Top Lenders & Best Picks for You
Best Personal Loans in Milwaukee, WI
Updated: December 28, 2023
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Milwaukee
- The Best Personal Loan Lender for Bad Credit in Milwaukee
- The Best Personal Loan Lender for Good Credit in Milwaukee
- The Best Personal Loan Lender for Debt Consolidation in Milwaukee
- The Best Personal Loan Lender for Home Improvements in Milwaukee
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Milwaukee
MoneyGeek's Picks for Best Personal Loan Lenders in Milwaukee, WI
MoneyGeek used over 30 data points to evaluate Milwaukee's lenders. We considered affordability, accessibility, APR ranges, terms, minimum credit scores, income requirements, origination and late fees, loan disbursement times, customer service and Better Business Bureau (BBB) ratings.
Our research shows that LightStream is Milwaukee's best overall lender. It may, however, be best to choose a different lender based on your circumstances. For example, SoFi is our top recommendation for Milwaukee residents with good credit, Upstart is our choice for those with poor credit, and Upgrade is our top pick for debt consolidation.
Best Overall Personal Loan Lender in Milwaukee: Lightstream
Best Personal Loan Lender for Bad Credit in Milwaukee: Upstart
Best Personal Loan Lender for Good Credit in Milwaukee: SoFi
Best Personal Loan Lender for Debt Consolidation in Milwaukee: Upgrade
Best Personal Loan Lender for Home Improvement in Milwaukee: Best Egg
How to Choose the Best Personal Loan Lender in Milwaukee for You
When choosing a personal loan lender, you need to consider several factors like your eligibility, interest rates and associated fees. While different lenders have varying eligibility requirements, typically, they evaluate your credit score, monthly income and debt-to-income ratio. In Wisconsin, the average personal loan debt is $16,953.
Whether you're looking for a personal loan for home improvements, debt consolidation, auto financing, moving expenses or paying medical bills, MoneyGeek suggests the following steps for finding the best lender in Wisconsin.
Ask Yourself the Important Questions
You should ask yourself the following questions before picking a lender and applying for a personal loan:
- 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
Lenders differ in their terms and conditions, as well as their rates and fees. To determine which lender is right for you, compare multiple options before submitting a loan application.
Taking out a personal loan is a big commitment since you will be paying it back over two to four years or even longer in some instances. Think carefully before taking out a loan. Please keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.
Wait
Trying to compare the rates and fees for several types of loans can be overwhelming when confronted with an array of features and offers from different lenders. Taking your time before making a decision can be beneficial. Taking out a personal loan is a significant financial decision, and you must be sure it’s the right one for you. Take time to examine your options after you’ve done your research.
Read the Fine Print
Often, when researching personal loans in Milwaukee, people overlook important details. Along with upfront fees clearly outlined in your lender's terms and conditions, you may also discover hidden costs after signing the loan application. Before finalizing a deal with a company, research its fees, including prepayment penalties, late fees and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.
Apply
After researching, reading the fine print and waiting to make a decision, you’re ready to submit your application. You should feel confident about your choice of lender at this point and have all the information you need to apply. A lender is typically required to verify a borrower's identity, address and income during the loan application process. Despite the convenience of applying online, you may call or visit the lender in person if you prefer.
What to Do if You Can’t Get a Personal Loan in Milwaukee
If your loan application is rejected, contact the lender to find out why and to determine if you can make any changes. For example, you could shorten the loan terms or lower the loan amount. You may also have the option of obtaining a cosigner or collateral-based loan if you have difficulty getting approved.
Alternatively, you may apply to a different lender if you need a loan urgently. However, it's best to avoid this practice until you've corrected whatever reason led to your application’s rejection.
Some people seek extremely high-interest payday loans if they have been rejected by a bank or credit union. However, despite paying promptly and in full, your credit score will not improve. You may also be responsible for any unpaid interest plus the remaining balance if you fail to pay promptly. When you pay late, you may be contacted by a collection agency, which may damage your credit.
Frequently Asked Questions About Personal Loans in Milwaukee
The best personal loan lender will depend on your specific needs, credit score and income level. Here are some of the most commonly asked questions about personal loans in Milwaukee, Wisconsin.
The best overall personal loan lender in Milwaukee, Wisconsin, is LightStream. However, for those with good credit, the best lender is SoFi; for those with bad credit, the best is Upstart. For debt consolidation, the best option is Upgrade, whereas, for home improvement loans, the best is Best Egg.
Upstart offers the lowest interest rate personal loans in Milwaukee. You can apply for a personal loan starting with an APR of 3.22%, if you qualify.
Among the reasons for taking out a personal loan are vacation expenses. However, not all lenders allow their loans to be used for any purpose. Find out if your personal loan has any restrictions on how you may use it.
Home renovations can usually be funded with personal loans. To make sure there are no restrictions in place, ask the lender.
You can use a personal loan for almost anything, although there may be limitations, depending on the lender. A lender may prohibit using funds to refinance mortgages or other loans, pay for educational expenses, make business purchases, buy bonds or securities, or engage in illegal or gambling activities.
Depending on the Milwaukee personal loan lender, you may qualify for a loan between $1,000 and $100,000.
Depending on the lender, processing a personal loan can take anywhere from a day to a week.
Prepayment penalties may apply if you pay off a personal loan before the end of its term. Some lenders, however, do not charge a penalty for early payments. You can find more information by contacting the lender or reading the loan agreement.
Our Personal Loan Methodology
Using 35+ individual data points, MoneyGeek examined more than 30 personal loan lenders across six key categories: affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We reviewed several individual data points for each category we feel has the most influence on the choice of a personal loan lender. These factors include a range of APRs, the loan amount, a minimum credit score, a minimum income amount, application fees and loan processing time.
MoneyGeek values you, the consumer, so we take into account each lender's customer service, business rating and any additional features that might make your experience easier and more accessible, such as prequalification, payment options and mobile apps.
With your best interests in mind, we carefully consider and calculate our picks. When choosing a lender that meets your needs, our recommendations and expert tips are meant to help you make the right decision.
sources
- LightStream. "Frequently asked questions." Accessed June 15, 2022.
- LightStream. "About Us." Accessed June 15, 2022.
- SoFi. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "Personal Loans." Accessed June 15, 2022.
- Upgrade. "About Us." Accessed June 15, 2022.
- Best Egg. "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.