Best Personal Loans in Michigan

From assessing your creditworthiness to comparing interest rates, loan terms, and fees from multiple lenders, much goes into zeroing in on a personal loan. Let’s sift through the best personal loans in Michigan.
Personal Loans in Michigan
Best Personal Loans in Michigan
Individuals seeking personal loans in Michigan can choose from traditional banks, online lenders, credit unions, and peer-to-peer lending platforms. Read on to know more.
In this article

Personal loans are a versatile financial tool that provides individuals with a lump sum of money, which can be used for various purposes. Borrowers can typically obtain personal loans from banks, credit unions, or online lenders. These unsecured loans don’t require collateral, and the interest rates are determined based on the borrower’s creditworthiness. Personal loans can consolidate debt, cover unexpected expenses, make home improvements, or even fund a vacation.

In Michigan, personal loans are readily available to residents from various financial institutions. Michigan borrowers can explore options and compare rates to secure a personal loan that best suits their needs and financial situation.

Popular Personal Loans in Michigan

1. Happy Money

Happy Money is a notable personal loan provider in Michigan, catering primarily to individuals seeking to consolidate credit card debt. While they focus on a specific financial need, they offer competitive terms and come with both pros and cons.

  • Happy Money specializes in credit card debt consolidation, making it an ideal choice for borrowers in Michigan looking to manage their outstanding card balances.
  • The APR for Happy Money personal loans in Michigan falls between 11.25% and 24.50%, with the possibility of obtaining rates as low as 7.99%, which can be attractive for debt consolidation.
  • Borrowers in the state can access substantial loan amounts, reaching up to $40,000. This generous lending limit offers flexibility for debt consolidation.
  • Happy Money may charge an origination fee ranging from 0% to 5%, determined by factors like your credit history and the loan amount. However, it’s worth noting that they do not impose prepayment or late fees.
  • Happy Money collaborates with multiple lenders to fund loans. Still, the loan appears on your credit report under the “Happy Money” name. Borrowers interact directly with Happy Money, Inc., for payments and communication.

Accepted Credit Scores

Happy Money in Michigan accepts applicants with a minimum credit score of 640, categorizing it as a fair credit score or higher for loan approval. This threshold ensures accessibility to a broad range of potential borrowers.

2. LendingPoint

LendingPoint is a viable personal loan provider in Michigan, offering a swift solution for individuals with lower credit scores who require a small loan. While it caters to those with less-than-perfect credit, knowing their APR range and income requirements is essential.

  • LendingPoint provides access to personal loans for Michigan residents with credit scores as low as 620. This flexibility is beneficial for individuals seeking financial assistance despite previous credit challenges.
  • Borrowers can secure loans ranging from $2,000 to $36,500, offering various options to suit their financial needs.
  • LendingPoint stands out for its speedy approval process, often deciding on applications within hours and funding the loan as quickly as the next business day.
  • LendingPoint offers personal loans with an APR ranging from 7.99% to 35.99%, making it a suitable choice for those with less-than-perfect credit.
  • Borrowers should know that LendingPoint may charge an origination fee, which varies by state, ranging from 0% to 10%.

Accepted Credit Scores

LendingPoint in Michigan accommodates borrowers with credit scores as low as 620, providing an accessible financial resource for those with less-than-perfect credit histories.

3. TCF National

TCF National offers personal loans to existing customers who hold checking, savings, CD, or money market accounts with the bank. These loans cater to individuals seeking financial assistance within a specific customer base and have noteworthy features.

  • TCF National extends personal loans exclusively to its existing customers, providing an option for those who already maintain various accounts with the bank.
  • Borrowers can access loans ranging from $2,500 to $35,000, offering a range of financing options to meet their financial needs.
  • TCF National provides flexibility in loan terms, with options for three or five-year repayment periods, allowing borrowers to choose a timeline that suits their financial circumstances.
  • The bank funds approved loans the day after approval, ensuring a quick turnaround for those needing immediate financial support.
  • TCF Bank has transitioned to become Huntington Bank, offering an expanded range of financial services. Customers can expect enhanced banking options and services as part of the Huntington family.

Accepted Credit Scores

TCF National’s credit score requirements for personal loans are not specified in the provided information. Prospective borrowers should inquire directly with the bank for specific credit score eligibility criteria.

