Best Personal Loans in Alabama

Read our Advertiser Disclosure.
Contributor, Benzinga
October 17, 2022

Quick Look: The Best Personal Loans in Alabama

  • Best for Comparing Lenders: Credible
  • Best for No Origination Fees: SoFi
  • Best for Credit Card Consolidation: Payoff
  • Best for Emergency Loans: Avant
  • Best for Bad Credit: Integra

Sometimes the cost of everyday life means you have little left over to save for a large purchase. Blooming interest can make it hard to get on top of debt. A personal loan can be a good solution for either of these situations. You can apply for personal loans through your credit union, your bank or an online lender. Find a lender today using our list of trusted sources.

Best Personal Loans in Alabama

Applying for a personal loan online has many benefits, including the ability to easily compare personalized offers from various lenders and managing your loan from your phone. Check out some of our trusted sources for digital lending. 

Credible

Use Credible to find custom-fit personal loan options from multiple lenders. You can compare loans side-by-side for free using Credible.

Comparing your offers won’t hurt your credit score. The process takes less than 2 minutes, and you can choose the lender with the best terms and rates. Personal loans with Credible fund a variety of financial goals, like big trips or weddings, or to consolidate debt and improve your credit. 

You’ll find personal loan options with fixed, competitive rates with terms that range from 1 to 7 years. Loan amounts range from $600 to $100,000. 

Aside from personal loans, you can compare home loans and mortgage refinancing, along with student loans and student loan refinancing from lenders across the board.

  • Credible Personal Loan
    Best For:
    Comparing lenders

    See Terms*

    NMLS# DISCLOSURE

    Credible Operations, Inc. NMLS# 1681276

    Credible. Not available in all states. www.nmlsconsumeraccess.org.

    320 Blackwell Street Suite200 Durham, NC 27701

    Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. 

    All bonus payments are by gift card. See terms

    Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

    Won’t impact your credit score DISCLOSURE: (May be in the footer, a tooltip, or a popup the user has to click on or scroll to see)

    Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.

    “We accept advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

    We receive compensation from the companies below if you click on a link or purchase a product. Amount of compensation may impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.

SoFi

SoFi is a fee-less online lender offering several different types of loans. You can apply for a personal loan, a home loan, student loans or refinancing.  SoFi also offers several investment products and spending accounts. You can also use SoFi as a credit monitoring tool or to apply for small business financing. 

Personal loans from SoFi can fund home renovations or pay for medical procedures and emergency expenses. You can also reconsolidate your debt.

Applying for loans from SoFi is simple and fast online. Loans ranging from $5,000 to $100,000 are available with flexible terms and a fixed rate.

When SoFi says fee-less, it means there are no origination fees, no prepayments fees and no late fees. You’ll pay less overall, and you can put your money toward repaying it as quickly as you’d like. 

  • SoFi Personal Loans
    Best For:
    No origination fees
    securely through SoFi Personal Loans's website

    Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

    Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

    Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Payoff

Payoff is an online service with a personal loan designed specifically for debt consolidation. You can use a lower interest Payoff loan to pay down high-interest credit card balances. Paying 1 set monthly payment at a low, fixed rate over a set number of installments makes debt management easier. 

Loans range from $5,000 to $35,000 with fixed rate APR. Terms fall between 2 to 5 years with origination fees of 0% to 5%. 

Unlike many lenders, Payoff is clear about its borrower standards. Check out its website to see if you meet them.

A loan from Payoff is a great way to tackle debt and improve your credit score. Your FICO score may see as much as a 40-point boost by raising your overall credit limit and lowering your credit utilization.

Avant

Avant is another lender known for fast funding and low fees. When Alabama residents apply with Avant, you can complete the entire process online, pay a low origination fee, never worry about a prepayment fee and manage your loan online. The website is easy to view even on a mobile device, and you can avail yourself of:

  • No collateral, unsecured financing
  • An online loan eligibility calculator
  • Loans that could be as high as $35,000
  • A range of loan terms that suit your situation

With a great customer service team and available funding for any number of situations, you can turn to Avant in an emergency, get the money you need and deal with repayment after the fact. You can use these loans for a number of different purposes, making it easy to take control of your finances, especially in parts of the state that experience intense weather phenomenon or locations where funding is difficult to find.

Integra

Integra Credit makes it easy for anyone to get a loan, even if you don’t have the best credit. You can apply online, read about how to better manage your finances, get a quick decision, sign your documents online and get funded in short order.

Your money is sent directly to your bank account, and you can also enjoy a few other features:

  • Flexible payment options
  • Flexible loan amounts and terms
  • Lines of credit are also available

Your rates and terms may vary depending on your credit situation, but this is a welcoming platform that can help Alabama residents access cash and make the most of their financial futures. You can use these funds for repairs after a natural disaster, medical bills, emergencies, etc.

Personal Loan Considerations

A personal loan can help you improve your credit or cover a large expense by providing 1 lump cash payment. Look for loans with minimal fees, good rates, and terms that make sense for your specific financial situation. Meeting the repayment terms of your loan is important for your credit health, and you can face consequences if you don’t. Also, be wary of too-good-to-be-true or predatory loans, especially online. Use a trusted lender to avoid any trouble.

Personal Loans vs. Credit Cards

Use a credit card if you need consistent access to relatively low amounts of credit. A personal loan is better for covering large, one-time expenses or to pay off multiple debtors. Personal loans tend to have fixed terms and rates, while credit cards come with variable rates and open-ended terms. Consider your unique needs before deciding which is best for you.

Find a Personal Loan Today

Get funding for a special expense or start working on your credit score with a personal loan. Apply for one online from any of our lenders or at a branch from one of our brick-and-mortar institutions.

Frequently Asked Questions

Q

How long can a personal loan last?

A

Personal loans are often 2 to 5 years in length, but there are shorter and longer options.

Q

Can you get personal loan funding the same day?

A

Some personal loan providers will fund loans on the same day of the application. Check their terms before applying.

Q

What is the best resason to give for a personal loan?

A

The most common reason for personal loans is to consolidate debt. This allows debtors to pay only one payment a month for all of their bills.