Top Lenders & Best Picks for You

Best Personal Loans in Cincinnati, OH

Updated: October 30, 2024

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Personal Loan Lender in Cincinnati: Truist

MoneyGeek evaluated Cincinnati's lenders based on more than 30 data points. We weighed their loan affordability and accessibility, APR ranges, terms, minimum credit score and income requirements, origination and late fees, disbursement time, customer service, BBB ratings and other features.

Based on this research, Truist is the best overall lender in Cincinnati. However, depending on your needs, a different lender might be right for you. For instance, SoFi is the best option for Cincinnati residents with good credit, Upstart is the top company for those with bad credit and Upgrade is our favorite lender for debt consolidation.

Best Overall Personal Loan Lender in Cincinnati: 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

    Established in 1872, Truist is one of the largest banks in the United States in terms of assets and has an A+ rating from BBB. The lender's personal loans have several highlights. For example, the bank offers a large maximum loan of $50,000.

    In addition, consumers will not be charged a fee if they pay off their loans early or late. Those who make automatic payments of personal loans also save 0.5% on premiums. However, this lender has quite a few restrictions on the usage of funds, as you cannot use your personal loan to refinance an existing loan, to pay for a college education, for business purposes or to purchase stocks or bonds.

    In addition, Truist performs hard credit checks, while many competitors start the process with soft inquiries that do not affect your credit scores.

    Pros

    • No origination fee, late fee or prepayment penalty
    • Loans of up to $50,000 offered
    • Auto payment discount of 0.5%
    • Next-day loan processing
    • Reasonable interest rates

    Cons

    • Performs hard credit checks
    • Restrictions on usage of funds
    • Does not accept borrowers with new or no credit
    • Does not pay creditors directly for debt consolidation
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: Next day
    Truist

Best Personal Loan Lender for Bad Credit in Cincinnati: 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

    Founded in 2012, Upstart is a lending platform that receives an A+ rating from the BBB and generally does not place restrictions on how you use the funds from a personal loan.

    Upstart offers loans to applicants with credit scores as low as 300, which contributes significantly to the company's high rating in this category. It also has a low minimum salary requirement of $12,000. The company processes loans quickly, usually within one day, and uses soft inquiry credit checks, so your credit score won't be affected.

    However, if you don't want to pay potentially high interest rates, the lender may not be the ideal choice for you. Upstart's APR range goes all the way up to 35.99%.

    Pros

    • Low credit score requirement
    • Soft credit inquiry that doesn’t affect your credit score
    • No prepayment penalty
    • Low minimum gross income requirement of $12,000
    • No restrictions on fund usage

    Cons

    • Potentially high interest rates
    • Origination fee of up to 8%
    • Late fee of $15
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Cincinnati: 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

    Founded in 2011 as Social Finance, SoFi offers a range of loans and other products to its customers. Besides its A+ rating from BBB, MoneyGeek ranked it as the best for Cincinnati borrowers with good credit for several reasons. For instance, it charges no origination fee or late fee and also doesn’t impose a prepayment penalty.

    Those with a good credit score of at least 680 can borrow up to $100,000 and often get funded the same day. Furthermore, by setting up auto payments, you can save 0.3% on personal loan premiums. The bank also performs soft credit checks, which will have no impact on your credit score. SoFi’s unemployment protection program may give you a breather if you unexpectedly lose your job by allowing you to put your debts on hold and lower your monthly loan payments.

    However, those who want co-signers on their loan application, don't have a minimum yearly income of $50,000 and don't have a credit score of 680 may not find the lender a suitable match.

    Pros

    • No origination fee, late fee or prepayment penalty
    • Loans of up to $100,000
    • Auto payment discount of 0.3%
    • Soft credit inquiry without affecting your credit score

    Cons

    • Requires a higher credit score of 680
    • Only those with a minimum gross income of $50,000 can apply
    • Debt-to-income limit of 45%
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: 0–3 days
    SoFi

Best Loan Lender for Debt Consolidation in Cincinnati: 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

    Upgrade is a fairly young company, having been established in 2016. Upgrade pays the third-party lenders directly if you wish to consolidate your debts, which adds greatly to the firm being rated highly in this area. The company employs soft credit checks to ensure that your credit score is not harmed.

    Premiums are discounted by 1% for those who set up automatic payments. Aside from that, customers will also not be charged a fee for prepaying. However, the lender has several restrictions on the usage of funds. Their loans may also have a higher interest rate depending on your credit score, making them unsuitable for people searching for a lower APR loan in Cincinnati.

