Paying off debt, improving your credit score and making home improvements are just a few reasons to take out a personal loan. MoneyGeek compared lenders in Anchorage, looking at 30 data points to find the best choice for different types of borrowers.
Best Personal Loans in Anchorage, AK: Top Lenders & Best Picks for You
Updated: October 29, 2024
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WHAT WE’RE GEEKING OUT ON
- The Best Overall Personal Loan Lender in Anchorage
- The Best Personal Loan Lender for Bad Credit in Anchorage
- The Best Personal Loan Lender for Good Credit in Anchorage
- The Best Personal Loan Lender for Debt Consolidation in Anchorage
- The Best Personal Loan Lender for Home Improvements in Anchorage
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Anchorage
MoneyGeek's Picks for Best Personal Loan Lenders in Anchorage, AK
Best Overall Personal Loan Lender in Anchorage: LightStream
- LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
The best personal loan in Anchorage overall is LightStream. MoneyGeek selected this lender for its affordable APR ranges, flexible repayment terms, convenient online application process, quick loan disbursement and mobile app.
Established in 2013, LightStream is an online consumer lender offering loans for various purposes, such as home improvement, debt consolidation and auto financing. Loan amounts range from $5,000 to $100,000, depending on the loan type. Borrowers who set up autopay before funding enjoy a 0.50% discount.
Pros
- A+ Better Business Bureau (BBB) rating
- No origination fees
- No prepayment fees
- No late payment fees
- 0.5% autopay discount
Cons
- Conducts hard credit check
- Doesn’t accept borrowers with new or no credit history
- Restrictions on fund usage
Best Personal Loan Lender for Bad Credit in Anchorage: Upstart
- Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Upstart is the best personal loan lender in Anchorage for those with bad credit. This lender uses artificial intelligence to determine your eligibility. It looks at factors like education and employment history to determine interest rates and loan amounts.
Upstart offers loans ranging from $1,000 to $50,000 with fixed APR rates, depending on the borrower's creditworthiness. Loan repayment terms range from 36 to 60 months. After submitting documents, you can receive funds within one business day.
Pros
- A+ BBB rating
- Low credit score requirement
- Initial soft credit inquiry
- No prepayment penalties
- Offers joint loans
Cons
- Potentially high interest rates
- No mobile app
- Doesn’t allow co-signers
Best Personal Loan Lender for Good Credit in Anchorage: SoFi
- SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
SoFi is the best personal lender in Anchorage if you have a good credit score. You can borrow from $5,000 to $100,000. SoFi does a soft credit pull, so checking your rate for a personal loan won’t affect your credit score.
Some borrowers may find it difficult to qualify with this lender because of its strict requirements. You need a minimum credit score of 680 and must provide proof of income of at least $50,00 to get approved. SoFi offers unemployment protection, which temporarily modifies your payments until you can find a new job.
Pros
- A+ BBB rating
- Optional 0.25% discount for automatic repayment
- No origination fees
- No prepayment penalties
- Unemployment protection
Cons
- Requires good-to-excellent credit score
- Minimum gross income requirement of $50,000
Best Personal Loan Lender for Debt Consolidation in Anchorage: Upgrade
- Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek recommends Upgrade as the best personal loan lender in Anchorage for those planning to consolidate multiple debts. You can streamline your payments and manage them easily by taking out a debt consolidation loan from Upgrade. It comes with low fixed rates, so you can get out of debt faster.
This lender provides loans of up to $50,000 with flexible repayment terms. Upgrade has a quick and easy application process where you can compare multiple loan options and find the best rate for your financial situation. Funds are automatically sent directly to your bank account. However, expect to pay a one-time origination fee of up to 8% of your loan amount, which is automatically deducted from your loan proceeds.
Pros
- A+ BBB rating
- Moderate credit score requirement of 560
- 1.0% autopay discount
- Conducts soft credit inquiry
- No prepayment fees
Cons
- Doesn’t accept co-signers
- Origination fees of up to 1.85%–8%
- $10 late fee
Best Personal Loan Lender for Home Improvement in Anchorage: Best Egg
- Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg is the best personal lender in Anchorage if you need funding for home improvements and renovations. With competitive interest rates, fixed monthly payments and fixed loan terms, a Best Egg loan is a better choice for home improvement than a home equity line of credit that uses your house as collateral. Loan amounts range from $2,000 to $50,000. Repayment terms range from 36 to 60 months. You can use the funds to replace your garage door, remodel your kitchen, install a deck and patio or for any other home improvement project.
To qualify, borrowers must have a credit score of at least 700. Those with incomes higher than $100,000 enjoy the lowest APRs. The lender charges origination fees, but those who sign up for autopay get a 0.5% interest rate discount.
