Top Lenders & Best Picks for You
Best Personal Loans in Tampa, FL
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Tampa
- The Best Personal Loan Lender for Bad Credit in Tampa
- The Best Personal Loan Lender for Good Credit in Tampa
- The Best Personal Loan Lender for Debt Consolidation in Tampa
- The Best Personal Loan Lender for Home Improvements in Tampa
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Tampa
MoneyGeek's Picks for Best Personal Loan Lenders in Tampa, FL
MoneyGeek analyzed personal loan providers in Tampa using more than 30 data points. Our team studied a company’s affordability, accessibility, APR ranges, loan terms, minimum credit and income requirements, origination fees, late fees, disbursement times, customer service reputation, Better Business Bureau (BBB) ratings and other features.
Based on our analysis, Truist has the highest scores, making it the best personal loan company overall in Tampa. However, the top provider changes depending on the borrower’s profile. For instance, SoFi is the best performing company for people with good credit, while Upstart is our choice for folks with bad credit. On the other hand, Upgrade is our pick for debt consolidation, while Best Egg is the top provider for home renovation purposes.
Best Overall Personal Loan Lender in Tampa: Truist
Best Personal Loan Lender for Bad Credit in Tampa: Upstart
Best Personal Loan Lender for Good Credit in Tampa: SoFi
Best Personal Loan Lender for Debt Consolidation in Tampa: Upgrade
Best Personal Loan Lender for Home Improvement in Tampa: Best Egg
How to Choose the Best Personal Loan Lender in Tampa for You
Personal loans are flexible financial tools you can use to pay for a home improvement project, a large purchase, an emergency expense or occasions like a wedding. Many people use personal loans to deal with expenses. In fact, the average personal loan debt in Florida is $10,400.
Before considering a personal loan, you should consider your credit score, existing debt, income and other financial factors. You may receive different offers and features depending on your profile.
To guide you in this process, MoneyGeek broke down the steps to getting a personal loan in Tampa.
Ask Yourself the Important Questions
To ensure a personal loan is the best choice, ask yourself some important questions.
- How much money do you need? Personal loans are repaid with interest so it’s a good idea to carefully assess how much money you need for your specific purpose. It’s not advisable to borrow more money than necessary.
- What’s your credit score? Lenders will check your credit score, and having a high credit score will mean an increased chance of approval and a lower interest rate. Conversely, you’ll have difficulty getting approved with a bad credit score, and if you do, you’ll pay a high interest rate.
- Can you afford the monthly payment? Decide whether the loan payments fit into your current budget. This will help avoid late payments, which can affect your credit score.
- Do you have existing debts? Personal loan companies will also assess your existing debt. Having a low debt-to-income ratio improves your chances of loan approval.
Do Your Research
Gather all the information you can about personal loan providers. Study their interest rates, repayment terms, features and policies regarding credit evaluation. It’s also a good idea to check for any restrictions on how you can use the borrowed funds.
Shopping around and comparing offers from various companies is the best way to find the lowest rates and most flexible packages. MoneyGeek compiled all the information you’ll need to get started, but our figures and recommendations are based on generalizations. Your situation may be different.
Wait
Getting a personal loan is a big financial commitment so you need to be sure it’s the best choice for your needs. As with any major financial decision, we recommend waiting a day or two before making your choice. Take the time to assess the situation with a fresh mind and more objective outlook.
Remember that personal loans come with high interest rates that will be paid over several years. If you’ll be using the loan to pay for unnecessary or leisurely expenses, consider saving for those instances instead.
Read the Fine Print
If you’ve read this far, you may have decided that getting a personal loan is your best option. Scrutinize the small details often missed during the initial research phase — look beyond the lender’s marketing materials and study the fine print.
Watch for prepayment penalties, origination fees, late payment fees and other items that can increase your loan’s total cost. Taking time to do this can result in big savings over time.
Apply
Once you’ve considered all your options, reviewed all the details and feel good about your chosen lender, you’ll need to apply for the personal loan. The lender will want official identification materials and proof of income, among other items.
Most personal loan companies in Tampa allow online applications, a convenient option, since you can complete the entire process from home. However, you can also call or visit a lender’s office to learn more about its processes and policies.
What to Do if You Can’t Get a Personal Loan in Tampa
Your personal loan application can still get rejected despite going through a lender’s process and providing the necessary information. Factors like low credit scores, insufficient income and incomplete documents may lead to application rejection.
If you find yourself in this situation, MoneyGeek suggests you ask the company why it declined your loan application. This is important, since fixing your profile’s problems will improve your chances next time you apply.
Before considering applying to other lenders, take steps to improve your creditworthiness. You may want to pay off some of your existing debts or find a way to increase your income. You can also opt to settle for a lower loan amount on your next application. Additionally, you can consider adding a cosigner or applying for a joint loan.
No matter how desperate you are, avoid payday loans. You’ll only end up buried in debt with high interest rates and short repayment terms.
Frequently Asked Questions About Personal Loans in Tampa
Your needs and financial situation determine the best personal loan company for you. To help you learn more about personal loans in Tampa, MoneyGeek answered some frequently asked questions.
MoneyGeek’s evaluation shows the overall best personal loan lender in Tampa is Truist. However, the best company for you may vary depending on your needs and profile. For instance, SoFi is the best personal loan company for people with good credit, while our pick for debt consolidation is Upgrade.
If you’re eligible, Upstart has the lowest interest rates in Tampa. However, interest rates depend on various factors, and you’ll only get low interest rates if you have a high credit score.
Yes, you can use your personal loan for personal reasons, including a vacation.
Home improvement is one of the many reasons people take out personal loans. Based on MoneyGeek’s research, Best Egg is the best personal loan company in Tampa for those planning house renovations.
Although personal loan companies have different policies, you’re usually not allowed to use your personal loan proceeds for investments, real estate purchases, business expenses and post-secondary education.
The amount you can borrow from personal loan companies varies based on your credit score, income and other factors. Personal loan lenders in Tampa offer loans from $1,000 to $100,000.
Some personal loan companies in Tampa can approve and fund loans within the day. However, other lenders may take a week (or longer) to release your loan proceeds.
You can pay off your personal loan early, but be mindful that some companies charge a prepayment fee.
Our Personal Loan Methodology
MoneyGeek evaluated over 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
For each category, our team used various data points that we assumed carried the most weight when choosing a personal loan lender. These factors included APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
MoneyGeek values you, the consumer, so we also checked each company’s customer service reputation, business ratings and additional features that can make your experience easier and more accessible. Likewise, we studied a provider’s pre-qualification processes, payment options and mobile apps availability.
We determine our picks after careful consideration and calculation with your best interests in mind. Our personal loan suggestions and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "Personal Loans." Accessed June 15, 2022.
- Florida Office of Financial Regulation. "Payday Lenders." Accessed June 15, 2022.
- SoFi. "Personal Loans." Accessed June 15, 2022.
- Truist. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "Personal Loans." Accessed June 15, 2022.
- Upstart. "Personal Loans." Accessed June 15, 2022.
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.