Best Personal Loans in Cleveland, OH

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Updated: September 26, 2024

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Firefighters Community Credit Union is the best personal loan lender in Cleveland, Ohio, with a MoneyGeek score of 100 out of 100. It offers competitive interest rates, flexible repayment terms and transparency about its loan terms and process. Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100. It provides competitive interest rates, broad repayment terms and a quick application and approval process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks for the best personal loans in Ohio.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Cleveland, Ohio. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Cleveland, OH

Company logo for Firefighters Community Credit Union
Firefighters Community Credit Union
MoneyGeek Score100
APR RangeFrom 11.40%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Firefighters Community Credit Union is the best personal loan lender in Cleveland, Ohio, with a MoneyGeek score of 100 out of 100. It offers a 0.25% autopay discount and holds an A+ rating with the Better Business Bureau. However, it charges a $75 loan processing fee and doesn't allow for prequalification. While it provides optional loan payment protection and allows co-borrowers, there is little information about its loans on the website.

Best Online Personal Loan in Cleveland, OH

Company logo for Laurel Road
Laurel Road
MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Cleveland, Ohio, with a MoneyGeek score of 93 out of 100. It offers loans ranging from $5,000 to $45,000 with repayment terms of 36 to 60 months. It has a 0.25% autopay discount and no origination fees, which can help save money during the loan's life. However, its relatively high minimum loan amount might not suit those needing smaller loans. It also imposes a late fee of 5% or $28, which could add up for those who might have trouble with timely repayments.

Calculate Your Monthly Payment in Cleveland, OH

According to the United States Census Bureau, the median annual household income in Cleveland, Ohio, in 2022 was $37,351. Whether your actual income is above or below this median value, your ability to afford the monthly loan payments matters. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan with a 10% interest rate and a three-year repayment term, your monthly loan payment would be $323, which amounts to $3,876 per year. This figure represents approximately 10% of the median annual household income in Cleveland, Ohio.

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Updated: Nov 21, 2024

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Runner-Up for Best Personal Loan in Cleveland, OH

Company logo for Cleveland Police Credit Union
Cleveland Police Credit Union
MoneyGeek Score92
APR RangeFrom 14.90%
Loan Amount RangeUp to $5,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Cleveland Police Credit Union is the runner-up for the best personal loans in Cleveland, Ohio, with a MoneyGeek score of 92 out of 100. It offers personal loans with APRs starting from 14.90%, and borrowers can access up to $5,000 with repayment terms of up to 60 months. Its funds are federally insured by the NCUA, ensuring a level of security for members. It provides a user-friendly mobile app, making it easy for borrowers to manage their accounts. Conversely, the borrowing limit is $5,000, which may not meet all borrowers' needs. There is also limited information about its loan products on its website, making it harder for potential members to assess their options fully.

National Lenders With Physical Locations in Cleveland, OH

Borrowers in Cleveland, Ohio, searching for the best personal loans can choose from various national lenders that offer in-person services. The lenders include Fifth Third Bank, PNC, U.S. Bank, OneMain Financial and KeyBank, offering multiple options to meet personal finance needs.

Fifth Third Bank8.99% to 21.74%$2,000 to $50,00012 to 60 months
OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
U.S. Bank8.74% to 24.99%$1,000 to $50,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Cleveland, OH

Your personal loan application in Cleveland, Ohio, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, you can take steps to navigate this setback.

  1. 1
    Find out the reason for the denial

    Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing these reasons can help you improve your weak areas and prevent another loan application denial in the future.

  2. 2
    Modify your loan terms

    You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

  3. 3
    Look for another lender

    Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service can help you find the best lender for your particular needs and circumstances.

  4. 4
    Explore credit counseling services

    Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to manage your credit card debt better and develop your budget. You can find credit counseling services from the Department of Justice's list of approved credit counseling agencies. The National Foundation for Credit Counseling also offers resources about credit counseling.

FAQ About Personal Loans in Cleveland, OH

We addressed frequently asked questions about the best personal loans in Cleveland, Ohio, to offer valuable insight and aid in your decision-making process.

Who is the best overall personal loan lender in Cleveland, Ohio?
What are personal loans used for in Cleveland, Ohio?
What are the interest rates on personal loans in Cleveland, Ohio?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Cleveland, Ohio?
What are the best low-interest personal loans in Cleveland, Ohio?
What is an installment loan? Is there a difference between personal loans and installment loans in Cleveland, Ohio?
Is there a difference between credit union loans and bank loans in Cleveland, Ohio?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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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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