Best Personal Loans in Huntsville, AL

Name: Best Personal Loans in Huntsville, AL
Item: Best Personal Loans in Huntsville, AL
Author: Zachary Romeo, CBCA

Regions Bank offers the best personal loans in Huntsville, Alabama, with a MoneyGeek score of 98 out of 100. It excels in customer service and offers competitive interest rates and flexible loan terms.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Denise Cristobal

Updated: October 29, 2024

Advertising & Editorial Disclosure

Regions Bank is the best personal loan lender in Huntsville, Alabama, with a MoneyGeek score of 98 out of 100. This score is based on the company's quality service, competitive interest rates and flexible repayment terms. Laurel Road, with a MoneyGeek score of 93 out of 100, is the best lender for online personal loans due to its strong customer service, quick application and approval process and credibility in loan terms and process.

MoneyGeek prioritized local lenders and evaluated them based on interest rates, loan terms, loan application process and speed of loan funding to offer the best city recommendations. If you're interested in national lenders, we also compiled our top choices for the best personal loans in Alabama.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Huntsville, Alabama. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Huntsville, AL

Regions Bank

MoneyGeek Score98

APR Range9.24% to 29.99%

Loan Amount Range$2,000 to $50,000

Repayment Terms36 to 60 months

Time to Receive FundsSame Day

Overview

Regions Bank is the best overall personal loan lender in Huntsville, Alabama, with a MoneyGeek score of 98 out of 100. It offers APRs as low as 9.24% and provides autopay discounts between 0.25% and 0.50%. However, the borrowing limit is $50,000. These is also a late fee of 5% or $100, whichever is higher. The company's streamlined application process and competitive rates make it a solid choice, but consider these factors before applying.

Best Online Personal Loan in Huntsville, AL

Laurel Road

MoneyGeek Score93

APR Range9.49% to 24.50%

Loan Amount Range$5,000 to $45,000

Repayment Terms36 to 60 months

Time to Receive FundsWithin 7 Days

Overview

Laurel Road is the best online lender for personal loans in Huntsville, Alabama, with a MoneyGeek score of 93 out of 100. The lender offers personal loans ranging from $5,000 to $45,000 with repayment terms between 36 and 60 months. It provides a 0.25% autopay discount and doesn't charge origination fees or prepayment penalties, making loan management more cost-effective. However, the minimum loan amount is fairly high. There is also a late fee of 5% or $28, which could add to the cost if a payment is missed.

Calculate Your Monthly Payment in Huntsville, AL

The United States Census Bureau reported that the median annual household income in Huntsville, Alabama, in 2022 was $68,930. Whether your income is above or below this median value, your ability to afford the monthly loan payments is key. Use our personal loan calculator to estimate your monthly loan payments and the total loan cost by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan with a 10% interest rate and a three-year repayment term, your monthly loan payment would be approximately $323, totaling $3,876 per year. This total amounts to roughly 6% of the median annual household income in Huntsville, Alabama.

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Updated: Nov 21, 2024

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Runner-Up for Best Personal Loan in Huntsville, AL

Redstone Federal Credit Union

MoneyGeek Score92

APR RangeFrom 10.99%

Loan Amount RangeUp to $50,000

Repayment TermsUp to 72 months

Time to Receive FundsUndisclosed

Overview

Redstone Federal Credit Union is the runner-up for the best personal loans in Huntsville, Alabama, with a MoneyGeek score of 92 out of 100. Its borrowers benefit from no origination fee and the assurance of federal insurance by the NCUA. However, the borrowing limit is $50,000, and there is no option to prequalify.

Other Options for Personal Loans in Huntsville, AL

North Alabama Educators Credit Union

MoneyGeek Score90

APR RangeFrom 10%

Loan Amount RangeUndisclosed

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

North Alabama Educators Credit Union is a suitable choice for personal loans in Huntsville, Alabama, with a MoneyGeek score of 90 out of 100. It is federally insured by the NCUA, providing its customers with an added layer of security. Additionally, it accepts joint applications, which can benefit borrowers who want to improve their eligibility by applying with a co-borrower. However, new members can only borrow up to $1,500 during the first 90 days, which may be a limitation if you need a larger loan amount quickly. There is no option to prequalify, making it harder for potential borrowers to see their rates and terms without a complete application.

National Lenders With Physical Locations in Huntsville, AL

In Huntsville, Alabama, borrowers looking for the best personal loans who value face-to-face engagement with a lender can select from several national providers with local branches. These lenders include Truist, Wells Fargo, PNC and OneMain Financial, each offering various personal loan options tailored to meet different financial needs.


