Best Personal Loans in Chattanooga, TN: Top Lenders & Best Picks for You

Updated: October 29, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Chattanooga, TN

MoneyGeek analyzed over 30 factors, such as interest rates, terms and fees, the application process and the quality of customer support, to select the top personal loan lenders in Chattanooga.

Keep in mind that the ideal personal lender for you will vary based on your specific needs and credit history. We assessed financial institutions for various types of borrowers, including those with poor, good and excellent credit scores, as well as those in need of personal loans for debt consolidation or home repair.

Best Overall Personal Loan Lender in Chattanooga: 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

    Truist was established in 2019 after a merger between BB&T and SunTrust Banks. Truist Bank offers several financial products, including personal loans, checking and savings accounts, credit cards and insurance.

    Truist Bank offers personal loans with fast funding, with loan amounts ranging from $3,500 to $50,000. Borrowers looking to consolidate high-interest debt, finance home improvements or pay for other large purchases or expenses will find Truist's personal loan to be an attractive option. Truist offers flexible terms that can be customized depending on your needs and competitive interest rates.

    However, Truist limits personal loans to $50,000. Customers looking to borrow more should consider other lenders.

    Pros

    • Received an A+ rating from the BBB
    • No origination fees
    • No prepayment penalties or late fees
    • Autopay discount

    Cons

    • Conducts hard credit inquiry
    • Low maximum loan amount
    • No co-signers
    • Won’t accept people with new or no credit
    • Restriction on fund usage
    Truist

Best Personal Loan Lender for Bad Credit in Chattanooga: 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

    Upstart is ideal for those who need a personal loan and have bad credit scores. It offers loans from $1,000 to $50,000 with competitive rates. There are no fees or penalties for paying off your loan early with Upstart. You can use personal loans from this provider for home improvement, moving, medical expenses and debt consolidation.

    Upstart’s personal loans underwriting model uses artificial intelligence and nontraditional data to qualify borrowers for their loans. The application process is straightforward, with only basic information needed. This includes your income, employment history, the state where you live and your Social Security number.

    However, you may not qualify for the lowest rate if you have a low credit score.

    Pros

    • No prepayment penalty
    • Soft credit check
    • Fast funding
    • A+ BBB rating
    • 300 minimum credit score

    Cons

    • Charges late fees
    • Charges an origination fee
    • Low maximum loan amount
    • No co-signers
    • No autopay discount
    Upstart

Best Personal Loan Lender for Good Credit in Chattanooga: 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

    MoneyGeek's SoFi personal loan review found this lender to be the best personal loan provider for borrowers with good credit in Chattanooga.

    Established in 2011, SoFi is an online lending platform that is a solid option for personal loan borrowers looking for high loan amounts. Its loans range from $5,000 to $100,000.

    Applicants with credit scores below 680 may not qualify for loans through this lender, but SoFi is a great option if you qualify.

    SoFi personal loans can be used for various purposes. The lender doesn't charge origination and prepayment fees, which makes it even more attractive to borrowers looking for a low-cost way to consolidate debt or finance major purchases.

    Pros

    • No origination fees
    • No prepayment fees
    • Offers unemployment protection
    • Offers an autopay discount

    Cons

    • High minimum loan amount
    • Doesn’t accept average or bad credit
    • No co-signer options
    • Income requirements
    • High credit score requirement
    SoFi

Best Personal Loan Lender for Debt Consolidation in Chattanooga: 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 MoneyGeek’s top pick for a personal loan lender for debt consolidation in Chattanooga. It offers loans of up to $50,000.

    The application process with Upgrade is also simple and straightforward. In order to qualify, applicants need an average credit score of 560 or higher. Upgrade offers an autopay discount.

    Upgrade doesn’t charge prepayment penalties, but its loans carry an origination fee. Furthermore, Upgrade charges late payment fees.

    Pros

    • Autopay discount
    • A+ BBB rating
    • Conducts soft credit inquiries
    • No prepayment penalties
    • Fast funding

    Cons

    • Low maximum loan amount
    • Charges origination
    • Late fees
    • High maximum APR
    • Restrictions on fund usage
    Upgrade

Best Personal Loan Lender for Home Improvement in Chattanooga: 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 the go-to company that offers personal loans to those who need home improvement in Chattanooga. If you’re looking for affordable ways to make your home more livable, then this lender is the best option.

    Depending on your state, Best Egg loans range from $2,000 to $50,000. Aside from home improvement, Best Egg personal loans can be used to finance other expenses. You can get your funding as soon as the next day, and loan terms range from 36 to 60 months.

    Pros

    • A+ BBB rating
    • Low minimum loan amount
    • Conducts soft inquiry
    • No prepayment fees

    Cons

    • Origination fee
    • Has late fees
    • Low maximum loan amounts
    • High maximum APR
    • No co-signers
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Chattanooga for You

It’s important to take a variety of factors into consideration when applying for a personal loan. A few things to think about are your credit score, current debts and income. Doing so can help you find the best personal loan lender in Chattanooga. The average personal loan debt in Tennessee is $25,174 with an average credit score of 701.

