What is the best personal loan lender in Rhode Island?

MoneyGeek named LightStream as the best personal loan lender in Rhode Island. This ranking is the result of our comprehensive analysis of various lenders in the state. However, you’ll want to keep in mind that the best lender for you may be different given your unique scenario as a borrower.

Which lender in Rhode Island has the lowest interest rate?

According to MoneyGeek's analysis, Upstart offers the lowest interest rates, starting at 3.22%.

Can I use a personal loan for vacations in Rhode Island?

Even if a lender does not advertise a personal loan in Rhode Island as a vacation loan, most personal loans can be used to pay for this expense. Because some lenders may impose limitations on how the money can be used, make sure you discuss this with the lender first.

Can I use a personal loan for home improvement in Rhode Island?

Yes, home improvement can be funded with personal loans in Rhode Island. Best Egg is the top option for borrowers who want to fund their home renovation, according to MoneyGeek's analysis.

What can I not use my personal loan for in Rhode Island?

Personal loans from some lenders cannot be used to pay for college tuition, gambling or other fraudulent activity and investments. Depending on the bank, there may be restrictions on how you can use your personal loan. Talk to your lender before applying to ensure you can use the money how you want.

How much can I borrow in Rhode Island?

It depends on the lender’s requirements and your unique financial circumstances. Many companies may let you borrow up to $100,000.

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

Personal loans from banks usually take one to seven days to fund, depending on the bank and whether you have an account with them. Banks like LightStream offer fast approval and can deliver funding on the same day, whereas SoFi can take up to a week.

Can I pay off my loan early in Rhode Island?

In most cases, a personal loan can be paid off early. However, depending on your lender, this may come at a cost. While the majority of personal loan lenders do not charge you a fee for paying off your loan early, some may charge you a prepayment penalty.

Top Lenders & Best Picks for You

Best Personal Loans in Rhode Island

LightStream offers the best personal loans in Rhode Island. In addition to high loan limits, the lender offers an autopay discount and same-day funding without charging an origination fee, prepayment penalty or late fee.

Upstart offers the best rates for borrowers with bad credit, while SoFi is best for those with good credit. Upgrade is the best provider of debt consolidation loans and Best Egg is our top choice for home improvement loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Rhode Island
The Best Personal Loan Lender for Bad Credit in Rhode Island
The Best Personal Loan Lender for Good Credit in Rhode Island
The Best Personal Loan Lender for Debt Consolidation in Rhode Island
The Best Personal Loan Lender for Home Improvements in Rhode Island
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Rhode Island
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Rhode Island

MoneyGeek’s Best Personal Loan Lender in Rhode Island: LightStream

To evaluate lenders, MoneyGeek weighed over 30 factors, including loan size, payback periods and interest rates, to find the best personal loan in Rhode Island. We looked into items like minimum credit score, gross income and age restrictions to determine how these could affect your approval prospects.

MoneyGeek also considered elements that provide customers with convenience when applying. Some lenders need you to do so in person, while others allow you to do so online, while some even have their own smartphone apps to assist you.

Best Overall Personal Loan Lender in Rhode Island: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek named LightStream, SunTrust Bank's online consumer lending division that was launched in 2013, as the best overall personal loan lender in Rhode Island. It offers low-interest personal loans, and customers with good or better credit are the primary focus of loans.
LightStream emerged as the best option since it has no fees, including origination and late fees, as well as no prepayment penalty. You can apply online or through the company’s mobile app. If you request a loan on a banking business day and are approved, you may be able to obtain the money the same day.
LightStream provides personal loans up to $100,000 for a variety of needs, making it an excellent alternative for prospective borrowers who require a large loan with flexibility.
Pros
A+ BBB rating
No origination, prepayment or late fees
Low credit score requirement
Fast approval and funding
0.5% autopay discount

Cons
Conducts hard credit inquiry
Doesn’t offer personal loans under $5,000
Not available to people with new or no credit
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day

