Best Personal Loans in Providence, RI: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Providence
- The Best Personal Loan Lender for Bad Credit in Providence
- The Best Personal Loan Lender for Good Credit in Providence
- The Best Personal Loan Lender for Debt Consolidation in Providence
- The Best Personal Loan Lender for Home Improvements in Providence
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Providence
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
Best Personal Loan Lender for Bad Credit in Providence: Upstart
Best Personal Loan Lender for Good Credit in Providence: SoFi
Best Personal Loan Lender for Debt Consolidation in Providence: Upgrade
Best Personal Loan Lender for Home Improvement in Providence: 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.
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?
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.
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.
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.
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.
Our study shows that LightStream is Providence's top overall personal loan lender. However, Upstart will work best for you if your credit score is low, and SoFi is the best lender for customers with good credit. Meanwhile, we advise looking into Upgrade or Best Egg if you want loans for debt consolidation or home improvements, respectively.
Among the personal loan lenders in Providence, Upstart has the lowest interest rates.
Yes, the majority of Providence lenders allow personal loans to be used to pay for vacations. However, it's a good idea to always read your loan agreement to determine whether your lender has any restrictions on how you can use the money you borrow.
In Providence, personal loans can be used to finance home improvements. According to MoneyGeek's analysis, Best Egg is the best choice for borrowers who wish to finance their home remodeling.
In general, Providence's lenders forbid using loan funds for things like secondary education, business expenses, gambling or illegal acts. It’s always recommended to check with your lender on your fund usage restrictions.
It depends on the lender, your profile and your particular financial situation. Some companies permit borrowing of up to $100,000, while others have lower limits.
Each lender has its own timeline for loan approval. Some can release the funds on the same day of approval, while others may take a few days.
A personal loan can typically be repaid early. However, this can result in additional costs with some lenders. Although many lenders won't charge you anything for paying off your loan early, some might. Check your loan agreement for a prepayment penalty.
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
- Best Egg. "Personal Loans." Accessed November 9, 2022.
- SoFi. "Personal Loans." Accessed November 9, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed November 9, 2022.
- Upstart. "A Personal Loan for Your Personal Needs." Accessed November 9, 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
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