Everything you need to know about Personal Loans Near Me

Learn more about personal loans near me and how personal loan typically works. | Personal Loans Near Me

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By Ben Harper

Popular personal loan options near me

Lending Partner APR Loan Amount
Personal Loans Near Me 5.99 - 35.99% $1k - $50k Apply Now

Times are tough and you might be thinking "what is the best Personal Loans Near Me". This guide contains everything you need to know about Personal Loans Near Me, a list of the best Personal Loan Options that we've picked out, as well as discussion of possible alternatives.

When it comes to taking out a loan, it is important to explore your options. The wrong choice could end up costing you hundreds, if not thousands of dollars in additional interest and fees.

Personal Loans Near Me in the United States - See available options

In this post

  • What are personal Loans
  • Types of Personal Loans
  • The Benefits of Unsecured Loans
  • Personal Loans Near Me
  • Long Term Personal Loans
  • Home Improvement Loans
  • Best Personal Loan Options

What are personal loans?

Personal Loans is an umbrella of many different types of loans. These loans vary based on the borrower's needs. Generally, a personal loan can be thought of as a type of credit that allows the borrowers to make fixed, periodic payments on the principal and additional interest over a certain number of years.

Best Personal Loans Options

Lending Partner APR Loan Amount
Upstart Personal Loans by SimpleDirect 9.99 - 35.99% $1k - $35k Apply Now
Avant Personal Loans by SimpleDirect 9.99 - 35.99% $2k - $35k Apply Now
SoFi Personal Loans by SimpleDirect 5.99 - 16.19% $5k - $100k Apply Now
Prosper Personal Loans by SimpleDirect 7.95 - 35.99% $1k - $35k Apply Now

Types of Personal Loans:

Unsecured Loans

Unlike secured personal loans, unsecured personal loans are generally for the short-term borrower. Given that these loans do not require any co-signor or collateral, these options come with either higher-than-average interest rates, or are only available to good/excellent credit borrowers.

The benefits of Unsecured Loans:

No Collateral

You don’t have to put up your home, car, or any other asset as collateral. Your financial reputation is what gets you the loan – it has nothing to do with your assets. If you default, no one will threaten your home or car.

One of the benefits of unsecured personal loans is that you do not need collaterals in the loan

Fast Funding

Unlike a home equity loan, you don’t have to jump through major hoops to get your unsecured personal loan. There’s no collateral to trace the chain of title or appraisal to determine a value. As long as you provide proof of your financial ability to afford the loan, the process goes quickly and values and liens won’t hold you back.

Flexibility of fund usage

Many people take out unsecured personal loans for emergency expenses or just to have ready in the case of an emergency.


Personal Loans Near Me

If you are looking for a personal loan center that is near your address, know that nowadays more people prefer to complete their personal loan requests online than in-person.

Aside from the effects COVID-19 have had on our daily lives, a personal loan that is near your address may only provide one or two options and involve a hard credit check which will impact your credit score. There has also been complaints on local loan centers that use pressure sales tactics to pressure applicants to take high-interest loans.

On the other hand, online lenders usually simplifie the personal loan experience by taking the pain factors away from the traditional loan process. Instead of visiting a loan officer in-person in your city, you can usually take 2 minutes to complete a fast online form on an online lender's website that will instantly let you know which options you might qualify immediately.

Furthermore, many online lenders uses a "soft-pull" method that ensures filling the form and checking your rates on SimpleDirect will not impact your credit score. In addition, you will see the options available on your device with a clear idea on which offer works for you the best. Most online lenders do not contact you and pitch you options and you can make the decision yourself.

Lastly, seeing your options on many online lenders' websites does not mean you're obligated to take the loan option you see. In the end, you have the say about which option to go with, or not going with any at all.

Long Term Personal Loans

These loans are great alternatives for times when you have to make large purchases such as weddings, home improvement, or buying a new car. Long Term Personal loans have a repayment schedule of 4-7 years and are available to most credit score borrowers.

Pros of Long-Term Personal Loans

  • Lower Monthly payments
  • More accessible to fair/poor credit customers
  • Lots of options to choose from

Cons of Long-Term Personal Loans:

  • Pay more in interest (as a whole): Given that you will be making more monthly payments, this means that you will as also cumulatively be paying a larger sum in interest
  • A longer Debt: The feeling of being in debt will linger for longer than that of short-term loans. However, this comes with the satisfaction of making lower, flexible monthly payments.  

Long-Term Personal Loan Reviews

Pros Cons
Lower Monthly Payments Pay More Interest Over Time
More Accessible to all credit scores You'll be in-debt longer
Many competitive Lenders

Home Improvement Loans

Homeowners pay an average of 1% of their home’s value in home maintenance annually and that doesn’t include home improvements. Fixing up a home, whether a complete remodel or small cosmetic changes, can cost thousands of dollars.

Not sure what to look for? Check out this guide on everything you need to know about home repair loans.

There are many types of home improvement loans that are similar to Personal Loans Near Me

Types of Home Improvement Loans:

Secured Home Improvement Loans

The most common are secured home improvement loans. You can secure a home equity loan or home equity line of credit using your home as collateral.

Home Equity Loan

If you take out a home equity loan, you receive the loan funds in one lump sum and pay principal and interest each month. The loan has a fixed term, usually 5 – 20 years, and you have a fixed payment each month. The interest may be fixed or variable.

Home Equity Line of Credit

A home equity line of credit works more like a credit card. You get a line of credit that you can draw from as needed. You’re obligated to pay interest on the funds you withdraw, but that’s it. You can pay back the principal, but it’s not required until the end of the draw period, which is usually after 10 years. After the draw period, you pay principal and interest for the next 20 years, and can’t draw from the line any longer.

