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Best Personal Loans in Indiana

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A personal loan may be your best bet if you need some extra cash to cover a large or emergency expense. Personal loans are installment plan loans with fixed rates and terms, so you won’t be unpleasantly surprised by more interest than you bargained for.

Check out our list of the best personal loans in Indiana to find your financial solution today. 

Best Personal Loans in Indiana Near You:

Best Personal Loans Through a Credit Union in Indiana

Why get a personal loan from a credit union? Profits are returned to members, not shareholders, and you’ll see better loan rates and membership perks. Take a look at our list of the best personal loans available through Indiana credit unions. 

APR
As low as 7.75%
Terms Offered
Up to 36 months

Best for Short-Term Personal Loans: TCU

Teachers Credit Union, now known more commonly as TCU, is a Midwestern credit union with multiple locations in Indiana and Michigan.

TCU offers shorter-term personal loans up to 36 months. These loans are great if you need some extra cash without a long commitment. You can apply for a personal loan with TCU for car repairs and home improvements. Loans can also cover expensive medical bills or be used to consolidate debt into 1 monthly payment. 

TCU’s online banking and mobile app are top-notch. Applying for a personal loan is easy online or at 1 of its many branches. Aside from personal loans, TCU’s borrowing options include home equity loans and lines of credit, mortgages, business loans and credit cards. 

APR
As low as 9.40%
Loan Amounts
From $500 to $25,000
Terms Offered
Up to 60 months

Best for Home Improvement Loans: Heritage Federal Credit Union 

Heritage Federal Credit Union (HFCU) counts members in Indiana and Kentucky. Personal borrowing options from HFCU include the Signature Loan, Express Loan, Home Improvement Loan, Shared/Certificate Loan and Secured Loan. 

The Signature Loan is a straightforward, no collateral personal loan. Apply for the Express Loan to borrow between $500 and $1,000 with no credit check. The Home Improvement Loan covers home renovation expenses up to $25,000. If you bring in your receipts and bills to a branch, you may even be eligible for same-day funding.

TCU recommends its Shared/Certificate Secured Loan to build credit. The balance in your deposit account is used as backing for the loan, so you can borrow small amounts at a low interest rate to improve your credit. Your balance will also continue to earn interest, so you’re saving and earning at the same time.

Best Banks in Indiana Offering Personal Loans

With numerous branches and full-service online options, banks score convenience and accessibility points. You can apply and manage your loan both online or in person. Here’s our list of the best banks that offer personal loans in Indiana. 

APR
6.99% to 15.24%
Loan Amounts
Up $2,000 to $25,000 online, unsecured loans up to $50,000, unsecured granted on case-by-case basis, call or visit a branch for more information
Terms Offered
12 to 60 months

Best for Quick Funds: Fifth Third Bank

Fifth Third Bank has 1,200 branches in 10 states in 14 regions including Indiana. 

Open up a checking or savings account with Fifth Third to be eligible to apply for a personal loan. Personal loans from Fifth Third range from $2,000 to $50,000 unsecured or as much as $500,000 with collateral. There are no closing costs or prepayment fees associated with personal loans from Fifth Third, so you’ll save money and pay off your balance more quickly.

Apply online to get an immediate decision. If Fifth Third approves your application, you may receive your funds as quickly as the next day. 

Fifth Third also offers vehicle financing, home equity loans and lines of credit, mortgages, personal lines of credit and student loans.

APR
Fixed; depends on credit history
Loan Amounts
$2,000 to $35,000 if you apply online, up to $50,000 if you apply in person at a branch
Terms Offered
Varies based on the amount

Best for Customer Service: Regions Bank

Regions Bank has branches throughout the Midwest and South. Regions is known for its highly-accessible customer service. You can handle any issues with your personal loan online, by phone, in-person or even through social media.

An unsecured personal loan from Regions can be used for anything — debt consolidation, home improvements and emergency expenses. You can borrow as little as $2,000 or as much as $35,000 if you apply online. Take out as much as $50,000 without collateral if you apply in-person at a branch.

Rates and terms are based on your credit report. You can check your personalized rates without hurting your credit score.

