Best Personal Loans in Memphis, TN

Established in 2019 by way of a merger of BB&T and SunTrust, Truist is MoneyGeek’s choice of top lender for personal loans in Memphis. To qualify for a personal loan with Truist, no credit score is required. The lender has no origination fees, no prepayment penalties and no late fees. Upon approval, loan funds are advanced on the next day.

Truist imposes restrictions on how you use your loan. You cannot use the funds to refinance an existing loan with the lender, pay for college or post-secondary educational expenses or purchase stocks and bonds.

If you need a personal loan in Memphis and have poor credit, Upstart is MoneyGeek’s top pick. The AI-enabled lending platform was founded in 2012 and partners with banks and credit unions to make affordable credit more accessible.

Compared to other lenders, Upstart requires one of the lowest minimum credit scores, starting at 300. Upstart also requires a minimum gross income of $12,000 and a debt-to-income ratio below 45%. Although their rates aren’t disclosed on their website, you can apply online. The company conducts soft credit checks so that your credit score doesn’t get affected in the process.

If you have new or no credit, your application won’t be accepted. Upstart only offers a maximum loan amount of $50,000, so it might not be your best choice if you need to borrow more.

With relatively low interest rates, SoFi is a good option for borrowers with good credit. Founded in 2011, the lender’s stated mission is to help their customers reach financial independence that allows them to realize their ambitions.

The company allows you to borrow up to $100,000, which is more than many other lenders, and it offers competitive rates. SoFi also has a mobile application that you can use to manage your account and check your credit anytime.

You need a minimum credit score of 680 to qualify. Since Tennessee residents have an average credit score of 697, they may have a smoother application process with SoFi.

SoFi isn’t an ideal option if you’re looking to get funds immediately. It can take up to two days before you receive your loan. You also need a $50,000 minimum gross income and a debt-to-income ratio below 43%.

MoneyGeek’s research shows that Upgrade offers the best personal loans in Memphis for debt consolidation in most cases. Upgrade launched in 2017, offering online and mobile banking services that eliminate fees on everyday transactions and affordable credit with their loans.

Upgrade requires a credit score of 560. While it doesn’t have a stated income requirement, you do need to be employed and will likely have to provide proof of employment. The lender offers competitive rates and discloses them on their website.

However, Upgrade might not suit you if you need a loan amount above $50,000. They also don’t allow personal loans to be used for investments, post-secondary education or gambling.

Many homeowners use personal loans to renovate their homes. In Memphis, MoneyGeek’s choice of top lender for home improvement is Best Egg. The online credit and financial wellness platform was founded in 2013. Best Egg discloses rates on their website and provides a mobile app for easy access to your account.

With Best Egg, you have the option to pay off your loan early without worrying about penalties. It’s ideal for those who need a small loan since it starts its funding at $2,000, although you can apply for up to $50,000.

To get a personal loan from Best Egg, you need excellent credit since their minimum required credit score is 700. You also need to be currently employed and have a gross income of at least $50,000.