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Best Personal Loans in Memphis, TN

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Reviewed byStephanie Olsen
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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Personal Loan Lender in Memphis, TN: Truist

MoneyGeek thoroughly researched several lenders in Memphis and analyzed more than 30 factors to decide which ones cater best to different profiles. We checked lenders’ origination fees, credit score requirements, interest rates, BBB rating, income and employment requirements, loan amounts and more.

Based on MoneyGeek’s research, Truist is the best lender for personal loans in Memphis. However, the best lender for you depends on your unique situation. We’ve also listed lenders that are ideal for individuals with good or bad credit.

Best Overall Personal Loan Lender in Memphis, TN: Truist


Best Personal Loan Lender for Bad Credit in Memphis,TN: Upstart


Best Personal Loan Lender for Good Credit in Memphis, TN: SoFi


Best Personal Loan Lender for Debt Consolidation in Memphis: Upgrade


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


How to Choose the Best Personal Loan Lender In Memphis for You

According to MoneyGeek’s research, the average personal loan debt in Tennessee is $25,174. Personal loans are usually unsecured and often used to pay for expensive medical bills, vacations, home renovations, large purchases and special events like weddings.

When applying for a personal loan, consider your financial responsibilities, income and credit score. MoneyGeek shares a step-by-step guide to help you find the best personal loan in Memphis for your unique situations.


Ask Yourself the Important Questions

Consider what you need in a personal loan and assess your financial situation. Figure out how much you need, what you’ll use it for and what your priorities are. Check if you meet your desired lender’s requirements. Even if various lenders have different qualifications, restrictions and rates, they always check your credit score.

Loans are a long-term commitment. That’s why before you apply for a loan, ask yourself the detailed questions below. Your answers will lead to a smart financial decision.

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?

Do Your Research

Once you’re done asking yourself questions about personal loans, it’ll be easier to narrow down your options and compare lenders. A common term for personal loans ranges between 2–4 years, so it’s best to take your time and examine what each provider has to offer.

Personal loan lenders typically look at your debt-to-income ratio, gross income, employment status, age, credit history and more.

Reviewing multiple lenders can be challenging. To help make the process smoother, MoneyGeek gathered data on personal loans and assessed more than 30 factors. If our recommendations don’t suit your needs, other options are available in Memphis.



We advise waiting a day or two before you finally decide on a lender. A personal loan is a long-term commitment; taking your time is a small price to pay to make an objective decision. Ensure that the lender is offering exactly what you need.


Read the Fine Print

Check your lender’s loan agreement and look for any hidden costs so that you can discuss them with your lender. Some lenders have origination fees, prepayment penalties and late fees. Others have administrative and processing fees. Reading the fine print will give you peace of mind in the long run because you know exactly how much to budget for. In fact, your research might save you some money.



After completing the above steps and deciding on a lender, you’re ready to apply for a personal loan in Memphis. Regardless of where you apply, all lenders will ask for your personal identification, income details and address verification. Depending on the lender you choose, you can either submit an application online or call or visit the provider

What To Do if You Can’t Get a Personal Loan in Memphis, TN

There can be different reasons as to why your loan was declined. You might not have met certain requirements or had a low income, poor credit or a high debt-to-income ratio.

MoneyGeek encourages you to find out from the lender why your loan application wasn’t approved. It may be possible to modify it by decreasing the loan amount or shortening the loan term.

If that doesn’t work, try applying with a different personal loan company. Before you do so, make sure that you’re working to improve the factor that caused your first application to be rejected.

We strongly recommend you avoid payday loans. At first glance, they seem appealing because you get funds right away. However, payday loans have short payback periods and significantly higher interest rates than personal loans.

Frequently Asked Questions About Personal Loans in Memphis, TN

The best lender for personal loans in Memphis will depend on your unique needs, credit score and income. To help you choose an option that suits you best, MoneyGeek answered the following questions.

Overall, Truist is the top pick for personal loans in Memphis. Keep in mind that the best lender for you depends on what you’re looking for in a personal loan.

With one of the lowest rates in Memphis, Upstart offers an interest rate as low as 3.22%. Remember that interest rates will vary depending on your financial profile.

Yes. However, some personal loan lenders have restrictions for funding usage so be sure to double-check with the lender.

Your personal loan can be used for home improvement. MoneyGeek’s data shows that Best Egg provides the best deal for most borrowers looking to renovate their homes.

It varies per provider. Some lenders don’t allow loans to be used for investments or to fund a college education. Read the fine print and confirm with your lender directly.

In Memphis, you can borrow up to $100,000, depending on the lender. Check the maximum loan limits to find a company that suits your needs.

It usually takes a few days. With Truist, you can get funds the same day your application is approved. Meanwhile, it can take up to seven days to get a loan approved and funded with SoFi.

It’s possible to pay your loan early. However, some lenders will charge a prepayment fee if you do so.

Our Personal Loan 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 determined 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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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.