Best Personal Loans in Michigan

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Contributor, Benzinga
October 21, 2022

Quick Look: The Best Personal Loans in Michigan

Extra cash could help you cover a large expense like a home renovation or even give you the chance to consolidate high-interest credit card debt. A personal loan can connect you with cash to fund almost anything. 

Need extra cash? Check out Benzinga’s list of the best personal loans in Michigan to find a lender now.

Best Personal Loans in Michigan

It's easier than ever to handle your finances online. Apply and manage your personal loan online with these digital platforms. You can secure the funding you need, handle expenses that are coming your way and better define your financial plan.

Credible

Credible is a free service that offers personal loans from multiple lenders. Qualify in just 2 minutes to see your potential loans without hurting your credit score.

Credible connects you with viable lenders after you answer a few questions. It presents prequalified rates and you can elect the loan with the best rates and terms and continue on to finalize the transaction. There’s no obligation until you sign for the loan.

Credible offers loans that range from $1,000 to $200,000. Use a personal loan from Credible for anything from wedding costs and starting a new business.

  • 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 an online lender that provides several types of loans, including personal loans. Personal loans from SoFi cover credit card consolidation, home renovations, relocation assistance and medical procedures. 

There are no origination fees, no pre-payments fees and no late fees. You can borrow anywhere from $5,000 to $100,000 from SoFi. Apply online, qualify and check your rates without hurting your credit score.

  • 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.

LendingClub

LendingClub is a unique lending platform that allows Michigan residents to check their eligibility without impacting their credit, complete the process entirely online and get funded in around 24 hours. You will see a range of loan offers that will help you choose the best program for the situation, and you can proceed with the loan as needed.

LendingClub also makes it clear that you may want to apply with a cosigner to improve your chances of being approved. With this type of customer support and information, it’s much easier to make the most of your finances after bankruptcy, especially because it can be more difficult than ever to get obtain loans from traditional banks. You can also take advantage of this platform if you live in rural parts of Michigan where traditional banks and credit unions are not readily available.

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 veterans access cash and make the most of their financial futures. Michigan residents can use loans from Integra to manage medical costs, unexpected expenses and much more.

OppLoans

OppLoans by OppFi offers veterans online loans with quick applications, fast decisions and faster funding. You can choose from a range of small loan amounts, get personalized service and manage your loan online with no issue. 

There are also loans for those with bad credit and some that involve no credit check at all. As a veteran, your finances could be in a state of flux or peril, and you deserve some peace of mind. The platform also offers:

  • Quite a bit of information related to financial education
  • No origination or prepayment fees
  • Fixed rates
  • No hidden fees

If you want to apply, you can visit the website right away, or you can contact the firm for assistance if you’re not yet ready to apply. Plus, Michigan residents can use this platform to gain quicker access to the money they need, simplifying the process and expediting your return to financial normalcy.

Personal Loan Considerations

Look into a personal loan if you need a lump sum of cash that you prefer to pay off in installments. Make sure you can meet the terms and conditions before agreeing to a loan. And look out for predatory lenders — use vetted, industry-trusted lenders and do your own research. 

Personal Loans vs. Credit Cards

A personal loan is a closed-end, lump sum of cash. It tends to come with fixed rates and terms. The loan closes once you pay it off. 

A credit card is a revolving line of credit. Credit cards usually have variable rates. While you usually pay a monthly payment for each, a credit card doesn’t have an “end date” — you can reuse the credit you pay off.

Use a personal loan if you need credit to cover a specific, large expense. Use a credit card if you want continuous access to credit for smaller expenses.

Find a Personal Loan Now

A personal loan can help you fund a big purchase in installments. You can also consolidate debt and repair your credit with a personal loan. Use our list as a starting point and find the perfect personal loan now.

Frequently Asked Question

Q

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

A

Depending on the terms and conditions of the loan, you may face anything from late fees to collateral seizure. Look for loans without fees and payment penalties. Communicate with your lender if you think you’ll miss a payment deadline. Some offer protections in certain circumstances.

Q

Can a personal loan help my credit?

A

Potentially, yes. A personal loan will raise your overall credit limit, which improves your credit utilization. You can also use a personal loan to consolidate your debt and make a smoother road to credit repair. Late or missed payments can hurt your credit. Be sure to only accept loans with terms that work for you financially.

Q

Where can I find the best personal loans in Michigan?

A

To find the best loans in Michigan, check out the list above of credible lenders in the area.