What is the best personal loan lender in Memphis?

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.

Which lender in Memphis has the lowest interest rate?

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.

Can I use a personal loan for vacations in Memphis?

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

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

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.

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

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.

How much can I borrow in Memphis?

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.

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

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.

Can I pay off my loan early in Memphis?

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

Top Lenders & Best Picks for You

Best Personal Loans in Memphis, TN

Personal loans can be helpful when you need to pay for significant expenses like home renovations, medical bills or large purchases. MoneyGeek’s data reveals that the average personal loan debt in Tennessee is $25,174 at an average interest rate of 8.82%.

In addition to employment and income requirements, one of the main factors lenders focus on is your credit score. Tennessee residents have an average credit score of 697, which is considered a relatively good credit standing. Evaluating your borrower profile can help you determine which lender may be the best fit for your needs.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Memphis
The Best Personal Loan Lender for Bad Credit in Memphis
The Best Personal Loan Lender for Good Credit in Memphis
The Best Personal Loan Lender for Debt Consolidation in Memphis
The Best Personal Loan Lender for Home Improvements in Memphis
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Memphis

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

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
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.
Pros
No origination fee
No prepayment penalties
No late fees
Offers joint loans
Same day funding upon approval

Cons
Restrictions on funds usage
Individuals with new or no credit don’t qualify
Does not allow cosigners
Performs hard credit checks
APR range: 8.14% to 18.99%
Minimum/maximum loan amount: $3,500 to $50,000
Minimum credit requirements: None
Repayment terms: Six to 60 months
Time to receive funds: Next day

Best Personal Loan Lender for Bad Credit in Memphis,TN: 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
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.
Pros
Minimum credit score of 300
No restrictions on how you use the funds
Does soft inquiry for credit checks
Low income requirement
No prepayment penalty

Cons
Origination fee can be as much as 8%
Debt-to-income limit of 45%
No cosigners
Does not accept applicants with new or no credit
Denies when bankruptcies or delinquencies are on your credit report
APR range: 3.22% to 35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36 to 60 months
Time to receive funds: Next day

Best Personal Loan Lender for Good Credit in Memphis, TN: 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
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%.
Pros
No origination fee
0.25% auto payment discount
No restrictions on fund usage
A+ rating from the BBB
Borrow up to $100,000

Cons
$50,000 minimum gross income
43% debt-to-income limit
Doesn’t accept those with new or no credit
Does not allow co-signers
APR range: 5.74% to 20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12 to 60 months
Time to receive funds: Two days

Best Personal Loan Lender for Debt Consolidation in Memphis: 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
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.
Pros
Moderate credit score requirement
10-day grace period before charging a late fee
No prepayment penalty
1% auto payment discount
Pays creditors directly in debt consolidations

Cons
3%-8% origination fee
Restrictions on funding usage
Maximum loan amount of $50,000
Does not allow cosigners
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36 to 60 months
Time to receive funds: Same day

Best Personal Loan Lender for Home Improvement in Memphis: 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
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.
Pros
No restrictions on how you use funds
No debt-to-income limit
Rates are disclosed on website
0.5% discount for auto payments
No prepayment penalty

Cons
High minimum credit score
Does not allow cosigners
Joint loans not offered
Gross income requirement of $50,000
APR range: 4.99% to 35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36 to 60 months
Time to receive funds: Next day

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.

Wait

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.

Apply

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.

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.

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.