Top Lenders & Best Picks for You

Best Personal Loans in Philadelphia, PA

Banner image
Reviewed byMorgan Hull
fact checked icon
fact checked icon
Reviewed byMorgan Hull
fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

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
    Truist

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
    Upstart

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
    SoFi

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
    Upgrade

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
    Best Egg

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:

1
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?
2
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.

3
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.

4
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.

5
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:

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

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
Shield Insurance

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.