Top Lenders & Best Picks for You
Best Personal Loans in Murfreesboro, TN
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Murfreesboro
- The Best Personal Loan Lender for Bad Credit in Murfreesboro
- The Best Personal Loan Lender for Good Credit in Murfreesboro
- The Best Personal Loan Lender for Debt Consolidation in Murfreesboro
- The Best Personal Loan Lender for Home Improvements in Murfreesboro
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Murfreesboro
MoneyGeek’s Pick for Best Lender in Murfreesboro, TN: Truist
MoneyGeek ranked the best lenders for personal loans in Murfreesboro using multiple data points, including flexibility, accessibility, repayment terms, loan limits, BBB ratings and credit score requirements. We also analyzed lenders based on their application process, interest rates, fees and other applicable charges.
If you need a personal loan, the best lender for you will vary based on your financial profile and how you intend to use your loan.
Best Overall Personal Loan Lender in Murfreesboro: Truist
Best Personal Loan Lender for Bad Credit in Murfreesboro: Upstart
Best Personal Loan Lender for Good Credit in Murfreesboro: SoFi
Best Lender for Debt Consolidation in Murfreesboro: Upgrade
Best Lender for Home Improvement in Murfreesboro: Best Egg
How to Choose the Best Personal Loan Lender in Murfreesboro For You
The average personal loan debt in Tennessee is $25,174. The best lender for you will vary depending on factors, including your credit score, gross income and preferred loan limits. It is important to consider your particular profile to find the most suitable lender based on your needs. Before applying for a loan, you can use the following steps to find the best personal loans in Murfreesboro for your profile.
Ask Yourself the Important Questions
Prior to applying for a loan, some reflection is required. It’s important to understand your financial profile and why you need a loan to help determine if applying for a personal loan is the right option for you. Take the time to ask yourself the following questions:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Fees, interest rates, minimum requirements and application processes vary depending on the lender. Taking the time to do your own research will help you find the best rates and repayment terms for your needs. Some lenders might be high on fees, so shopping around can help you save on costs. Certain lenders may also have some restrictions on fund usage, so always find out if a particular lender will approve a loan for the purpose you have in mind.
MoneyGeek’s recommendations are based on sample borrower profiles. You may have other needs that do not fit these scenarios, so doing your own research will help you find the best personal loans in Murfreesboro for you.
Wait
It is important to take time before making a decision to take out a personal loan. Weighing your options will give you time to consider all the pros and cons and ensure that you are ready for the long-term commitment of a personal loan.
Think through your options and consider how the personal loan can impact your finances. You may find that there are more suitable options available or that the loan may increase your debt burden significantly. However, if a personal loan is the best solution for you, make sure that you choose the right lender.
Read the Fine Print
Fees like prepayment penalties, late payment fees and more can add up over time, increasing the overall cost of your loan. Always read the fine print to make sure you are aware of all the charges and fees you might incur. Reading the fine print can help you avoid penalties and late fees. You can also ask for clarification from the lender on any fees that you do not understand.
Apply
Once you are ready to proceed with your loan application, you will need to provide personal details to the lender. These can include proof of identification and address, your financial history and any other details the lender may require. This information is used to assess your creditworthiness and help you qualify for a loan. Some lenders have online applications that you can use, while others offer the option to complete your application in person. You can even call the lender if you need more information about their personal loans.
What to Do if You Can’t Get a Personal Loan in Murfreesboro
Personal loan applications might be declined due to various factors. These can include your credit score, gross income or other requirements set by the lender. When this happens, it is no cause for alarm since these rating factors can be improved over time.
If you are declined, it is important to talk to the lender to find out why. This will help you figure out which requirements in your profile fall short and what you can do to improve them. For instance, some lenders may require a higher credit score than you have but some have lower credit score requirements. It is best to avoid re-applying for a loan until you find out why you were declined and take the steps necessary to fix the issue.
Additionally, payday loans are also not a good alternative if you are declined for a personal loan. They tend to have high interest rates and short repayment periods.
Frequently Asked Questions About Personal Loans in Murfreesboro
Applying for personal loans in Murfreesboro can help you access funds quickly for an emergency expense or other needs. We compiled answers to commonly asked questions to help you find the best lenders in Murfreesboro.
Truist is the best lender for personal loans in Murfreesboro. However, a different lender might be better for you based on your financial history and loan needs.
Upstart has the lowest interest rates in Murfreesboro, starting at 3.22%.
You can use a personal loan to fund a vacation in Murfreesboro. Most lenders have no restrictions on the use of funds for vacations, but it is important to check with your lender to determine what restrictions they put in place for fund usage.
Yes, you can use a personal loan for home improvement in Murfreesboro. Best Egg offers the top personal loans in Murfreesboro for home improvements and renovations.
You cannot use your personal loan in Murfreesboro for investments, funding college expenses or gambling. Some lenders will also have additional restrictions, so it’s advisable to check with your potential lender about their usage terms before you apply for a personal loan.
When it comes to personal loans, you can borrow $1,000 to $100,000 in Murfreesboro. However, your loan limit will depend on the lender and your financial profile.
Some lenders in Murfreesboro disburse funds on the same day, while others may take up to seven days.
Yes, you can pay off your loan early in Murfreesboro. Most lenders do not charge early payment fees. However, some lenders have early payment charges. Check with your lender if there are any applicable charges for paying off your loan early.
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.