Best Personal Loans in Indiana from Online Platforms

Look into a personal loan from a trusted online lender. You can compare loans easily, apply and receive funds all from your phone. Take a look at our list of the best personal loans available online in Indiana.

APR
from 5.95% APR (with autopay)*
Loan Amounts
$5,000–$100,000
Terms Offered
2–7 years
Minimum Credit Score
630

Best for Loan Comparison: Credible

Credible is a handy loan comparison service with a user-friendly interface. With just a few questions, Credible links you with personalized borrowing options from multiple lenders.

If you need funds for anything from debt consolidation to wedding planning, you can easily compare offers without affecting your credit score. The process takes less than 2 minutes, and you can choose whichever lender has the best terms and rates.

You’ll find personal loan options with fixed, competitive rates with terms that range from 2 to 7 years. Loan amounts range from $1,000 to $100,000. 

Aside from personal loans, you apply for credit cards, home loans and mortgage refinancing. Student loans and student loan refinancing is also available.

APR
5.99% – 19.96%
Loan Amounts
$5,000 – $100,000
Terms Offered
5, 7, 10, 15 and 20 years
Origination Fee
$0

Best for Fee-Less Loans: SoFi

Avoid high interest payments with a personal loan from SoFi. SoFi is an online lender that offers personal loans for debt consolidation and home improvements. You can also get loans for home renovations, relocation assistance, medical procedures and more.

SoFi makes it easy to apply online, and you can check your rates without hurting your credit score. Loans from $5,000 to $100,000 are available with flexible terms and a fixed rate.

SoFi is a fee-less lender. There are no origination fees, no pre-payments fees and no late fees. Without fees, you pay less overall, and you can pay off the loan faster.

APR
5.65% – 22.59%
Loan Amounts
$5,000–$35,000
Terms Offered
2–5 years
Minimum Credit Score
660
Origination Fee
0%–5%

Best for Debt Consolidation: Payoff

Taking on more debt to consolidate your debt may seem counterintuitive, but it can actually make your debt more manageable. Payoff is an online service that connects you with lenders who can help you consolidate your debt. 

Because personal loans often have low interest rates, you can save more money than if you carry the balances on high interest credit cards. And paying 1 set monthly payment at a low, fixed rate can make paying down debt less costly and more manageable.

Loans range from $5,000 to $35,000 at a fixed APR. Terms fall between 2 to 5 years with origination fees of 0% to 5%. Individual rate and terms are determined by your credit history and score.

Unlike many lenders, Payoff is clear about its borrower standards. Payoff has the following considerations and minimum requirements:

  • Credit score of at least 640 
  • Repayment history for open accounts
  • Debt-to-income (DTI) ratio 
  • Credit history age 
  • No current delinquent accounts

Use Payoff to get a handle of your finance by structuring your debt payments. Your higher credit limit and lowered credit utilization will also give your credit score a boost.

Personal Loan Considerations

If you know you can meet rigid repayment terms and want to pay for a large expense with an installment plan, a personal loan is a great option for you. Compare loans from different lenders to find 1 with terms and rates that work for you. Be careful for predatory loan offers, especially online — look for industry-trusted lenders.

Personal Loans vs. Credit Cards

A personal loan is your best bet if you need a set amount to cover a specific expense. You’ll need to meet set monthly payment amounts and deadlines. If you want consistent access to revolving credit with more flexible repayment options, a credit card can do the job.

Frequently Asked Questions

Q: What happens if I can’t repay my personal loan on time?

A: Try to avoid this. If you find yourself unable to meet the set terms of your loan agreement, be sure to communicate with your lender about your options. It may offer forgiveness programs like skipping a payment and adding it to the end of the loan. You could face collateral seizure, fees or other penalties if you don’t meet your end of the loan agreement.

Q: Can a personal loan help my credit?

A: It can. Raising your overall credit limit and lowering your credit utilization ratio can bump up your score. So can making regular payments and establishing good financial habits.

Get Quick Funds With a Personal Loan

No matter why you need extra cash, a personal loan can be your solution. Use Benzinga’s list of lenders to compare your options and find the best personal loan today.