Top Lenders & Best Picks for You
Best Personal Loans in Louisville, KY
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Louisville
- The Best Personal Loan Lender for Bad Credit in Louisville
- The Best Personal Loan Lender for Good Credit in Louisville
- The Best Personal Loan Lender for Debt Consolidation in Louisville
- The Best Personal Loan Lender for Home Improvements in Louisville
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Louisville
MoneyGeek's Picks for Best Personal Loan Lenders in Louisville, KY
MoneyGeek analyzed over 30 data points to select the best personal loans for customers with varying demands and financial backgrounds. SoFi, for instance, is best for borrowers with good credit. Those with bad credit may find the best bargain with Upstart.
Lenders offer different pros and cons, so it’s important to find one that meets your needs. One of SoFi’s benefits, for example, is its unemployment protection, which helps borrowers if they lose their job. MoneyGeek has laid out the advantages and disadvantages of our recommended personal loan lenders in Louisville.
Best Overall Personal Loan Lender in Louisville: Truist
Best Personal Loan Lender for Bad Credit in Louisville: Upstart
Best Personal Loan Lender for Good Credit in Louisville: SoFi
Best Personal Lender for Debt Consolidation in Louisville: Upgrade
Best Personal Lender for Home Improvement in Louisville: Best Egg
How to Choose the Best Personal Loan Lender in Louisville for You
The average personal loan debt in Kentucky is $18,887. So, you’re not alone in thinking about a personal loan or looking for one. As you embark on this process, factors like your credit score, current debts, payment history and income matter. Whether you’re using the personal loan for a wedding, vacation, debt consolidation, home improvement or other uses, ensure you’re making the right decision.
Ask Yourself the Important Questions
Take a moment to understand your needs and preferences. Ask yourself the following important questions to determine whether you’re ready to take out a loan.
- How much do I need to borrow?
- What is my credit score?
- How much can I afford monthly?
- How much debt do I already have?
Do Your Research
Taking out a loan is a commitment that requires research. When you’re finally approved for a loan and the funds are released, you’ll have monthly payments for several months or years.
Explore your options and find the best loan for your needs. For instance, the personal loan APR in Kentucky averages 10.38%. By comparing different lenders, you can find lower APRs, allowing you to save money. While MoneyGeek collects information to guide you through the process of getting a personal loan, everyone’s circumstances are unique and may require additional research.
Wait
Waiting a day or two before finalizing your decision gives you time to weigh the pros and cons. Take a moment to make sure you want to take out the loan from a specific lender. Having a loan is a huge commitment, so you don’t want to have doubts when you’re accepting an offer or submitting an application.
Read the Fine Print
When you’re sure which lender to choose, examine the loan agreement’s fine print. This prevents overlooking certain information that can affect your monthly payment and may result in significant savings over time.
While going through the agreement, look for fees such as prepayment penalties, early payoff penalties and origination fees. These will give you an idea of how much more you need to pay in certain circumstances, like late or early payments.
Apply
The last part of the decision-making process is the application. During the application process, lenders may require documents to prove your identity, credit history and other information. This is where your research comes in handy and will help you be prepared for the lender’s requirements.
Some lenders allow you to start the application process online via their website or a mobile app. However, some lenders don't offer these services and only let you apply over the phone or in their office.
What to Do if You Can’t Get a Personal Loan in Louisville
Lenders decline applications for various reasons, such as low credit score, insufficient income and inaccurate information on the application. If your lender denies your application, you can take several actions.
First, contact your lender and ask for the specific reason for your application's denial. Lenders may allow you to modify your application in ways that assure them you can meet your monthly obligations. For example, borrowers can extend the repayment term as a way to decrease monthly payment amounts.
You can also apply to another lender, which may be counterproductive if you haven’t fixed the problem(s) that caused your current lender to deny you.
Payday loans may seem attractive, but we do not recommend them. These loans can sink you deeper into debt because their interest rates are so high that borrowers often struggle to make payments.
Frequently Asked Questions About Personal Loans in Louisville
The best personal loan in Louisville depends on your needs and financial situation. Before taking out a loan, it’s important to check your credit score, income, the amount you need to borrow and the services you want from your lender. The following are frequently asked questions about personal loans in Louisville:
The best personal loan lender in Louisville is Truist. You can borrow from $3,500 to $50,000, with APRs ranging from 8.14% to 18.99.
The lender with the lowest interest rate is Upstart. Its minimum APR is 3.22%, but only available to borrowers with excellent credit scores.
Yes, you can use your personal loan in Louisville for vacations. You can use your funds for most personal reasons, but check your loan agreement to know what activities are not allowed.
Yes, you can use your personal loan in Louisville for home improvement. MoneyGeek recommends Best Egg’s personal loan for this purpose. Best Egg’s loan amounts range from $2,000 to $50,000, with an APR range of 4.99% to 35.99%.
Lenders have different restrictions when it comes to the use of your funds. Most restrict the use of funds for illegal activities and gambling. Some lenders don’t allow using the funds for business purposes or higher education costs.
Depending on the lender, you can borrow as much as $100,000 for personal loans in Louisville.
It depends on your lender. Some lenders take up to seven days to release your funds, while others release funds on the same day your application is approved. Nevertheless, making sure that your application is accurate is the best way to receive your funds quickly.
Generally, you can pay off your loan early, but some lenders charge a prepayment fee. Check your loan agreement’s fine print to learn what fees your lender may charge.
Our Personal Loan Methodology
Over 30 personal loan providers were evaluated based on 35+ individual data points in six important categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We examined specific factors in each category that we believe have the most influence on a borrower's decision as they look for a personal loan provider. Among these parameters are APR ranges, available loan amounts, minimum credit score, minimum income amount, application charges and disbursement time.
MoneyGeek values you, the consumer. Because of this, we take into account each lender's customer service, business ratings and other elements. As you follow our recommendations, we want you to have a smoother and more accessible experience. Therefore, we prefer to recommend lenders who offer prequalification, payment options and mobile apps.
Our selections are made after thorough consideration and calculation while putting great weight on your best interests. Our personal loan recommendations and expert advice are intended to assist you in making the best decision when selecting a lender that suits your needs. Therefore, MoneyGeek is committed to showing you the best personal loans and giving you expert advice to guide you in decision-making.
sources
- SoFi. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "What are the benefits of a personal loan through Upgrade?." 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
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