If you’re eyeing a bathroom remodel or trying to pay down debt, use a personal loan to cover the balance. Use our guide to the best personal loans in Oklahoma to find one that meets your needs.
The Best Personal Loans in Oklahoma
- Best Online Application: Credible
- Best for Student Loan Refinancing: SoFi
- Best for Debt Consolidation: Payoff
- Best for Little to No Credit: NetCredit
- Best for Joint Loans: Prosper
Seeking out a personal loan in Oklahoma is all about finding convenience, quick funding and the type of loan that best suits your situation. At times, you may not know where to start, or you might not know the terms or even amount you need. Use these platforms to make the most out of your financial future and obtain funding for emergencies, expenses, educational costs and more.
Best for Online Application: Credible
Flexibility and functionality make Credible a leading online marketplace lender. If simplicity and efficiency rank high on your list of non-negotiables, check out Credible for your loan considerations. Credible’s personal loan options range from 6.99% to 35.99% APR with terms ranging from 1 to 10 years. Loan amounts are anywhere from $1,000 to $200,000.
You can also apply for student loans and mortgages through Credible or refinance either type of loan. Applying is a painless process and managing your loan using the Credible app is equally easy.
***Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org
Pros
- Borrowing small amounts of money from this platform can help you with tiny expenses that simply outpaced your savings
- The short loan terms are better suited for those borrowing small amounts of money
Cons
- Rates on Credible could be so high that they may the loan ineffectual
Best for Student Loan Refinancing: SoFi
- Best For:No origination feesVIEW PROS & CONS:securely through SoFi Personal Loans's website
If you are a college grad carrying debt or a future one looking for a private loan, you’ve probably heard of SoFi. This online lender offers unsecured personal loans along with private student loans and student loan refinancing.
If you choose SoFi as your personal loan lender, you won’t face origination or prepayment fees. Terms are fairly flexible — 5, 7, 10, 15 and 20 years at a fixed rate of 4.73% to 11.21% APR. Loan amounts are between $5,000 and $100,000.
You can also apply for a mortgage or home equity loan with SoFi. It has investment accounts (including cryptocurrency investing), savings accounts and insurance as well.
Pros
- SoFi makes it easy to choose varying loan durations and rates so that you can customize your experience
- Refinancing your student loans is often the best thing you can do for your financial future
Cons
- While graduate students and even recent college grads can try to refinance here, there’s no way to know if you will get a good deal.
- There are times when prevailing interest rates make refinancing a lost cause
Best for Debt Consolidation: Payoff
Payoff is a solid lender for borrowers focusing on debt management.
You can borrow anywhere from $5,000 to $35,000 at 5.65% to 22.59% APR. Terms fall between 2 to 5 years with origination fees between 0% to 5%. Payoff adds transparency to the application process by providing clear borrower standards.
Check your eligibility here:
- Credit score of at least 640
- Debt-to-income (DTI) ratio under 50%
- Must have used credit for 3 or more years
- 2 open credit lines with no more than 1 installment plan loan
- No current delinquent accounts
- No delinquencies occurring in the last 12 months for over 90 days
If you want to improve your creditworthiness or take the first step toward tackling your debt, check out Payoff to see if it fits your needs.
Pros
- You can borrow a relatively large amount of money if you have quite a lot of debt to consolidate
- The platform matches rates to loan amounts so that you can easily see how much you will be paying
Cons
- The high credit score requirement and DTI ratio could be prohibitive
- The high rates on this platform may seem to be a bit too much for many borrowers
Best for Little to No Credit: NetCredit
NetCredit is a good place for your business to turn when you have no credit or, perhaps, you’ve experienced some struggles with your credit in the past. You can get approved in funded in just a few days, and there are no prepayment fees. Oklahoma residents are lucky that they can take advantage of this platform and get into a loan that will give them the value they deserve because it’s not available in several other states.
You can check your chances of pre-approval with a soft credit pull, but interest rates could be high depending on your credit score. 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 your business going in the right direction or need capital for a specific project. The platform is also a good place for people to get the results they need when looking for cash, especially when you don’t want to go to the bank or there aren’t many financial institutions in your area.
Pros
- The platform has cut fees and offers optimal customer service if you have issues with your account
- You can also pay off this loan at any time, meaning that you have a much better chance of getting out of debt faster
Cons
- While the process is much simpler for everyone, you may feel that you require personal service that this lender cannot offer
Best for Joint Loans: Prosper
Prosper personal loans are designed to be as easy as possible for you to manage. You can select how much you need, look at the best uses for these loans and check your rate without affecting your credit. You can choose a 3 or 5-year term, there are not prepayment penalties and then you can get your loan funded right away. This is among the simplest options for Oklahoma residents, and it ensures that you can manage emergencies, unexpected expenses, home improvements, etc.
Remember, too, that these online platforms help you do your research and find the loan you need without leaving the house or driving to a far away bank or loan office.
Pros
- You can quickly get into a loan program and seek approval so that you’re not left waiting around
- You can do a soft credit check at any time
Cons
- Yes, joint loans can be a good idea for some borrowers, but not every joint loan is created equal
- Loan terms are quite limited, especially if you want a shorter or much longer loan term
Personal Loan Considerations
Consider the following when thinking about getting a personal loan: Are the rates better than other lines of credit available with your creditworthiness? Do you need a lump sum of quick cash? Can you repay the loan within the given terms? If so, a personal loan is likely your best option. Keep an eye out for predatory lenders and unreasonable terms or penalties.
Personal Loans vs. Credit Cards
Personal loans and credit cards are both lines of credit you can use to cover expenses you may not have the cash for now. A personal loan tends to have fixed rates and terms while a credit card usually has a variable rate and no set payoff period.
A personal loan is a single chunk of credit where a credit card is a revolving line of credit. Use a personal loan if you want to cover a large expense or manage your debt; use a credit card if you want a reusable line of credit for general purchases.
Is a Personal Loan a Smart Financial Decision?
Consider a personal loan if you need to cover a costly expense or need cash, quickly. Personal loans save you money over time with lower interest rates than credit cards or paying for add-value improvements to your home.
Personal loans can also improve your credit, garnering you lower rates and better terms in the future. With the sheer number of lenders out there, you should be able to find a personal loan with terms that you can work with.
Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
Pay attention to the terms you agree to when selecting a loan — most are rigid and you want to meet them to avoid trouble down the road. Late payment fees, collateral seizure or prepayment penalties are all common consequences of violating loan terms. Look for loans with minimal restrictions and penalty fees.
Can I get a personal loan with bad credit?
In short, yes. Some lenders specialize in lending to borrowers with less-than-perfect credit. Others may still consider you, but the terms may be strict and come with high-interest rates. If you are working on your credit, a personal loan can be a good way to improve your score. Compare personal loans to available credit cards to see which can offer you the best rates.
Can I refinance student loans?
Private student loans can be refinanced in the future if you want to save money. Take a look at your options, rates, terms, etc. so that you know what your refinancing options are in the future.