You can get a loan in Florida from LightStream, PenFed Credit Union and Payoff, among other banks, credit unions and online lenders. Some of the most important things to consider when applying for a personal loan in Florida include the loan's APR, origination fee, funding amount, payoff period and approval timeline.
Getting a loan in Florida is a bit different from getting a loan in other states because some of the best options are regional lenders that don't offer loans nationwide. Below, you can see more details about how the best lenders stack up against one another.
A personal loan isn't the only type of loan you can get in Florida. You can also get a mortgage, an auto loan or a home equity loan, for example. You can compare all of these different types of loans on WalletHub.
Most major lenders offer $5,000 loans, though approval depends on the borrower’s credit history and ability to pay. Some of the best lenders for a $5,000 loan include LightStream and SoFi, which offer $0 origination fees, the chance for very low APRs, and loan amounts ranging from $5,000 to $100,000. LendingPoint also is a great choice, for people with bad credit, as its minimum credit score requirement is just 580.… read full answer
Nearly every major personal loan provider’s minimum loan amount is $5,000 or less. Many lenders start more in the $1,000 - $3,000 range, but very few have a minimum that’s above $5,000. One exception is FreedomPlus, which won’t lend less than $7,500. But if you’re looking for a $5,000 loan, you have virtually the entire market to choose from. That will allow you to be more selective about which lenders you apply with. Different lenders are better for different purposes.
People with credit ratings ranging from bad to excellent may be able to find a $5,000 loan that works for them. Just keep in mind that unless your credit score is at least 660 (which is in the fair credit range), you likely won’t be able to qualify for a personal loan that doesn’t have an origination fee. An origination fee is an extra charge that you pay for loan processing, usually ranging from 1% to 8% of the loan amount. Most of the best lenders for a $5,000 loan don’t charge origination fees, but some do, such as LendingPoint (up to 6%) and Payoff (up to 5%).
Because there are so many different options for a $5,000 personal loan, it’s best to check which loans you’re pre-qualified for and then compare your offers from there. You can use WalletHub’s free pre-qualification tool, which doesn’t hurt your credit, to see which personal loan providers have a high likelihood of approving you.
There are a few alternatives to personal loans you can consider, too.
Alternatives for $5,000 Loans
Home equity loans: Borrow money based on the difference between your home’s value and your mortgage balance.
Friends and family: People you know well might be willing to lend you money, and with better terms than a traditional lender.
Expensive options: You could get a loan from an auto title lender or pawnshop, but these are generally far too expensive to consider except as a last resort.
While there are plenty of places to get a $5,000 loan other than personal loan providers, they all have disadvantages. Home equity loans are secured by your house, using credit cards can impact your credit utilization ratio, and borrowing from friends and family could jeopardize your relationship.
In general, it’s best to go for a personal loan or a credit card with a 0% introductory APR.
You can get a personal loan from a bank, a credit union or an online lender. The key to getting a personal loan is to do your research, both on the loan providers and the terms of their offers. WalletHub makes it easy to compare personal loans and has user reviews for lenders big and small. Once you’ve decided on the right loan for you, WalletHub can bring you directly to its secure online application.… read full answer
Below, you can get to know the major players and see where most other consumers have gotten their personal loans.
Popular Personal Loan Companies:
Lightstream by SunTrust Bank
Marcus by Goldman Sachs
Before applying for a personal loan, you may also want to check for pre-qualification. If you are pre-qualified for a personal loan, your chances of actually being approved are very high but not guaranteed. Pre-qualification uses a harmless soft inquiry while actually applying for a loan triggers a hard inquiry that may temporarily lower your credit score. You can use WalletHub’s free tool to check your pre-qualification status with multiple lenders at once.
On that note, your credit score will affect where you can get a personal loan. Big banks tend to offer loans to people with good or excellent credit. Credit unions, which have a more personal connection with their clients, are more likely to offer personal loans to applicants with lower scores. Online lenders are the newest players, and some of them offer bad credit loans as well.
Now that you know where to get a personal loan, it’s also important to take note of where NOT to get a personal loan – a payday lender. Payday loans go by many names, including payday advances, payroll loans and cash advance loans. With this type of loan, the lender lets you borrow money against your next paycheck. Since payday loans are short-term, the finance charges are incredibly high to ensure the lender makes money. Lenders usually charge a fee on the borrowed amount that is equivalent to an APR of over 300%-600% in most cases. It’s best to avoid these types of loans altogether.
The best place to get a small personal loan is Discover. Personal loans from Discover let you borrow as little as $2,500, have APRs of 5.99% - 24.99% (depending on your creditworthiness), and have repayment periods of 36, 48, 60, 72 or 84 months. Applicants generally receive a decision the same day they apply and can get the funds as soon as one business day after approval. You’ll need at least a 660 credit score to qualify, according to third-party sources.… read full answer
Best Places to Get a Small Personal Loan
Discover. Loans as small as $2,500. APRs of 5.99% - 24.99%. Repayment periods of 36, 48, 60, 72 or 84 months.
Citibank. Loans as small as $2,000. APRs of 7.99% - 23.99%. Repayment periods of 12, 24, 36, 48 or 60 months.
PNC. Loans as small as $1,000. APRs of 5.99% - 32.24%. Repayment periods of 12 - 60 months.
TDBank. Loans as small as $2,000. APRs of 6.99% - 18.99%. Repayment periods of 12 - 60 months.
Avant. Loans as small as $2,000. APRs of 9.95% - 35.99%. Repayment periods of 24 - 60 months.
Best Egg. Loans as small as $2,000. APRs of 7.99% - 35.99%. Repayment periods of Up to 60 months.
LendingClub. Loans as small as $1,000. APRs of 7.04% - 35.89%. Repayment periods of 36 or 60 months.
LendingPoint. Loans as small as $2,000. APRs of 7.99% - 35.99%. Repayment periods of 24 - 72 months.
Prosper. Loans as small as $2,000. APRs of 6.99% - 35.99%. Repayment periods of 24 or 36 or 48 or 60 months.
Local credit unions are a good option if you’re looking for a loan below $1,000, as credit unions tend to be more willing to lend small amounts of money. Even people with bad credit may be able to get a small unsecured personal loan from a credit union.
You will need to be a member to qualify, but you should be able to join a credit union where you live for free. Alternatively, several large credit unions, such as Alliant, Connexus and PenFed, offer memberships to anyone in the U.S. who makes a small donation. This assumes the applicant doesn’t already qualify for a free membership.
Banks and online lenders may also offer small personal loans. However, some lenders offer minimum loan amounts of $3,000+, which may be too large of a loan for you.
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