Top Lenders & Best Picks for You
Best Personal Loans in Columbus, OH
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Columbus
- The Best Personal Loan Lender for Bad Credit in Columbus
- The Best Personal Loan Lender for Good Credit in Columbus
- The Best Personal Loan Lender for Debt Consolidation in Columbus
- The Best Personal Loan Lender for Home Improvements in Columbus
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Columbus
MoneyGeek’s Pick for Best Personal Loan Lender in Columbus, OH: Truist
MoneyGeek reviewed lenders to find the best personal loans in Columbus for different borrower profiles. We used a variety of data points to score lenders, including interest rates, loan limits, repayment terms and fees. We also factored in minimum credit score and gross income requirements, accessibility and user experience to find the best lenders.
MoneyGeek found that the best lender for personal loans in Columbus varies based on your particular profile and needs.
Best Overall Personal Loan Lender in Columbus: Truist
Best Personal Loan Lender for Bad Credit in Columbus: Upstart
Best Personal Loan Lender for Good Credit in Columbus: SoFi
Best Personal Loan Lender for Debt Consolidation in Columbus: Upgrade
Best Personal Loan Lender for Home Improvement in Columbus: Best Egg
How to Choose the Best Personal Loan Lender in Columbus For You
The average personal loan debt in Ohio is $24,808. Factors such as the amount you qualify for, interest rates and repayment terms can vary widely depending on the lender and your financial profile. MoneyGeek recommends using the following steps to find the most suitable lender for your profile.
Ask Yourself the Important Questions
Before taking out a personal loan, you need to determine whether you qualify for a loan, if you can afford the monthly payments and how it will impact your debt-to-income ratio. This means you should ask yourself the following questions:
- How much funding do you need?
- What is your credit score?
- Can you afford the monthly payments?
- How much debt do you already have?
Do Your Research
When shopping for the best personal loans in Columbus, it pays to compare lenders and analyze your options. Rates and fees tend to vary from one lender to the next, so doing your own research will help you find the most affordable rates. Loan payments are a long-term commitment, which means that it is important to ensure that you choose the best lender available to avoid incurring high costs and fees.
MoneyGeek’s recommendations highlight the best lenders for different profiles. However, your specific needs will determine the best lender for you. Explore your options and do a thorough analysis based on your financial profile and what you need a loan for.
Wait
It is important to wait a day or two before submitting a personal loan application. This will allow you to weigh your options, consider the pros and cons and make an informed decision. You may find that a personal loan is the best option for you or that you can meet your funding needs in a different way. Avoid rushing this decision since personal loans are long-term obligations that will impact your finances for two years or longer.
Read the Fine Print
Apart from interest rates, personal loans may also result in origination fees, late fees and other types of charges. It is important to make sure that you are aware of all the charges and rates that apply to your loan by reading the fine print. In some cases, charges like late fees can add up over time, making your personal loan more costly than you expected.
Always seek clarification from the lender if there are rates you do not understand to avoid incurring unnecessary penalties or fees. Some lenders also charge more money for fees than others, so reading the fine print can help you compare rates and find the most affordable personal loans in Columbus.
Apply
Once you have determined the right lender for you, you can submit your application for a personal loan. It is standard for lenders to ask for personal information such as your address, proof of income and financial history during the application process. Have this information handy before you start your application.
Most lenders have online applications that you can use to apply for a loan. However, you can also call or visit the lender if they offer these options. Taking advantage of these application options can help you if you need more information or have questions during the application process.
What to Do if You Can’t Get a Personal Loan in Columbus
Loan applications can sometimes be declined if you do not need the lender’s eligibility requirements. If your loan is declined, don’t worry. This happens to many people.
Factors such as your credit score and debt-to-income ratio may cause your loan to be declined. Fortunately, these factors can be improved over time. Always find out from the lender why your loan is declined. This will help you understand what you need to improve on to increase your chances of approval next time.
In some cases, you may find that the lender has a higher credit score requirement or gross income than you can satisfy. In such cases, you may qualify for a loan with a different lender. However, it is best to avoid re-applying for a loan before improving the factors that caused you to get declined in the first place.
Additionally, payday loans are not a good option since they usually have high interest rates.
Frequently Asked Questions About Personal Loans in Columbus
Your specific needs, credit history and other factors will determine the best lender for personal loans in Columbus for you. You can get more information in the frequently asked questions section below.
Truist is the best personal loan lender in Columbus for most borrowers. Truist offers relatively low interest rates with flexible loan limits and repayment periods. However, the best lender for you can vary based on your needs.
Upstart has the lowest interest rates among lenders in Columbus, with rates starting at 3.22%.
You can use a personal loan in Columbus to pay for a vacation. Most lenders do not have usage limitations that restrict the use of personal loans for vacations, but conditions can vary depending on the lender. Always check with your lender to find out about their restrictions on the usage of funds before applying for a loan.
Yes, you can use a personal loan for home improvement in Columbus. Most lenders do not restrict the use of funds for home improvement. MoneyGeek found that Best Egg is the top lender in Columbus for personal loans relating to home improvement.
You cannot use a personal loan in Columbus for illegal activities, gambling, investments or funding a college education. However, each lender may have different restrictions on fund usage, so check with your preferred lender for more details.
Personal loan limits in Columbus can vary from $1,000–$100,000 depending on the lender, your creditworthiness and other rating factors. Your lender will evaluate how much you can borrow based on your credit score, gross income, debt-to-income ratio and other factors.
It depends on the lender. Some personal loan companies in Columbus will release your funds on the same day, while others can take up to one week.
Yes, most lenders in Columbus allow you to pay your loan early without incurring early payment fees. However, some lenders may charge you prepayment penalties. Check with your lender to find out their policy on early repayment.
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.