Best Personal Loans in Philadelphia, PA

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Updated: October 3, 2024

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Freedom Credit Union is the best personal loan lender in Philadelphia, Pennsylvania, with a MoneyGeek score of 99 out of 100, offering quality service, competitive interest rates, and flexible repayment terms. Laurel Road, the best lender for online personal loans, received a MoneyGeek score of 93 out of 100 for its strong customer service, quick application and approval process, and credible and transparent loan terms.

We prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Pennsylvania.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick-and-mortar locations in Philadelphia, Pennsylvania. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Philadelphia, PA

Company logo for Freedom Credit Union
Freedom Credit Union

MoneyGeek Score99
APR Range9.99% to 17.99%
Loan Amount RangeUp to $30,000
Repayment Terms6 to 72 months
Time to Receive FundsUndisclosed
Overview

Freedom Credit Union is the best personal loan lender in Philadelphia, Pennsylvania, with a MoneyGeek score of 99 out of 100. It offers several appealing features for borrowers, including federal insurance by the NCUA, ensuring your funds are protected.

Best Online Personal Loan in Philadelphia, PA

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Philadelphia, Pennsylvania, with a MoneyGeek score of 93 out of 100. Its loan offerings range from $5,000 to $45,000 with repayment terms of 36 to 60 months.

Calculate Your Monthly Payment in Philadelphia, PA

According to the United States Census Bureau, the median annual household income in Philadelphia, Pennsylvania, in 2022 was $56,517. Whether your income is above or below this median value, what matters most is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For instance, for a $10,000 personal loan with a 10% interest rate and three years in repayment terms, the monthly payments would be $323, resulting in $3,876 per year. This amounts to 7% of the median annual household income in Philadelphia.

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Estimate the monthly payment for your loan.

Updated: Oct 8, 2024

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Runner-Up for Best Personal Loan in Philadelphia, PA

Company logo for Philadelphia Federal Credit Union
Philadelphia Federal Credit Union

MoneyGeek Score95
APR RangeFrom 9.99%
Loan Amount Range$500 to $25,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Philadelphia Federal Credit Union stands out as the runner-up for the best personal loans in Philadelphia, Pennsylvania, with a MoneyGeek score of 95 out of 100. It offers two particular appeals: first, it is federally insured by the NCUA, giving you the security of federal backing; second, it has no prepayment penalty, allowing you to pay off your loan early without extra costs.

Other Options for Personal Loans in Philadelphia, PA

Company logo for Police and Fire Federal Credit Union
Police and Fire Federal Credit Union

MoneyGeek Score93
APR RangeFrom 12.90%
Loan Amount RangeUp to $30,000
Repayment TermsUp to 72 months
Time to Receive FundsNext Day
Overview

Police and Fire Federal Credit Union is a suitable choice for personal loans in Philadelphia, Pennsylvania, with a MoneyGeek score of 93 out of 100. It is federally insured by the NCUA, ensuring the safety of your funds.

Company logo for Penn Federal Credit Union
Penn Federal Credit Union

MoneyGeek Score91
APR RangeFrom 9.90%
Loan Amount RangeUp to $10,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Penn Federal Credit Union is a good choice for personal loans in Philadelphia, Pennsylvania, receiving a MoneyGeek score of 91 out of 100. As a lender, it has some attractive features such as being federally insured by the NCUA, which adds a layer of security for borrowers.

National Lenders With Physical Locations in Philadelphia, PA

Borrowers in Philadelphia, Pennsylvania searching for the best personal loans have the benefit of selecting from a variety of national lenders that offer in-person services. In Philadelphia, those options include Truist, Wells Fargo, PNC, Santander, and TD Bank. Each lender has branches throughout the city, making it convenient for borrowers to discuss loan options, ask questions, and manage their accounts in person.

PNCAPR RangeUndisclosedLoan Amount Range$1,000 to $35,000Repayment Terms6 to 60 months
SantanderAPR Range6.99% to 24.99%Loan Amount Range$5,000 to $50,000Repayment Terms36 to 84 months
TD BankAPR Range8.99% to 23.99%Loan Amount Range$2,000 to $50,000Repayment Terms36 to 60 months
TruistAPR Range8.74% to 17.39%Loan Amount RangeStarting from $3,500Repayment Terms24 to 60 months
Wells FargoAPR Range7.49% to 23.24%Loan Amount Range$3,000 to $100,000Repayment Terms12 to 84 months

What to Do if You Can't Get a Personal Loan in Philadelphia, PA

Your personal loan application in Philadelphia, Pennsylvania can get denied due to various reasons, like a low credit score, negative financial history, or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from the City of Philadelphia's Financial Empowerment Center. Department of Justice's list of approved credit counseling agencies can be another option.

FAQ About Personal Loans in Philadelphia, PA

We addressed common questions about the best personal loans in Philadelphia, Pennsylvania, offering valuable insight to assist your decision-making process.

What is the best overall personal loan lender in Philadelphia, Pennsylvania?
What are personal loans used for in Philadelphia, Pennsylvania?
What are the interest rates on personal loans in Philadelphia, Pennsylvania?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Philadelphia, Pennsylvania?
What are the best low-interest personal loans in Philadelphia, Pennsylvania?
What is an installment loan? Is there a difference between personal loans and installment loans in Philadelphia, Pennsylvania?
Is there a difference between credit union loans and bank loans in Philadelphia, Pennsylvania?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.