Top Lenders & Best Picks for You

Best Personal Loans in Milwaukee, WI

fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Milwaukee, WI

MoneyGeek used over 30 data points to evaluate Milwaukee's lenders. We considered affordability, accessibility, APR ranges, terms, minimum credit scores, income requirements, origination and late fees, loan disbursement times, customer service and Better Business Bureau (BBB) ratings.

Our research shows that LightStream is Milwaukee's best overall lender. It may, however, be best to choose a different lender based on your circumstances. For example, SoFi is our top recommendation for Milwaukee residents with good credit, Upstart is our choice for those with poor credit, and Upgrade is our top pick for debt consolidation.

Best Overall Personal Loan Lender in Milwaukee: 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

    Among the nation's leading online consumer lenders, LightStream offers fixed-rate loans for various purposes. LightStream is a subsidiary of Truist, a company formed in 2019 following the merger between BB&T and SunTrust.

    Several of its personal loan features stand out. For instance, the bank offers loans of up to $100,000. Moreover, unlike many other lenders, it does not charge origination, late payment or prepayment fees and offers rate discounts of 0.50% for autopay.

    You can use the website or mobile app to apply, and funds are transferred directly to your account, often within one business day. However, the funds have usage limitations. For example, borrowers can't use the funds to refinance an existing LightStream loan, fund college or post-secondary educational expenses, pay business expenses, buy stocks and bonds or for cash-out refinance purposes.

    While LightStream offers low-interest rates, these are only available to borrowers with excellent credit scores. Hence, this lender is best for customers with good credit ratings.

    Pros

    • Same-day loan processing
    • Loans of up to $100,000
    • No fees and prepayment penalty
    • Offers competitive rates among online lenders
    • Offers 0.5% point rate discount for setting up autopay

    Cons

    • Requires a minimum credit score of 660 to apply
    • Performs hard credit checks
    • No option to pre-qualify on its website
    • Requires at least five years of significant credit history
    • Restrictions on usage of funds
    LightStream

Best Personal Loan Lender for Bad Credit in Milwaukee: 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 was founded in 2012 and has an A+ rating from the BBB. The company offers personal loans in Milwaukee, which you can use for almost anything, as it places few restrictions on fund usage.

    Upstart made it to our top pick for the best lender for those with bad credit since it accepts applicants with credit scores as low as 300 and a minimum salary of $12,000.

    The bank performs soft credit checks which won't hurt your credit score. It also provides fast personal loan processing and takes one or two days to disburse the funds. However, Upstart only offers a maximum loan amount of $50,000. If you need a larger amount, you may need to look elsewhere.

    Moreover, if you qualify for a personal loan through Upstart and have a poor credit rating, expect a high-interest rate.

    Pros

    • Accessible to borrowers with fair credit
    • Offers prequalification with a soft credit check
    • Ability to choose a custom payment date
    • Receive funds the next day
    • No prepayment penalty

    Cons

    • Charges origination fee
    • Maximum loanable amount is $50,000
    • Charges a late fee of 5% of the unpaid amount or $15, whichever is higher
    • Doesn't allow co-signers
    • Doesn’t offer discounts
    Upstart

Best Personal Loan Lender for Good Credit in Milwaukee: 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

    Since 2011, SoFi has offered customers loans and other products under the name Social Finance and has an A+ rating from the BBB. MoneyGeek ranked it as the best Milwaukee lender for borrowers with good credit. You don't have to pay origination or late fee and you won't be penalized if you prepay.

    With a credit score of 680 or more, you can borrow up to $100,000 and receive it within two days. As a bonus, you can save 0.25% by setting up auto payments. In addition, the bank conducts soft credit checks, which will not affect your credit score. By letting you put your debts on hold and lowering your monthly loan payments, SoFi's unemployment protection program may provide some relief if you lose your job.

    Applicants who seek co-signers, do not meet the $50,000 income threshold or have a credit score below 680 may not find this lender suitable.

    Pros

    • Maximum loanable amount of up to $100,000
    • Auto payment discount of 0.25%
    • Performs soft credit inquiry without impacting your credit score
    • Receive loan funding within two days
    • No origination fee, late fee or prepayment penalty

    Cons

    • Requires credit score of 680
    • Requires minimum gross income of $50,000
    • Debt-to-income limit of 45%
    SoFi

Best Personal Loan Lender for Debt Consolidation in Milwaukee: 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 was founded by a team of fintech executives in 2017. The bank has several features that make it appealing to borrowers. For instance, it doesn't charge a fee for prepaying your loan. Furthermore, if you consolidate your debts through Upgrade, the firm pays the third-party lenders directly. The company also conducts a soft credit check to avoid damaging your credit score.

    The lender, however, has certain restrictions regarding how borrowers can utilize funds. Depending on your credit score, it may also charge higher interest rates, so it may not be suitable if you're looking for lower APR loans in Milwaukee.

