Best Personal Loans in Milwaukee, WI

Name: Best Personal Loans in Milwaukee, WI
Item: Best Personal Loans in Milwaukee, WI
Author: Zachary Romeo, CBCA

UW Credit Union offers the best personal loans in Milwaukee, Wisconsin, with a MoneyGeek score of 94 out of 100. It excels in customer service, loan terms flexibility and a straightforward application process and approval.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Lukas Velunta

Updated: October 16, 2024

Advertising & Editorial Disclosure

UW Credit Union is the best personal loan lender in Milwaukee, Wisconsin, with a MoneyGeek score of 94 out of 100, providing quality service, flexible repayment terms, and a quick application and approval process. Laurel Road is the best lender for online personal loans with a MoneyGeek score of 93 out of 100, offering strong customer service and credible and transparent 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 Wisconsin.

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.

Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick-and-mortar locations in Milwaukee, Wisconsin. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Milwaukee, WI

Educators Credit Union

MoneyGeek Score94

APR RangeFrom 10.90%

Loan Amount RangeUndisclosed

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

UW Credit Union is the best personal loan lender in Milwaukee, Wisconsin, with a MoneyGeek score of 94 out of 100. It stands out for offering federally insured loans by the NCUA and having no prepayment penalties, which can save you money if you decide to repay early.

Best Online Personal Loan in Milwaukee, WI

Discover

MoneyGeek Score93

APR Range7.99% to 24.99%

Loan Amount RangeUp to $40,000

Repayment Terms36 to 84 months

Time to Receive FundsNext Day

Overview

Laurel Road is the best online lender for personal loans in Milwaukee, Wisconsin, with a MoneyGeek score of 93 out of 100. The lender offers personal loans ranging from $5,000 to $45,000 with repayment terms of 36 to 60 months. Borrowers can expect funding within seven days of application approval.

Calculate Your Monthly Payment in Milwaukee, WI

According to the United States Census Bureau, the median annual household income in Milwaukee, Wisconsin in 2022 was $49,270. Regardless of whether your actual income is above or below this 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 a three-year repayment term, your monthly payments would be approximately $323, which amounts to $3,876 per year. This represents about 8% of the median annual household income in Milwaukee.

Personal Loan Calculator

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Updated: Nov 21, 2024

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Other Options for Personal Loans in Milwaukee, WI

Landmark Credit Union

MoneyGeek Score88

APR RangeFrom 11.75%

Loan Amount RangeUndisclosed

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

Landmark Credit Union is a suitable choice for personal loans in Milwaukee, Wisconsin, earning a MoneyGeek score of 88 out of 100. It is federally insured by the NCUA, offering customers an added layer of security.

Prime Financial Credit Union

MoneyGeek Score87

APR RangeFrom 11.11%

Loan Amount RangeUp to $20,000

Repayment TermsUp to 48 months

Time to Receive FundsUndisclosed

Overview

Prime Financial Credit Union stands out as a great option for personal loans in Milwaukee, Wisconsin, with a MoneyGeek score of 87 out of 100. It is federally insured by the NCUA, ensuring the security of borrowers' funds.

National Lenders With Physical Locations in Milwaukee, WI

Borrowers in Milwaukee, Wisconsin looking for the best personal loans who also value the face-to-face service that a national lender can offer have a range of choices at their disposal. These financial institutions include the likes of Wells Fargo, PNC, U.S. Bank and Old National Bank, all of which have a presence in the city to assist customers with their personal loan needs.


OneMain Financial	18.00% to 35.99%	$1,500 to $20,000	24 to 60 months
U.S. Bank	8.74% to 24.99%	$1,000 to $50,000	12 to 84 months
Wells Fargo	7.49% to 23.24%	$3,000 to $100,000	12 to 84 months

What to Do if You Can't Get a Personal Loan in Milwaukee, WI

Your personal loan application in Milwaukee, Wisconsin, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, follow some steps to navigate this setback.

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
Modify your loan terms
You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.
3
Look for another lender
Different lenders have varying eligibility criteria for personal loan approval. It's important to 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
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 Milwaukee Financial Empowerment Center. Another option is the Department of Justice's list of approved credit counseling agencies.

FAQ About Personal Loans in Milwaukee, WI

We addressed common questions about the best personal loans in Milwaukee, Wisconsin, offering insights to assist in your decision-making.

What is the best overall personal loan lender in Milwaukee, Wisconsin?

Educators Credit Union stands out as the best overall personal loan lender in Milwaukee, Wisconsin, with an APR range starting at 10.90%, offering loan amounts in varying ranges and providing repayment terms of up to 60 months.

What are personal loans used for in Milwaukee, Wisconsin?

In Milwaukee, residents use personal loans for a variety of needs such as home improvements, emergency expenses, and vacation or travel financing. However, lenders might have specific restrictions and, for example, personal loans cannot typically be used for college tuition or gambling.

What are the interest rates on personal loans in Milwaukee, Wisconsin?

Personal loans in Milwaukee, Wisconsin have APRs ranging from 8.23% to 12.23%, based on the lenders included in our database. Always compare personal loan rates to secure favorable terms that suit your financial situation.

What are the benefits and drawbacks of personal loans?

Personal loans offer quick access to funds, the potential for lower interest rates than credit cards and allow for versatility in fund usage. However, there are risks like the possibility of origination fees and the danger of accumulating unnecessary debt.

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

Being considering personal loans, watch out for red flags such as extremely high APRs, strict repayment penalties and a lack of transparency about loan origination. Always ensure you can afford new debt before applying.

How to apply for a personal loan online?

Many lenders now offer personal loan applications online, which are designed to be easy and quick to complete on their websites.

Can I get a personal loan with bad credit in Milwaukee, Wisconsin?

Getting a personal loan with bad credit is possible but may be challenging. Check out our recommendations for the best loans for bad credit and best loans for bad credit in Wisconsin to explore your options.

What are the best low-interest personal loans in Milwaukee, Wisconsin?

We have compiled some of the best low-interest personal loans available to help you compare and find the right option for your financial needs.

What is an installment loan? Is there a difference between personal loans and installment loans in Milwaukee, Wisconsin?

Personal loans are a type of installment loan, which refers to loans with a set schedule of payments over time.

Is there a difference between credit union loans and bank loans in Milwaukee, Wisconsin?

Credit union loans and bank loans may differ in interest rates and application requirements. When you apply for a loan, it's important to have a bank account or checking account and to evaluate the terms offered by both types of financial institutions.

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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.

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sources

United States Census Bureau. "Milwaukee City, Wisconsin." Accessed September 26, 2024.
U.S. Department of Justice. "Credit Counseling Agencies - Wisconsin." Accessed September 26, 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.

Best Personal Loans in Milwaukee, WI

Overall Best Personal Loan in Milwaukee, WI

Best Online Personal Loan in Milwaukee, WI

Calculate Your Monthly Payment in Milwaukee, WI

Personal Loan Calculator

Other Options for Personal Loans in Milwaukee, WI

National Lenders With Physical Locations in Milwaukee, WI

What to Do if You Can't Get a Personal Loan in Milwaukee, WI

Find out the reason for the denial

Modify your loan terms

Look for another lender

Explore credit counseling services

FAQ About Personal Loans in Milwaukee, WI

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