    Pros

    • Soft credit check that has no impact on credit scores
    • Pays third-party creditors directly for debt consolidation loans
    • No prepayment penalty
    • Auto payment discount of 1%
    • No income requirements

    Cons

    • Use of funds is subject to restrictions
    • Origination fee of between 2.9% and 8%
    • Potentially high APR
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Best Loan Lender for Home Improvement in Cincinnati: 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 an online lending platform started in 2014 and operates across 47 U.S. states. We appreciate its A+ rating with the Better Business Bureau and various benefits for customers seeking personal loans for home improvement in Cincinnati. The company's use of soft credit checks guarantees that your credit score is unaffected. For individuals who want to pay their premiums automatically, they receive a 0.5% reduction. Paying back loans early won't incur any additional fees either.

    However, there is a $50,000 minimum income criterion, which makes it inaccessible to individuals who do not earn that much. Best Egg also charges origination fees of up to 6% and has a high credit score requirement of at least 700.

    Pros

    • Conducts soft credit checks
    • Debt consolidation loans are paid directly to third-party lenders
    • 0.5% auto payment discount
    • No usage restrictions
    • No debt-to-income limits

    Cons

    • Origination fee of 1%–6%
    • Minimum income requirement of $50,000
    • High minimum credit score
    • APR range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Best Egg

How to Choose the Right Personal Loan Lender in Cincinnati for You

People get personal loans for purposes like home improvements, debt consolidation, auto financing, moving expenses and paying medical bills or college tuition. To choose a personal loan lender, consider your credit score, monthly income and debt-to-income ratio to determine your eligibility. The average personal loan debt in Ohio is $24,808, the fourth-highest amount among all 50 states.

To find the best lender in your state, MoneyGeek suggests the following steps:

  1. 1

    Ask Yourself the Important Questions

    Before you choose a lender and apply for a personal loan, you should ask yourself the following questions:

    1. How much funding do I need?
    2. How much debt do I currently have?
    3. What is my credit score?
    4. What monthly payment can I afford?
  2. 2

    Do Your Research

    Apart from having distinct terms and conditions, lenders quote and operate differently and their rates and fees may vary. Comparing multiple lenders is critical before submitting a loan application to determine which one is best for you.

    Taking out a personal loan is a big commitment, as you’ll be paying it back for 2–4 years or even longer, in some circumstances. Make sure it’s the right option for you before you act. Also, keep in mind that our suggestions are general, so you should thoroughly research your options.

  3. 3

    Wait

    It's easy to become overwhelmed when faced with several features and offers from each lender, as well as numerous rates and fees to compare. Waiting a day or two before making a decision can be a good idea. Taking out a personal loan is a significant financial commitment, and you want to be completely certain that it's the best decision for you before proceeding. Once you've done your research, it's wise to take some time to consider your options before applying.

  4. 4

    Read the Fine Print

    It's common to overlook the details when researching personal loans. In addition to upfront fees that are clearly stated in the lender's terms and conditions, there may be hidden fees that you only discover after you have signed the loan application. Once you've decided on a company, research their fees — including prepayment penalties, late fees and origination fees — before proceeding. Also, look out for interest rates as well as any collateral requirements that may be in place. In the long run, paying attention to the small details can save you a lot of money.

  5. 5

    Apply

    After you've done your research, read the fine print and waited to make a decision, it's time to submit your application. By this point, you should be confident in your choice of lender and have outlined all the information you require to apply. Verification of personal identity, address and proof of income are normal requirements for lenders during the loan application process. Even though it may be more convenient for some to apply online, there is no harm in calling or visiting the lender in person if you’d rather.

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

Even if your application was initially rejected, you should contact the lender to learn why and to see what changes you can make to your application. Shortening the loan terms or reducing the loan amount are examples of ways you could make your application more appealing. A co-signer or collateral-based loan may also be an option for you if you're having trouble getting authorized. If absolutely necessary, you may apply for a loan with a different lender. However, this should be avoided until you have rectified whatever reason led to your application rejection in the first place.

After a rejection, some people may seek payday loans with extremely high interest rates. However, even if you pay promptly and in full, your credit score won’t increase. And, if you don't pay promptly, you may be liable for any unpaid interest plus the balance amount. Paying late could result in a collection agency contacting you, which may harm your credit.

Frequently Asked Questions About Personal Loans in Cincinnati

Your specific needs, as well as different credit and income considerations, will determine the best personal loan lender in Cincinnati for you. We've provided answers to some of the most frequently asked questions about personal loans in Cincinnati.

Which lender in Cincinnati is the best for personal loans?

Which lender in Cincinnati has the lowest interest rate?

Can I use a personal loan for vacations in Cincinnati?

Can I use a personal loan for home improvement in Cincinnati?

What can I not use my personal loan for in Cincinnati?

How much can I borrow in Cincinnati?

How long does it take to get a personal loan in Cincinnati?

Can I pay off my loan early in Cincinnati?

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, 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.

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.

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.

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