Quick Look: The Best Personal Loans in Florida
- Best for Comparing Lenders: Credible
- Best for No Origination Fees: SoFi
- Best for Credit Card Consolidation: Payoff
- Best for No Collateral Required: Axos Bank
- Best for Flexibility: OneMain Financial
Sometimes your savings doesn’t cut it for an emergency expense or big home upgrade. Consider a personal loan to bridge the gap.
A personal loan is 1 lump sum payment you pay off in installments over a fixed period of time. Ready to secure quick cash? Start with our list of the best personal loans in Florida.
The Best Personal Loans in Florida
Get the cash you need quickly with any of our online lenders. You can apply and manage your loan conveniently from your phone.
Credible
Comparing loans is an important part of the borrowing process. Credible’s free service makes it simple. You can get personalized prequalified rates without affecting your credit score.
The process takes less than 2 minutes. Just answer a few questions about yourself and your desired loan. Credible provides personalized prequalified rates. You can pay for things like moving or starting a business. You can also refinance your credit cards and pay the debt off at a low, fixed rate.
You’ll find personal loan options with competitive rates and terms from 1 to 7 years. You can compare loans ranging from $600 to $100,000.
Credible will also link you with lenders that provide home loans, mortgage refinancing and student loans and student loan refinancing.
NMLS# DISCLOSURE
Credible Operations, Inc. NMLS# 1681276
Credible. Not available in all states. www.nmlsconsumeraccess.org.
110 Corcoran Street, 5th Floor, Suite 151 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.
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.
SoFi
SoFi offers personal loans, home loans, student loans or refinancing options. Other personal finance products include investing options and deposit accounts. SoFi can also be used as a credit monitoring tool.
Reconsolidate your debt or fund the home renovation you’ve mapped out. You can borrow anywhere from $5,000 to $100,000. You’ll benefit from flexible terms and low fixed rates.
The whole application process is simple and easy to complete online.
Work with SoFi to enjoy the flexibility of no origination fees, prepayment fees or late fees.
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
The Payoff personal loan is structured around refinancing your debt. You can roll your debit into 1 monthly payment at a low, fixed interest rate.
Loans range from $5,000 to $35,000 with fixed rate APR. Terms are fairly flexible (2 to 5 years) and origination fees can be 0% to 5%.
Payoff is clear about borrower standards. Check out its website for specific qualifications. You’ll need at least a 640 credit score and decent credit overall.
You could see as much as a 40-point score increase with FICO with a Payoff loan. The loan will raise your overall credit limit. It can also lower your credit utilization as you pay down balances with other lenders.
Axos
When Floridians want to borrow money, they can turn to a range of financial platforms or banks. Axos Bank is known for offering consumers a wide range of products from checking accounts to investing accounts and more. With an all-online application, you can choose from a wide range of loan amounts, flexible terms and get your money direct deposited into your account. Plus, you can open other accounts at Axos if you want to bring your money under one umbrella.
Plus, Axos offers:
- Flexible application criteria
- Loans to cover any of life’s issues or challenges
- Information that helps you make financial decisions
You can use these loans to fund vacations, college tuition, emergencies and much more. Because the Florida real estate market is so volatile, you might take out a loan to make a down payment on a home, for construction, remodeling or rebuilding in the event of a disaster. Consider applying even though you’re retired because there are options available at Axos.
OneMain Financial
With flexible terms and loan values, OneMain Financial allows Floridians to get funded in just a few days, irrespective of the purpose of the loan. The platform has broad coverage across Florida, and allows borrowers to:
- Choose a loan term and value that’s best for them
- Choose between secured and unsecured loans
- Avoid prepayment fees
- Pay competitive origination fees
Keep in mind that OneMain Financial’s APRs tend to be higher than the competition, but it might be the perfect loan for a teacher with a low or growing credit score. This is also a good place to seek a loan for an emergency or unexpected expense, which can happen easily in Florida due to weather patterns, etc.
Personal Loan Considerations
When researching personal loans, look for low rates, flexible terms and minimal fees. Be sure you can meet whatever standards you agree to — you can face unpleasant financial consequences if you don’t follow through. Stray away from seemingly shady lenders, especially online. Borrow from trusted lenders and watch out for predatory loans that offer unfair or hard-to-understand terms.
Personal Loans vs. Credit Cards
How do you know if you need a personal loan or a credit card? A credit card provides a revolving line of credit you can consistently access. A personal loan will provide a lump sum payment to consolidate debt or fund a large, 1-time purchase.
Talk to your preferred lender to learn more about the best option for your situation. Start with our recommended financial institutions to find out if a personal loan is right for you.
Peace of Mind with a Personal Loan
Personal loans are a perfect way to come up with extra cash when you fall short. Whether you have something special to pay for or just want some cushion for emergencies, a personal loan can take the load off your shoulders and offer peace of mind.
Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
It will hurt your credit score. You may also face hefty penalties and fees. If the loan is secured, you may have the collateral seized. Try to avoid missing payments or defaulting on the agreed upon terms. Communicate with your lender if you face financial difficulties. Some offer skip-a-payment services or similar relief options.
Can a personal loan help my credit?
If you handle it responsible, definitely! Regular payments demonstrate responsibility to future lenders. Raising your credit ceiling also helps. And you can use personal loans specifically to improve your credit by paying down high interest cards and lowering your credit utilization.