Top Lenders & Best Picks for You
Best Personal Loans in Philadelphia, PA
Updated: December 28, 2023
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Philadelphia
- The Best Personal Loan Lender for Bad Credit in Philadelphia
- The Best Personal Loan Lender for Good Credit in Philadelphia
- The Best Personal Loan Lender for Debt Consolidation in Philadelphia
- The Best Personal Loan Lender for Home Improvements in Philadelphia
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Philadelphia
MoneyGeek’s Pick for Best Personal Loan Lender in Philadelphia: Truist
In Philadelphia, you might find that you are charged a much higher interest rate or are given a higher loan amount offer compared to other cities in Pennsylvania. This is likely because Philadelphia is one of the largest metropolitan areas in the United States; typically, interest rates are higher in larger cities.
Aside from the specific rates in your location, MoneyGeek reviewed more than 30 data points to assess personal loans in Philadelphia and choose the best ones for specific borrower types. Whether you have good or bad credit scores, want to consolidate your debt or upgrade your home, we found the best personal loan lenders in Philadelphia that offer the most favorable terms and rates.
MoneyGeek ranked Truist as the best overall personal loan lender in Philadelphia. Upstart and SoFi were ranked as the best personal loan lenders for those with bad and good credit, respectively. While Upgrade and Best Egg were selected as the top loan lenders for debt consolidation and home improvement.
Best Overall Personal Loan Lender in Philadelphia: Truist
Best Personal Loan Lender for Bad Credit in Philadelphia: Upstart
Best Personal Loan Lender for Good Credit in Philadelphia: SoFi
Best Personal Loan Lender for Debt Consolidation: Upgrade
Best Personal Loan Lender for Home Improvement: Best Egg
How to Choose the Best Personal Loan Lender In Philadelphia for You
In Pennsylvania, personal loans incur an interest of 9.67% on average and the average personal loan debt is $27,165. Both the interest rate and loan amount are equally important to consider when taking out a personal loan in Philadelphia.
MoneyGeek provided the following steps to guide you through the loan application process:
Ask Yourself the Important Questions
Taking out a personal is a long-term commitment. For one, you will have to make monthly payments for several years to pay it off. Asking the most important questions may help you decide whether a personal loan is the right choice.
- How much funding do you need?
- What is your credit score?
- Can you afford the monthly payment?
- How much debt do you already have?
Do Your Research
Since a personal loan is a long-term commitment, it pays to do your homework in advance. Learn about debt and how to pay it off. Most importantly, consider as many options as possible in your city to get the most savings. MoneyGeek’s research is a helpful resource, but exploring options outside our recommendations could help you get the best deals for your financial situation.
Wait
After you’ve evaluated your financial situation and did your research, wait a few days before making a final decision so you can think it over.
Read the Fine Print
Additional terms and conditions and other extra charges can all be found in the fine print. When choosing between two personal loan lenders, you want to compare the fine print and see which has a lower rate or more flexible terms.
Apply
Now that you have settled on a personal loan lender and have read through the fine print, you can apply for the personal loan of your choice. Prepare the necessary documents, specifically proof of your financial standing, as these will be requested by your lender. You can apply online or you can also go through the process personally by calling or visiting your lender.
What To Do if You Can’t Get a Personal Loan in Philadelphia
Loan purpose mismatch, low credit scores, high loan amount and low income are common reasons why personal loan applications in Philadelphia get denied. Don’t be discouraged when this happens. If your personal loan application in Philadelphia was denied, there are a few things you can do. First, call your lender and ask them about the specific reason why your application was denied. You can then work on fixing the issue to increase your chances of getting approved if you reapply.
You can also explore other options aside from a personal loan. For example, if you want to consolidate your debt, you might have a better chance of getting a balance transfer credit card instead of a personal loan. If you want to take out a loan for post-secondary education, student loans might cater better to your needs. Let’s say you are planning to start a small business. In this case, a business loan might be worth considering. That said, you want to avoid payday loans, which incur the highest interest rate at a much shorter loan term.
Frequently Asked Questions About Personal Loans in Philadelphia
MoneyGeek answers the most frequently asked questions about personal loans in Philadelphia to help you decide:
The best personal loan lender in Philadelphia is Truist. However, if you have bad credit, the best company for you is Upstart. On the other hand, borrowers with good credit should consider SoFi.
In Philadelphia, Upstart offers the lowest interest rates starting at 3.22%.
When applying for a loan, you may be asked what you plan to use the funds for. You can use the funds for your vacation as long as it is allowed by your lender.
Major home upgrades require large funds. You can fund home renovations with a personal loan. In Philadelphia, the best personal loan lender for home improvements is Best Egg.
In Philadelphia, personal loan lenders may deny applications if the loan purpose is for post-secondary education, small business or stocks and bonds investment.
Personal loan amounts in Philadelphia can range from $1,000 to $100,000. Some lenders like Upstart, Upgrade and Best Egg limit the cap to $50,000.
Some lenders like Truist are able to release the funds on the same day as your application, while other lenders like SoFi take about a week to release funds.
When applying for a loan, you will want to look at the company’s policies for prepayment penalties. Some lenders will allow you to pay off your loan early without any charges, but others charge a fee for 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.
sources
- Truist. "Personal Loans." Accessed March 6, 2022.
- SoFi. "Personal Loans." Accessed March 6, 2022.
- Upstart. "Personal Loans." Accessed March 6, 2022.
- Upgrade. "Consolidate Your Debt." Accessed March 6, 2022.
- BestEgg. "Personal Loans for Home Improvement." Accessed March 6, 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.