Best Personal Loans in Hialeah, FL: Top Lenders & Best Picks for You

Updated: November 1, 2024

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Hialeah, FL

To help you find the best personal loans in Hialeah, MoneyGeek reviewed lenders in the city based on various factors. We used 30+ data points to evaluate lenders based on factors such as loan repayment lengths, loan limits, interest rates and minimum requirements.

We also considered different borrower profiles and unique needs to identify the best lenders for people with good credit, those with bad credit and those looking for loans for a specific purpose like home improvement or debt consolidation.

Best Overall Personal Loan Lender in Hialeah: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    For the average borrower, Truist offers the best personal loans in Hialeah. Truist, which was established in 2019 after a merger between BB&T and SunTrust Banks, offers various financial products, including personal loans.

    Borrowers who need funds urgently can take advantage of the quick approval and funding process offered by Truist. This lender is also ideal if you want a low-cost loan since it does not charge any origination fees. However, keep in mind that there is no prequalification option to find out rates before applying.

    Truist offers borrowers flexible repayment terms. Although you can only borrow up to a maximum of $50,000 from Truist, its personal loans can be used for various purposes, including home renovations and debt consolidation.

    Pros

    • No origination fees
    • Relatively low APR rates
    • Quick funding
    • A+ BBB rating
    • Autopay discount

    Cons

    • No prequalification option
    • Maximum limit capped at $50,000
    • No co-signers
    • Won’t accept borrowers with new or no credit
    • Hard credit check
    Truist

Best Personal Loan Lender for Bad Credit in Hialeah: 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 was founded in 2012 and is available in most states, including Florida. Upstart accepts borrowers with credit scores as low as 300, making it a good option if you do not have a lengthy credit history or have bad credit. This lender is also ideal if you need funds quickly since, in most cases, funds are disbursed by the next day.

    Upstart offers loans ranging from $1,000 to $50,000. Also note that interest rates can be high, and you may incur a one-time origination fee on your loan.

    Upstart’s prequalification process makes it easy to check rates without affecting your credit score. Borrowers will also not incur any prepayment fees.

    Pros

    • Low credit score requirement
    • Offers prequalification
    • No prepayment fees
    • Soft credit inquiry
    • A+ BBB rating

    Cons

    • Relatively high APR rates
    • No co-signers
    • Charges origination fees
    • Has late fees
    • Income requirements
    Upstart

Best Personal Loan Lender for Good Credit in Hialeah: 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

    If you have good credit, SoFi is the best option for personal loans in Hialeah. This lender was established in 2011 and offers various financial products, including personal loans. To qualify for a SoFi loan, borrowers need a credit score of at least 680, so those with poor-to-average credit may not qualify.

    SoFi offers flexible loan limits of up to $100,000. The lender’s personal loans can be used for various purposes, including debt consolidation, emergency expenses and home improvement. However, funds cannot be used for postsecondary education expenses.

    This lender does not charge any origination or prepayment fees. SoFi also offers unemployment protection for borrowers who lose their jobs, which means you can adjust your repayment schedule temporarily.

    Pros

    • Soft credit check
    • No origination fees
    • No prepayment fees
    • High loan limits of up to $100,000
    • Offers unemployment protection

    Cons

    • Requires good-to-excellent credit
    • Minimum loan amount of $5,000
    • No co-signers
    • 680 credit score required
    SoFi

Best Personal Loan Lender for Debt Consolidation in Hialeah: 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’s analysis found that Upgrade is the best option for Hialeah borrowers who want to consolidate their debts. Loan limits range from $1,000 to $50,000 with flexible repayment terms. This lender is ideal if you need quick funding since its approval and disbursement process is fast.

    Borrowers have the option to have Upgrade pay their creditors directly if their loans are for debt consolidation purposes. However, keep in mind that this lender charges origination fees, and APR rates can be high depending on your creditworthiness. Upgrade’s prequalification option allows you to check rates before applying without impacting your credit score negatively.

    Pros

    • Soft credit inquiry
    • Quick disbursement of funds
    • No prepayment fees
    • Modest credit score requirement
    • A+ BBB rating

    Cons

    • Charges origination fees
    • Potentially high APR rates
    • Charges late fees
    • No co-signers
    • Fund usage restrictions
    Upgrade

Best Personal Loan Lender for Home Improvement in Hialeah: 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

    For borrowers who need a personal loan for home improvement, Best Egg is the ideal option. This lender was founded in 2014 and offers personal loans that can be used for various purposes, including home renovations. However, borrowers need a credit score of at least 700 to qualify.

    Best Egg allows borrowers to check rates before submitting an application and has a fairly quick funding process. It is a good option if you need funds fast. Although you will not incur any prepayment fees, Best Egg loans charge origination fees. You will also incur fees for late payments.

