Top Lenders & Best Picks for You

Best Personal Loans in Detroit, MI

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Updated: October 30, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Detroit, MI

MoneyGeek considered more than 30 data points to choose the best personal loans for borrowers with different backgrounds and needs. For instance, borrowers with bad credit can find the best deal with Upstart, while those with good credit may find SoFi their best pick. Upgrade is our recommendation for debt consolidation and Best Egg for home improvement.

Each lender has its positives. For example, SoFi offers unemployment protection to help borrowers repay their loans if they lose their jobs. Below are the strengths and weaknesses of the companies that made it to the top of MoneyGeek’s list.

Best Overall Personal Loan Lender in Detroit: 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

    LightStream allows borrowers to take out loans from $5,000 to $100,000. Funds can also be released on the same day. Therefore, LightStream is a good option for those who urgently need money, whether they’re planning to get a small personal loan or a large one.

    However, to get a loan, an applicant needs a credit score of at least 660. When it comes to credit history, LightStream prefers customers who have years worth of credit from different accounts, a stable source of income, assets and good payment history.

    The APR for a LightStream personal loan ranges from 4.49% to 20.49%. Borrowers can repay their loan within 24 to 84 months.

    Pros

    • Same-day release of funds
    • Loan amount ranges from $5,000 to $100,000
    • No fees or prepayment penalties
    • No minimum income requirement
    • Auto-pay discount

    Cons

    • No pre-approvals
    • Online application only
    • Applicants need an established credit history
    • Restrictions on fund use
    • No co-signer options
    LightStream

Best Personal Loan Lender for Bad Credit in Detroit: 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 offers borrowers with bad credit the best personal loan options in Detroit. Upstart’s minimum credit requirement is 300, so it’s accessible to more borrowers. Its loan amounts range from $1,000 to $50,000, with APRs from 3.22% to 35.99%

    When your loan application is approved, you can receive your funds within the next business day. Then, you can pay in monthly installments for 36 to 60 months. You can also pay early without penalties. Unfortunately, Upstart doesn’t have a mobile app to manage your account.

    One of Upstart’s best features is its fast application process, which you can start on the official website, getting your rate in minutes. Upstart can also approve your application on the same day, though you will need to go through a hard credit inquiry before final loan approval.

    Pros

    • Low minimum credit score requirement
    • No prepayment penalty
    • Fast application process with no need for additional documents
    • Receive funds within the next business day
    • Borrowers can adjust their payment dates

    Cons

    • High maximum APR
    • Hard credit inquiry before final approval
    • Has origination fees
    • Borrowers cannot manage their loans through a mobile app
    Upstart

Best Personal Loan Lender for Good Credit in Detroit: 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 offers loans from $5,000 to $100,000 that you can repay over 12 to 60 months. The lender makes the funds available within two days of loan approval.

    The APR can range from 5.74% to 20.28%, depending on your credit score. SoFi requires a minimum credit score of 680 to qualify for a personal loan. SoFi assures borrowers there are no hidden fees, origination or prepayment fees.

    The lender offers unemployment protection to borrowers laid off from work during the loan repayment period by decreasing the monthly payment amount. Borrowers can use this benefit in three-month increments up to a cap of 12 months.

    Pros

    • Loan amounts range from $5,000 to $100,000
    • No fees
    • Loans funded within two days
    • Offers unemployment protection
    • Has a mobile app for easier account management

    Cons

    • Conducts hard credit inquiry as you continue with your application
    • Potentially high APR
    • High minimum credit score required
    SoFi

Best Personal Loan Lender for Debt Consolidation in Detroit: 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

    A personal loan from Upgrade could be a good option, if you aim to consolidate your debts. Borrowers can take out a loan of $1,000 to $50,000 and pay it over 36 to 60 months. If you need to pay a debt immediately, Upgrade can release the funds the same day it approves your loan.

    Using a personal loan to consolidate debt can be cost-effective if the loan’s interest rate is lower than the debt’s. Upgrade’s APRs range from 5.94% to 35.47%, depending on the borrower’s credit score. You also need a minimum credit score of 560 to qualify for an Upgrade personal loan.

    Pros

    • Only requires a 560 minimum credit score
    • Same-day funding
    • No prepayment penalty
    • Borrowers can change their payment dates

    Cons

    • High maximum APR
    • Has origination fees
    • Small maximum loan amount
    Upgrade

Best Personal Loan Lender for Home Improvement in Detroit: 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 our best pick for personal loans in Detroit for home improvement. Borrowers can get a loan of $2,000 to $50,000 for their homes, with APRs ranging from 4.99% to 35.99%. This lender may not be the best choice for borrowers who don’t have good credit since the minimum credit score requirement is 700.

