Updated: November 21, 2024
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First Tech and PenFed are MoneyGeek’s top personal loan lenders in Florida, scoring 98 and 96 out of 100, respectively. These lenders have exceptional customer support, competitive rates and transparent terms.
According to Experian data from 2023, the average credit score in Florida is 708. This generally suggests good rate and term options for the average borrower. In addition to your credit score, lenders will also look at your income and your other debts.
Best PersonalLoan LendersFloridaBest Personal Loan Lenders in Florida
MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.
We completed our analysis of banks and lenders licensed to do business in Florida as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.
First Tech is MoneyGeek's top personal loan lender in Florida, with a score of 98 out of 100. It offers competitive APRs ranging from 8.94% to 18.00%. This financial institution stands out for excellent customer service, numerous educational resources and favorable rates and fees. Additionally, First Tech provides reasonable repayment terms of up to 84 months, indicating a commitment to flexibility and choice for borrowers.
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PenFed Credit Union is MoneyGeek's runner-up recommendation for personal loan lenders in Florida, with a score of 96 out of 100. It offers more competitive rates than other alternatives, with an APR range of 7.99% to 17.99%. Its repayment terms of up to 60 months give borrowers ample flexibility for managing their loans. PenFed excels in reputation and transparency, giving customers clear insights into their loans. Its loan terms and flexibility ensure a wide range of repayment options without penalties for early payoff.
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The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.
Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.
— Alvin Yam, CFP®
Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
Estimate the monthly payment for your loan.
Updated: Nov 21, 2024
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MoneyGeek's pick for the best personal loan provider for those with low credit in Florida is Happy Money, with a score of 94 out of 100. Although Happy Money is not a lender itself, it partners with federally insured institutions to offer loans. With APRs ranging from 11.72% to 17.99%, it provides lower average rates than competitors. A minimum credit score of 640 is required to qualify. The provider excels in providing clear information and customer service accessibility.
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How does MoneyGeek score lenders for bad credit loans?
We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.
We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.
Getting a personal loan is still possible if you have a lower credit score than 580, but you will not have access to the best interest rates and terms available. Some lenders allow prequalification, which doesn't affect your credit score, to help you understand what you might be eligible for.
MoneyGeek recommends Truist as the top choice in Florida for borrowers aiming to consolidate debt. With a MoneyGeek score of 96 out of 100, Truist offers an APR range from 8.74% to 17.39%, which stands out compared to other lenders in the analysis. In addition to competitive rates and fees, the bank has a quick and straightforward application process.
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How does MoneyGeek score lenders for debt consolidation?
We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.
Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.
Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:
— Alvin Yam, CFP®
When considering a personal loan in Florida, your credit profile, income and debt-to-income ratio significantly influence lenders' decisions and the terms of your loan. Note that a good credit score often leads to more favorable loan terms and lower APRs, so improving your score before applying may benefit you financially.
Refer to the table provided to understand how credit scores can affect your monthly payments on a personal loan.
| $348 | 6 |
| $180 | 12 |
| $97 | 24 |
| $69 | 36 |
| $55 | 48 |
| $47 | 60 |
| $42 | 72 |
| $38 | 84 |
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Personal loans offer numerous advantages, such as potentially lower interest rates than credit cards and the convenience of consolidating multiple debts into a single payment. They also provide fast funding options and the versatility to cover various expenses, from unexpected bills to home improvements. However, it's important to consider that personal loans also carry certain risks, including possible origination fees and losing assets with a secured personal loan.
For a balanced view, explore the pros and cons of personal loans to make an informed decision.
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the best lender in Florida for personal loans is First Tech, with a MoneyGeek score of 98. Its average APR is 13.5%.
In Florida, you can obtain personal loans from online lenders, banks and credit unions. For local in-person services and community-oriented financial assistance, you can consider local credit unions such as Florida Credit Union, First Florida Credit Union or MIDFLORIDA Credit Union.
PenFed offers the lowest starting APR of 7.99% for personal loans in Florida, according to MoneyGeek's analysis. Securing a low rate often hinges on an excellent credit report.
In Florida, restrictions on the use of personal loans are more dependent on the lender than the state. Personal loans can typically be used for debt consolidation, emergency circumstances and home or auto repairs. However, they are usually not permitted for college tuition or illegal activities.
When considering personal loan red flags, be wary of extremely high APRs, strict repayment penalties and a lack of transparency about the loan originator. A high number of negative consumer reviews and a lack of information about the credit score impact can also be concerning.
Yes, income level is a factor lenders consider, along with your debt-to-income ratio, credit score, employment history and type of employment. Lenders evaluate these factors to assess your ability to manage new debt. Note that opening new credit lines can affect your loan application outcomes.
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.
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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