Best Personal Loans in Huntsville, AL

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Updated: October 29, 2024

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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.

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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

Company logo for Regions Bank
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

Company logo for Laurel Road
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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Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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Runner-Up for Best Personal Loan in Huntsville, AL

Company logo for Redstone Federal Credit Union
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

Company logo for North Alabama Educators Credit Union
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 Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
Truist8.74% to 17.39%Starting from $3,50024 to 60 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 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. 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. 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. 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. 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?

What are personal loans used for in Huntsville, Alabama?

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

What are the benefits and drawbacks of personal loans?

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

How to apply for a personal loan online?

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

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

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

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

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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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.

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