The best personal loans in Florida come from LightStream, a division of SunTrust Bank. Its loans are available nationwide and have APRs as low as 4.99%. LightStream’s maximum APR is 16.79%, which is incredibly inexpensive compared to most lenders. On top of that, LightStream does not charge an origination fee or a late fee, and it offers loans ranging from $5,000 to $100,000. In addition, it’s possible, but not guaranteed, to get approved and funded the same day you apply. LightStream’s credit score requirement is reportedly 660.
Florida residents may also want to consider credit unions based in Florida. One good example is Tropical Financial Credit Union, which offers personal loans ranging from $250 to $40,000 for up to 60 months. Their APR ranges from 8.75% to 17.9%, and there is no origination fee. Membership in Tropical FCU is open to people in 9 different Florida counties (about 44% of FL’s population) as well as employees of 200+ associated companies. The credit union has 63,000 members.
Another good option is Vystar Credit Union. Their APR range is 7.99% to 11.49%, with no origination fee. They offer loans of $300 to $100,000 for up to 84 months. Membership in Vystar Credit Union is open to people who live or work in the northernmost 49 counties of Florida, and the credit union has 640,000 members total.
There are also many local Florida banks that offer personal loans. Some of the largest include Bank of Tampa, First Florida Integrity Bank, First State Bank of the Florida Keys, Community Bank & Trust of Florida, and Bank of Central Florida. However, these banks do not have terms readily available on their website or by phone – it’s best to visit a branch.
Compare Personal Loans in Florida:
||6.95% - 35.89%
||$1,000 - $40,000
||1% - 6%
||9.99% - 35.99%
||$2,000 - $25,000
||0% - 6%
||5.99% - 24.99%
||$5,000 - $35,000
||0% - 5%
||8.75% - 17.90%
||$250 - $40,000
|Vystar Credit Union
||7.99% - 17.99%
||$300 - $100,000
*Based on info from multiple third-party sources
You may also want to consider banks that operate in only a few states, including Florida, but are not headquartered in Florida. One good example is BBVA Compass. Their personal loans have APRs of 4.99% to 28.99%. Potential borrowers can apply for loans up to $35,000 online and up to $100,000 in a branch or over the phone. The loans last from 12 to 72 months, and there’s the possibility of funding the same day you apply.
Another good option is BMO Harris Bank. Their APRs range from 7.24% to 24.17%, including a $75 loan processing fee. Loans last for 12 to 72 months and can be anywhere from $1,500 to $50,000. The minimum credit score is 680, but there is no minimum income requirement. BMO Harris usually takes 24 to 48 hours to come to a decision and 48 hours to fund the loan after that.
Tips for Getting a Personal Loan in Florida
- Start local. Many small banks and credit unions in your area may have good deals on personal loans. Credit unions can be especially helpful because they often accept people with lower credit scores and their APRs have low caps by law (18% for federal credit unions).
- Don’t apply for too large of a loan. Many Florida residents are senior citizens living on a fixed income. If that’s the case for you, keep in mind that the larger the loan size you ask for, the more income you’ll need to make payments and the better your credit score will need to be.
- Get pre-qualified. Finding the best personal loan in your state can be a difficult task. But many lenders let you pre-qualify to see your chances of approval and estimate what rates you could receive. You can use WalletHub’s free pre-qualification tool to check with multiple lenders at once.
- Watch out for predatory lenders. While there are tons of great personal loan options, there are also tons of lenders that charge unreasonable rates. Don’t apply with any lenders who have a maximum APR higher than 36%. And watch out for scams, too – don’t give your personal information on any website that doesn’t have “https” in front of it.
- Consider online lenders. Most online lenders operate nationwide, and they often offer the quickest personal loan decisions. According to Experian, Florida ranks third among states with the most loans from online lenders.