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

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

There are many personal loan lenders in Knoxville that you can choose from. However, how do you choose the right one? MoneyGeek has compiled a list of recommendations for different borrower types.

Taking into account more than 30 factors, we compared the best personal loan services in the city. APR ranges, loan amounts, fees, repayment terms and more are among the factors we considered. In general, Truist topped our list, but depending on a borrower's profile, another lender may be more suitable. For instance, SoFi is our top pick for borrowers with good credit, whereas Upstart is ideal for those with bad credit.

Best Overall Personal Loan Lender in Knoxville: 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

    Truist was formed as the result of a merger between BB&T and SunTrust Banks in 2019. This lender offers personal loans ranging from $3,500 to $50,000 with repayment terms between six and 60 months.

    There are no origination fees, prepayment penalties or late fees with Truist. Furthermore, by setting up autopay, you will receive a discount. Even borrowers with poor credit scores may qualify for a loan from Truist since it does not have a minimum credit score requirement.

    Depending on your needs, you might be able to use your loan in different ways. However, this lender may impose restrictions on how you can use the funds, including refinancing your existing loan, funding postsecondary education expenses or starting your own business.

    Pros

    • A+ BBB rating
    • Autopay discount
    • No origination, late or prepayment fees
    • Joint loans available

    Cons

    • Performs hard credit inquiry
    • New borrower or no credit history is not eligible
    • No co-signers
    • Funds may only be used for certain purposes
    • Low maximum loan amount
    Truist

Best Personal Loan Lender for Bad Credit in Knoxville: 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, founded in 2012, is the best lender for bad credit in Knoxville. It has a low credit score requirement of 300. Unlike other lenders, Upstart uses data from your employment, income, education, credit history and more to determine your eligibility for a loan.

    The loan amounts offered by Upstart range from $1,000 to $50,000. Funds are available the next business day, and repayment occurs over a 36- to 60-month period. Your loan can be repaid early since the lender doesn't charge a prepayment penalty, so you do not need to commit to a specific repayment schedule. The lender, however, charges an origination fee and a late fee for delayed payments.

    Before a hard inquiry is made, Upstart performs a soft credit check, so your credit score will not be affected. Upstart's application process is fully automated, so borrowers don't have to visit its office to apply.

    Pros

    • Accepts borrowers with bad credit
    • Performs soft credit check
    • No prepayment fees
    • A+ BBB rating

    Cons

    • Co-signers are not allowed
    • Autopay does not qualify for a discount
    • Origination fees
    • Maximum loan amount of $50,000
    • Late fees
    Upstart

Best Personal Loan Lender for Good Credit in Knoxville: 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

    Knoxville residents with good credit scores can get the best personal loans from Social Finance or SoFi, which launched in 2011. A minimum credit score of 680 is required to apply for the lender.

    A SoFi loan can range from $5,000 to $100,000. With no origination, late fees or prepayment penalties, there are no surprises or fees to worry about.

    With SoFi's employment protection feature, borrowers may postpone their payments for up to one year if they lose their income. Personal loans from the lender also come with an autopay discount.

    Your SoFi rate can be viewed without a hard credit check.

    Pros

    • Funding of up to $100,000
    • Soft credit inquiry
    • No prepayment, late or origination fees
    • Offers unemployment protection
    • Autopay discount

    Cons

    • Does not allow co-signers
    • Minimum credit score requirement of 680
    • Potentially high APR
    • Won’t accept people with new or no credit
    • Income requirements
    SoFi

Best Personal Loan Lender for Debt Consolidation in Knoxville: 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

    It can be difficult to move forward when you're in debt. You may want to consider getting a personal loan through Upgrade, MoneyGeek's top choice for a debt consolidation loan, to roll all your debt into one monthly payment that is easy to manage.

    Upgrade makes direct payments to third parties to make your life easy. It allows you to borrow between $1,000 and $50,000. The interest rate for these loans is fixed, so your payments will not change throughout the term. Loan terms of up to 60 months are also available from the company.

    Depending on your profile, interest rates can be high. You can check your eligibility for a loan online without impacting your credit score. Although Upgrade does not charge a prepayment penalty, it may charge origination and late fees.

    Pros

    • Quick disbursement of funds
    • No prepayment fees
    • A+ BBB rating
    • Offers a discount for autopay
    • Performs a soft credit inquiry

    Cons

    • Late fees
    • Origination fees
    • Use of funds is restricted
    • A minimum credit score of 560 is required
    • Potentially high APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Knoxville: 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

    Whether you want to remodel your bathroom or update your kitchen, a home improvement loan from Best Egg can make it easy to achieve your dreams.

