Updated: December 28, 2023
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MoneyGeek ranked the best lenders for personal loans in Murfreesboro using multiple data points, including flexibility, accessibility, repayment terms, loan limits, BBB ratings and credit score requirements. We also analyzed lenders based on their application process, interest rates, fees and other applicable charges.
If you need a personal loan, the best lender for you will vary based on your financial profile and how you intend to use your loan.
MoneyGeek found that Truist is the best lender for personal loans in Murfreesboro. Founded in 2019 after a merger between BB&T and SunTrust, Truist stands out for having a lack of fees as well as flexible loan limits and terms.
This lender does not charge any origination, prepayment or late fees. Truist disburses funds within the next day, so it is a good option if you need funds urgently. However, you cannot prequalify, and the hard credit check conducted by this lender may impact your credit score.
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If you are looking for the best personal loans in Murfreesboro for people with bad credit, Upstart is the best option. Upstart has a minimum credit score of 300, so borrowers with poor credit can qualify for a loan. This lender also uses artificial intelligence (AI) to qualify borrowers. This means that even those with relatively new credit can still get a loan.
Upstart has flexible loan limits starting from as little as $1,000, but repayment terms are restricted to either a three or five-year term. You can only borrow up to $50,000 from Upstart, so borrowers looking for higher loan limits should consider other lenders.
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MoneyGeek found that SoFi is the best lender in Murfreesboro for personal loans if you have good credit. SoFi was founded in 2011 and offers flexible loan limits of up to $100,000. This lender also does not charge origination, early payment or late fees.
You can check rates and limits using SoFi’s prequalification option without impacting your credit score since this lender conducts soft credit scores. However, you need to have a credit score of 680 or higher to qualify for a loan. Borrowers with a gross income lower than $50,000 may not be approved for a loan since this lender has a gross income requirement.
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Upgrade is the best lender if you are looking for personal loans in Murfreesboro for debt consolidation. Aside from offering borrowers flexible payment terms, Upgrade also allows direct payment to creditors if your loan is for debt consolidation.
Upgrade offers loan limits ranging from $1,000 to $50,000. Loans are typically funded within the same day If you need funds quickly, Upgrade is a good option. Applicants do not have to meet a minimum gross income requirement, but you need to have a credit score of at least 560 to qualify.
Compared to other lenders, Upgrade has relatively high interest rates and other charges. Consequently, if you have a good credit score, you can find more affordable lenders in Murfreesboro.
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If you are looking for a personal loan for home improvement, Best Egg is the top lender in Murfreesboro. Best Egg was founded in 2014 and is available in 47 states, including Tennessee.
This lender offers flexible loan limits of up to $50,000 that can be used for a variety of purposes, including home improvement.
If you are a homeowner, you can get a secured personal loan from Best Egg. Interest rates range from 4.99% to 35.99% depending on your creditworthiness. Best Egg has a comparatively high minimum credit score requirement of 700, so it may not be ideal if you have poor credit. You can check rates and limits using the prequalification option. Best Egg conducts soft credit checks that won’t impact your credit score.
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The average personal loan debt in Tennessee is $25,174. The best lender for you will vary depending on factors, including your credit score, gross income and preferred loan limits. It is important to consider your particular profile to find the most suitable lender based on your needs. Before applying for a loan, you can use the following steps to find the best personal loans in Murfreesboro for your profile.
Prior to applying for a loan, some reflection is required. It’s important to understand your financial profile and why you need a loan to help determine if applying for a personal loan is the right option for you. Take the time to ask yourself the following questions:
Fees, interest rates, minimum requirements and application processes vary depending on the lender. Taking the time to do your own research will help you find the best rates and repayment terms for your needs. Some lenders might be high on fees, so shopping around can help you save on costs. Certain lenders may also have some restrictions on fund usage, so always find out if a particular lender will approve a loan for the purpose you have in mind.
MoneyGeek’s recommendations are based on sample borrower profiles. You may have other needs that do not fit these scenarios, so doing your own research will help you find the best personal loans in Murfreesboro for you.
It is important to take time before making a decision to take out a personal loan. Weighing your options will give you time to consider all the pros and cons and ensure that you are ready for the long-term commitment of a personal loan.
Think through your options and consider how the personal loan can impact your finances. You may find that there are more suitable options available or that the loan may increase your debt burden significantly. However, if a personal loan is the best solution for you, make sure that you choose the right lender.
Fees like prepayment penalties, late payment fees and more can add up over time, increasing the overall cost of your loan. Always read the fine print to make sure you are aware of all the charges and fees you might incur. Reading the fine print can help you avoid penalties and late fees. You can also ask for clarification from the lender on any fees that you do not understand.
Once you are ready to proceed with your loan application, you will need to provide personal details to the lender. These can include proof of identification and address, your financial history and any other details the lender may require. This information is used to assess your creditworthiness and help you qualify for a loan. Some lenders have online applications that you can use, while others offer the option to complete your application in person. You can even call the lender if you need more information about their personal loans.
Personal loan applications might be declined due to various factors. These can include your credit score, gross income or other requirements set by the lender. When this happens, it is no cause for alarm since these rating factors can be improved over time.
If you are declined, it is important to talk to the lender to find out why. This will help you figure out which requirements in your profile fall short and what you can do to improve them. For instance, some lenders may require a higher credit score than you have but some have lower credit score requirements. It is best to avoid re-applying for a loan until you find out why you were declined and take the steps necessary to fix the issue.
Additionally, payday loans are also not a good alternative if you are declined for a personal loan. They tend to have high interest rates and short repayment periods.
Applying for personal loans in Murfreesboro can help you access funds quickly for an emergency expense or other needs. We compiled answers to commonly asked questions to help you find the best lenders in Murfreesboro.
Truist is the best lender for personal loans in Murfreesboro. However, a different lender might be better for you based on your financial history and loan needs.
Upstart has the lowest interest rates in Murfreesboro, starting at 3.22%.
You can use a personal loan to fund a vacation in Murfreesboro. Most lenders have no restrictions on the use of funds for vacations, but it is important to check with your lender to determine what restrictions they put in place for fund usage.
Yes, you can use a personal loan for home improvement in Murfreesboro. Best Egg offers the top personal loans in Murfreesboro for home improvements and renovations.
You cannot use your personal loan in Murfreesboro for investments, funding college expenses or gambling. Some lenders will also have additional restrictions, so it’s advisable to check with your potential lender about their usage terms before you apply for a personal loan.
When it comes to personal loans, you can borrow $1,000 to $100,000 in Murfreesboro. However, your loan limit will depend on the lender and your financial profile.
Some lenders in Murfreesboro disburse funds on the same day, while others may take up to seven days.
Yes, you can pay off your loan early in Murfreesboro. Most lenders do not charge early payment fees. However, some lenders have early payment charges. Check with your lender if there are any applicable charges for paying off your loan early.
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
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