What is the best personal loan lender in Tennessee?

The best personal loan lender in Tennessee is Truist. However, it’s important to remember that the best lender for you depends on your unique circumstances.

Which lender in Tennessee has the lowest interest rate?

Upstart offers the lowest interest rate in Tennessee with its low minimum APR of 3.22%.

Can I use a personal loan for vacations in Tennessee?

Yes. That said, some lenders have restrictions on how you can use the money you borrow. Check with your lender to learn about any restrictions.

Can I use a personal loan for home improvement in Tennessee?

Yes. The best personal loan for home improvement in Tennessee is Best Egg.

What can I not use my personal loan for in Tennessee?

Some lenders impose restrictions on their personal loans. These can include funding college and postsecondary education, illegal activities, businesses, purchasing of bonds and stocks and refinancing existing debts from the same lender. Talk to your lender to learn about their restrictions.

How much can I borrow in Tennessee?

In Tennessee, you can borrow up to $100,000 in personal loans. However, this varies based on the lender and various eligibility factors.

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

Some lenders, such as Truist, offer a same-day release of the loan. Other lenders can take up to seven days.

Can I pay off my loan early in Tennessee?

Lenders allow you to pay off your loans early, although some lenders impose prepayment fees. Talk to your lender to find out if they charge fees when you repay your loan early.

Top Lenders & Best Picks for You

Best Personal Loans in Tennessee

The most suitable option for the best personal loans in Tennessee. is Truist. The lender provides an autopayment discount, next-day funding and doesn’t charge origination fees.

MoneyGeek ranked Upstart as the best option for borrowers with bad credit, while those with good credit will get the best rates from SoFi. Upgrade and Best Egg are your top choices if you want a loan for debt consolidation or home improvement.

WHAT WE’RE GEEKING OUT ON

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

MoneyGeek’s Pick for Best Personal Loan Lender in Tennessee: Truist

MoneyGeek compared and analyzed 30 data points to find the best personal loan lenders in Tennessee. We considered factors such as BBB ratings, loan amount ranges, fees, interest rates, discounts and more. We also looked at eligibility requirements to help you find a lender that fits your financial profile.

According to the data we gathered, the lenders below offer the best features for different purposes and borrowers.

Best Overall Personal Loan Lender in Tennessee: 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
MoneyGeek identified Truist as the best personal loan lender overall in Tennessee because of its loan range of $3,500 to $50,000. Next-day funding is also available and useful for borrowers who have urgent financial needs.
In 2019, BB&T Bank and SunTrust had a merger, forming what is now known as Truist Bank. The company doesn’t charge origination fees, prepayment penalties or late fees. While it doesn’t accept people with no or new credit, it also doesn't require a minimum credit score, so almost all loan applicants can get funding approval as long as they are qualified.
The company offers competitive rate matches and will let you complete an application online. If you have specific funding needs, make sure Truist will let you use your loan for those needs before applying since they do have restrictions on how you can use your funds.
Pros
A+ BBB rating
0.5% autopay discount
No origination fee
Next-day funding

Cons
Conducts hard inquiry
Limits on fund usage
No co-signers allowed
High starting APR rates
APR range: 8.14%–18.99%
Minimum/maximum loan amount: $3,500–$50,000
Minimum credit requirements: None
Repayment terms: Six–60 months
Time to receive funds: Next day
on Truist Website

Best Personal Loan Lender for Bad Credit in Tennessee: 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 has been in business since 2012. An Upstart personal loan is best for people with low credit scores who are not looking to take out a huge loan. While the minimum credit to qualify is 300, this loan requires a minimum income of $12,000 and a 45% debt-to-income ratio limit.
If you’re fee-conscious, this loan may not be the best option for you. Upstart has a late fee of 5% of the overdue amount or $15, whichever is larger.
Nevertheless, Upstart still provides affordable credit. They do this by using an artificial intelligence (AI) lending platform. The company developed unique models to reassure its partners of the low risks and costs, making Upstart the best personal loan lender for borrowers with bad credit.
Pros
A+ BBB rating
Low credit score requirement
Conducts a soft inquiry
No prepayment penalty
Funds are available quickly

Cons
Low loan amount limits
$15 late fee
Minimum income requirement
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
on Upstart Website

Best Personal Loan Lender for Good Credit in Tennessee: 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
Established in 2011, SoFi prides itself on its personal loans that have incredible benefits without extra fees. SoFi is MoneyGeek’s top choice for a personal loan in Tennessee for those with good credit and a decent income.
SoFi provides a maximum loan amount of $100,000 with a minimum interest rate of 5.74%. To be approved for a loan, an applicant needs at least a 680 credit score and $50,000 gross income.
SoFi also offers unemployment protection and financial advice. Because of this, borrowers can feel safe in the event that they lose their jobs while paying for the loan. While a SoFi personal loan does not have fees, it may take up to one week before you can receive the funds.
Pros
A+ BBB rating
0.3 % autopay discount
No prepayment penalty
Doesn’t charge late fees
Conducts a soft inquiry

