Quick Look: The Best Personal Loans in Utah
Whether you’re trying to get on top of your debt or add value to your home through renovations, a personal loan is a smart way to add some cushion to your bank account. Personal loans often require little more than a signature to secure a loan, or you can seek out lower interest rates with a loan secured by collateral. Online and brick-and-mortar lenders alike have attractive personal loan options. Narrow down your search with our list of vetted Utah lenders.
Best Personal Loans in Utah
Look at the best personal loans you can obtain in Utah, giving you the opportunity to take control of your finances, handle emergencies or even plan for the future.
Best for Loan Comparison: Credible
If you want a pleasant interface and easy online application, check out Credible. Credible isn’t a lender itself — it lets you compare personalized offers from personal loan lenders. You can check your rates and offers without hurting your credit score.
After a short survey, Credible connects you to offers from willing lenders. Compare each loan to find the terms and rate that make the most sense for you.
Credible links you with lenders that provide student loans and mortgages as well. Refinancing for mortgages and student loans are other options.
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.
Best for Fee-Less Loans: SoFi
SoFi is an online lender that you can use to reconsolidate your debt. Consolidating your debt into 1 monthly payment can make it more manageable and help you avoid high interest payments.
You can also get loans for home renovations, relocation assistance, medical procedures and more.
Applying online with SoFi is as easy as can be. Checking your rates by pre-qualifying won’t hurt 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 prepayments fees and no late fees. Without fees, your overall cost is less and all your money can go toward tackling repayment.
Best for Debt Consolidation: Payoff
Paying off lenders with a personal loan can be a smart move. You can consolidate your debt into 1 easy monthly payment at a lower rate that saves you on interest over time. Payoff will connect you with lending institutions to meet this goal.
Loans range from $5,000 to $35,000 at a fixed rate APR. Terms fall between 2 to 5 years with origination fees of 0% to 5%. Your credit score will determine your rates and terms.
Payoff is 100% transparent about its borrower standards, a nice change from many lenders. If you meet the following requirements, you should be eligible for a loan from Payoff.
- Credit score of at least 640
- Debt-to-income (DTI) ratio under 50%
- 3+ years of credit history
- 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
Use Payoff to improve your credit score by structuring your debt payments and raising your overall credit limit.
LendingClub is a unique lending platform that allows you to check your eligibility without impacting your credit, complete the process entirely online and get funded in around 24 hours. You will see a range of loan offers that will help Utah residents choose the best program for your move so that you can proceed with your move as needed.
LendingClub also makes it clear that you may want to apply with a cosigner to improve your chances of being approved, which could be doubly helpful if you’re moving with a roommate or have family who can help you. With this type of customer support and information, it’s much easier to make the most of your finances during a move, especially because it can be more difficult than ever to get obtain loans from traditional banks, especially in more remote sections of Utah.
Best Egg has been around since 2014, offering personal loans to borrowers with any need at all. The range of loan terms and values is a little narrower than other brands, but the customer service team is exemplary, the firm has an A+ rating from the BBB and it can help Utah residents with fair to excellent credit.
Best Egg also offers:
- Competitive rates
- No prepayment fee
- Affordable origination fees
You can learn more about Best Egg through social media, and you can even reach out to them through these channels. Remember, though, you should check the minimum and maximum loan amounts for your state as they can vary. Plus, Utah residents can use this platform to handle home improvements, emergencies, medical bills and other unexpected expenses.
Personal Loan Considerations
Do you need a large chunk of cash? Want to pay back the cost of something with installment payments? Want to consolidate debt into 1 monthly payment? A personal loan may be a smart choice if you answered yes to any of these questions. Be sure to find a loan that has rates and terms that make sense for you. And, watch out for predatory lenders, especially online. Do your research and borrow from trusted lenders.
Personal Loans vs. Credit Cards
If you need a 1-time lump sum to cover an expense and can meet rigid payment terms, like a set monthly payment and timeline for payoff, a personal loan is likely your best bet. Personal loans often have fixed rates lower than credit cards, so you’ll save on interest over time on a large expense.
Credit cards are revolving and tend to have higher, variable rates. If you need continuous access to credit or want a backup source of emergency funding, a credit card is a good choice. Try to keep your balances low or pay them off quickly so you don’t pay too much in interest.
Choosing the Right Personal Loan
If you need extra cash, a personal loan can be a smart way to get your hands on some. Look for personal loans with low fees and flexible terms.
Use Benzinga’s list of lenders to start looking for the best personal loan today.
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Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
It will hurt your credit. Also, you may face collateral seizure if the loan is secured and incur late fees and late payment penalties. Be sure you can meet the loan terms before agreeing to them.
Can a personal loan help my credit?
Potentially, yes. It can raise your credit limit, lower your credit utilization and improve your payment history with regular, on-time payments. This can help raise your credit score.