Best Personal Loans in Oklahoma for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loan red flags , watch out for extremely high APRs, unusual repayment penalties, a lack of transparency about the lending institution and negative consumer reviews.

With a MoneyGeek score of 98, First Tech is the best choice for personal loans in Oklahoma, featuring outstanding customer service, competitive interest rates and a range of flexible loan terms.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Denise Cristobal

Updated: October 29, 2024

Advertising & Editorial Disclosure

MoneyGeek rated the best lenders in Oklahoma by considering reputation, APR, required credit scores and flexibility in loan terms. Based on our analysis, the two top personal loan lenders in Oklahoma are First Tech (scoring 98 out of 100) and PenFed (scoring 96). They stand out for their exceptional customer service, competitive rates and transparent processes.

The average credit score in Oklahoma is 696, according to Experian data from 2023. This suggests the average borrower could receive decent loan rate and term options, as scores above 660 are generally seen as good. Your credit profile, income history and debt-to-income ratio also matter when applying for a personal loan.

Best PersonalLoan LendersOklahoma

2024

Best Personal Loan Lenders in Oklahoma

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers, including annual percentage rate (APR) and customer service.

We completed our analysis of banks and lenders licensed to do business in Oklahoma as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Personal Loan Lender in Oklahoma

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

MoneyGeek's pick for the top personal loan lender in Oklahoma is First Tech, with a MoneyGeek score of 98 out of 100. The lender offers competitive APRs ranging from 8.94% to 18.00%, which are lower on average than other lenders' APR offerings. Its flexible repayment terms of up to 84 months allow for manageable payment plans. First Tech excels in customer service, providing comprehensive support and educational materials. Its competitive rates and fees showcase a commitment to affordability for borrowers.

Pros

Insured by the National Credit Union Administration (NCUA)
No early repayment penalty
Provides granular APR data for a variety of loan terms

Cons

Need to be a member to apply
Could provide more detail on the loan application process
Little published information about credit score requirements

Runner-Up for Best Personal Loan Lender in Oklahoma

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed is MoneyGeek's runner-up for best lender for personal loans in Oklahoma, scoring of 96 out of 100. This financial institution offers competitive APRs from 7.99% to 17.99%. Its loan repayment terms extend to 60 months, showing more flexibility than other lenders. PenFed stands out in terms of repayment flexibility and consumer transparency, suggesting a balance of user-friendly practices and clear policies.

Pros

Offers some of the lowest APRs available
No early repayment penalty
Insured by the National Credit Union Administration (NCUA)

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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Best Personal Loan Lender in Oklahoma for Bad Credit

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

Happy Money, with a score of 94 out of 100, is MoneyGeek's pick for the best personal loan lender for those with low credit in Oklahoma. Although not a traditional lender, Happy Money partners with various federally insured institutions, ensuring competitive rates and transparency about credit requirements. It offers a commendable APR range from 11.72% to 17.99%, which is quite favorable compared to other lenders' rates. The minimum credit score to qualify is 640, making it accessible for those with lower credit scores. The company is particularly strong in customer service and education, as well as reputation and transparency, which are critical for borrowers needing guidance and clear information.

Pros

Works with 10 federally insured lenders to originate installment loans
Transparent eligibility requirements, including credit score minimum
No application fee

Cons

Longer time to wait for loan approval compared to other lenders analyzed
The lenders they work with charge an origination fee

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Getting a personal loan is still possible if you have a lower credit score than 580, but you will not have access to the best interest rates and terms available. Some lenders allow prequalification, which won't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender in Oklahoma for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

Alliant Credit Union is MoneyGeek's pick for the best option in Oklahoma for debt consolidation personal loans, scoring 96 out of 100. It features lower APRs ranging from 10.99% to 13.99%. Alliant is an online-only bank that requires borrowers to be bank members for 90 days to qualify for a loan. The provider stands out for its competitive rates and fees and transparent and informative approach to consumers.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
No prepayment penalties

Cons

An online-only credit union, no physical branches
Must be a member for 90 days prior to applying

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Oklahoma

When seeking a personal loan in Oklahoma, it's crucial to consider your creditworthiness, which includes your credit score, income and debt-to-income ratio. A higher credit score often leads to more favorable loan terms, including lower APRs; therefore, taking steps to improve your credit score before applying could be beneficial.

The table below illustrates how your credit score affects your monthly loan payments.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

SEE THE BEST PERSONAL LOANS IN CITIES IN OKLAHOMA

Pros and Cons of Personal Loans in Oklahoma

Personal loans offer lower interest rates compared to credit cards and the convenience of consolidating various debts into a single, manageable payment. With flexible uses and the possibility of improving your credit score through timely repayment, personal loans present an attractive financial tool for a variety of needs. However, it's important to consider that personal loans also come with potential pitfalls, such as origination fees and the risk of asset loss in a secured personal loan.

For a balanced perspective, review the pros and cons of personal loans to understand the full breadth of considerations.

The Pros and Cons of Personal Loans

Competitive interest rates for qualified applicants
Consolidation of high-interest debt into one payment
Rapid approval and fund disbursement
Option to have a co-signer for improved loan conditions

Additional costs due to origination fees
Prepayment penalties for early loan repayment
Risk of asset loss in secured personal loans
Potential for accumulating excessive debt

FAQ About Personal Loans in Oklahoma

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Oklahoma for personal loans?

According to MoneyGeek's analysis, First Tech is the best lender in Oklahoma for personal loans, with a MoneyGeek score of 98. Its average APR is 13.5%.

Where is the best place to get a personal loan in Oklahoma?

In Oklahoma, personal loans are offered by online lenders, banks and credit unions. For local in-person services, Oklahoma Central Credit Union, Oklahoma's Credit Union and Tinker Federal Credit Union provide personal loans for residents.

Who has the best personal loan interest rates in Oklahoma?

PenFed offers the lowest starting APR of 7.99% for personal loans in Oklahoma, according to MoneyGeek's analysis. Getting a low rate usually requires an excellent credit score.

What can I use a personal loan for in Oklahoma?

Restrictions on the use of personal loans may vary by lender, but they can typically be used for a wide range of purposes, such as medical expenses, home or auto repairs and emergency circumstances. They are generally not allowed for college tuition or illegal activity.

What are some personal loan red flags to look out for?

When considering personal loan red flags, watch out for extremely high APRs, unusual repayment penalties, a lack of transparency about the lending institution and negative consumer reviews.

Do lenders consider income level when applying for a personal loan?

Yes, lenders consider income level when you apply for a personal loan. However, they also look at other factors like debt-to-income ratio, employment history and credit report. Be cautious of opening new lines of credit during the application process, as this could affect your chances of approval.

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About Zachary Romeo, CBCA

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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sources

Experian. "What Are the Different Credit Scoring Ranges?." Accessed October 15, 2024.
Experian. "What Is the Average Credit Score in the US?." Accessed October 15, 2024.

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.