What is the best personal loan lender in Nashville?

MoneyGeek ranked Truist as the best overall personal loan provider in Nashville, TN. However, it’s important to understand that the best one for you may vary depending on your individual needs. For example, if you have bad credit, Upstart could be your best option.

Which lender in Nashville has the lowest interest rate?

Upstart has the lowest personal loan interest rate in Nashville, TN, starting at 3.22% APR for qualified applicants.

Can I use a personal loan for vacations in Nashville?

Yes, you can use a personal loan in Nashville to pay for your vacation, as most lenders allow you to fund your getaway expenses with personal loans. However, you should contact them and inquire about any limitations on how you can use your borrowed money, just in case.

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

Yes, you can utilize your personal loan to renovate your home in the city. According to our research, Best Egg is the best option for this type of fund use, especially if you have strong credit and need at most $50,000 to spend on home improvements.

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

Depending on the lender, you may be able to use the loan in a variety of ways. Some lenders impose restrictions on payments for college or post-secondary school expenses, investments, gambling or other illegal activities. Before proceeding with the loan, request a thorough list of limitations from the company of your choosing.

How much can I borrow in Nashville?

The biggest personal loan you can get is determined by your financial needs, profile and the eligibility conditions of the lender, as well as the maximum amount they offer. Personal loans ranging from $1,000 to $100,000 are frequently available in Nashville, TN.

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

Your lender determines when you'll receive your loan after approval. For instance, Truist can provide funds on the same day, whereas SoFi could take up to a week.

Can I pay off my loan early in Nashville?

Before paying off your personal loan early in Nashville, TN, check with your lender to determine if there are any fees associated with doing so.

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.

WHAT WE’RE GEEKING OUT ON

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

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
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.
Pros
Offers same-day funding option
No origination fee
No prepayment penalty
No late payment fee

Cons
Fund usage limit
Conducts hard credit check
Does not allow co-signers
Does not accept people with new or no credit
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
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
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%.
Pros
300 minimum credit score requirement
Next-day loan release
Conducts soft credit pull
No prepayment penalty

Cons
$15 late fee
$50,000 borrowing limit
DTI limit of up to 45%
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
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
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.
Pros
$100,000 loan limit cap
Performs soft credit inquiry
0.25% auto-payment discount rate
No prepayment penalty
No origination fee

Cons
$50,000 Gross income requirement
Doesn't 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
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
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.
Pros
Directly pays the creditor for debt consolidation
In-person and online application
No prepayment penalty
1% auto-payment discount rate

Cons
2.9%–8% origination fees
Borrowers with new or no credit aren’t eligible
$10 late fees
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
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
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.
Pros
Direct payments for debt consolidation
Auto payment discount of 0.5%
No prepayment penalty
Conducts soft credit check
Mobile app available

Cons
High-interest rates
High credit score requirement
High minimum gross income requirement
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
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.

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.

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.

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.

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.

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. Learn more about our editorial policies and expert editorial team.