Best Personal Loans in Memphis, TN

fact checked icon

Updated: October 29, 2024

Advertising & Editorial Disclosure

The Memphis City Employees Credit Union is the best personal loan lender in Memphis, Tennessee, with a MoneyGeek score of 99 out of 100, offering competitive interest rates, flexible repayment terms and quick application and approval processes. Laurel Road, with a MoneyGeek score of 93 out of 100, is the best lender for online personal loans due to its strong customer service, quick application and approval process, and credibility and transparency in its loan terms.

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 Tennessee.

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 Memphis, Tennessee. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Memphis, TN

Company logo for Memphis City Employees Credit Union
Memphis City Employees Credit Union
MoneyGeek Score99
APR RangeFrom 9.75%
Loan Amount RangeFrom $500
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

Memphis City Employees Credit Union is the best personal loan lender in Memphis, Tennessee, with a MoneyGeek score of 99 out of 100. It allows borrowers to get personal loans starting as low as $500 and is federally insured by the NCUA.

Best Online Personal Loan in Memphis, TN

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 Memphis, Tennessee with a MoneyGeek score of 93 out of 100. With its personal loan offerings, borrowers can access amounts ranging from $5,000 to $45,000 across repayment terms from 36 to 60 months.

Calculate Your Monthly Payment in Memphis, TN

The United States Census Bureau reported the median annual household income in Memphis, Tennessee in 2022 as $50,622. Regardless of whether your actual income is above or below the 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, if you take out a $10,000 personal loan with a 10% interest rate and three years in repayment terms, your monthly payment would be $323 and $3,876 per year. This amount is about 8% of the median annual household income in Memphis, Tennessee.

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 Memphis, TN

Company logo for Shelby County Federal Credit Union
Shelby County Federal Credit Union
MoneyGeek Score94
APR Range10.75% to 18%
Loan Amount RangeUndisclosed
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

Shelby County Federal Credit Union ranks as the runner-up for the best personal loans in Memphis, Tennessee, with a MoneyGeek score of 94 out of 100. It stands out for being federally insured by the NCUA, ensuring deposit safety.

Other Options for Personal Loans in Memphis, TN

Company logo for FAA Federal Credit Union
FAA Federal Credit Union
MoneyGeek Score90
APR Range14.25% to 18%
Loan Amount RangeUndisclosed
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

FAA Federal Credit Union stands as a solid option for personal loans in Memphis, Tennessee, with a MoneyGeek score of 90 out of 100. It offers some appealing features such as no prepayment penalties, allowing borrowers to pay off their loans faster without extra costs.

National Lenders With Physical Locations in Memphis, TN

Borrowers in Memphis, Tennessee seeking the best personal loans who value the face-to-face interaction that a national lender can provide will find several reputable institutions in the area to consider. The lenders available within the city include Truist, Wells Fargo and OneMain Financial, each offering a variety of loan options and services to meet different financial needs.

OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
Truist8.74% to 17.39%Starting from $3,50024 to 60 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Memphis, TN

Your personal loan application in Memphis, Tennessee can get denied due to 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. Review the reasons to 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. Shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to 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 better manage your credit card debt and develop your budget. You can get credit counseling services from Department of Justice's list of approved credit counseling agencies. National Foundation for Credit Counseling can be another option.

FAQ About Personal Loans in Memphis, TN

We addressed common questions about the best personal loans in Memphis, Tennessee, offering clear insights to aid your decision-making process.

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

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