Top Lenders & Best Picks for You
Best Personal Loans in Mobile, AL
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Mobile
- The Best Personal Loan Lender for Bad Credit in Mobile
- The Best Personal Loan Lender for Good Credit in Mobile
- The Best Personal Loan Lender for Debt Consolidation in Mobile
- The Best Personal Loan Lender for Home Improvements in Mobile
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Mobile
MoneyGeek’s Pick for Best Personal Loan Lender in Mobile, AL: Truist
To help you select the best personal loan in Mobile, MoneyGeek examined various loan providers in the city. Our team used over 30 data points to identify the top companies for the most popular categories.
We evaluated each lender’s loan terms, interest rates and fees. We also considered the ease of their evaluation process, taking into account their requirements for credit score and income. To ensure you find the best provider for your needs, our research included factors such as customer service reputation.
Best Overall Personal Loan Lender in Mobile: Truist
Best Personal Loan Lender for Bad Credit in Mobile: Upstart
Best Personal Loan Lender for Good Credit in Mobile: SoFi
Best Lender for Debt Consolidation in Mobile: Upgrade
Best Personal Loan Lender for Home Improvement in Mobile: Best Egg
How to Choose the Best Personal Loan Lender in Mobile For You
On average, personal loan debt in Alabama is $13,892, and the average interest rate is 8.85%. Considering how that interest rate is lower than many credit cards, personal loans are popular for debt consolidation, among other reasons like to pay for home improvements or medical bills. Many people find personal loans useful when dealing with both planned and unplanned expenses due to their flexibility and ease of application.
While most lenders allow you to apply for a personal loan online, it’s a good idea to consider a number of factors before proceeding with your application. MoneyGeek highlighted five crucial steps for you to take when getting a personal loan in Mobile.
Ask Yourself the Important Questions
To make sure a personal loan is the best decision, ask yourself some important questions.
- How much money do you need? You pay interest on a personal loan. As such, it makes sense to carefully assess how much money you need for your specific purpose. Likewise, it’s a good idea to think if saving is a better option, especially if you plan to use your personal loan for leisurely purposes like a vacation.
- What’s your credit score? A very poor or even fair credit score can result in difficulty getting a lender’s approval. And if you do get approved, you may pay a high interest rate on your loan. Study a company’s credit score requirement before applying for a loan.
- Can you afford the monthly payment? Determine if you can handle your loan’s monthly payment given your current budget. That is important to avoid late payments, which can affect your credit score.
- Do you have existing debts? To assess your creditworthiness, lenders take a look at your existing debt. With a high debt-to-income ratio, you may find it difficult to get loan approval.
Do Your Research
Getting a personal loan is a big financial decision. It makes sense to research to guarantee you’re making a well-informed choice. Visit the websites of the companies you’re considering and check their interest rates, potential fees, credit requirements, and more.
MoneyGeek collected the information you need when getting a personal loan in Mobile. But, we base our research on an average borrower and specific qualities. Since you have unique needs and preferences, it’s a good idea to do your own research to find the best lender for you.
Wait
Step back and wait for a day or two before making a decision on whether a personal loan in Mobile is for you. Personal loans are major financial commitments that take years to pay. It is in your interest to have a broader perspective and a more sober understanding of the circumstances, so you can make the best choice for your needs.
Revisit the options available to you, and rethink the necessity of getting a loan. By waiting, you might discover more affordable options that don't involve paying a high interest rate over a long period of time.
Read the Fine Print
If, after a period of waiting, you still find yourself sure that a personal loan is the best way to finance your need, shortlist loan providers and reread their policies. Carefully study the loan provider’s offers and read the fine print. Look for details about origination fees or penalties for prepayment and late payment. Also, check the available discounts, such as for scheduling automatic payments. Doing this can lead to savings and reduce the overall loan cost; it can also help you decide what lender is best because you are avoiding fees.
Apply
After you study your options and read your preferred lender’s policies, you’re ready to apply for a personal loan in Mobile. Prepare all the documents typically required by lenders, such as proof of identity, address and income verification.
Most lenders have an online personal loan application, which is convenient. You can also call or visit a lender’s office if they have a physical location if you prefer.
What To Do if You Can’t Get a Personal Loan in Mobile
Your personal loan can get denied for various reasons, such as poor credit score, high debt-to-income ratio, insufficient income, unstable employment or incomplete paperwork. If your loan application gets denied, you shouldn’t get disheartened.
You can contact the lender and ask for the reason why your application wasn’t approved. You can offer to modify your loan’s amount and term to see if that changes their decision. You can also ask if you’re allowed to have a co-signer or apply for a joint loan to improve your chances of approval.
Keep in mind that it is not a good idea to apply for a personal loan from another lender right away. It’s better to improve or adjust the factor that caused a denial in your application before going to another lender.
Likewise, we also advise that you avoid payday loans. They have very high interest rates and short repayment terms, and they may only lead you into a debt trap.
Frequently Asked Questions About Personal Loans in Mobile, AL
The best personal loan lender in Mobile for you depends on your needs and creditworthiness. MoneyGeek answered some frequently asked questions to help you find the best available options.
Truist is MoneyGeek’s pick as the best personal loan provider in Mobile. However, the best lender can vary based on your personal circumstance and financial situation. For example, with bad credit, Upstart may be the best choice.
Upstart offers the lowest interest rate for personal loans in Mobile — as low as 3.22%. Still, your interest rate is determined by factors such as your credit score, income and loan details.
Your lender may allow you to use your loan for a vacation. However, some companies have limitations on how you can use the money. Always check first before proceeding with the application.
Yes, you can use your personal loan to finance your home improvement efforts. Best Egg is the best personal loan lender in Mobile for such purposes.
Typically, using a personal loan for investments, real estate purchases, business expenses and post-secondary education is not allowed. Gambling is also an uncommon allowed use. Check with your loan provider for their limitations.
Personal loan lenders in Mobile offer loans from $500 to $100,000. But, your maximum loanable amount is determined by your chosen lender and your profile.
Depending on your loan provider, you can expect your money the same day as application approval or up to a week afterward.
You can pay off your personal loan in Mobile ahead of schedule. However, some lenders charge a prepayment penalty. Before deciding on a lender, see if they charge you for paying off the loan early. If they do, you may want to consider a different lender.
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.