Unsecured Home Improvement Loan

An unsecured home improvement loan is another option. Because there’s no collateral, you may pay higher interest rates and/or fees to make up for the risk, but you don’t have to risk your home.

Given that you don't have to post a collateral, have the freedom of how you want to use your funds in terms of home projects and have very competitive interest rates, we here at SimpleDirect think that Unsecured Home Improvement Loans are the most common and safe loan option for anyone considering home improvements.

Pros and Cons

Before you take out a home improvement loan, understand the pros and cons

Home-Improvement Personal Loan Reviews

Pros Cons
Lower Interest Rates than other mortgage products Secured loans can put assets at risk
You could deduct some home improvement expenses for taxes You may need good credit score
Many competitive Lenders

Best Home-Improvement Financing Options

Lending Partner APR Loan Amount
Upstart Personal Loans by SimpleDirect 9.99 - 35.99% $1k - $35k Apply Now
Avant Personal Loans by SimpleDirect 9.99 - 35.99% $2k - $35k Apply Now
SoFi Personal Loans by SimpleDirect 5.99 - 16.19% $5k - $100k Apply Now
Prosper Personal Loans by SimpleDirect 7.95 - 35.99% $1k - $35k Apply Now

Things to Consider before Applying for a Loan

Whether you are struggling with making your mortgage payments or are looking to replacing your home roof, you can apply for a personal loan with ease. There have been some changes in the lending environment during this time that you should be aware of.

Things you should always be doing, regardless of looking for loans or not:

Maintain your Credit Score

It’s no secret that building a great credit score takes years. Your credit score is also unarguably the most important factor in determining your loan rates. While this pandemic has been financially hard for most people, it is still our responsibility to practice safe credit practices. If we allow our credit scores to suffer during these times, the consequences will be continued to felt for years down the road.

Free Up the Extra Cash

Before the pandemic, most lenders required that the borrower's debts should not be more than 40-50% of his/her monthly income. With most of the lenders having had tightened up their approval requirements, it has now become more essential to calculate your debt-to-income ratio than ever. The ratio helps the lenders understand the percentage of one’s income committed to the other creditors every month.

Look Around for Good Rate

At SimpleDirect , we provide customers with the best customized personal loan offers based on your situation and needs. In a world where Lenders are competing to get borrowers, it is in your best interest to look around and find a loan option that suits you best.


Best Personal Loan Options in the US

Okay, now that we've explored our options and learned about the pros and cons, let's look at the best personal loan options in the US. We've researched more than 30 lenders to come up with this simple, reliable list for the best personal loan options.

LightStream

LightStream is a personal loan lender for personal loan near me

LightStream personal loans: Best for low rates, fast funding

Loan Amount $5,000 - $100,000
APR $3.49% - 19.99% (lowest rates with auto-pay)
Minimum Credit Score 660
Funding Within Typically, by next business day
  • Pros: Low rates, no fees, fast funding
  • Cons: Might not be ideal for low credit borrowers
See Your Rates - No Impact On Credit Score

Upstart

Upstart is a personal loan lender and they provide personal loans in usa
personal loan near me

Upstart personal loans: Best option for fair to good credit borrowers

Loan Amount $5,000 - $30,000
APR $6.18% - 35.99%
Minimum Credit Score 620
Funding Within Typically, by next business day
  • Pros: Low rates, available to lower credit borrowers
  • Cons: Cannot borrow more than $30,000
See Your Rates - No Impact On Credit Score

SoFi

get personal loan online, SoFi is a personal loan lender that offers Personal Loans Near Me
get personal loan in usa

SoFi personal loans: One of the best online customer experiences

Loan Amount $5,000 - $100,000
APR $5.99% - 21.99%
Minimum Credit Score 680
Funding Within 3 business days
  • Pros: No fees, competitive rates, good online experience
  • Cons: Might not be ideal for low credit borrowers
See Personalized Rates - No Impact On Credit Score

Prosper

Prosper offers personal loans near me. Prosper is a personal loan lender that offers personal loans in the USA
proser personal loans

Proser personal loans: Best for fast, convenient funding

Loan Amount $2,000 - $40,000
APR $6.95% - 35.99%
Minimum Credit Score 640
Funding Within 3 days
  • Pros: Easy online experience, no pre-payment penalties
  • Cons: Origination fee
See Your Offers - No Impact On Credit Score

These are the four personal loan options that our staff at SimpleDirect has identified. Each loan has perks that are ideal for what is most important to you, whether it be fast funding, lowest rates, or funding for fair credit history.

We recommend that you always compare your options before deciding on your lender. SimpleDirect looks through multiple lenders and presents you with the best personalized rates for you!


Get Competitive Personal Loan Offers In Minutes

Compare rates from multiple vetted lending partners. Discover your lowest eligible rate.

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Ben Harper

Ben is a personal finance writer with SimpleDirect, where he focuses on topics such as personal loans, credit cards, and offering financing.

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Best personal loan options

Lending PartnerAPRLoan Amount
Upstart Personal Loans by SimpleDirect9.99 - 35.99%$1k - $35kApply Now
Avant Personal Loans by SimpleDirect9.99 - 35.99%$2k - $35kApply Now
Sofi Personal Loans by SimpleDirect5.99 - 16.19%$5k - $100kApply Now
Prosper Personal Loans by SimpleDirect7.95 - 35.99%$1k - $35kApply Now

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