Top Lenders & Best Picks for You

Best Personal Loans in Nashville, TN

A personal loan is a flexible fund that can be used for a variety of purposes, including making a large purchase, credit card refinancing, consolidating debt, relocation, making home improvements and conducting business. The average personal loan debt in Tennessee is $25,174.

When you apply for a personal loan, lenders will look at your income, employment history, collateral value, debt-to-income ratio, loan length and creditworthiness. MoneyGeek created this guide to help you find the best personal loans in Nashville, TN.

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Last Updated: 10/26/2022

MoneyGeek’s Pick for Best Personal Loan Lender in Nashville: Truist

MoneyGeek compared the personal loan products of various lenders based on over 30 data points including maximum loan amount, BBB rating, repayment terms, interest rates, credit score requirements, origination fee, income requirements, DTI ratio and other factors to find the best personal loans in Nashville, TN.

According to our analysis, Truist is the overall best personal loan lender in Nashville. However, note that other lenders may be more suitable depending on your particular needs and profile. Upstart and SoFi, for instance, provide the best personal loan terms for lenders with bad and good credit, respectively. While Upgrade and Best Egg provide the best personal loan terms for home improvement or debt consolidation.

Best Overall Personal Loan Lender in Nashville: 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

    on Truist Website

Best Personal Loan Lender for Bad Credit in Nashville: 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

    on Upstart Website

Best Personal Loan Lender for Good Credit in Nashville: 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

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Nashville: 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

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Nashville: 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

    on Best Egg Website

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

The average personal loan debt in Tennessee is $25,174. While taking out a loan to cover any upcoming or emergency expenses, such as medical bills, debt consolidation, funeral services, home improvements, vacation or any other significant expense is perfectly acceptable, you should always assess your financial situation and individual needs first.

When looking for a personal loan provider, MoneyGeek suggests that you follow the steps outlined below.

1

Ask Yourself the Important Questions

You can make better financial decisions by taking a step back and asking yourself these four essential questions:

  • How much funding do you need? This is one of the first things you need to consider. Think about what you're going to use the money for and if getting a personal loan is a right choice for it.
  • What is your credit score? All lenders will check your credit score before approving your application. Depending on your credit score, your options may be limited. Find out your credit score and compare it against lenders’ minimum credit score requirements.
  • Are you able to make the monthly payment? It is preferable to plan with long-term consideration. You'll be charged late fees and your credit score will drop if you can't make payments.
  • How much debt do you already have? If you're already paying off other obligations, adding another loan to your list might not be the best decision. You may become overwhelmed and unintentionally damage your long-term finances.
2

Do Your Research

When it comes to reviewing your application and providing you with a quote, each lender has its own set of criteria. Because each company's terms, conditions, rates and fees change, they all use different methods to handle your application. In this article, MoneyGeek investigated and analyzed the best personal loan possibilities for you and reviewed the personal loan products of the top providers.

It's also a good idea to conduct your own research by browsing and comparing several lenders' rates. This is essential because you'll be paying off your loan for around two to four years, and it may have an impact on your long-term personal goals.

Also, wait until you've evaluated different lenders before applying for a personal loan, as many lenders conduct a hard credit inquiry when you apply, which might harm your credit scores.

3

Wait

A personal loan, no matter how small, is a commitment. It's better to delay it until you're sure you're able to manage all the responsibilities that come with it. Once you've collected all of the data you'll need, take a deep breath. Waiting a day or two before making a final decision will allow you to think about it more rationally.

4

Read the Fine Print

After going over your prospects again, you should be able to shortlist your choice of lenders.

Afterward, the next step is to study the fine print that comes with the terms and conditions in each personal loan. Focus on the details that can either save you money or cause you to spend more. These include things like origination fees and prepayment costs. Most lenders impose late payments, but some are less expensive than others.

5

Apply

You can start the application process after you've decided on a lender and studied all of the key factors. You should have acquired all of the information the lender may request at this time before submitting the application.

At this point, the banks will ask for personal identification, income information and address verification. An application can be submitted in a variety of ways. Applying online is usually the simplest choice. You can also call or visit your lender in person to apply.

What To Do if You Can’t Get a Personal Loan in Nashville

Don't get too discouraged if you aren’t approved for a loan. You can still try to remedy the situation, but first, you must learn why your application was rejected. It could be due to having insufficient income or a poor credit score.

You should contact the lender to learn the exact reasons. Ask if there are any adjustments you can make to your application that would make it acceptable. Reducing the loan amount or decreasing the loan repayment terms may give you better chances of approval.

You may apply for a loan with another company if absolutely necessary, but this should be done only if you have remedied the issues that caused you to be denied in the first place. Knowing these problems will also help you find the right lender for your situation.

In addition, while a payday loan may sound appealing if you require immediate cash, we caution against it. This is because it has high-interest rates and short repayment terms, meaning you can easily accumulate debt after a few missed payments.

Frequently Asked Questions About Personal Loans in Nashville

Your needs, credit score and income are some of the factors that will determine the best personal loan lender in Nashville for you. To help you make an informed decision, MoneyGeek has compiled answers to the following frequently asked 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.