Best Personal Loans in Providence, RI: Top Lenders & Best Picks for You

Because of LightStream's lack of common fees, including origination, late and prepayment fees, it has emerged as MoneyGeek's top pick for the overall best personal loans in Providence, Rhode Island. LightStream is a division of SunTrust Banks' online consumer lending business that was launched in 2013.

Low-interest personal loans are available from LightStream, and they are primarily targeted at borrowers with good or excellent credit ratings. You can submit an application online or via the lender's mobile app and get the money the same day if your loan request is approved on a banking business day. The company offers a broad range of repayment term options as well.

LightStream is a great option for potential borrowers looking for a large, flexible loan because it offers personal loans up to $100,000 for different purposes. On the flip side, the $5,000 minimum loan makes it less than ideal for individuals looking to borrow a smaller amount of money.

Upstart, a company launched in 2012, evaluates a person's eligibility for a personal loan using artificial intelligence tools. It is the best choice if you don't have a good credit history because the company has no minimum credit score requirement.

Even though Upstart offers loans to those with bad or incomplete credit, it may charge them higher interest rates than other lenders do. Although Upstart has the lowest minimum APR in Providence, this personal loan provider also charges potentially high APRs for loans.

After approval, you can have your money as soon as the next working day. Although there is no prepayment penalty, Upstart borrowers can incur late and origination fees.

SoFi is a well-known provider of personal loans and an appealing option if you have excellent credit in Providence, Rhode Island. Social Finance, popularly known as SoFi, was established in 2011 to provide student loan refinancing services and began offering personal loan products in 2015.

You may borrow between $5,000 and $100,000 with SoFi, and its credit requirements stipulate a minimum score of 680. You could collect the money the same day SoFi authorizes your loan. The lender may also modify your loan payments to your benefit if you lose your job while the loan is still active.

The minimum gross income requirement for SoFi's loans is $50,000. There are many different repayment term options to choose from, and the company’s maximum APR is quite reasonable, although its minimum APR leaves something to be desired.

Upgrade is our recommended lender if you plan to use your loan to pay off high-interest debt. Since its launch in 2016, this company has loaned over $10 billion.

Upgrade allows you to borrow between $1,000 and $50,000. For debt consolidation loans, the lender provides third-party creditors with direct payments. Upstart initially does a soft credit inquiry, which does not hurt your credit score, and it normally releases your funds one business day after approving your loan. Upstart won't impose a prepayment penalty if you choose to repay your loan early.

The lender does, however, charge origination and late payment fees. While Upgrade offers low rates to borrowers with excellent credit, its maximum APR is very high.

Best Egg was established in Texas in 2014. It has developed a reputation as a low-cost personal loan provider for home improvement loans in Providence, Rhode Island. Best Egg offers personal loans from $2,000 to $50,000 that are repaid over three to five years.

Best Egg is a solid choice for a personal loan for home upgrades if you have strong credit. However, Best Egg charges origination, late and returned payment fees. In addition, its APR range is pretty high.

Best Egg only accepts borrowers with strong credit scores, as it has a 700 minimum. That said, borrowers can get their money quickly, as Best Egg funds most personal loans the next business day.