Best Personal Loan Lender for Bad Credit in Rhode Island: 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
In 2012, the Upstart AI financing platform was launched, granting $20.8 billion in loans so far. It is now a well-known online lender that makes money more accessible to borrowers, even those with bad credit in Rhode Island.
MoneyGeek's research revealed that Upstart is the top personal loan lender for bad credit in Rhode Island, requiring only a credit score of 300. To prevent harming your credit record, the bank runs a soft inquiry first, followed by a hard inquiry.
The bank offers some rather modest loan amount limits. Unlike other lenders who will let you borrow up to $100,000, Upstart will only let you borrow up to $50,000. If you can’t pay your bills on time, Upstart will grant you a grace period before charging you a late fee.
Pros
A+ BBB rating
Accepts borrowers new to credit
Low credit score requirement
Fast funding usually within the next day
Conducts soft inquiry for credit checks

Cons
Charges $15 for late payments
May require up to an 8.0% origination fee
No mobile app
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Rhode Island: 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
If you have good credit and are looking for the best personal loans in Rhode Island, SoFi is a well-known personal loan company that you should consider. SoFi's credit score threshold isn't that much higher than others, and you can borrow anywhere between $5,000 and $100,000.
While SoFi requires a gross income of at least $50,000 to qualify for a loan, the bank offers loans with low interest rates and no fees. A credit score of 680 is required.
In addition to cheap rates and no fees, you get a variety of exclusive member benefits, such as access to financial counselors and invites to exclusive virtual events. With a SoFi loan, you gain access to SoFi Relay, a platform that allows you to connect all of your accounts in one place. You may also use it to track your credit score over time.
Pros
A+ BBB rating
Offers unemployment protection
No origination fees, prepayment penalties or late fees
Soft credit inquiries are conducted
0.25% autopay discount

Cons
Requires good credit
No co-signers
Gross income requirement is at $50,000
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

Best Loan Lender for Debt Consolidation in Rhode Island: 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
Upgrade is a neobank that was formed in 2017. With its personal loans, credit cards and free credit monitoring, Upgrade was named as MoneyGeek's best personal loan lender for debt consolidation in Rhode Island.
Personal loans from Upgrade range from $1,000 to $50,000. A credit score of 560 is required to be eligible for a loan. You won't be able to use your loan for other activities like investing and paying for college if you choose Upgrade. But, if you want to use your personal loan in Rhode Island to consolidate debt, this is a great alternative. Upgrade also allows you to have a 15-day grace period before incurring late fines of up to $10.
Upgrade sets itself apart from other lenders by offering rate savings and, unlike other lenders, accepting loan applications both in-person and online.
Pros
A+ BBB rating
Low minimum loan amounts and fast funding
1% autopay discount
Conducts soft credit inquiries
In-person and online applications

Cons
Charges late payment fee up to $10
Origination fee of 2.9% to 8%
Loans available only up to $50,000
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

Best Loan Lender for Home Improvement in Rhode Island: 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
In 2014, Best Egg was founded in Texas. It has gained a reputation as a low-cost personal loan lender for home improvement in Rhode Island. Personal loans from Best Egg range from $2,000 to $50,000, with differing minimums in different states and repayment lengths of three to five years.
If you have good credit, Best Egg is a great option for a personal loan for home improvements. The lender’s interest rate can be as low as 4.99%, but Best Egg collects origination fees that can reach 6%. It also charges late fees.
It's worth noting that Best Egg needs applicants to have a minimum gross income of $50,000 and be currently employed.
Pros
Fast approval and funding
A+ BBB rating
No prepayment penalty
Soft credit inquiry is conducted
0.5% autopay discount

Cons
Charges 1% to 6% for origination fee
Late payment $15
Credit score of at least 700 required
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

How to Choose the Best Personal Loan Lender in Rhode Island for You

Rhode Island has an average personal loan debt of $14,599. Residents deal with multiple variables that influence the approval of their personal loan applications. Underwriting standards vary by lender, but they often include information from an applicant's credit record as well as other elements that reflect the ability to repay the loan.