    Funds are released in one to three business days, although in most cases, they're available the day after the application is approved. Borrowers can take 36 to 60 months to pay their loans or prepay without a penalty.

    Pros

    • Low minimum APR
    • Fixed APR
    • Receive funds the day after loan approval
    • No prepayment penalty
    • No collateral required

    Cons

    • High minimum credit score requirement
    • Maximum APR is higher than competitors
    • Has origination fee
    • No mobile app
    Best Egg

How to Choose the Best Personal Loan Lender in Detroit for You

A wide range of factors, including credit score, current debt and income, affect your eligibility for a loan. In Michigan, the average personal loan debt is $14,756. Borrowers use their funds for different reasons, like debt consolidation, home improvement, weddings, vacations and emergency expenses. If you want to take out a personal loan, the steps below will guide you in making the right decision.

  1. 1
    Ask Yourself the Important Questions

    Before deciding to apply for a loan, make sure you’re fully prepared for the commitment of having one. Ask yourself these questions:

    1. How much do I need?
    2. What is my credit score?
    3. How much monthly payment can I afford?
    4. How much existing debt do I have?
  2. 2
    Do Your Research

    Loans require a long commitment – from the application process to your last monthly payment. Do your research before applying for a loan to understand the different terms and concepts lenders use, compare rates and determine how they’ll affect your financial obligations.

    For example, Michigan’s average personal loan interest rate is 9.71%. If you want to find a loan with a lower interest rate, research can help you explore your options.

    To help you with this process, MoneyGeek has compiled some of the information you need. Use our recommendations and resources as your cheat sheet for finding the best loan as you explore your options further.

  3. 3
    Wait

    After deciding what loan to get and which lender to get it from, wait. Take time to weigh the pros and cons and spot any disadvantages. Remember that a loan is a long-term commitment you must be fully prepared for.

  4. 4
    Read the Fine Print

    There are so many things you need to understand when looking for a loan that it’s easy to miss a few details. While some of these details have minor effects on your loan, others can cost you. Therefore, take time to read the fine print.

    Get into the nitty-gritty of a lender’s terms and conditions and look for hidden charges. Take note of fees, like prepayment penalties, early payoff and origination fees. By reading the fine print, you can save money in the long run.

  5. 5
    Apply

    If you’re confident about your decision, it’s time to apply. The application process may vary from lender to lender. Some lenders have an online application you can start on their official website. Others allow you to apply by talking to an agent onsite or over the phone. It’s best to choose the option you're most comfortable with.

    It’s standard practice for lenders to ask for identification, address verification and proof of income. So, being ready with the appropriate documents will make the process go quickly and smoothly.

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

Lenders deny applications for a wide range of reasons. The most common are low credit score, insufficient income and inaccurate information. If your application has been denied, you can take steps to try and fix the situation.

Contact your lender and ask for the exact reason behind the denial. You can also ask if there’s anything you can do to solve the problem.

Sometimes, lenders allow you to alter some application details. For example, you can choose a longer repayment term to decrease your monthly payments. As a result, your loan becomes more affordable and more suitable for your income.

You can also apply for a loan from a different lender. However, your application can still be denied if you haven’t worked on the factor(s) that caused the previous lender to decline you.

Payday loans are also available, though it’s better to avoid them. While you can quickly get funds from these loans, they have steep interest rates that may hinder you from completely paying off the debt.

Frequently Asked Questions About Personal Loans in Detroit

There’s no one-size-fits-all personal loan in Detroit, as the best loan for you depends on many factors. Your income, credit score and needs may determine which lender you choose. Additionally, the purpose of your loan will also influence the loan that fits your needs. The following are frequently asked questions about personal loans in Detroit:

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

Our Personal Loan Methodology

We evaluated over 30 personal loan lenders based on 35+ individual data points in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

For every category, we analyzed unique factors we believe have the biggest influence on a borrower’s decision when choosing a personal loan lender. These include APR ranges, possible loan amount, minimum credit score, income, application costs and disbursement time.

Because MoneyGeek appreciates you, the consumer, we consider each lender's customer service, business ratings and other features that could make your experience easier and more accessible, such as prequalification, payment alternatives, and mobile apps.

After careful consideration and calculation, our picks are determined 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. Therefore, MoneyGeek has committed to showing you our top picks for personal loans as well as providing our expert advice.

About Christopher Boston

Christopher Boston headshot

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.

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.

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