Best Personal Loans in Nashville, TN

MoneyGeek looked into a variety of personal loan providers and determined Truist to be the best overall option in Nashville, TN. Truist was formed in 2019 from the merger of BB&T Bank and SunTrust. MoneyGeek chose it as the top lender in the city because it does not charge an origination fee on its principal personal loan and offers next-day funding as well as a temporary payment suspension in the event of financial hardship.

The company's regular personal loan allows you to borrow up to $50,000 for home improvements, medical costs, debt consolidation, vacation funding and other purposes.

It's important to note that Truist conducts a hard credit pull that could hurt your overall credit score.

Bad credit might make getting a personal loan from a lender with a moderate to high credit requirement challenging to impossible. Fortunately, there are companies in the city that provide personal loans to those with poor credit. Our research suggests that Upstart is the best lender option for those with poor credit in Nashville. Upstart was founded in 2012. It has since served borrowers in 48 states, including Tennessee.

To qualify for a loan at Upstart, you only need a minimum credit score of 300, and you can have the money in as little as one to two days. Furthermore, in order to prevent harming your credit report, the lender performs a soft inquiry first. If your application is approved, the lender will then complete a hard inquiry of your credit score.

One downside is that Upstart will only lend you up to $50,000. If you need more money, you'll have to seek another company or make do with the funds you get. It also imposes a late fee of up to $15 and an origination fee of up to 8%. Furthermore, its annual percentage rate (APR) could exceed 35.99%.

SoFi began in 2011 with a focus on student loan refinancing. It has since expanded its services to offer other financial products, including personal loans. MoneyGeek found that SoFi offers the best personal loans for Nashville residents with good credit.

You can apply for a combined loan with a co-borrower who will assist you in qualifying for the loan and will be partially responsible for payments. Co-signers, on the other hand, are not permitted. If you have applied for a loan with a co-borrower, it may take a few weeks to receive approval. SoFi also provides a number of member perks, such as unemployment insurance and the option to borrow several times.

SoFi has some of the lowest interest rates, but it also has a high minimum income threshold and imposes a 43% debt-to-income limit.

One of the most common reasons for taking out a personal loan in the United States is to consolidate debt. If you are in this situation, we recommend checking out Upgrade, a nonprofit created in 2017 that now serves people in all 50 states. It offers a rare service of paying debts directly for debt consolidation. It's also easily accessible, with online and in-person applications, as well as a smartphone app for borrowers. Those with a decent credit score can also readily enroll in their program.

However, Upgrade imposes a $50,000 loan limit, charges up to an 8% origination fee and prohibits the use of borrowed funds for post-secondary education, gambling or investing.

MoneyGeek concluded that Best Egg is the best lender for borrowers who want to use their personal loan for home improvement in Nashville, TN. The company is owned by Marlette Funding and was founded in 2014.

Best Egg offers borrowers online pre-qualification and runs a soft credit inquiry that has no impact on their credit scores. Customers typically receive borrowed funds in their bank accounts the next day after getting approved. You can borrow $2,000 to $50,000 from Best Egg for a variety of different purposes including home renovation and repairs.

One of its biggest drawbacks, however, is its high APR, which could go as high as 35.99%. Minimum credit scores and gross income requirements are quite high as well.