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Best Personal Loans in Oklahoma City, OK

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Lender in Oklahoma City, OK: LightStream

In choosing the best personal loans in Oklahoma City, MoneyGeek considered more than 30 data points, such as BBB ratings, APR ranges, loan amounts and credit requirements. We compared and analyzed these data to know which lenders would fit well with the needs of borrowers in various categories.

After careful analysis, we selected LightStream as the best overall personal loan lender in Oklahoma City. MoneyGeek also looked into loans for those with good and bad credit, as well as for those looking for debt consolidation and home improvement loans.

Best Overall Personal Loan Lender in Oklahoma City: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream was launched in 2012 as a part of Truist. LightStream offers reasonable interest rates, with APRs as low as 4.49%. Borrowers who have good to excellent credit scores can get a loan of up to $100,000.

    Borrowers can receive same-day funding, as long as they apply before 2:30 pm. This personal loan is great for borrowers who want to avoid fees, as LightStream does not charge origination or late fees. It also does not impose a prepayment penalty in case borrowers want to pay off their loans ahead of time.

    That said, there are a few drawbacks of LightStream, so they won’t be the perfect lender for everyone. For instance, the lender requires a credit score of at least 660 and imposes quite a few restrictions regarding the usage of the loan’s funds.

    Pros

    • No origination fees, late fees or prepayment penalties
    • No minimum income requirement
    • Loans of up to $100,000 offered
    • Same-day loan processing
    • Auto-pay discount of 0.5%

    Cons

    • Minimum credit score of 660
    • Conducts hard credit checks
    • Imposes restrictions on usage of funds
    • Debt consolidation loans will not be paid directly to the third-party lender
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same-day
    LightStream

Best Personal Loan Lender for Bad Credit in Oklahoma City: 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 AI lending platform established in 2012. Upstart gives borrowers a widely accessible loan, allowing those with a credit score of just 300 to be eligible for a loan. Before being approved for this loan, you will need to undergo a soft inquiry. Once approved, you can receive the funds within as little as one day.

    While Upstart caters to borrowers who have poor credit profiles, a minimum gross income of $12,000 is required. Despite its accessibility, borrowers need to consider the fees. Upstart charges an origination fee of up to 8% and a late fee of 5% or $15 (depending on which is higher). On top of this, interest rates can be as high as 35.99%.

    Pros

    • Low minimum credit score requirement
    • Low minimum income requirement
    • Conducts soft credit inquiry
    • Funding in 1–2 days
    • No prepayment penalty

    Cons

    • Debt-to-income limit of 45%
    • Up to 8% origination fee
    • Up to 35.99% interest rate
    • Charges late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Upstart

Best Personal Loan Lender for Good Credit in Oklahoma City: 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

    SoFi, or Social Finance, Inc., was founded in 2011. SoFi offers a broad range of loan amounts, long repayment terms and same-day funding, all with no fees. Borrowers can enjoy the flexibility of a SoFi personal loan with the benefits of unemployment protection and financial advice.

    This loan is best for people with good credit of at least 680. Borrowers will also need to have a minimum gross income of $50,000. SoFi does not accept people who have new or no credit history, or those with a debt-to-income ratio of above 43%.

    Still, SoFi’s soft credit checks, automatic payment discounts and overall lack of fees make this lender a very popular choice for borrowers with strong credit.

    Pros

    • Up to $100,000 loans available
    • 0.3% autopayment discount rate
    • Conducts soft credit checks
    • No origination fees
    • No prepayment penalty

    Cons

    • Minimum gross income requirement of $50,000
    • Can take several business days to release funds
    • High credit score requirement
    • Debt-to-income limit of 43%
    • APR range: 5.74–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Oklahoma City: 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

    Launched in 2017, Upgrade keeps it convenient for borrowers who want a loan for debt consolidation, as it will pay your creditors directly. Borrowers can also leverage a 1% discount when they set up autopay.

    We always appreciate how Upgrade has no prepayment penalties. In addition, it has no minimum income requirements and a reasonable credit requirement.

    However, its APR range of 5.94%–35.47% is quite high compared to its competitors. Upgrade also has fees. Borrowers can incur a minimum origination fee of 3% and a maximum fee of 8%. Aside from this, Upgrade charges $10 for late payments.

    Pros

    • Pays creditors directly for debt consolidation
    • 1% autopayment discount rate
    • No prepayment penalty
    • No minimum income requirement
    • Reasonable minimum credit score requirement

    Cons

    • $50,000 loan limit
    • Up to 35.47% interest rate
    • Up to 8% origination fees
    • Has late fees
    • Many restrictions on fund usage
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same-day
    Upgrade

Best Lender for Home Improvement in Oklahoma City: 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

    MoneyGeek’s recommendation for a home improvement personal loan in Oklahoma City is from Best Egg. Best Egg, operated by Marlette Funding, was established in 2014.

