Best Personal Loans in Wisconsin for 2024
Updated: April 11, 2024
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First Tech and PenFed are the top personal loan lenders in Wisconsin, according to MoneyGeek. First Tech ranks highest with a score of 97, offering excellent customer service and competitive fees. With a close score of 96, PenFed also provides flexible terms and clear, cost-effective loan options.
If you live in Wisconsin and have a credit score near 737, you will likely have favorable loan terms. Lenders will also evaluate your credit score, income history and debt-to-income ratio to determine your loan terms and APR.
- First Tech
- 97MoneyGeek Score
- 9.29% to 14.09%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
First Tech Federal Credit Union is MoneyGeek's top pick in Wisconsin for personal loans, scoring 97 out of 100. Its APR range, 9.29% to 14.09%, is notably lower on average than competitors, signifying cost-effective borrowing options. Additionally, repayment terms extending from 24 to 84 months provide borrowers ample flexibility. Excellence in customer support and educational resources, alongside highly competitive rates, positions First Tech favorably for potential loan seekers.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Doesn't charge an application or loan origination fee
- Provides granular APR data for a variety of loan terms
Cons
- Need to be a member to apply
- Could provide more detail on the loan application process
- Little published information about credit score requirements
Overall Best Personal Loan Lender in Wisconsin
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
MoneyGeek's runner-up for the best lender for personal loans in Wisconsin is PenFed with an overall score of 96 out of 100. PenFed shines with diverse, flexible repayment options for up to 60 months and a competitive APR range between 7.99% and 17.99%, placing it favorably compared to others. It stands out for high scores in both the range of loan options provided and the extent of detailed information it shares, demonstrating a commitment to customer empowerment and choice.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- No origination fee
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
- Could provide more detail on the loan application process
Runner-Up for Best Personal Loan Lender in Wisconsin
Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.
— Alvin Yam, CFP®
Calculate Your Monthly Loan Payment
Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.
- Happy Money
- 93MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
MoneyGeek's pick for the best personal loan provider in Wisconsin for borrowers with low credit is Happy Money, with a MoneyGeek score of 93 out of 100. While Happy Money partners with various federally insured financial institutions to originate loans, it stands out due to its transparent credit score requirements and competitive rates. It offers APRs ranging from 11.72% to 17.99%, with a minimum credit score of 640, which is favorable when compared to other lenders' rates. Happy Money distinguishes itself in customer service and education, and it shines for its notable transparency and upfront information provision about loan processes, fees and terms.
Pros
- Works with 10 federally insured lenders to originate all loans
- Transparent eligibility requirements, including credit score minimum
- No application fee
Cons
- The lenders they work with charge an origination fee
- Longer time to wait for loan approval compared to other lenders analyzed
Best Personal Loan Lender in Wisconsin for Bad Credit
- Alliant Credit Union
- 95MoneyGeek Score
- 11.49% to 14.49%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Alliant Credit Union offers competitive personal loan options for debt consolidation in Wisconsin, with APRs ranging from 11.49% to 14.49%, which falls below average compared to other rates analyzed by MoneyGeek. Alliant Credit Union is MoneyGeek's pick for the best in Wisconsin, achieving a MoneyGeek score of 95 out of 100. The institution flourishes in providing upfront information, maintaining a positive reputation and offering appealing rates and fees. To be eligible for a personal loan with Alliant, you must be an online-only bank member in good standing for at least 90 days.
Pros
- Among the highest loan limits available in our analysis
- No prepayment penalties
- Wide variety of loan types available
Cons
- An online-only credit union, with no physical branches
- Must be a member for at least 90 days prior to applying
Best Personal Loan Lender in Wisconsin for Debt Consolidation
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
- When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
- If used for home improvements that increase the home's value.
- If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
- In some cases, if the loan is used for investment purposes related to income-generating assets.
— Alvin Yam, CFP®
Impact of Credit Score on Loan Repayment in California
Lenders focus on your creditworthiness, including your credit score, credit history, income level and debt-to-income ratio, to determine the terms of your loan and your APR. A higher credit score can secure more favorable rates, so improving your credit before applying could be beneficial.
Refer to the table below to see how different credit scores might affect your monthly loan payments for a personal loan in Wisconsin.
This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Wisconsin
Personal loans offer the advantage of consolidating higher-interest debts into one manageable payment and providing rapid access to funds, which can benefit various financial situations. Remember, however, that while numerous personal loan benefits exist, it is important to be mindful of potential drawbacks, such as origination fees and the risk of asset loss with secured loans.
To better understand the deal, review the pros and cons of personal loans before deciding to apply.
FAQ About Personal Loans in Wisconsin
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the best lender in Wisconsin for personal loans is First Tech with a MoneyGeek score of 97. Their average APR is 12%, which is the midpoint of their APR range.
The best place to get a personal loan in Wisconsin is from online lenders, banks and credit unions. Local credit unions such as Educators Credit Union, Heartland Credit Union and WESTconsin Credit Union offer personal loans for local access to in-person services.
PenFed offers the lowest APR available for personal loans in Wisconsin, according to MoneyGeek's analysis, starting from 7.99%. However, your best rates might differ based on your specific needs and financial situation, and securing a low rate often requires an excellent credit score.
In Wisconsin, you can generally use personal loans for various purposes such as consolidating debt, covering wedding expenses, or for home or auto repair. Typically, personal loans can't be used for college tuition or gambling.
When considering personal loans, look out for high APRs, lack of transparency about the lender's federal insurance, a high frequency of poor consumer reviews and an application process that requires no verification of identity or income.
Yes, lenders do consider income level when applying for a personal loan. They evaluate aspects such as your debt-to-income ratio, credit score, employment history, type of employment and overall credit history. Opening new lines of credit during the application process can affect the likelihood of approval.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 4, 2024.
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.
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