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Best Personal Loans in Tennessee

People use personal loans for debt consolidation, credit refinancing, home improvement and more. In order to be approved for a loan, lenders often take into consideration several factors, such as credit scores, income, employment status and debt-to-income ratio. The average personal loan debt in Tennessee is $25,174, while the average interest rate for personal loans is 8.82%. It can be beneficial for borrowers to do their research to find the best company for their unique loan needs.

Last Updated: 6/9/2022
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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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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.

1

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.
2

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.

3

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.

4

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.

5

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.

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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.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
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