    Knoxville residents can borrow between $2,000 and $50,000 at fixed monthly interest rates for 36 to 60 months with Best Egg. Moreover, Best Egg can disburse funds in as little as the next day, which can be very helpful for people who need repairs right away.

    Best Egg's credit requirement of 700 can be difficult to meet if you're just starting with credit or rebuilding after struggling with debt in the past. However, Best Egg does not perform a hard credit check during pre-approval, so there is no harm in requesting an interest rate quote. There is no fee for prepayments, but late fees may be charged by the lender.

    Pros

    • No prepayment fees
    • A+ BBB rating
    • Autopay discount
    • Soft credit inquiry

    Cons

    • High credit score required
    • Maximum loan amount of only $50,000
    • High maximum APR
    • No co-signers
    • Income requirements
    Best Egg

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

Take your financial situation into account before applying for a personal loan in Knoxville. Several factors will play a role in whether or not your application is approved, including your income, current debts and credit score.

In Tennessee, the average credit score is 701. Having a score around this number may give you a good chance of getting approved. Following these steps can also help.

  1. 1
    Ask Yourself the Important Questions

    Before taking out a personal loan, consider these questions:

    • How much funding do I need? When answering this question, it isn't always best to give a specific number. Ideally, you should make a list of all your debts and then calculate your monthly expenses. This will help you figure out exactly how much you will need to borrow.
    • What is my credit score? Your credit score can help determine whether you are approved or denied for a personal loan. A low credit score may discourage lenders from lending to you. When you apply for a personal loan in Knoxville, you will have a better chance of getting approved if your credit score is high.
    • Can I afford the monthly payment? People often take out loans when they need money in an emergency. Even so, if you cannot repay your debt, the debt may pile up higher. Make sure you are financially able to repay the loan before accepting any terms.
    • How much debt do I already have? You might not be able to afford another loan if you already have lots of debt. Try to pay off your credit cards and loans with high interest rates before applying for another loan.
  2. 2
    Do Your Research

    Most loans are repaid over a period of around two to four years. Financial obligations that aren't met impact your credit score as well, which can be stressful.

    MoneyGeek has done most of the research for you, but you should still do your own research before applying for a loan. Before you implement our suggestions, consider your financial situation since it might vary from the profiles we evaluated.

  3. 3
    Wait

    Don't take out a personal loan without considering your options. In an emergency, it can be difficult to make the right decision. Make your choice when you are relaxed and at ease so you can make a wise decision. In most cases, a day or two of contemplation will be beneficial.

  4. 4
    Read the Fine Print

    When researching private loans, people often overlook little details. You could, for example, take out a loan for any amount and pay it back whenever you want. There are, however, certain limits on borrowing and repayment. Prepayment penalties and origination fees might be charged by some lenders.

    You can avoid costly mistakes by understanding what the lender expects before you apply for a loan.

  5. 5
    Apply

    Personal loans require preparation, so you should do your research beforehand. Prepare the following documents before starting the application process:

    • Social Security number
    • Proof of income
    • Proof of address
    • Proof of identification

    Regardless of whether you apply online for a loan, you may still want to contact the lender by phone or visit them in person if you need clarification on anything.

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

You might be denied a personal loan if your application is incomplete, your income is insufficient or your debt-to-income ratio is high.

If you are denied, you are not prohibited from applying for a loan again. Determine why your application was rejected by your lender. Make the necessary adjustments if there are any missing documents or incomplete details. Changing repayment durations or loan amounts could be necessary, for example.

Consider improving your credit score before applying for another loan if you do not meet the credit score criteria.

A short-term loan, such as a payday loan, might be an option after your loan is denied. Even though they offer quick funding, they have high-interest rates and short repayment terms, so you may have to take drastic measures to repay them. As a result, MoneyGeek does not recommend these types of loans.

Frequently Asked Questions About Personal Loans in Knoxville

Your profile determines which lender is the best for you. Here are some frequently asked questions about personal loans in Knoxville answered by MoneyGeek.

What is the best personal loan lender in Knoxville?

Which lender in Knoxville has the lowest interest rate?

Can I use a personal loan for vacations in Knoxville?

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

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

How much can I borrow in Knoxville?

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

Can I pay off my loan early in Knoxville?

Our Personal Loan Methodology

We evaluated over 30 lenders and 35 factors to find the best lenders for your personal loan. Our key criteria include affordability, accessibility, consumer friendliness, service, flexibility and transparency. Among the factors we looked at were interest rates, income requirements, credit scores, application fees and processing times.

Lenders were also rated according to their business and customer service ratings so that you can choose the most trustworthy lender. The convenience and comfort of the customer were also taken into account.

The recommendations we make are carefully considered in order to ensure your financial security. With our personal loan recommendations and expert tips, you can choose a lender that meets your needs.

About Christopher Boston


Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


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.