Best Personal Loans in Salt Lake City, UT: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Salt Lake City, UT

MoneyGeek analyzed 30 lenders for criteria related to six major categories: affordability, accessibility, transparency, consumer friendliness and customer service. Within these six categories, we looked at over 35 key features, including repayment terms, APRs, loan amounts, eligibility requirements and more. We also chose the best lenders based on different consumer profiles and needs.

We found that LightStream offers the best personal loan in Salt Lake City. We also identified the best lenders for borrowers with bad and good credit, as well as those seeking to use their personal loan for home improvement or debt consolidation.

Best Overall Personal Loan Lender in Salt Lake City: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek found that LightStream offers the best personal loan overall in Salt Lake City. This lender is best for those with relatively high credit scores needing a moderate-to-large loan.

    LightStream’s personal loans range from $5,000 to $100,000, so it’s a good option if you’re funding large expenses. Its varied repayment term options allow borrowers the flexibility to choose a repayment schedule that best fits their financial goals.

    Though its starting APR is quite low in comparison to other lenders, only those with excellent credit scores are likely to receive it. Most borrowers will receive a moderately high APR. However, all borrowers can reduce the interest rate on their personal loan by signing up for automatic payments.

    Pros

    • No fees
    • Quick funding
    • High maximum loan amount
    • Flexible repayment terms
    • Autopay discount

    Cons

    • Relatively high minimum credit score requirement
    • Relatively high minimum loan amount
    • Borrowers aren’t allowed to choose their payment due date
    LightStream

Best Personal Loan Lender for Bad Credit in Salt Lake City: 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

    Upstart offers the best personal loan in Salt Lake City for borrowers with bad credit. In 2012, Upstart changed the game of lending, becoming one of the first companies to incorporate artificial intelligence into its evaluation process. Through this technology, Upstart takes into account other factors besides a borrower's credit score, including their education and employment history. This allows even those with poor credit to qualify for an Upstart loan.

    Upstart personal loans range from $1,000 to $50,000. Though its starting APR is low, it’s important to note that only borrowers with the highest credit scores are likely to receive it. Furthermore, the lender’s limited repayment term options of 36 or 60 months limit a borrower’s ability to choose a custom repayment schedule that best meets their needs.

    Pros

    • Low minimum credit score requirement
    • Considers several factors besides credit score
    • No prepayment penalties
    • Quick funding

    Cons

    • High maximum APR
    • Only two repayment term options
    • Origination fees
    • Late fees
    Upstart

Best Personal Loan Lender for Good Credit in Salt Lake City: 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

    MoneyGeek recommends SoFi, a lending company established in 2011, for borrowers in Salt Lake City with good credit. Though SoFi’s minimum credit score requirement of 680 is high, those that meet this credit threshold will be rewarded with a personal loan that features no fees, flexible repayment terms and unemployment protection.

    One of the unique features of SoFi personal loans is its unemployment protection. SoFi allows borrowers to suspend their payments for up to three months at a time if they unexpectedly lose their jobs. They also permit a forbearance period of up to 12 months while a borrower is unemployed.

    Its loan products range in amount from $5,000 to $100,000 and feature relatively low APRs. SoFi personal loans also have flexible repayment terms, allowing borrowers to choose a repayment schedule that works best for them.

    Pros

    • Unemployment protection
    • High maximum loan amount
    • No origination fees
    • No prepayment penalties
    • No late fees

    Cons

    • High minimum loan amount
    • Co-signers not permitted
    SoFi

Best Personal Loan Lender for Debt Consolidation in Salt Lake City: 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

    Upgrade, founded in 2017, is MoneyGeek’s top-ranking lender for debt consolidation loans in Salt Lake City. Borrowers with a fair minimum credit score of 560 can qualify for a personal loan with this lender.

    Upgrade personal loans range from $1,000 to $50,000 and can be repaid in 36 to 60 months. Those with excellent credit may receive the lender’s starting APR, while those with poor credit may be subject to a high APR.

    Funds can be sent to your personal bank account or directly to your creditor. Upgrade can release your loan within one business day. However, funds sent to your creditors may take up to two weeks to process.

    Pros

    • Quick funding
    • Direct payment to creditors
    • Flexible payment dates
    • Joint applications permitted
    • No prepayment penalty

    Cons

    • Origination fees
    • Late fees
    Upgrade

Best Personal Loan Lender for Home Improvement in Salt Lake City: 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

    If you’re looking for home improvement loans in Salt Lake City, MoneyGeek recommends Best Egg, a lender established in 2014. Best Egg offers personal loans between $2,000 and $50,000 with repayment terms from 36 to 60 months.

    Funds can be released the day after your loan is approved. If you’re having difficulty paying your loan on the scheduled date, you can always change your payment deadlines via the Personal Loan dashboard on your Best Egg online account.

    The downside to a Best Egg loan is its high minimum credit score requirement of 700. This is further accompanied by high interest rates. Because of this, only those with excellent to near-perfect credit scores are likely to receive a low interest rate. Best Egg also doesn’t allow joint loans.

