Best Personal Loans in Kentucky

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Contributor, Benzinga
June 2, 2022

Quick Look: The Best Personal Loans in Kentucky

  • Best for Comparing Lenders: Credible
  • Best for No Origination Fees: SoFi
  • Best for Excellent Credit: Marcus
  • Best for Home Improvement Loans: Upgrade
  • Best for Little to No Credit Score: NetCredit

Sometimes life gets in the way of saving for a goal or paying down debts before the interest gets overwhelming. If you need some extra cash, a personal loan is a solid option. 

A personal loan is a general use loan that your lender deposits directly into your account. You can repay it over time with an installment plan at low, fixed rates with flexible terms. Get started with our list of the best personal loans in Kentucky.

Best Personal Loans in Kentucky

If you like using apps and online platforms to handle your finances, an online lender is right up your alley. Take a look at our top picks for online lenders.

Credible

Credible is a popular, free loan comparison service. With Credible, you’ll get side-by-side comparisons of custom-fit loan options from trusted lenders.

Prequalify and check your rates without affecting your credit score. Credible will link you with lenders that offer credit cards, mortgages, private student loans, personal loans and refinancing options. You’ll fill out a simple form and get loan options and rates within 2 minutes.

You can borrow anywhere from $1,000 to $200,000 from Credible lending partners. Terms and rates vary by lender depending on your credit history. For personal loans, some lenders cap the amount between $35,000 and $50,000.

Check your personalized rates free of charge or worry with Credible. They have a best rate guarantee. Close with a better rate than you prequalify for on Credible and get a $200 gift card. Terms Apply

  • 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.

    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 is a digital lending platform with a wide range of loan options. You can use SoFi to refinance student loans or mortgages. SoFi also offers home loans, private student loans and personal loans.

The personal loan from SoFi aims for debt consolidation and home improvements. Loans run between $5,000 to $100,000. Low, fixed rates and flexible terms between 2 and 7 years make this loan a solid choice. 

SoFi’s personal loan is completely fee-free, so you won’t pay origination fees, prepayment fees, late fees or any other extra costs,

Applying online is an easy 3 step process. Pre-qualify in less than 2 minutes and complete your application. Then sign for your loan and wait for your deposited funds. 

  • 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.

Marcus

Marcus is the personal banking arm of Goldman Sachs, and it offers you the opportunity to obtain a personal loan for everyone, with terms and values that suit most situations. Kentucky residents might already have an account through Marcus, and you can take advantage of their additional services. If you’re a new customer, you can apply online, set up your account, and you even get an APR discount just for setting up autopay.

Marcus also offers:

  • No fee, unsecured loans
  • A soft credit check to pre-qualify
  • Customer support availability every day of the week

Origination fees are competitive, but it can take a little time to get your loan funded. There are several repayment plans to choose from, no collateral is needed and you can even defer a payment after making your first year’s worth of payments on-time. This is helpful for Kentucky residents who need to access ready cash and want to work with a solid bank.

Upgrade

Upgrade is a great place for those who have experienced financial troubles to get a fast approval as it markets your loan to its many partners who can serve Kentucky residents. You can choose from a wide range of terms and values, but you will notice that the loans you’re offered could be quite diverse depending on how much the lender wants to charge.

Even though Upgrade doesn’t lend to you directly directly, it ensures that you have the best experience and find the funding you’ve been looking for without crossing Kentucky to find it. This is a good place to market your loan to as many lenders as possible, especially in the wake of a bankruptcy or if you want to fund your business.

Because you’re trying to restart your finances or need to handle an unexpected expense, you can use the funds you borrow for any purpose, and you can work out repayment, refinancing and other issues with your lender. If you need additional support, however, you can always reach back out to Upgrade for help.

NetCredit

NetCredit is a good place for Kentucky residents to turn when they have no credit or, perhaps, they’ve experienced some struggles like a bankruptcy. You can get approved and funded in just a few days, and there are no prepayment fees.

However, you should make sure you know if NetCredit is offered in your state because the platform is not available in CO, CT, IA, ME, MD, NV, NH, NH, NY, NC, PA, VT, VA, WV and DC. This means Kentucky residents can take advantage of the platform at any time.

You can check your chances of pre-approval with a soft credit pull, but interest rates could be high depending on your credit score. You may even want to try working with a cosigner. The firm also offers:

  • Low origination fees
  • Nominal late fees
  • A wide range of loan terms and values

Consider NetCredit when you want to get going in the right direction after a bankruptcy and you’re trying to build your credit, access some cash and regain some semblance of financial independence, pay for unexpected expenses, etc. Kentucky residents have a right to make wise financial choices, and NetCredit could be your first step in the right direction.

Personal Loan Considerations

A personal loan is best if you need a lump sum deposit to fund a larger expense or refinance your debt at a lower interest rate. Look for personal loans with low rates, flexible terms and minimal fees. Make sure to only accept a loan with terms that you know you can meet. Be cautious of predatory lenders or bad loans, especially online. 

Personal Loans vs. Credit Cards

A personal loan is ideal for situations that require a large chunk of cash at 1 time. Personal loans are paid back in installments on a rigid timeline. 

Credit cards are better for consistent access to funds to cover smaller expenses. Compare lending options to figure out what best meets your needs.

Apply for a Personal Loan Today

Sometimes you need a financial leg-up, even if you’ve done your best to prepare. Apply for a personal loan to get the money you need fast. Contact a trusted lender on our list to start the process today.

Frequently Asked Questions

Q

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

A

Try to avoid this if you can. It will hurt your credit and could cost you extra money. Before you agree to anything, find out if your lender offers any sort of relief program or features like skip-a-payment. Then you’ll know your options if you find yourself in financial trouble.

Q

Do I need collateral for a personal loan?

A

It depends on the type of personal loan and your credit. Many lenders offer unsecured signature loans, which are backed by your signature only. But most also offer secured loans that require collateral. These loans tend to have an even lower interest rate and higher loan cap amounts.