Best Personal Loans in Wisconsin for 2024

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

When considering personal loans , look out for high APRs, lack of transparency about the lender's federal insurance, a high frequency of poor consumer reviews and an application process that requires no verification of identity or income.

With a MoneyGeek score of 98, First Tech offers the best personal loans in Wisconsin, featuring excellent customer service, competitive interest rates and a highly transparent lending process.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Benjamar Gabawa

Updated: November 27, 2024

Advertising & Editorial Disclosure

First Tech and PenFed are the top personal loan lenders in Wisconsin, according to MoneyGeek. First Tech ranks highest with a score of 98, offering excellent customer service and competitive fees. With a close score of 96, PenFed also provides flexible terms and clear, cost-effective loan options.

If you live in Wisconsin and have a credit score near 737, you will likely have favorable loan terms. Lenders will also evaluate your credit profile, income history and debt-to-income ratio to determine your loan terms and annual percentage rate (APR).

Best PersonalLoan LendersWisconsin

2024

Best Personal Loan Lenders in Wisconsin

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.

We completed our analysis of banks and lenders licensed to do business in Wisconsin 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 Wisconsin

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

First Tech Federal Credit Union is MoneyGeek's top pick in Wisconsin for personal loans, scoring 98 out of 100. Its APR range, 8.94% to 18.00%, is notably lower on average than competitors, signifying cost-effective borrowing options. Additionally, repayment terms extending from six to 84 months provide borrowers ample flexibility. Excellence in customer support and educational resources, alongside highly competitive rates, positions First Tech favorably for potential loan seekers.

Pros

Insured by the National Credit Union Administration (NCUA)
Doesn't charge an application or loan origination fee
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 Wisconsin

PenFed

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

MoneyGeek's runner-up for the best lender for personal loans in Wisconsin is PenFed with an overall score of 96 out of 100. This financial institution shines with diverse, flexible repayment options for up to 60 months and a competitive APR range between 7.99% and 17.99%, placing it favorably compared to others. It stands out for high scores in both the range of loan options provided and the extent of detailed information it shares, demonstrating a commitment to customer empowerment and choice.

Pros

Offers some of the lowest APRs available
No early repayment penalty
No origination fee

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment
Could provide more detail on the loan application process

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have 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 the 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

Loan Amount

Loan Term

5 Years

Interest Rate

Payment:

$0/Month

Total Principal Paid:

Total Interest Paid:

Total Paid

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.

Best Personal Loan Lender in Wisconsin 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

MoneyGeek's pick for the best personal loan provider in Wisconsin for borrowers with low credit is Happy Money, with a MoneyGeek score of 94 out of 100. While Happy Money partners with various federally insured financial institutions to originate installment loans, it stands out due to its transparent credit score requirements and competitive rates. It offers APRs ranging from 11.72% to 17.99%, with a minimum credit score of 640, which is favorable when compared to other lenders' rates. Happy Money distinguishes itself in customer service and education, and it shines for its notable transparency and upfront information provision about loan processes, fees and terms.

Pros

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

Cons

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

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.

It's still possible to get a personal loan if you have lower credit than this, but you will need 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 Wisconsin 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 Union offers competitive personal loan options for debt consolidation in Wisconsin, with APRs ranging from 10.99% to 13.99%, which falls below average compared to other rates analyzed by MoneyGeek. Alliant Credit Union is MoneyGeek's pick for the best in Wisconsin, achieving a MoneyGeek score of 96 out of 100. The institution flourishes in providing upfront information, maintaining a positive reputation and offering appealing rates and fees. To be eligible for a personal loan with Alliant, you must be an online-only bank member in good standing for at least 90 days.

Pros

Among the highest loan limits available in our analysis
No prepayment penalties
Wide variety of loan types available

Cons

An online-only credit union, with no physical branches
Must be a member for at least 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 California

Lenders focus on your creditworthiness, including your credit score, credit history, income level and debt-to-income ratio, to determine the terms of your loan and your APR. A higher credit score can secure more favorable rates, so improving your credit before applying could be beneficial.

Refer to the table below to see how different credit scores might affect your monthly loan payments for a personal loan in Wisconsin.

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 offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that 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.

BEST PERSONAL LOANS IN CITIES IN WISCONSIN

Pros and Cons of Personal Loans in Wisconsin

Personal loans offer the advantage of consolidating higher-interest debts into one manageable payment and providing rapid access to funds, which can benefit various financial situations. Remember, however, that while numerous personal loan benefits exist, it is important to be mindful of potential drawbacks, such as origination fees and the risk of asset loss with a secured personal loan.

To better understand the deal, review the pros and cons of personal loans before deciding to apply.

The pros and cons of personal loans

Interest rates for personal loans are typically lower than those of credit cards for individuals with strong credit.
Personal loans allow for the combination of multiple high-interest debts into one manageable monthly payment.
Personal loans often provide rapid approval and distribution, which is crucial for immediate financial needs.
Personal loans offer a high degree of flexibility in use, covering expenses ranging from healthcare to home improvements.

Increased loan cost due to origination fees
Potential prepayment penalties
Risk of asset loss with secured loans
Encouragement of excessive debt accumulation

FAQ About Personal Loans in Wisconsin

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 Wisconsin for personal loans?

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

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

The best place to get a personal loan in Wisconsin is from online lenders, banks and credit unions. Local credit unions such as Educators Credit Union, Heartland Credit Union and WESTconsin Credit Union offer personal loans for local access to in-person services.

Who has the best personal loan interest rates in Wisconsin?

PenFed offers the lowest APR available for personal loans in Wisconsin, according to MoneyGeek's analysis, starting from 7.99%. However, your best rates might differ based on your specific needs and financial situation, and securing a low rate often requires an excellent credit score.

What can I use a personal loan for in Wisconsin?

In Wisconsin, you can generally use personal loans for various purposes such as consolidating debt, covering wedding expenses, or for home or auto repair. Typically, personal loans can't be used for college tuition or gambling.

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

When considering personal loans, look out for high APRs, lack of transparency about the lender's federal insurance, a high frequency of poor consumer reviews and an application process that requires no verification of identity or income.

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

Yes, lenders do consider income level when applying for a personal loan. They evaluate aspects such as your debt-to-income ratio, employment history, type of employment and credit report. Opening new lines of credit during the application process can affect the likelihood of approval.

Personal Loans

Best Personal Loans

Personal Loans

Best Bad Credit Loans

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.

Read Full Bio »

sources

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.