Cons
Minimum gross income requirement of $50,000
Doesn’t allow co-signers
Requires 680 credit score
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
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Tennessee: 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
Debt consolidation through a personal loan results in lower interest rates, a streamlined approach to monthly payments and improved credit scores. An Upgrade personal loan provides features and services that can help you pay off existing debts so that you can build your credit.
With Upgrade, you can take advantage of an autopay discount of 1%. On the flip side, the lender charges a late fee of $10 and origination fees between 2.9% and 8%.
Upgrade was established in 2017. Its personal loan is best for people who are looking to pay off credit card debts along with other existing debts. However, those with credit scores below 560 or people who have new or no credit may not be eligible for a loan with this lender.
Pros
A+ BBB rating
1% autopay discount
Conducts soft inquiry
No minimum gross income requirement
Doesn’t charge prepayment penalties

Cons
Does not accept people with new or no credit
Has late fees
Won’t allow co-signers
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
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Tennessee: 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 our top pick for a home improvement loan in Tennessee. Marlette Funding launched Best Egg in 2014.
While the terms for a loan from this company range from three to five years, borrowers can pay off their loan in advance without incurring prepayment fees.
The loan amount ranges from $2,000 to $50,000, but the interest rate can reach up to 35.99%. Best Egg requires a minimum credit score of 700 and a minimum gross income of $50,000 to be eligible for this personal loan. If you’re looking for quick funding, Best Egg can release your loan within one to three business days.
Pros
A+ BBB rating
0.5% autopay discount
Fast funding release
No prepayment penalty
Conducts soft inquiry

Cons
Higher minimum credit score
Does not accept people with new or no credit
Minimum gross income requirement of $50,000
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
on Best Egg Website

How to Choose the Best Personal Loan Lender in Tennessee for You

The average personal loan debt in Tennessee is $25,174, but this amount may vary depending on your credit score, income, lender and other factors. To help you find the best loan for your needs, we have provided a comprehensive guide for you below, with steps you can follow as you apply for a loan.

Ask Yourself the Important Questions

Before anything else, you need to establish the basics. The following are questions you need to ask yourself before applying:

How much funding do you need? - Make sure you know exactly how much money you need so you can find a lender that can meet your requirements.
What is your credit score? - Since lenders evaluate credit scores when approving applications, make sure your score meets their minimum requirements.
Can you afford the monthly payment? - If a loan payment doesn’t fit into your budget, it’s best to try to avoid taking out a loan. Otherwise, you will end up in deeper debt and will hurt your credit score.
How much debt do you already have? - Make sure it makes sense to add more debt to your debt-to-income ratio before applying for a loan.

Do Your Research

While MoneyGeek can provide you with general resources to make the right financial decisions, our recommendations may not be the perfect fit for you. There are a lot of personal loan lenders in Tennessee, so it’s best to explore as many of them as possible. Through research, you can discover the best lender for you and become more aware of what they have to offer. Remember that a personal loan is a huge commitment for the next two to four years, so make sure to do your own due diligence before applying.

Wait

Studies have shown that allowing yourself enough time to finalize a decision helps you make a better choice. Since a personal loan is a major financial risk and a huge commitment, you need to be certain of the loan you’re planning to get. Once you have found the best loan for you, consider waiting for a day or two before finalizing your decision. This will help you become more confident in your decision or find other ways to meet your financial needs.

Read the Fine Print

When you have settled on a lender, it’s time to do more research. Look at the fees of the loan, such as prepayment penalties, origination fees, late fees and more. The lender could even have specific conditions for getting approved for their most appealing offers, so it’s best to check if you are eligible. This process also prevents unexpected fees that can derail your monthly budget in the future.

Apply

Once you think that you’re well-prepared and ready to take out a loan, send in your application. Lenders can have online, in-person or over-the-phone applications. Some lenders offer all three of these options, while others are restricted to only online applications.

Be patient during this process, especially with the long list of eligibility requirements that need to be verified. It’s standard for lenders to ask for documentation such as identification, address verification and proof of income.

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

Loans are often denied because of lack of income, unstable employment status, existing debts or inaccurate information. If your loan has been denied by your chosen lender, it’s alright. You can contact them to ask about the exact reason your application was denied. Then, you can either work to improve that reason, modify your application or find another lender.

Modifying your application may involve setting a lower loan amount or decreasing the terms of your loan. While applying with another lender is possible, it’s best not to do this. If you haven’t improved on the factor that caused the denial of your loan, the new lender may also decline your application.

Additionally, payday loans are not the best option because they charge high fees and require quick repayment. These may seem appealing given how easy they are to get, but try to avoid them if possible.

Frequently Asked Questions About Personal Loans in Tennessee

The best personal loan lender in Tennessee depends on your needs, income and other factors. MoneyGeek addresses some of the most commonly asked questions about lenders in Tennessee.

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.

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.