MoneyGeek recommends the following steps to help you get the best personal loan in Chattanooga.

  1. 1
    Ask Yourself the Important Questions

    In order to choose the best personal loan lender in Chattanooga for you, it's important that you answer these four questions.

    • How much funding do I need? Knowing how much money you need to cover your expenses is a key question when looking for a personal loan.
    • What is my credit score? Before applying for any type of loan, it's smart to check your credit report and make sure everything is accurate and up to date.
    • Can I afford the monthly payment? Calculate what your monthly payment will be before applying for a personal loan so you can determine whether or not you can afford it on top of all of your other bills. Use the MoneyGeek personal loans calculator to estimate your payments with different amounts borrowed and various interest rates.
    • How much debt do I already have? Figure out your debt load by adding together the balances of all your debts (credit cards, car loans and student loans). If you have too much debt, then it might be wise to explore some options, such as refinancing or consolidating, before taking on more debt through a new personal loan.
  2. 2
    Do Your Research

    Choosing the best personal loan lender in Chattanooga can be a difficult task. There are many different lenders to choose from, with various benefits and drawbacks, so do your research before deciding on a lender.

    Other factors to consider when choosing the right lender include whether or not the annual percentage rate (APR) is high, if there is an application fee, what type of credit score is required and if there are any specific requirements like being employed. Remember that it is important to know all the costs involved and make sure they match up with your needs. MoneyGeek’s suggestions may not be the perfect fit for you, so make sure to do your own research.

  3. 3
    Wait

    Once you have done your research and know what to look for when searching for the best personal loan, it’s time to pick a lender. It’s important to wait a day or two before applying, though. When you get a personal loan, it should be an educated decision. This is not something that can be undone easily, so it’s important to make sure you are absolutely sure this is the right option.

    One of the best ways to do this is by waiting until you're absolutely certain about getting a personal loan. There are many factors involved, and waiting will help you ensure that everything goes smoothly and there aren't any mistakes made during the application process.

  4. 4
    Read the Fine Print

    The fine print is often overlooked by borrowers, but it contains vital information about your loan. Be sure to examine all of the details before signing on the dotted line. If you can’t afford to repay the loan, then don’t apply. Additionally, when applying for a personal loan, be sure that you have read and fully understood the terms and conditions.

    It is also important to note any prepayment penalties or early payoff fees that might affect how long it takes to pay off the loan, as well as if there are other fees, such as origination fees.

  5. 5
    Apply

    When you feel confident about your choice of lender and have gathered all the information you need to apply, it’s time to apply. Most lenders will ask for identification, address verification and proof of income during the application process.

    Although the online application is convenient, there’s no harm in visiting or calling if the option is available. Remember that most personal loans are subject to credit approval by lenders, so make sure that you can demonstrate sufficient creditworthiness before applying for any personal loans in Chattanooga.

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

Unfortunately, there are a number of reasons why you may not be able to get a personal loan. However, that does not mean that you have no options. Lenders sometimes decline personal loan applications if the applicant has a low credit score, insufficient income or provides unverifiable or incorrect information on their application.

If you are unsure about why your loan was declined, contact the lender to find out exactly what it is looking for and what it will need from you in order to approve the loan. The lender may request more documentation, which is good news because it means that with a few modifications, you can still have access to the money.

In addition, you can also apply with another company if absolutely necessary. However, it should be avoided until you have fixed the problem that caused you to be denied in the first place.

Avoid payday loans if you can. It is tempting to use these types of loans when you are desperate for cash and unable to qualify for a traditional personal loan. However, these high-interest short-term loans usually come with very expensive repayment plans. The interest rates on these types of loans tend to be sky-high. Depending on how much money you borrow, the monthly payments could add up quickly.

Frequently Asked Questions About Personal Loans in Chattanooga

The best personal loans in Chattanooga, Tennessee, for you will depend on your personal needs and various other credit and income factors. MoneyGeek answered the commonly asked questions below to help you find a loan that meets your needs.

What is the best personal loan lender in Chattanooga?
Which lender in Chattanooga has the lowest interest rate?
Can I use a personal loan for vacations in Chattanooga?
Can I use a personal loan for home improvement in Chattanooga?
What can I not use my personal loan for in Chattanooga?
How much can I borrow in Chattanooga?
How long does it take to get a personal loan in Chattanooga?
Can I pay off my loan early in Chattanooga?

Our Personal Loan Methodology

We analyzed over 30 different personal loan providers by collecting and analyzing over 35 different data points across six major categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

For our rankings, we looked at a variety of factors within each area to determine which factors were most important to borrowers when selecting a personal loan provider. Factors such as annual percentage rates, loan amounts, minimum credit scores, income requirements, application costs and funding times are all important.

We value you, the consumer, so we also consider each lender's customer service, company ratings and other services that might make your experience better and more accessible, including prequalification, payment options and mobile applications.

After analysis and calculation, our recommendations are made with your best interests in mind. Our personal loan recommendations and expert advice are intended to assist you in selecting the right lender for 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.

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sources
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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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