Best Personal Loans in Chattanooga, TN: Top Lenders & Best Picks for You

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Chattanooga, TN

MoneyGeek analyzed over 30 factors, such as interest rates, terms and fees, the application process and the quality of customer support, to select the top personal loan lenders in Chattanooga.

Keep in mind that the ideal personal lender for you will vary based on your specific needs and credit history. We assessed financial institutions for various types of borrowers, including those with poor, good and excellent credit scores, as well as those in need of personal loans for debt consolidation or home repair.

Best Overall Personal Loan Lender in Chattanooga: Truist

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Best Personal Loan Lender for Bad Credit in Chattanooga: Upstart

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Best Personal Loan Lender for Good Credit in Chattanooga: SoFi

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Best Personal Loan Lender for Debt Consolidation in Chattanooga: Upgrade

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Best Personal Loan Lender for Home Improvement in Chattanooga: Best Egg

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

It’s important to take a variety of factors into consideration when applying for a personal loan. A few things to think about are your credit score, current debts and income. Doing so can help you find the best personal loan lender in Chattanooga. The average personal loan debt in Tennessee is $25,174 with an average credit score of 701.

MoneyGeek recommends the following steps to help you get the best personal loan in Chattanooga.

1
Ask Yourself the Important Questions

In order to choose the best personal loan lender in Chattanooga for you, it's important that you answer these four questions.

  • How much funding do I need? Knowing how much money you need to cover your expenses is a key question when looking for a personal loan.
  • What is my credit score? Before applying for any type of loan, it's smart to check your credit report and make sure everything is accurate and up to date.
  • Can I afford the monthly payment? Calculate what your monthly payment will be before applying for a personal loan so you can determine whether or not you can afford it on top of all of your other bills. Use the MoneyGeek personal loans calculator to estimate your payments with different amounts borrowed and various interest rates.
  • How much debt do I already have? Figure out your debt load by adding together the balances of all your debts (credit cards, car loans and student loans). If you have too much debt, then it might be wise to explore some options, such as refinancing or consolidating, before taking on more debt through a new personal loan.
2
Do Your Research

Choosing the best personal loan lender in Chattanooga can be a difficult task. There are many different lenders to choose from, with various benefits and drawbacks, so do your research before deciding on a lender.

Other factors to consider when choosing the right lender include whether or not the annual percentage rate (APR) is high, if there is an application fee, what type of credit score is required and if there are any specific requirements like being employed. Remember that it is important to know all the costs involved and make sure they match up with your needs. MoneyGeek’s suggestions may not be the perfect fit for you, so make sure to do your own research.

3
Wait

Once you have done your research and know what to look for when searching for the best personal loan, it’s time to pick a lender. It’s important to wait a day or two before applying, though. When you get a personal loan, it should be an educated decision. This is not something that can be undone easily, so it’s important to make sure you are absolutely sure this is the right option.

One of the best ways to do this is by waiting until you're absolutely certain about getting a personal loan. There are many factors involved, and waiting will help you ensure that everything goes smoothly and there aren't any mistakes made during the application process.

4
Read the Fine Print

The fine print is often overlooked by borrowers, but it contains vital information about your loan. Be sure to examine all of the details before signing on the dotted line. If you can’t afford to repay the loan, then don’t apply. Additionally, when applying for a personal loan, be sure that you have read and fully understood the terms and conditions.

It is also important to note any prepayment penalties or early payoff fees that might affect how long it takes to pay off the loan, as well as if there are other fees, such as origination fees.

5
Apply

When you feel confident about your choice of lender and have gathered all the information you need to apply, it’s time to apply. Most lenders will ask for identification, address verification and proof of income during the application process.

Although the online application is convenient, there’s no harm in visiting or calling if the option is available. Remember that most personal loans are subject to credit approval by lenders, so make sure that you can demonstrate sufficient creditworthiness before applying for any personal loans in Chattanooga.

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

Unfortunately, there are a number of reasons why you may not be able to get a personal loan. However, that does not mean that you have no options. Lenders sometimes decline personal loan applications if the applicant has a low credit score, insufficient income or provides unverifiable or incorrect information on their application.

If you are unsure about why your loan was declined, contact the lender to find out exactly what it is looking for and what it will need from you in order to approve the loan. The lender may request more documentation, which is good news because it means that with a few modifications, you can still have access to the money.

In addition, you can also apply with another company if absolutely necessary. However, it should be avoided until you have fixed the problem that caused you to be denied in the first place.

Avoid payday loans if you can. It is tempting to use these types of loans when you are desperate for cash and unable to qualify for a traditional personal loan. However, these high-interest short-term loans usually come with very expensive repayment plans. The interest rates on these types of loans tend to be sky-high. Depending on how much money you borrow, the monthly payments could add up quickly.

Frequently Asked Questions About Personal Loans in Chattanooga

The best personal loans in Chattanooga, Tennessee, for you will depend on your personal needs and various other credit and income factors. MoneyGeek answered the commonly asked questions below to help you find a loan that meets your needs.

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

Our Personal Loan Methodology

We analyzed over 30 different personal loan providers by collecting and analyzing over 35 different data points across six major categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

For our rankings, we looked at a variety of factors within each area to determine which factors were most important to borrowers when selecting a personal loan provider. Factors such as annual percentage rates, loan amounts, minimum credit scores, income requirements, application costs and funding times are all important.

We value you, the consumer, so we also consider each lender's customer service, company ratings and other services that might make your experience better and more accessible, including prequalification, payment options and mobile applications.

After analysis and calculation, our recommendations are made with your best interests in mind. Our personal loan recommendations and expert advice are intended to assist you in selecting the right lender for 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.