As you start applying for a personal loan in Rhode Island, MoneyGeek lists the steps you should follow.

Ask Yourself the Important Questions

Before determining which lender’s qualification requirements you meet, you must consider whether a personal loan is good for you. Ask yourself these questions:

How much money do I need? Think about how much money you need and determine if the lender you are considering offers loans in that amount.
What is the status of my credit? What is my credit score? All lenders check your credit score before approving your application. Make sure you meet their qualifications.
Is it possible for me to make the monthly payment? You'll be charged late penalties and your credit score will suffer if you can't make payments. Take note that you have to commit to monthly payments for two to four years.
Do I have any outstanding debts? If you're already paying off other obligations, adding another loan to your list might not be the best idea.

Do Your Research

MoneyGeek keeps you up to date on current trends and recommends the best lenders for a variety of needs. However, it is still vital to do your own research before applying for a loan. While your case is unique, our research may be able to help you start your research and acquire the best personal loan in Rhode Island.

Make a point of researching topics that will have a long-term impact on you. You can also compare rates from several lenders to find which one offers the best deal for your particular needs. Some lenders place limitations on how you may use your loan, so make sure that you can use the funds for what you need them for.

Wait

A personal loan application requires careful consideration. Don't do anything unless you're sure you'll be able to handle all of the responsibilities that come with it. Take a breather and reflect once you've gathered all of the facts you'll need to make a decision. Also, take the time to evaluate if there are other ways to meet your financial needs instead of a loan.

Read the Fine Print

When entering into any agreement, it is critical to read and understand the fine print. Now that you’ve narrowed down your lender choices, it's time to study the fine print.

Concentrate on the tiny details when examining loans that you intend to apply for, as they may either help you save money or cause you to pay more. Costs to consider include early payoff fees, prepayment penalties and origination fees. They may appear to be minor fees, but they can add up to big costs (or potential savings) in the long run.

Apply

After you've completed these steps, you will move on to the most important aspect of the process of applying for a personal loan in Rhode Island. You can apply for your loan online, but if you prefer to call or visit their office, there is no harm in doing so, provided those are options your lender offers. You will be required to provide particular documents and information during the application process. Lenders typically want identification, evidence of residency and proof of income.

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

Personal loans are declined in Rhode Island for a variety of reasons, including credit score issues and income concerns. Keep in mind that being turned down for a personal loan does not mean the end of the road in your loan journey.

The most common reasons for loan denial are poor credit scores, insufficient income, excessive debt-to-income ratios and missing loan application information. It is important to examine the situation if you've been denied a loan. MoneyGeek recommends contacting your lender to find out why your loan was denied and inquiring if there is anything you can do to modify the terms of your loan. For instance, you could decrease the payback period or lower the loan amount.

If you either cannot persuade them to change their decision or if you urgently need the money, you might look for a loan from another company. However, it is beneficial to focus on improving your application by utilizing the information offered by your lender.

Also, payday loans should be avoided. While a payday loan might help you get cash quickly, the interest rate is rather high and the repayment period is short.

Frequently Asked Questions About Personal Loans in Rhode Island

You might have more questions about personal loans. Fortunately, MoneyGeek can provide you with answers to these frequently asked questions about personal loans in Rhode Island.

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 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

LightStream. "Lending Uncomplicated." Accessed March 7, 2022.
SoFi. "Low rates. No fees. Personal loans made easy." Accessed March 7, 2022.
Upgrade. "Personal Loans up to $50,000." Accessed March 7, 2022.
Upstart. "5 reasons to apply for an Upstart personal loan." Accessed March 7, 2022.
Upstart. "Get a smarter loan." Accessed March 7, 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.