2024 Alabama Personal Loan Rankings

Alabama Personal Loans

We have reviewed 8 Alabama personal loan lenders.

Personal loans are unsecured, fixed-rate loans that are typically paid back in monthly payments over two to five years. Eligibility may be based on multiple considerations including credit history, existing debts, and income profile. Some lenders may consider additional characteristics like employment and education. The loans are most often used for debt consolidation or to cover a larger expense.

Personal loans on average offer larger loan amounts and charge lower interest rates than installment loans but they also require a stronger credit profile. In general, FICO® credit scores above 600 are required with the larger loans and lower rates only available to those with credit scores above 720.

Our review of personal loans considers three areas: reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates.

A listing in this table is not an endorsement. This table includes all lenders we have reviewed that offer loans to Alabama residents.

Upstart See full review Apply $1,000 - $50,000 (See Additional Disclosure in review) Loan amounts 8.27% - 35.99% (See Additional Disclosure in review) APRs Fair Credit type ⓘ Visit Upstart for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Lending Platform with Regulated Lenders Lender status Apply

Upgrade See full review Apply $1,000 - $35,000 Loan amounts 8.49% - 35.97% APRs Good Credit type ⓘ Visit Upgrade for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Net Credit See full review Apply $2,000 - $10,000 Loan amounts 34% - 155% APRs Fair Credit type ⓘ Visit Net Credit for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

OneMain Financial See full review Apply $1,500 - $20,000 Loan amounts 18.00% - 35.99% APRs Fair Credit type ⓘ Visit OneMain Financial for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Payoff See full review Apply $5,000 to $35,000 Loan amounts 5.99% to 24.99% APRs Fair Credit type ⓘ Visit Payoff for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Lending Club See full review Apply $1,000 - $40,000 Loan amounts 6.95% - 35.89% APRs Good Credit type ⓘ Visit Lending Club for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Avant See full review Apply $2,000 - $35,000 Loan amounts 9.95% - 35.99% APRs Fair Credit type ⓘ Visit Avant for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

SoFi See full review Apply $5,000 - $100,000 Loan amounts 5.99% - 20.01% APRs Good Credit type ⓘ Visit SoFi for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

• Based on our analysis these lenders offer loans to Alabama residents. Check each lender's website for up-to-date information.

Alabama Personal Loans Details

Alabama personal loans are unsecured, fixed-rate loans that do not require collateral and are typically paid on a monthly basis over a period greater than two years. We consider fixed-rate loans that are paid back in less two years at installment loans. We include unsecured lines of credit as personal loans for purposes of categorizing lenders. These loans are often used for debt consolidation or to cover a larger expense. Many lenders are able to get cash into your bank account overnight.

The interest rates on Alabama personal loans vary based on the type of lender and your estimated ability to pay back the loan. Lenders often consider credit score, credit history, other debts, and income. The monthly payment varies vary based the interest rate, loan amount, and loan term. typically, borrowers with the better credit receive lower rates and larger loan amounts.

A rough guide to rates based on credit history is below. This is just a rough guide as the actual rate will vary by lender, loan amount, payback period, and other factors.

Personal Loan are regulated by each state. Please contact the Alabama Banking Department for more information concerning loans in Alabama

Who Offers Alabama Personal Loans

Traditionally, only banks and credit unions made personal loans but in the past few years, there have been many new players entering the space. Improvements in data capture, access, and technology have driven many of these changes. Some of these lenders are focused on online lending, others are focused on specific credit profiles, and others are focused on process efficiencies. The increased focus has made the space more competitive providing borrowers with more options and possibly more competitive rates.

What is a Line of Credit

Doshound includes unsecured, lines of credit in the personal loans category. A line of credit is kind of like a renewable personal loans. With a line of credit, a lender will agree to make a certain amount of money (a credit line) available to the borrower over a defined period of time. The borrower can withdraw money up to the credit limit whenever they need it. Payback terms vary but there is generally a minimum monthly payment. Once the borrowed money is paid back, the line of credit remains available to the borrower without reapplying. The advantage of a line of credit is not having to apply for a loan every time you need cash. Fees vary for lines of credit and can include application fees and unused line fees. Lines of credit will also expire and need to be renewed. It is important to review all terms before accepting a line of credit.

Direct Alabama Personal Lenders Versus Matching Service

A direct lender is a company that underwrites your loan. A matching service matches you up to a direct lender. The main advantage of using a matching service is that only one application is required to apply to multiple lenders. The matching service will take your online application and attempt to find you a lender from its network. This all happens almost instantly because the "match" is based on pre-determined criteria. The downside to a matching service is you are unable to pick the lenders to whom you are applying. This means you won't get to shop around for rates or choose a specific lender.

What to Consider with Personal Loans

Determine if you really need a loan. These loans work best as part of a balanced personal finance plan and can be a valuable tool to consolidate debt helping to bring down total interest payments. If instead, they increase financial strain consider if there are other option to borrowing money.

If you decide a personal loan is right for you, it is a good idea to shop around. Compare rates and calculate the expected payment to see if it works with your spending budgets. You may also consider other borrowing options like getting a secured loan like a home equity loan. These loans are often significantly cheaper.