    Borrowers can take out a maximum loan amount of $50,000 to fund their home improvement projects. They can also receive their funds within one day after approval. To qualify for a loan, a borrower needs to have a credit score of at least 700 and a minimum gross income of $50,000, which are both higher minimums than most competitors use.

    Unfortunately, the maximum APR of 35.99% can be very high. Best Egg’s origination fees can also reach up to 6%, which is another negative aspect. Still, this company’s lack of restrictions on personal loan fund usage makes it a popular option, and for good reason.

    Pros

    • No restrictions on fund usage
    • No prepayment penalty
    • 0.5% autopayment discount
    • Conducts soft credit pull
    • Loans often funded the next day

    Cons

    • High credit score requirement
    • $50,000 minimum gross income requirement
    • Origination fees up to 6%
    • Interest rates up to 35.99%
    • Charges late fees
    • APR range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Best Egg

How to Choose the Best Personal Loan Lender in Oklahoma City For You

Based on our research, 3.1 million new personal loan accounts were opened in 2020 alone. In Oklahoma, the average individual personal loan debt is $15,293. In other words, you’re not alone in seeking a personal loan.

Before you get one, it’s important to consider factors like current debts, income and credit score. To help you with this process, MoneyGeek has all the information you need, along with this helpful guide.

1
Ask Yourself the Important Questions

Before making any decisions, it’s important to lay out all the groundwork first. You need to look into your financial situation to know the size of loan you can take out, for how long, etc. The essential information that you need to highlight is your income, credit score and existing debts.

This step also involves identifying your needs because some lenders offer personal loans for specific purposes. This way, you can select the best loan for you and be aware of the rates, loan amounts, terms and other factors you need to consider. The following are the important questions you need to ask:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

Determining which lender is best for you involves weighing the pros and cons. Through this, you can compare the different factors of each lender.

Remember that a personal loan is a commitment you will have for the next 2–4 years on average. Therefore, conducting the proper research before applying for a loan helps you avoid unexpected situations in the future.

In this process, MoneyGeek is committed to giving you all the information you need to make the right decision. While we’re here to guide you throughout the process of purchasing a loan, some of our recommendations may not be the perfect fit for you. Ultimately, it’s your decision that counts, so exploring as many options as possible helps you find the best personal loan in Oklahoma City.

3
Wait

Since a loan is a big commitment, it’s only fitting to be patient with the process. After doing your research and finding a lender that fits your needs, consider waiting a day or two before finalizing your decision.

Doing this will allow you to ponder the idea a little more so you can be sure of your choice. You can also take a break from shopping for personal loans and then come back to your decision after a few days. This method can let you look at a lender from a fresh perspective, allowing you to see details you might have missed before.

4
Read the Fine Print

Now that you’ve settled on a lender, it’s time to do more research, this time specific to your chosen loan. Take a closer look at the fees, penalties, interest rates, terms, etc.

More importantly, read the fine print, which contains all the specifics of the loan. It’s where lenders place the obligations and conditions that you will need to fulfill to use their loans.

Being meticulous with this process helps you avoid hidden and unexpected fees in the future. As a result, you can save a lot of money in the long run.

5
Apply

Once you’re satisfied with your decision, the final step is to apply. Lenders often offer online, in-person or over-the-phone applications. Online applications are convenient, but in-person and over-the-phone applications might give you a different level of customer service.

Be patient with the applications process as well. It will probably involve a lot of documentation. Note that lenders require identification, address verification and proof of income. To make the process easier, be prepared with all the requirements before starting your application to avoid delays due to a lack of documentation.

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

Lenders deny loan applications for various reasons. The denial can be due to existing debts, not reaching eligibility requirements or insufficient monthly income, among other things.

If your application has been denied, you should contact the lender to ask for the exact reason for the denial of your application. Moreover, ask them if there is any way that you can be approved for a loan. Lenders may allow you to modify your loan by lowering the loan amount or adjusting the repayment terms.

You can also apply at another lender, but we do not recommend this until you’ve addressed the issues in your application. You can still be denied by another lender, especially if you haven’t worked on the factor that caused your previous denial.

Be careful with payday loans as well. While they offer quick funding, they also charge extremely high interest rates and can have very short terms. Taking out a payday loan can result in huge expenses and potentially more headaches in the future.

Frequently Asked Questions About Personal Loans in Oklahoma City

The best personal loan depends on your individual needs, credit standing and income. It’s perfectly normal to have questions, even after conducting research and considering various loan factors. The following are the answers to some frequently asked questions about personal loans in Oklahoma City:

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

Our Personal Loan Methodology

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 help you make the best decision when choosing a lender that meets 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.

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