Best Personal Loans in Memphis, TN

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.

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.

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.

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