OneMain Financial	18.00% to 35.99%	$1,500 to $20,000	24 to 60 months
PNC	Undisclosed	$1,000 to $35,000	6 to 60 months
Truist	8.74% to 17.39%	Starting from $3,500	24 to 60 months
Wells Fargo	7.49% to 23.24%	$3,000 to $100,000	12 to 84 months

What to Do if You Can't Get a Personal Loan in Huntsville, AL

Your personal loan application in Huntsville, Alabama, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are some steps you can take to navigate this setback.

1
Find out the reason for the denial
Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.
2
Modify your loan terms
You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.
3
Look for another lender
Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service can help you find the best lender for your needs and circumstances.
4
Explore credit counseling services
Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to manage your credit card debt better and develop your budget. You can get credit counseling services from the Financial Counseling Association of America. You can also contact the National Foundation for Credit Counseling.

FAQ About Personal Loans in Huntsville, AL

We addressed common questions about the best personal loans in Huntsville, Alabama, offering insight to assist with informed decision-making.

Who is the best overall personal loan lender in Huntsville, Alabama?

Regions Bank is the best overall personal loan lender in Huntsville, Alabama. It offers a 9.24% to 29.99% APR range, a $2,000 to $50,000 loan amount range and repayment terms of 36 to 60 months.

What are personal loans used for in Huntsville, Alabama?

In Huntsville, Alabama, people use personal loans for various needs, including home improvements, medical expenses and vacations. However, some lenders may have certain rules that prevent personal loans from being used for college tuition or gambling.

What are the interest rates on personal loans in Huntsville, Alabama?

Based on the lenders in our database, personal loans in Huntsville, Alabama, have APRs ranging from 9.24% to 29.99%. Remember to compare personal loan rates to find the best deal for you.

What are the benefits and drawbacks of personal loans?

Personal loans have several benefits, such as lower interest rates for qualified borrowers, the ability to consolidate debt and fast funding when you're in urgent need. However, they can also have drawbacks, like origination fees and the possibility of asset loss in secured loans.

What are some personal loan red flags to look out for?

When considering personal loans, be cautious of extremely high APRs, lack of transparency about loan origination and negative consumer reviews. Ensuring affordability before applying is critical.

How to apply for a personal loan online?

Many lenders now provide online applications that are quick and easy to complete on their websites, allowing you to apply for a personal loan conveniently.

Can I get a personal loan with bad credit in Huntsville, Alabama?

Getting a personal loan with bad credit in Huntsville, Alabama, may be challenging, but it's not impossible. Look at our suggestions for the best loans for bad credit and best loans for bad credit in Alabama to find suitable options.

What are the best low-interest personal loans in Huntsville, Alabama?

We've compiled some of the best low-interest personal loans to help you explore your options in Huntsville, Alabama.

What is an installment loan? Is there a difference between personal loans and installment loans in Huntsville, Alabama?

Personal loans are a type of installment loan where you have a set schedule for repaying the loan over time. In Huntsville, Alabama, installment loans are synonymous with personal loans in this context.

Is there a difference between credit union loans and bank loans in Huntsville, Alabama?

When comparing credit union loans and bank loans, you might find differences in interest rates and application requirements. Whether you're opening a bank account or a checking account or attempting to apply for a loan, it's advisable to consider both options to determine which is more suitable for your financial needs.

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Best Personal Loans in Alabama

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

Read Full Bio »

sources

Financial Counseling Association of America. "Financial Counseling Association of America." Accessed August 23, 2024.
National Foundation for Credit Counseling. "Non Profit Credit Counseling Services." Accessed August 23, 2024.
United States Census Bureau. "Huntsville City, Alabama." Accessed August 23, 2024.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

Best Personal Loans in Huntsville, AL

Overall Best Personal Loan in Huntsville, AL

Best Online Personal Loan in Huntsville, AL

Calculate Your Monthly Payment in Huntsville, AL

Personal Loan Calculator

Runner-Up for Best Personal Loan in Huntsville, AL

Other Options for Personal Loans in Huntsville, AL

National Lenders With Physical Locations in Huntsville, AL

What to Do if You Can't Get a Personal Loan in Huntsville, AL

Find out the reason for the denial

Modify your loan terms

Look for another lender

Explore credit counseling services

FAQ About Personal Loans in Huntsville, AL

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