    Pros

    • Flexible payment deadlines
    • Fast release of funds
    • No prepayment penalties
    • Determines credit by using other factors

    Cons

    • Origination fees
    • High maximum APR
    • High minimum credit score requirement
    • No joint loans permitted
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Salt Lake City for You

Personal loans in Salt Lake City can help you finance different projects and activities, such as home improvements, weddings and debt consolidation. Though your loan terms will vary based on your funding needs and financial profile, borrowers in Utah have an average personal loan debt of $15,188 with an interest rate of 9.10%.

To ensure that a personal loan is the best decision for you, MoneyGeek recommends taking the following steps before you apply:

1
Ask Yourself the Important Questions

Prior to applying for a personal loan, it’s important that you reflect on the following questions:

  • How much funding do I need? The amount of money you need will help you narrow down your lender options, as loan amounts vary by lender. This will also help you avoid over- or under-borrowing money, which would increase the amount you pay in interest or cause you to have to take out another loan.
  • What is my credit score? Your loan eligibility and rates depend highly on your credit score. Those with higher credit scores will be eligible for loans with more lenders and will typically receive better loan terms. If you don’t need funds urgently, you can save money by taking the time to improve your credit score first before you apply for a personal loan.
  • Can I afford the monthly payment? While making a higher monthly payment will reduce the amount you pay in interest, it’s important to still be able to pay for your living expenses. Choose a monthly payment amount that fits within your lifestyle.
  • How much debt do I already have? If you already have existing debt, you may want to consider another funding option besides a personal loan
2
Do Your Research

Researching different lenders can help you find the best one for your needs. This will help you explore your options, compare rates and weigh their pros and cons. In doing this, you can find which one checks most or all of your boxes. MoneyGeek’s guide is a great place to start, but our lender selections are based on general borrower profiles, rather than your unique situation.

3
Wait

Before finalizing your decision, it’s important to wait a few days to ensure that it’s the right lender for you. A personal loan is a long-term commitment that takes between two and four years to repay. As such, it’s important that you’re confident in your choice of lender.

Taking a few days to reflect on your decision may affirm your choice, or cause you to reconsider. Regardless, we recommend waiting a few days before you apply to avoid making a hasty decision.

4
Read the Fine Print

Prior to applying with a lender, it’s important to read the fine print of your loan agreement to identify any fees for late payment, loan origination or prepayment. These fees may initially seem small, but they can add up over the life of your loan, especially if you didn’t factor them into your budget. If you have any questions about the terms included in your agreement, you can reach out to your lender for clarification.

5
Apply

Once you’re confident in your decision, it’s time to apply. Applications can be completed online, over the phone or in person, depending on your lender and your comfort level. Online applications offer a faster and more convenient alternative to in-person or over the phone applications. If you think you’ll feel more at ease with personal applications, you can visit your lender’s office.

Lenders may require documents that provide proof of identification, address, employment and income. Preparing these documents beforehand can make the application process faster.

What to Do if You Can’t Get a Personal Loan in Salt Lake City

If your application for a personal loan is rejected, don’t worry. There are a few things you can do to modify your application and get a loan.

Lenders may reject your application for numerous reasons, including a poor credit score, insufficient income, lack of employment history and inconsistencies in your application. If your application is rejected, you should contact your lender to find out why it was denied. You may be able to modify the terms of your loan, like the loan amount or repayment term, to have it approved.

If your application was denied due to a poor credit score, you can either apply with a different lender that has less strict credit requirements or work to improve your credit score. We recommend the latter to avoid a potential rejection by a second lender and a drop in your credit score from the lender’s hard credit check.

Though payday loans may be more accessible than personal loans, MoneyGeek strongly recommends against them, as these loans feature high interest rates and short repayment terms that can prevent you from paying off your loan.

Frequently Asked Questions About Personal Loans in Salt Lake City

The best personal loan lender in Salt Lake City will vary based on your specific needs and borrower profile. To help you find the best personal loan lender, MoneyGeek answered the most commonly asked questions about personal loans in Salt Lake City.

What is the best personal loan lender in Salt Lake City?
Which lender in Salt Lake City has the lowest interest rate?
Can I use a personal loan for vacations in Salt Lake City?
Can I use a personal loan for home improvement in Salt Lake City?
What can I not use my personal loan for in Salt Lake City?
How much can I borrow in Salt Lake City?
How long does it take to get a personal loan in Salt Lake City?
Can I pay off my loan early in Salt Lake City?

Our Personal Loan Methodology

We collected information from 30 personal loan lenders and assessed more than 35 distinct data points in six primary categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

In each category, we analyzed several factors that may have the most impact on your decision when choosing a lender. Some of these factors include APR ranges, loan amounts, minimum credit score requirements, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer. Because of this, we take into account prequalification, payment options, mobile apps and other factors that can make your experience easier and more accessible.

Because MoneyGeek has your best interests in mind, our recommendations are made only after careful, deliberate consideration and calculation. Our personal loan recommendations and professional advice are designed to help you make the best decision when choosing a lender that best meets your needs.

sources
Shield Insurance

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.

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