Pros
- A+ BBB rating
- 0.5% auto payment discount
- Soft credit inquiry
- No prepayment penalty
- Has a mobile app
Cons
- Requires a high minimum credit score
- Minimum income requirement of $100,000 (for the lowest APR)
- Origination fees of 0.99%–8.99%
- Late fee of $15
Where to Start: How to Choose the Best Personal Loan Lender in Anchorage for You
Credit score, current debt and income are some of the factors that determine your eligibility for a personal loan. MoneyGeek’s comparison of personal loans in Anchorage can help you find one that suits your financial needs. Below is a step-by-step guide to help you.
- 1
Ask Yourself the Important Questions
Assess whether a personal loan is the best solution for your financial needs. Know the answers to the following:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
- 2
Do Your Research
Take the time to review each lender’s loan amounts, requirements and terms. MoneyGeek’s research focuses on the average buyer, so our recommendations may not meet your needs. Always research lenders to find those best suited to your unique requirements.
- 3
Wait
Once you’ve selected a lender, wait a few days before applying. Take time to weigh the benefits and risks of a personal loan before making a commitment.
- 4
Read the Fine Print
Always read the fine print before signing a personal loan agreement. Other than your monthly payments, the loan agreement will outline whether you need to pay origination fees, late payment and prepayment fees.
- 5
Apply
Lenders require identification, your address and other financial information when you apply for a loan. Some lenders allow you to complete the application processes online. Others allow you to apply in person or by phone.
What to Do if You Can’t Get a Personal Loan in Anchorage
Lenders reject personal loan applications for many reasons. If your application is rejected, MoneyGeek recommends contacting your lender to ask the reason for your denial. Sometimes you can modify your application — by decreasing your loan amount or adjusting the term length — and be approved.
In other cases, you might need to improve your credit score or debt-to-income ratio. You’ll need to remedy the issue before reapplying or applying to a different lender. In the meantime, avoid certain types of personal loans. Payday loans, for example, have unreasonable interest rates with inflexible repayment terms.
Frequently Asked Questions About Personal Loans in Anchorage
Personal loan lenders in Anchorage consider your credit history and income to determine your creditworthiness. The following answers to common questions may help you learn more about obtaining a personal loan in Anchorage.
What is the best personal loan lender in Anchorage?
LightStream is the best personal lender in Anchorage for the average borrower. Other lenders may be a better fit depending on your situation. For example, if you have good-to-excellent credit, you may be able to get lower interest rates from SoFi. A good alternative for those struggling with bad credit is Upstart. Borrowers consolidating multiple debt find Upgrade as the best choice. Best Egg, on the other hand, is an excellent choice for home improvement.
Which lender in Anchorage has the lowest interest rate?
In Anchorage, LightStream has the lowest interest rate offer.
Can I use a personal loan for vacations in Anchorage?
Fund usage restrictions vary among lenders. If you plan to pay for a vacation, verify with your lender that you can use the funds for this purpose.
Can I use a personal loan for home improvement in Anchorage?
Yes. Borrowers typically get a personal loan to fund home improvements or renovate their homes.
What can I not use my personal loan for in Anchorage?
Lenders may not allow you to use loans to fund a business, make investments, pay for education or refinance an existing personal loan. Always verify fund use with your lender.
How much can I borrow in Anchorage?
Personal loan amounts in Anchorage range from $1,000 to $100,000.
How long does it take to get a personal loan in Anchorage?
Lenders usually disburse funds one to two business days after approving your loan.
Can I pay off my loan early in Anchorage?
Yes. You can pay off your loan early, although some lenders may charge prepayment penalties.
Our Personal Loan Methodology
METHODOLOGY
Over 30 personal loan lenders were evaluated using 35+ individual data points in six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We took into account several individual data points within each ranking criteria category that we believe are most important when choosing a personal loan lender. These factors include APR ranges, available loan amounts, minimum credit score, minimum income amount, application fees and disbursement time.
We value you as a customer, so we consider each lender's customer service, business ratings and additional features that may make your experience easier and more accessible, such as prequalification, payment options and mobile apps.
Our rankings are in your best interests. Our personal loan recommendations and expert advice are intended to assist you in making the best decision when selecting a lender that meets your requirements.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Best Egg. "Personal Loans." Accessed October 10, 2024.
- LightStream. "Personal Loans." Accessed October 10, 2024.
- SoFi. "Personal Loans." Accessed October 10, 2024.
- Upgrade. "Personal Loans." Accessed October 10, 2024.
- Upstart. "Personal Loans." Accessed October 10, 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
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