What is the best personal loan lender in Philadelphia?

The best personal loan lender in Philadelphia is Truist. However, if you have bad credit, the best company for you is Upstart. On the other hand, borrowers with good credit should consider SoFi.

Which lender in Philadelphia has the lowest interest rate?

In Philadelphia, Upstart offers the lowest interest rates starting at 3.22%.

Can I use a personal loan for vacations in Philadelphia?

When applying for a loan, you may be asked what you plan to use the funds for. You can use the funds for your vacation as long as it is allowed by your lender.

Can I use a personal loan for home improvement in Philadelphia?

Major home upgrades require large funds. You can fund home renovations with a personal loan. In Philadelphia, the best personal loan lender for home improvements is Best Egg.

What can I not use my personal loan for in Philadelphia?

In Philadelphia, personal loan lenders may deny applications if the loan purpose is for post-secondary education, small business or stocks and bonds investment.

How much can I borrow in Philadelphia?

Personal loan amounts in Philadelphia can range from $1,000 to $100,000. Some lenders like Upstart, Upgrade and Best Egg limit the cap to $50,000.

How long does it take to get a personal loan in Philadelphia?

Some lenders like Truist are able to release the funds on the same day as your application, while other lenders like SoFi take about a week to release funds.

Can I pay off my loan early in Philadelphia?

When applying for a loan, you will want to look at the company’s policies for prepayment penalties. Some lenders will allow you to pay off your loan early without any charges, but others charge a fee for early repayment.

Top Lenders & Best Picks for You

Best Personal Loans in Philadelphia, PA

In times of financial hardship, a personal loan can be extremely beneficial. People take out a loan for various reasons, including consolidating debt, refurbishing a home, funding a vacation and many others.

The average personal loan debt in Philadelphia is $27,165. MoneyGeek identified the best options for different types of borrowers looking for a personal loan in Philadelphia.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Philadelphia
The Best Personal Loan Lender for Bad Credit in Philadelphia
The Best Personal Loan Lender for Good Credit in Philadelphia
The Best Personal Loan Lender for Debt Consolidation in Philadelphia
The Best Personal Loan Lender for Home Improvements in Philadelphia
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Philadelphia

MoneyGeek’s Pick for Best Personal Loan Lender in Philadelphia: Truist

In Philadelphia, you might find that you are charged a much higher interest rate or are given a higher loan amount offer compared to other cities in Pennsylvania. This is likely because Philadelphia is one of the largest metropolitan areas in the United States; typically, interest rates are higher in larger cities.

Aside from the specific rates in your location, MoneyGeek reviewed more than 30 data points to assess personal loans in Philadelphia and choose the best ones for specific borrower types. Whether you have good or bad credit scores, want to consolidate your debt or upgrade your home, we found the best personal loan lenders in Philadelphia that offer the most favorable terms and rates.

MoneyGeek ranked Truist as the best overall personal loan lender in Philadelphia. Upstart and SoFi were ranked as the best personal loan lenders for those with bad and good credit, respectively. While Upgrade and Best Egg were selected as the top loan lenders for debt consolidation and home improvement.

Best Overall Personal Loan Lender in Philadelphia: 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
Overall, the best personal loan lender in Philadelphia is Truist. Most borrowers in Philadelphia won’t have difficulty qualifying for a loan with this lender.
If you have excellent credit scores, you may be able to get the lowest interest rate of 8.14% from this lender. Alternatively, interest rates can reach up to 18.99% if you have a poor credit score. You can borrow $3,500 to $50,000 and repay the loan in up to 60 months, depending on your financial standing.
Pros
A+ BBB ratings
Maximum loan amount of $100,000
Discount of 0.5% for auto repayment
Next-day funding

Cons
Hard credit checks
Usage restrictions on funds
Co-signers not allowed
APR range: 8.14% to 18.99%
Minimum/maximum loan amount: $3,500 to $50,000
Minimum credit requirements: None
Repayment terms: Six to 60 months
Time to receive funds: Next day

Best Personal Loan Lender for Bad Credit in Philadelphia: 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 artificial intelligence lending platform that caters to borrowers with either low or poor credit scores. Their minimum credit requirement is only 300 and you can receive the funds in as early as the next day.
Upstart’s maximum loan amount is only $50,000, so it may not be a good fit for you if you need a larger loan. Your loan application will also incur an origination fee of 8%. If you can't make your monthly payments on time, Upstart allows you a ten-day grace period before charging you a late fee.
Pros
A+ rating from the BBB
Low credit score requirement
Interest rates as low as 3.22%
Soft inquiry for credit checks
Ten-day grace period before charging late fees

