Best Personal Loans in Madison, WI: 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 Madison, WI

A personal loan could be a good option when you require additional money. We compared over 30 lenders and evaluated loan amounts, repayment terms and interest rates to identify the best personal loans in Madison. Factors influencing your loan approval include your average income, creditworthiness and employment history.

Moreover, MoneyGeek explored some of the benefits lenders offer, including online applications and unique benefits like unemployment protection or payment relief in case of financial hardships.

Best Overall Personal Loan Lender in Madison: 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 ranked LightStream as the best personal loan lender in Madison. In 2019, Truist bank merged with SunTrust and Branch Banking and Trust to form LightStream, an online lending platform. You can apply for a personal loan for many reasons, including debt consolidation, home improvements, weddings and vacations.

    Various loan amounts are available, ranging from $5,000 to $100,000. The lowest APRs are available to those with excellent credit.

    LightStream transfers funds within 24 hours of loan approval. Furthermore, the company does not charge origination fees, prepayment penalties or late fees.

    Pros

    • Discount of 0.5% on autopay
    • No prepayment, late or origination fees
    • A mobile app is available

    Cons

    • Conducts hard inquiries
    • Minimum loan amount of $5,000
    • Restrictions on fund usage
    LightStream

Best Personal Loan Lender for Bad Credit in Madison: 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

    MoneyGeek recommends Upstart to Madison borrowers with bad credit. The lender only requires a 300 credit score and conducts a soft credit check. Borrowers may even qualify for a loan from Upstart without a credit history, subject to their situation.

    Upstart rolled out its artificial intelligence-based online lending platform in 2012. Upon approval, you receive funding the next workday in most cases. Loan amounts range from $1,000 to $50,000, with repayment terms ranging from 36 to 60 months. Since Upstart personal loans have no usage restrictions, you can spend the money however you want.

    Pros

    • Performs a soft credit inquiry
    • 300 minimum credit score
    • No prepayment penalty
    • Funding available as early as one day
    • Low-income requirements

    Cons

    • Up to 10% origination fee
    • Late payments are subject to a $15 fee
    • Poor credit is subject to a high APR
    • $50,000 maximum loan amount
    Upstart

Best Personal Loan Lender for Good Credit in Madison: 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 was founded in 2011 and offers personal loans, among other products. For those with good credit looking for a personal loan in Madison, we highly recommend this lender.

    The lender offers borrowers several benefits, such as no origination fees, prepayment penalties or late payments. It also doesn't require collateral since its loans are unsecured. Flexible repayment terms and a wide range of loan amounts are also available. SoFi offers a 0.25% discount to borrowers who set up autopay. Furthermore, unemployment protection is a unique SoFi service that allows borrowers to delay their payments while looking for a new job.

    SoFi requires a minimum credit score of 680, but highly qualified candidates can borrow substantial amounts at low-interest rates. Borrowers usually receive the funds within a few days after loan approval.

    Pros

    • No origination, prepayment or late fees
    • Offers autopay discount of 0.25%
    • Performs soft credit pulls
    • Loans up to $100,000
    • Has a mobile app to track loans

    Cons

    • Does not offer secured loans
    • Requires a high credit score
    • Funding can take a week
    SoFi

Best Personal Loan Lender for Debt Consolidation in Madison: 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

    Our top pick for the best debt consolidation personal loan in Madison is Upgrade. Founded in 2017, it offers a variety of loan options, including personal loans.

    Upgrade makes direct payments to your creditors if you request a debt consolidation loan, contributing to its top ranking in this category. Moreover, you may receive funding immediately after approval, allowing you to pay off your debt sooner.

    There is, however, a minimum credit score of 560 to apply to this lender but no minimum income requirement. The company offers loans up to $50,000 with flexible repayment plans lasting up to 60 months.

    Pros

    • Soft credit inquiry
    • No prepayment fees
    • Considers fair credit scores
    • Pays creditors directly for debt consolidation
    • Quick loan processing and funding

    Cons

    • $50,000 maximum loan amount
    • Origination fee of up to 8%
    • Restricts fund usage
    Upgrade

Best Personal Loan Lender for Home Improvement in Madison: 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

    Best Egg is our top choice if you need funding for a Madison home improvement project. Founded in 2014, this online lender offers secured and unsecured personal loans.

