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Best Personal Loans in Pennsylvania

Truist provides the best personal loans in Pennsylvania. There are no fees associated with Truist loans and they disburse funds quickly.

Additionally, we found that SoFi has the best loans for borrowers with good credit, while Upstart has the best options for those with bad credit. Upgrade offers the best deals for debt consolidation loans, whereas Best Egg provides the best terms for home improvement loans.

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Last Updated: 11/22/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Pennsylvania: Truist

To discover the best personal loans in Pennsylvania, MoneyGeek analyzed over 30 lenders across various factors, including loan amounts, repayment terms, customer convenience and interest rates. Minimum credit score, proof of income and verification of employment are among the factors that could affect your chances of being authorized.

Best Overall Personal Loan Lender in Pennsylvania: 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

    on Truist Website

Best Personal Loan Lender for Bad Credit in Pennsylvania: 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

    on Upstart Website

Best Personal Loan Lender for Good Credit in Pennsylvania: 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

    on SoFi Website

Best Loan Lender for Debt Consolidation in Pennsylvania: 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

    on Upgrade Website

Best Loan Lender for Home Improvement in Pennsylvania: 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

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Pennsylvania for You

The average personal loan debt in Pennsylvania is $27,165, but the loan amount you need will depend on your specific situation.

When looking for the best personal loan in Pennsylvania, it’s imperative to compare interest rates, loan amounts, loan terms and any additional costs that may apply. To help you out, MoneyGeek recommends taking the following steps before applying for a personal loan in Pennsylvania.

1

Ask Yourself the Important Questions

Deciding whether a personal loan is right for you is the most important first step. Then, you’ll want to see how your needs fit lenders' qualification requirements. Asking the following questions may help:

  • How much money do I need? Personal loans are often used to pay for unexpected bills, home improvements or large appliances. Tailor your loan to what it will be utilized for.
  • What is my credit score? Lenders look at your credit score before approving your application. This score will determine whether your options are limited or not.
  • Can I afford the monthly payment? Think long-term. If you can't make monthly payments, you'll be charged late fees and your credit score will suffer.
  • Do I have existing debts? Adding another loan to your list may not be the best option if you're already paying off other debts.
2

Do Your Research

Remember that paying off a personal loan is a long-term commitment of two to four years on average. Therefore, it’s critical to do your research before applying for a loan.

For example, compare rates from various lenders to see which provides the best deal for your specific needs. Get quotes to help you estimate the cost of your monthly payments. Some lenders impose restrictions on how you may use your loan, so double-check that you're free to use the funds for your intended purpose.

MoneyGeek does its best to give up-to-date information and suggestions for the best lenders for various situations. However, your situation might be unique. Feel free to use our references for finding the best personal loan in Pennsylvania as a guide, but it’s still in your best interest to explore options we may not have mentioned.

3

Wait

Applying for a personal loan requires careful and objective decision-making. Once you've acquired all the information you need, take a few days to consider your options. You don't want to rush into such a big commitment and regret it later.

If a personal loan still seems like the right choice after thinking about it for a few days, you’re ready to move on to the next step.

4

Read the Fine Print

Once you've narrowed down your options, it's time to read the fine print and ensure you understand the information therein. Hone in on the details that could either help you save money or drive you to spend more in the long run. These include items like early payoff fees, prepayment penalties and origination fees. Some borrowers overlook this important aspect of a personal loan and soon regret it.

5

Apply

After you’ve analyzed all the information about your personal loan and are completely confident in your decision to apply, it’s time to move forward with the application process.

In this process, lenders may ask you to supply your identification, address verification, proof of income and other specific documents and information. Some lenders accept online applications, but you might prefer calling or visiting the lender to help you better understand the loan and clarify your concerns.

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

Personal loans in Pennsylvania are denied for a variety of reasons. Low credit ratings, insufficient income, high debt-to-income ratios and incomplete loan application information are the most common reasons for loan application denial. If your personal loan application is rejected, it does not mean it’s the end.

Contact your lender to learn why your loan application was turned down. ​​Ask whether there's anything you can modify that would change the status of your application — for example, shortening the repayment period or decreasing the sum.

Another option is to apply for a loan with another company. However, you should avoid doing this until you have fixed why your loan application was denied in the first place.

It’s best to avoid loans that are too easy to obtain. These “payday loans” are usually short-term loans that last a few weeks. Although a payday loan can give you quick cash, the interest rate is extremely high.

Frequently Asked Questions About Personal Loans in Pennsylvania

The ideal personal loan lender for you depends on your specific needs and other credit and income factors. MoneyGeek covers some of the most commonly asked questions about personal loans in Pennsylvania to help you find the best option for you.

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METHODOLOGY

MoneyGeek reviewed over 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 pre-qualification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen 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.

sources

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.