Cons
Maximum loan amount of $50,000
Up to an 8% origination fee
Rates not disclosed online
APR range: 3.22% to 35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36 to 60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Philadelphia: 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 is the best personal loan in Philadelphia if you have good to excellent credit. You can take out a loan for as little as $5,000 and pay it back in one to six years. SoFi doesn't charge any origination or pre-payment fees either. The company also does soft credit checks.
To be eligible for a SoFi personal loan in Philadelphia, you must have a credit score of at least 680. And, unlike other lenders who don't require a minimum gross income, you must earn at least $50,000 annually in gross income. SoFi offers unemployment protection, which is a program that adjusts your payments if you lose your job while paying off your loan.
Aside from personal loans, SoFi also offers a variety of other financial services, including student loans and mortgages.
Pros
A+ rating from the BBB
Discount of 0.3% for automatic repayment
Soft inquiry for credit checks
Unemployment protection

Cons
Gross minimum income requirement of $50,000
Debt to income limit of 43%
APR range: 5.74% to 20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12 to 60 months
Time to receive funds: Two days

Best Personal Loan Lender for Debt Consolidation: 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
A personal loan in Philadelphia can be the best solution to pay off your high-interest debts more easily. Rather than making multiple payments, you can consolidate your loan into single monthly payments at a low-interest fee. Upgrade doesn’t impose any origination fees.
A minimum credit score of 560 is required to be eligible for a personal loan from Upgrade. Missing payments will cost you $10 in late fees.
Pros
Discount of 1% for auto repayment
15-day grace period before charging a late fee
Moderate credit score requirement
Soft credit check inquiries
Online and in-person applications

Cons
Maximum loan amount is $50,000
Restrictions on loan use
High origination fees of 2.9%–8.0%
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36 to 60 months
Time to receive funds: Same day

Best Personal Loan Lender for Home Improvement: 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
Best Egg is the best personal loan lender in Philadelphia if you need money for home improvements. It offers loans ranging from $2,000 to $50,000, which you can receive within the next day. The interest rate can be as low as 4.99% and you can get a 0.5% discount if you sign up for an automatic payment system.
One drawback of Best Egg is that it charges a high origination fee up to 6%. It also requires a credit score of at least 700.
Pros
A+ rating from the BBB
Discount of 0.5% for auto payments
Soft credit check inquiry
Quick online application

Cons
Minimum credit score of 700
Gross income requirement of $50,000
Up to 6% origination fee
APR range: 4.99% to 35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36 to 60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender In Philadelphia for You

In Pennsylvania, personal loans incur an interest of 9.67% on average and the average personal loan debt is $27,165. Both the interest rate and loan amount are equally important to consider when taking out a personal loan in Philadelphia.

MoneyGeek provided the following steps to guide you through the loan application process:

Ask Yourself the Important Questions

Taking out a personal is a long-term commitment. For one, you will have to make monthly payments for several years to pay it off. Asking the most important questions may help you decide whether a personal loan is the right choice.

How much funding do you need?
What is your credit score?
Can you afford the monthly payment?
How much debt do you already have?

Do Your Research

Since a personal loan is a long-term commitment, it pays to do your homework in advance. Learn about debt and how to pay it off. Most importantly, consider as many options as possible in your city to get the most savings. MoneyGeek’s research is a helpful resource, but exploring options outside our recommendations could help you get the best deals for your financial situation.

Wait

After you’ve evaluated your financial situation and did your research, wait a few days before making a final decision so you can think it over.

Read the Fine Print

Additional terms and conditions and other extra charges can all be found in the fine print. When choosing between two personal loan lenders, you want to compare the fine print and see which has a lower rate or more flexible terms.

Apply

Now that you have settled on a personal loan lender and have read through the fine print, you can apply for the personal loan of your choice. Prepare the necessary documents, specifically proof of your financial standing, as these will be requested by your lender. You can apply online or you can also go through the process personally by calling or visiting your lender.

What To Do if You Can’t Get a Personal Loan in Philadelphia

Loan purpose mismatch, low credit scores, high loan amount and low income are common reasons why personal loan applications in Philadelphia get denied. Don’t be discouraged when this happens. If your personal loan application in Philadelphia was denied, there are a few things you can do. First, call your lender and ask them about the specific reason why your application was denied. You can then work on fixing the issue to increase your chances of getting approved if you reapply.

You can also explore other options aside from a personal loan. For example, if you want to consolidate your debt, you might have a better chance of getting a balance transfer credit card instead of a personal loan. If you want to take out a loan for post-secondary education, student loans might cater better to your needs. Let’s say you are planning to start a small business. In this case, a business loan might be worth considering. That said, you want to avoid payday loans, which incur the highest interest rate at a much shorter loan term.

Frequently Asked Questions About Personal Loans in Philadelphia

MoneyGeek answers the most frequently asked questions about personal loans in Philadelphia to help you decide:

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 are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Truist. "Personal Loans." Accessed March 6, 2022.
SoFi. "Personal Loans." Accessed March 6, 2022.
Upstart. "Personal Loans." Accessed March 6, 2022.
Upgrade. "Consolidate Your Debt." Accessed March 6, 2022.
BestEgg. "Personal Loans for Home Improvement." Accessed March 6, 2022.

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.