Best Personal Loans in Toledo, OH

fact checked icon

Updated: October 29, 2024

Advertising & Editorial Disclosure

University of Toledo Federal Credit Union stands out as the best personal loan lender in Toledo, Ohio, with a MoneyGeek score of 100 out of 100, due to its competitive interest rates, flexible repayment terms, and credibility, while Laurel Road ranks as the best lender for online personal loans with a MoneyGeek score of 93 out of 100, known for its strong customer service, broad repayment terms, and quick application and approval process.

We 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 in 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.

recency icon

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

325Lenders Analyzed Nationally

Overall Best Personal Loan in Toledo, OH

Company logo for University of Toledo Federal Credit Union
University of Toledo Federal Credit Union
MoneyGeek Score100
APR RangeFrom 9.00%
Loan Amount RangeUp to $25,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

University of Toledo Federal Credit Union is the best personal loan lender in Toledo, Ohio, with a MoneyGeek score of 100 out of 100. This lender is federally insured by the NCUA, providing a sense of security and trust for its borrowers.

Best Online Personal Loan in Toledo, 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 Toledo, Ohio, with a MoneyGeek score of 93 out of 100. Its personal loan offerings include a loan amount range from $5,000 to $45,000 and repayment terms between 36 to 60 months. Borrowers can receive funds within 7 days.

Calculate Your Monthly Payment in Toledo, OH

The United States Census Bureau reported that the median annual household income in Toledo, Ohio, in 2022 was $47,365. Regardless of whether your income is above or below this median value, what matters is your ability to afford the monthly loan payments. 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, a $10,000 personal loan with a 10% interest rate and three years in repayment terms results in a monthly payment of $323 and an annual cost of $3,876. This amount represents approximately 8% of the median annual household income in Toledo, Ohio.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

5 Years
Shield Insurance

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Runner-Up for Best Personal Loan in Toledo, OH

Company logo for Toledo Urban Federal Credit Union
Toledo Urban Federal Credit Union
MoneyGeek Score94
APR Range10% to 18%
Loan Amount RangeUp to $20,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Toledo Urban Federal Credit Union is the runner-up for the best personal loans in Toledo, Ohio, achieving a MoneyGeek score of 94 out of 100. It is a federally insured lender with an A+ BBB rating, providing peace of mind for borrowers.

Other Options for Personal Loans in Toledo, OH

Company logo for Superior Credit Union
Superior Credit Union
MoneyGeek Score91
APR RangeFrom 11.99%
Loan Amount RangeUp to $10,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Superior Credit Union stands out as a suitable choice for personal loans in Toledo, Ohio, securing a MoneyGeek score of 91 out of 100. It's federally insured by the NCUA, ensuring a high level of security for your funds.

Company logo for Directions Credit Union
Directions Credit Union
MoneyGeek Score91
APR RangeFrom 11.80%
Loan Amount RangeUndisclosed
Repayment TermsUp to 48 months
Time to Receive FundsUndisclosed
Overview

Directions Credit Union is another good choice for personal loans in Toledo, Ohio, scoring a MoneyGeek score of 91 out of 100. It is a federally insured institution by the NCUA and has no prepayment penalty, making it an attractive option for savvy borrowers looking to save on interest.

National Lenders With Physical Locations in Toledo, OH

If you're in Toledo, Ohio, and the personalized service of a national lender is what you're after when seeking the best personal loans, you're in luck because there's a handful to pick from. Lenders like Fifth Third Bank, PNC, OneMain Financial and KeyBank offer their services to those who prefer to manage their loan process face to face.

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

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

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

  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 the reasons helps you improve your weak areas and prevent future loan application denial.

  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 helps 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 credit counseling agencies to better manage your credit card debt and develop your budget. You can get credit counseling services from the Department of Justice's list of approved credit counseling agencies. The National Foundation for Credit Counseling can be another option.

FAQ About Personal Loans in Toledo, OH

We addressed common questions about the best personal loans in Toledo, Ohio to offer valuable insight and assist you in making informed decisions.

What is the best overall personal loan lender in Toledo, Ohio?
What are personal loans used for in Toledo, Ohio?
What are the interest rates on personal loans in Toledo, 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 Toledo, Ohio?
What are the best low-interest personal loans in Toledo, Ohio?
What is an installment loan? Is there a difference between personal loans and installment loans in Toledo, Ohio?
Is there a difference between credit union loans and bank loans in Toledo, 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.

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