Best Personal Loans in Providence, RI: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Providence, RI

MoneyGeek evaluated numerous personal loan lenders in Providence based on a variety of criteria, including APR ranges, minimum credit score requirements, income requirements, loan disbursement speeds, repayment terms, fees and customer service, among others.

We discovered that LightStream is the city's top provider of personal loans. Upstart provides the ideal personal loans for borrowers with bad credit, while SoFi is a better choice for those with strong credit. Upgrade and Best Egg are your best choices if you plan to use your personal loan for debt consolidation or home improvement, respectively.

Best Overall Personal Loan Lender in Providence: 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

    Because of LightStream's lack of common fees, including origination, late and prepayment fees, it has emerged as MoneyGeek's top pick for the overall best personal loans in Providence, Rhode Island. LightStream is a division of SunTrust Banks' online consumer lending business that was launched in 2013.

    Low-interest personal loans are available from LightStream, and they are primarily targeted at borrowers with good or excellent credit ratings. You can submit an application online or via the lender's mobile app and get the money the same day if your loan request is approved on a banking business day. The company offers a broad range of repayment term options as well.

    LightStream is a great option for potential borrowers looking for a large, flexible loan because it offers personal loans up to $100,000 for different purposes. On the flip side, the $5,000 minimum loan makes it less than ideal for individuals looking to borrow a smaller amount of money.

    Pros

    • $100,000 maximum loan amount
    • Autopay discount
    • No late or origination fees
    • No prepayment penalty
    • Quick funding

    Cons

    • Performs hard credit pull
    • $5,000 minimum loan amount
    • High minimum credit score
    LightStream

Best Personal Loan Lender for Bad Credit in Providence: 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, a company launched in 2012, evaluates a person's eligibility for a personal loan using artificial intelligence tools. It is the best choice if you don't have a good credit history because the company has no minimum credit score requirement.

    Even though Upstart offers loans to those with bad or incomplete credit, it may charge them higher interest rates than other lenders do. Although Upstart has the lowest minimum APR in Providence, this personal loan provider also charges potentially high APRs for loans.

    After approval, you can have your money as soon as the next working day. Although there is no prepayment penalty, Upstart borrowers can incur late and origination fees.

    Pros

    • 300 credit score requirement
    • Soft credit check
    • No prepayment penalty
    • Low minimum APR

    Cons

    • $50,000 funding limit
    • Potentially high APR
    • Late and origination fees
    • Only two repayment term options
    Upstart

Best Personal Loan Lender for Good Credit in Providence: 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 a well-known provider of personal loans and an appealing option if you have excellent credit in Providence, Rhode Island. Social Finance, popularly known as SoFi, was established in 2011 to provide student loan refinancing services and began offering personal loan products in 2015.

    You may borrow between $5,000 and $100,000 with SoFi, and its credit requirements stipulate a minimum score of 680. You could collect the money the same day SoFi authorizes your loan. The lender may also modify your loan payments to your benefit if you lose your job while the loan is still active.

    The minimum gross income requirement for SoFi's loans is $50,000. There are many different repayment term options to choose from, and the company’s maximum APR is quite reasonable, although its minimum APR leaves something to be desired.

    Pros

    • Lends up to $100,000
    • No prepayment or origination fees
    • Low maximum APR
    • Offers unemployment protection program
    • 0.25% autopay discount

    Cons

    • 680 credit score requirement
    • High minimum loan amount
    • No co-signers allowed
    • High minimum APR
    SoFi

Best Personal Loan Lender for Debt Consolidation in Providence: 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 our recommended lender if you plan to use your loan to pay off high-interest debt. Since its launch in 2016, this company has loaned over $10 billion.

    Upgrade allows you to borrow between $1,000 and $50,000. For debt consolidation loans, the lender provides third-party creditors with direct payments. Upstart initially does a soft credit inquiry, which does not hurt your credit score, and it normally releases your funds one business day after approving your loan. Upstart won't impose a prepayment penalty if you choose to repay your loan early.

    The lender does, however, charge origination and late payment fees. While Upgrade offers low rates to borrowers with excellent credit, its maximum APR is very high.

    Pros

    • Pays creditors directly for debt consolidation
    • Fast funding
    • Low minimum APR
    • Autopay discount
    • $1,000 minimum loan amount

    Cons

    • High maximum APR
    • Charges late and origination fees
    • Maximum loan of $50,000
    Upgrade

Best Personal Loan Lender for Home Improvement in Providence: 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 was established in Texas in 2014. It has developed a reputation as a low-cost personal loan provider for home improvement loans in Providence, Rhode Island. Best Egg offers personal loans from $2,000 to $50,000 that are repaid over three to five years.