    The company offers a home renovation loan that does not require an appraisal, which benefits homeowners looking to upgrade their homes. You may borrow up to $50,000 and pay it back within 36 to 60 months. It also has a quick funding release that usually takes one to three business days. You can enjoy a 0.5% discount setting up autopay. In addition, there are no fees associated with prepayment.

    However, to qualify for a Best Egg personal loan, you will need a credit rating of at least 700, a minimum income of $50,000 and an established credit history.

    Pros

    • No prepayment penalty
    • Performs a soft credit pull
    • Funding within 1–3 days
    • 0.5% discount for autopay

    Cons

    • 700 minimum credit score required
    • Charges origination and late fees
    • $50,000 minimum income requirement
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Madison for You

You can use a personal loan to cover big expenses, such as home renovations, weddings, funerals, vacations and more. Wisconsin's average personal loan debt is $16,953, with an average interest rate of 9.78%. However, your rate may vary based on factors such as your credit history, average income and debt-to-income ratio. When searching for the best personal loans in Madison, make a more objective choice by following these steps.

1
Ask Yourself the Important Questions

Before applying, you should carefully assess your financial needs. The following questions are worth considering:

  • How much funding do I need? Estimate the amount you need, as it will impact several factors, including your repayment plan and funding timeframe.
  • What is my credit score? In most cases, lenders have a set credit score requirement. Knowing your credit score before you apply helps you decide which lenders are likely to approve your application.
  • Can I afford the monthly payment? If you are considering getting a personal loan, be sure you can afford to repay the borrowed amount over the long run. You could be penalized and charged higher interest rates if you fail to make payments.
  • How much debt do I already have? Your debt-to-income ratio should not be excessively high when applying for a personal loan, as repayments will lower your income further.
2
Do Your Research

A personal loan requires a long-term commitment. Research rates and other expenses you'll incur by comparing quotes from several lenders before submitting a loan application.

We have compiled a complete guide to Madison personal loans that will help you understand everything you need to know. Use this guide to choose the lender that best fits your needs. Since each individual's needs and circumstances differ, you may need to expand your options by broadening your search.

3
Wait

Once you’ve decided on a lender, take some time to ensure you’re making a good decision. Don’t apply on impulse. You will be paying monthly installments for a long time, so be sure to weigh all your options.

4
Read the Fine Print

Familiarize yourself with all the rates, fees and penalties involved before applying for a personal loan. You might be surprised at how much your personal loan can cost over time due to late fees and other charges. Read the fine print and ask the lender for clarification if you are unclear about any charges. Once you sign up, you shouldn’t be surprised by any unexpected costs.

5
Apply

Once you are comfortable with your decision, prepare the documentation required for the application. You'll need to present your identification, address, proof of income and a credit report. Some lenders offer an online application process; others may compel you to call or come in person.

What to Do if You Can’t Get a Personal Loan in Madison

Rejection is part of the lending process, so if you are denied a personal loan, don't get discouraged. Several factors can prevent you from getting approved, including lack of income, poor credit and substantial debt.

Ask your lender why it denied your loan request. See whether you can take any steps to increase your chances of approval. For instance, a co-signer or collateral may be an option if you struggle to get approved for a loan. Or, if you build your creditworthiness over time, you might be able to get a loan in the future at lower interest rates.

We advise you to avoid payday loans. Because of the short repayment period and the high interest rates attached to this type of loan, it is not a favorable option.

Frequently Asked Questions About Personal Loans in Madison

When choosing a lender, your financial goals are the most important consideration. MoneyGeek answers frequently asked questions about personal loans in Madison to help you decide.

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

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek evaluated more than 30 personal loan providers using over 35 unique data points across six essential categories: affordability, accessibility, customer service, flexibility, consumer friendliness and lender transparency.

Our ranking criteria included various factors we believe are important when choosing a personal loan lender, such as credit scores required, APR ranges, application fees, maximum loan amounts, minimum income requirements and disbursement periods.

Our customers are very important to us at MoneyGeek. So as part of our evaluation process, we also consider the quality of customer service, convenience, business ratings and other features each lender offers, such as alternative payment methods, prequalification and mobile applications.

In making our decisions, we consider and compute your best interests carefully. It is our goal to provide you with the best advice on personal loans to ensure you choose the lender that will best satisfy your financial 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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