit score requirement
    • Autopay discount


    • Hard credit inquiry
    • Limits on fund usage
    • No-cosigners
    • Not for new borrowers or those without a credit history

Best Personal Loan Lender for Bad Credit in Toledo: 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, 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.


    • Minimum credit score of 300
    • No prepayment penalty
    • Conducts a soft inquiry that won’t affect your credit score


    • Rates can be high
    • No autopay discount
    • Late fees after 15-day grace period
    • Borrowers must be employed
    • Origination fees of up to 8%

Best Personal Loan Lender for Good Credit in Toledo: 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

    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.


    • No origination, prepayment or late fees
    • Soft credit check
    • Autopay discount
    • Offers unemployment protection for its members
    • Has a mobile app


    • No co-signer
    • Funding can take up to a week
    • Restricts fund use

Best Personal Loan Lender for Debt Consolidation in Toledo: 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

    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.


    • A+ Better Business Bureau rating
    • Option to pay creditors directly
    • Soft credit inquiry
    • Autopay discount
    • No prepayment penalty
    • Modest credit score requirement


    • High maximum APR
    • Origination and late fees
    • No co-signers
    • Restricts fund use
    • Not for people with new or no credit

Best Personal Loan Lender for Home Improvement in Toledo: 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 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.


    • No late fees and prepayment penalties
    • Has a mobile app
    • 0.5% autopay discount


    • High credit score requirement
    • Income requirement of $100,000 to get the lowest rate
    • Origination fee
    • Late fee
    • High maximum APR
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Toledo for You

In Ohio, the average personal loan debt is $24,808, and the average APR is 8.94%. Borrowers use personal loans for reasons ranging from debt consolidation to home improvement.

MoneyGeek outlined the following steps to help you find the best personal loan in Toledo for your needs.

Ask Yourself the Important Questions

Determine the loan’s purpose and ask yourself the following questions before applying for a loan:

  • How much money do I need?
  • What is my credit score?
  • Can I afford the monthly bill?
  • How much are my existing debts?
Do Your Research

A loan is a long-term commitment where you’ll pay monthly installments for two to four years, on average. Some lenders conduct hard credit inquiries during the application process, which can hurt your credit score. Research Toledo lenders carefully. MoneyGeek suggests top picks for different types of customers. Our information and suggestions are based on the typical borrower profile, so always conduct research based on your personal needs and finances.


After you’ve researched and considered your options, wait a day or two. Take time to ensure a personal loan is your best option and that your chosen lender best meets your needs.

Read the Fine Print

It's simple to overlook details of your loan, especially when you're trying to process a lot of information. Carefully review the loan agreement and read the fine print. Pay close attention to any costs associated with your loan, such as the origination fee, late fee and prepayment penalties, so you are not surprised down the road.


Every lender has a different application process. Depending on your lender, you can apply online, in person or over the phone. You’ll need to provide identification, address verification, proof of income and additional documents. When filling out the application, double-check the accuracy of your information to avoid any hiccups that can cause delays.

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

Lenders frequently reject loan applications for various reasons, including poor credit, insufficient income and a high debt-to-income ratio. If your application has been rejected, get in touch with your lender right away. Ask why you were turned down for a loan and whether you can change your application to make it more favorable for the lender. For example, you can decrease the loan amount or payment terms.

Try to address the cause of your rejection before applying with another lender. For example, you can work on improving your credit score or reducing your debt-to-income ratio. In the meantime, MoneyGeek does not recommend payday loans. Although these loans provide quick funds, they come with very high interest rates that can sink borrowers further into debt.

Frequently Asked Questions About Personal Loans in Toledo

Your credit history and income will determine which personal loan works best for you. Individual factors and preferences may also affect your top pick for a personal loan. To assist you in choosing a lender, MoneyGeek answered frequently asked questions about personal loans in Toledo.

What is the best personal loan lender in Toledo?
Which lender in Toledo has the lowest interest rate?
Can I use a personal loan for vacations in Toledo?
Can I use a personal loan for home improvement in Toledo?
What can I not use my personal loan for in Toledo?
How much can I borrow in Toledo?
How long does it take to get a personal loan in Toledo?
Can I pay off my loan early in Toledo?

Our Personal Loan Methodology


MoneyGeek analyzed more than 30 personal loan lenders. We used 35+ individual data points across six key categories: accessibility, customer service, consumer friendliness, affordability, flexibility and transparency.

Within every ranking category, we focused on multiple individual data points that we think contribute the most to picking a personal loan lender. These factors are APR ranges, loan amount range, minimum credit score requirement, minimum income needed, application fees and fund disbursement time.

MoneyGeek prioritizes you, the consumer, so we pay attention to customer support and ratings, along with additional features that improve the user experience and accessibility. Examples of these features are prequalification, payment options and mobile apps.

We analyze, calculate and determine our picks with your best interests in mind. Our guides, recommendations and expert tips aim to help you find the best lender for your needs.

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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.