    Best Egg is a solid choice for a personal loan for home upgrades if you have strong credit. However, Best Egg charges origination, late and returned payment fees. In addition, its APR range is pretty high.

    Best Egg only accepts borrowers with strong credit scores, as it has a 700 minimum. That said, borrowers can get their money quickly, as Best Egg funds most personal loans the next business day.

    Pros

    • Soft credit pull
    • Fast funding
    • A+ BBB rating

    Cons

    • 700 minimum credit score
    • Limited repayment term options
    • Maximum loan of $50,000
    • Late fees
    • Origination fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Providence for You

The average personal loan debt in Rhode Island is $14,599. Individuals deal with a variety of factors that affect the acceptance of their personal loan applications. Lenders have different underwriting requirements, but they frequently consider a candidate's credit history along with other financial factors that indicate their potential to repay the loan.

MoneyGeek outlines a step-by-step list of actions you should take as you begin the personal loan application process in Providence.

1
Ask Yourself the Important Questions

It's crucial to evaluate your needs as well as other financial factors, including credit score, income and previous debts, before choosing a lender. These aspects will have an effect on the loan amount you are eligible for and the payback period you might choose. Before moving forward, MoneyGeek suggests considering the following:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2
Do Your Research

MoneyGeek keeps you informed of the most recent developments and suggests the top lenders for a range of requirements. Even if each individual's situation is different, our study might be able to help you get started on your quest for the best personal loan in Providence.

Doing your own research before applying for a loan is still essential, though. Make it a point to conduct research on subjects that will affect you long-term. Additionally, you can compare the rates offered by several lenders to determine which one is the best option for your specific requirements. Make sure you can use the money for what you need it for because some lenders have restrictions on how you may utilize the loan.

3
Wait

Once you've evaluated your needs and compared lenders, it's ideal to give yourself a few days to think things over before applying with the lender of your choice. A personal loan is a commitment that must be repaid over several years. You might even be able to discover an alternate option that is better for you financially.

4
Read the Fine Print

You should always read the fine print and make sure you understand it before signing any offer. A good time to thoroughly check the fine print is when you have shortlisted your selection of lenders. Pay close attention to the details that could result in you paying more or saving money. Common examples of these include prepayment penalties, origination fees and late fees. Although they might seem like insignificant charges at the time, they can add up to major expenses in the long run.

5
Apply

After you're done checking the fine print you can apply for a loan. The lender will now ask for documents related to personal information, such as proof of identity, income and address. Many lenders feature online applications, which are often more convenient. However, if you're uncomfortable using online tools, some may also let you apply in person. The choice is up to you.

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

Providence residents are denied personal loans for a number of reasons. Poor credit scores, high debt-to-income ratios, insufficient income and incomplete loan application information are the most frequent causes of loan rejection. Regardless, getting denied on an application doesn't mean that you should give up on getting a personal loan.

If you have been turned down for a loan, it is crucial to review the circumstances that led to the refusal. MoneyGeek advises getting in touch with your lender to see why your loan application was rejected and if there is anything you can do to make your application more acceptable. For instance, you could cut the loan amount or payback duration.

It could also be alluring to submit an application right away with a different lender, but you should wait until you understand why your previous application was rejected. MoneyGeek also cautions against payday loans as these have extremely high interest rates, and borrowers frequently don't make their payments on time, adding to their debt.

Frequently Asked Questions About Personal Loans in Providence

MoneyGeek addresses the frequently asked questions regarding personal loans in Providence, Rhode Island, to help you grasp the topic even better.

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

Our Personal Loan Methodology

Using 35+ distinct data points in six critical categories — loan affordability, lender transparency, accessibility, consumer friendliness, flexibility and customer service — MoneyGeek evaluated more than 30 personal loan lenders.

We took into account a number of distinct data points that we believe are most important when selecting a personal loan lender under each ranking criterion area. These variables include APR ranges, maximum loan amounts, required credit scores, minimum income, application costs and disbursement periods.

We also consider each lender's customer service, business ratings and any supplemental services that can make your experience easier and more accessible, such as prequalification, payment options and mobile apps.

Our picks are selected after considerable study and calculation, always keeping your best interest in mind. Our personal loan recommendations and expert guidance are intended to help you choose a lender that best 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.

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