Best Personal Loans in Rhode Island for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byJlyne Ubina
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Updated: April 24, 2024

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First Tech and PenFed are MoneyGeek's top picks for personal loans in Rhode Island with scores of 98 and 96, respectively. Their high rankings reflect exceptional customer service, competitive rates and a clear loan process.

When looking for a personal loan, your credit score, income history and debt-to-income ratio are key factors that lenders will check. Rhode Island's average credit score is 722, according to Experian data from 2023, which usually means the average borrower can obtain favorable loan terms.

MoneyGeek weighed aspects like reputation, APR ranges, credit score requirements and loan term options to determine the best lenders.

MoneyGeek Logo IconBest PersonalLoan LendersRhode Island

Best Personal Loan Lenders in Rhode Island

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. 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 analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Rhode Island. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Best Overall Personal Loan Lender

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Rhode Island with a score of 98 out of 100. With APRs ranging from 8.94% to 18.00%, it sits below the higher end seen in competitors' rates, revealing a cost-effective option. The provider also offers repayment flexibility, with terms stretching from six to 84 months. First Tech especially excels in providing competitive rates and educating customers, coupled with streamlined application processes, positioning itself as a top choice for personal loans.


    • Insured by the National Credit Union Administration (NCUA)
    • Doesn't charge an application or loan origination fee
    • Provides granular APR data for a variety of loan terms


    • Need to be a member to apply
    • Could provide more details on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up Best Personal Loan Lender

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up for best personal loan lender in Rhode Island with a score of 96 out of 100. Offering APRs ranging from 7.99% to 17.99%, PenFed's rates are competitive and include the lower end of ranges evaluated. Loan terms extend up to 60 months, highlighting flexibility in repayment. Exceeding in customer service availability and educational resources, MoneyGeek also recognizes PenFed's strong commitment to transparency, contributing to its high recommendation.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Employs clear communication that debt consolidation services are provided


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio or DTI.

Most lenders prefer to see a debt-to-income ratio of 35-40% or below for secured loans, and 40-45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Rhode Island Loan Payment

According to our analysis, lenders in Rhode Island offer personal loan products averaging about 52 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

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Estimate the monthly payment for your loan.

Updated: Jun 21, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

    Best Personal Loan Lender for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money, with a MoneyGeek score of 94 out of 100, is MoneyGeek's pick for the best personal loan option in Rhode Island for borrowers with low credit. Although not a traditional lender, Happy Money partners with various federally insured financial institutions, offering competitive rates starting at 11.72% and requiring a minimum credit score of 640, which is transparently listed on its site. It shines particularly in customer service and in the transparency of the loan process, providing ample information and ensuring a user-friendly experience.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?

    Best Personal Loan Lender for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    MoneyGeek recommends Alliant Credit Union for borrowers in Rhode Island seeking to consolidate debt due to its competitive APR range of 10.99% to 13.99%, which is advantageous compared to other lenders. Alliant is an online-only bank, requiring borrowers to maintain membership in good standing for 90 days to qualify for a personal loan. The union's overall MoneyGeek score is 96 out of 100. With its standout scores in key areas, Alliant exhibits superior cost-effectiveness and upfront disclosure for consumers, factors critical in selecting a debt consolidation loan provider.


    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • No prepayment penalties


    • An online-only credit union, no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

The Impact of Credit Score on Loan Repayment in Rhode Island

When seeking a personal loan in Rhode Island, you need to be aware of your credit score, credit history, income stability and debt-to-income ratio — all critical factors that lenders analyze to determine your eligibility and loan conditions. MoneyGeek evaluates the best personal loan lenders based on their reputation, transparency, APR ranges, minimum credit scores required and loan term options.

Improving your credit score is an important step you can take to enhance your loan terms, as lenders typically reserve lower APRs for borrowers with strong credit.

Refer to the table below to understand how your credit score may influence your monthly payments for a personal loan.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Understanding Personal Loans: Pros and Cons

Personal loans offer flexibility and potential savings, such as the ability to consolidate high-interest debt into one lower-interest payment and the opportunity to secure funds quickly for various needs, often at interest rates that are more favorable than those of credit cards. However, while personal loans can be financially beneficial, they are not without their pitfalls, such as the risk of origination fees or the possibility of incurring collateral damage in the case of secured loans.

For those interested in learning more, a deeper understanding of the pros and cons of personal loans can guide you through the complexities of borrowing.

The good and bad of personal loans

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  • More affordable interest rates than most credit cards for eligible applicants
  • Consolidate multiple debts into one manageable payment
  • Rapid approval and disbursement for time-sensitive financial needs
  • Option to include a co-signer to obtain more favorable loan terms
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  • Added costs due to origination fees
  • Risk of penalties for early repayment
  • Potential loss of assets with secured loans
  • Encouragement of excessive debt through easy approval

Frequently Asked Questions About Rhode Island Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Rhode Island for personal loans?
Where is the best place to get a personal loan in Rhode Island?
Who has the best personal loan interest rates in Rhode Island?
What can I use a personal loan for in Rhode Island?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.