    Pros

    • Soft credit checks don’t affect credit scores
    • Directly pays third-party creditors for debt consolidation
    • No prepayment penalty
    • No fees
    • Same-day funding option

    Cons

    • Funds use is restricted
    • Origination fee of between 2.9% and 8%
    • High APR
    Upgrade

Best Personal Loan Lender for Home Improvement in Milwaukee: 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

    Founded in 2014, Best Egg offers online lending services in 47 states. With an A+ rating from the BBB, it offers unsecured and secured personal loans through Cross River Bank and Blue Ridge Bank.

    Borrowers who qualify can select from loans between $2,000 and $50,000 and benefit from credit card consolidation services such as Direct Pay. The company conducts soft credit checks to guarantee your credit score won't be affected. Moreover, you won’t incur prepayment fees if you pay back your loan early.

    The bank, however, charges an origination fee of up to 5.99%. Further, eligible borrowers who want the lowest rates must have a minimum credit score of 700 and a minimum annual income of $100,000. If you're looking for a lender with a low APR, make sure you meet these requirements. Otherwise, this company may not be suitable for you.

    Pros

    • Conducts soft credit checks
    • Fixed APR
    • No prepayment penalty
    • Does not require collateral
    • Available for a wide range of uses

    Cons

    • Origination fee of 0.99%–5.99% of your loan amount
    • High credit score and income requirements for lower rates
    • Loan amounts, terms and rates are unclear on its website
    Best Egg

How to Choose the Best Personal Loan Lender in Milwaukee for You

When choosing a personal loan lender, you need to consider several factors like your eligibility, interest rates and associated fees. While different lenders have varying eligibility requirements, typically, they evaluate your credit score, monthly income and debt-to-income ratio. In Wisconsin, the average personal loan debt is $16,953.

Whether you're looking for a personal loan for home improvements, debt consolidation, auto financing, moving expenses or paying medical bills, MoneyGeek suggests the following steps for finding the best lender in Wisconsin.

1
Ask Yourself the Important Questions

You should ask yourself the following questions before picking a lender and applying for a personal loan:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

Lenders differ in their terms and conditions, as well as their rates and fees. To determine which lender is right for you, compare multiple options before submitting a loan application.

Taking out a personal loan is a big commitment since you will be paying it back over two to four years or even longer in some instances. Think carefully before taking out a loan. Please keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.

3
Wait

Trying to compare the rates and fees for several types of loans can be overwhelming when confronted with an array of features and offers from different lenders. Taking your time before making a decision can be beneficial. Taking out a personal loan is a significant financial decision, and you must be sure it’s the right one for you. Take time to examine your options after you’ve done your research.

4
Read the Fine Print

Often, when researching personal loans in Milwaukee, people overlook important details. Along with upfront fees clearly outlined in your lender's terms and conditions, you may also discover hidden costs after signing the loan application. Before finalizing a deal with a company, research its fees, including prepayment penalties, late fees and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.

5
Apply

After researching, reading the fine print and waiting to make a decision, you’re ready to submit your application. You should feel confident about your choice of lender at this point and have all the information you need to apply. A lender is typically required to verify a borrower's identity, address and income during the loan application process. Despite the convenience of applying online, you may call or visit the lender in person if you prefer.

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

If your loan application is rejected, contact the lender to find out why and to determine if you can make any changes. For example, you could shorten the loan terms or lower the loan amount. You may also have the option of obtaining a cosigner or collateral-based loan if you have difficulty getting approved.

Alternatively, you may apply to a different lender if you need a loan urgently. However, it's best to avoid this practice until you've corrected whatever reason led to your application’s rejection.

Some people seek extremely high-interest payday loans if they have been rejected by a bank or credit union. However, despite paying promptly and in full, your credit score will not improve. You may also be responsible for any unpaid interest plus the remaining balance if you fail to pay promptly. When you pay late, you may be contacted by a collection agency, which may damage your credit.

Frequently Asked Questions About Personal Loans in Milwaukee

The best personal loan lender will depend on your specific needs, credit score and income level. Here are some of the most commonly asked questions about personal loans in Milwaukee, Wisconsin.

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

Our Personal Loan Methodology

Using 35+ individual data points, MoneyGeek examined more than 30 personal loan lenders across six key categories: affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We reviewed several individual data points for each category we feel has the most influence on the choice of a personal loan lender. These factors include a range of APRs, the loan amount, a minimum credit score, a minimum income amount, application fees and loan processing time.

MoneyGeek values you, the consumer, so we take into account each lender's customer service, business rating and any additional features that might make your experience easier and more accessible, such as prequalification, payment options and mobile apps.

With your best interests in mind, we carefully consider and calculate our picks. When choosing a lender that meets your needs, our recommendations and expert tips are meant to help you make the right decision.

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use