Best Personal Loans in Kentucky

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Chelsi Walker
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.

Table of Contents

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. 

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. 

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.