    Loan limits range from $2,000 to $50,000 with flexible repayment terms. Keep in mind that your APR rates and term options will depend on factors like your credit score, income, loan amount and other factors.

    Pros

    • No prepayment penalties
    • Pre-qualification with soft credit inquiry
    • Autopayment discount
    • A+ BBB rating

    Cons

    • Charges origination fees
    • No co-signers
    • Charges late fees
    • Income requirements
    • Relatively high credit score requirement
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Hialeah for You

The average personal loan debt in Florida is $10,400. A personal loan can be a quick way to access funding if you have emergency expenses or need to fund a large purchase. However, it is important to consider factors like your current debt, credit score and income. These factors will help determine which lender will suit your needs best.

MoneyGeek recommends following the steps to get the best personal loan options for your profile.

  1. 1
    Ask Yourself the Important Questions

    Before applying for a personal loan, it is important to figure out how much you need. You also need to be sure that you can afford the monthly payments since you will be making a long-term commitment. Your credit score and factors like your debt-to-income ratio will impact your eligibility for a personal loan.

    Start by answering the following questions to guide you on how much you can afford to borrow:

    • 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. 2
    Do Your Research

    The best lender for you will largely depend on your particular needs and unique profile. It is important to do your research and compare lenders so that you can find the best option, especially since personal loans are a two- to four-year commitment, on average. Fees, interest rates, minimum requirements and application processes can vary widely depending on the lender, so consider which lender offers the best rates and terms for your needs.

    MoneyGeek’s recommendations are a great starting point, but keep in mind that your situation might be different from the profiles we have highlighted. Doing your own research is the best way to identify the best personal loans for your unique needs.

  3. 3
    Wait

    Personal loans are a long-term commitment that will require you to make monthly payments for years. This means that it is important to pause and weigh all your options before applying for a loan. Taking a day or two to consider how the personal loan will impact your finances is always wise.

    You may also want to compare the cost of a personal loan against other financing options to make sure you are making the right decision. Waiting a day or two before applying for a personal loan helps you to avoid making an impulse decision that will affect your finances long term.

  4. 4
    Read the Fine Print

    Apart from interest, personal loans also come with other costs that you need to be aware of. Make sure you read the fine print before taking out a personal loan. Be sure to understand any additional fees, such as origination fees, early payment charges or late fees. These costs can add up over time, making your personal loan even more costly.

    If there are any terms or rates that are not clear, be sure to clarify them with the lender before you sign up. This will help you avoid incurring hidden fees or charges that are usually indicated in the fine print.

  5. 5
    Apply

    Once you have decided on the right lender for you and fully understand the terms, you can submit your loan application. Lenders will require your personal information, including income and financial statements.

    In most cases, you can apply for a personal loan online via the lender’s website. You might even be able to check rates before applying if the lender has a prequalification option. Once you have submitted your application online, the lender will get back to you with an offer if your loan is approved. You can also call or reach out to the lender online if you need clarification on the application procedure.

What to Do if You Can’t Get a Personal Loan in Hialeah

If your personal loan application is declined, do not be discouraged. Lenders sometimes reject applications for various reasons, including failure to meet the minimum credit score, income requirements or other individual factors.

Take time to find out from your lender the exact reason why your application was declined. This will guide you on what to do to ensure that your future applications are successful. For instance, factors like your debt-to-income ratio or credit score can be improved over time.

It is best to avoid reapplying for another loan until you have verified why you were declined and improved on it, if possible. This will ensure that you do not hurt your credit score.

You may be tempted to go for a payday loan when you are declined but keep in mind that payday loans have very high-interest rates and short repayment periods, so it is best to avoid them.

Frequently Asked Questions About Personal Loans in Hialeah

When shopping for the best personal loans in Hialeah, the best lender for you will depend on individual factors like your credit score, income and even the purpose of the loan. MoneyGeek answered frequently asked questions to help you learn more about personal loans in Hialeah.

What is the best personal loan lender in Hialeah?
Which lender in Hialeah has the lowest interest rate?
Can I use a personal loan for vacations in Hialeah?
Can I use a personal loan for home improvement in Hialeah?
What can I not use my personal loan for in Hialeah?
How much can I borrow in Hialeah?
How long does it take to get a personal loan in Hialeah?
Can I pay off my loan early in Hialeah?

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek’s analysis of personal loan lenders in Hialeah is based on 35+ individual data points across six key categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria, MoneyGeek considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These data points include APR ranges, available loan limits, minimum credit score and income requirements, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

We use a comprehensive process to make recommendations and choose the best picks with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

Shop and compare the best personal loan lenders in Hialeah, Florida, to find the lowest rate and best option for you.

Read Full Bio »
sources
Shield Insurance

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use