4. KeyBank

KeyBank, a well-established institution with a nationwide presence, offers many banking products and services, including personal loans, to Michigan residents. While it may not compete with online banks regarding interest rates, KeyBank provides unique advantages for those who value in-person banking and seek relationship benefits.

  • KeyBank offers a comprehensive selection of banking products, including personal loans, providing Michigan customers with a one-stop solution for their financial needs.
  • KeyBank extends perks to customers who maintain multiple accounts with the bank, such as higher CD rates and mortgage interest rate discounts. It encourages a deeper banking relationship.
  • KeyBank stands out with CD offerings that feature rare term lengths, catering to individuals seeking more flexibility in their savings options.
  • In addition to personal loans, KeyBank provides various credit card options and mortgage services. Customers with qualifying accounts can benefit from reduced mortgage interest rates.
  • KeyBank is ideal for those who prefer traditional, in-person banking over online alternatives, as it operates numerous branch locations.

Accepted Credit Scores

The KeyBank’s credit score requirements for personal loans are not specified. Prospective borrowers should contact KeyBank to inquire about their credit score eligibility criteria.

5. Citizens Bank

Citizens Bank offers flexible and convenient personal loans for Michigan residents, catering to various financial needs. Whether it’s for debt consolidation, special occasions, significant purchases, or more, Citizens Bank provides accessible loan solutions with several key advantages.

  • Citizens Bank’s personal loans typically require good credit scores, making them suitable for individuals with a strong credit history. Specific credit score minimums are not disclosed, but the emphasis is on a reasonably strong credit history.
  • Borrowers in Michigan can access personal loans ranging from $5,000 to $50,000, providing ample financial support for various purposes.
  • Citizens Bank stands out with its borrower-friendly approach. It offers personal loans without origination, application, or disbursement fees, ensuring a cost-effective borrowing experience.
  • The bank offers flexible repayment terms, spanning 36 to 84 months, granting borrowers three to seven years for loan repayment accommodating different financial situations.
  • Citizens Bank leverages technology to expedite the lending process. Loan applications can be completed online within minutes, and approved loans are typically disbursed to borrowers’ bank accounts within as little as two business days.

Accepted Credit Scores

Citizens Bank typically requires good credit scores for its loans but does not specify the minimum credit score. Prospective borrowers should contact Citizens Bank to determine their credit score eligibility criteria.

6. LendingClub

LendingClub provides a viable personal loan option for Michigan residents, particularly those with less-than-perfect credit. While they offer competitive loan amounts and a relatively fast funding process, it’s crucial to consider their APR range and fees.

  • LendingClub is a suitable choice for borrowers with bad-to-fair credit, making it accessible to a broader range of individuals, even those with credit scores between 600 and 640.
  • Michigan residents can access personal loans as high as $40,000 through LendingClub, which offers substantial financing options for various needs.
  • Depending on the borrower’s credit profile, LendingClub’s APRs range from 9.57% to 35.99%.
  • Borrowers should note that LendingClub charges an origination fee ranging from 3% to 8%, deducted from the initial loan amount, and varies based on factors like credit and income.
  • LendingClub offers loan terms ranging from 24 to 60 months, allowing borrowers to choose a repayment timeline that aligns with their financial situation.

Accepted Credit Scores

LendingClub is a welcoming choice for individuals with bad-to-fair credit, and there are reports of loan approvals for applicants with credit scores between 600 and 640 in Michigan.

Personal Loans in Michigan
Best Personal Loans in Michigan 3

7. Upgrade Personal Loan

Upgrade Personal Loan is an excellent choice for Michigan residents with fair-to-good credit seeking personal financing. This lending option stands out for its competitive features, including generous loan amounts, low APRs, swift funding, and extended repayment terms. However, it’s important to note the presence of an origination fee.

  • Upgrade Personal Loan offers Michigan borrowers attractive APRs, starting as low as 8.49%, making it an appealing option for those with fair to good credit.
  • With loans as high as $50,000, Michigan residents can secure the necessary funds for various financial goals.
  • Upgrade Personal Loan allows joint applications, allowing borrowers to apply with a co-applicant, improving their chances of approval.
  • The loan process is expedited, with funding typically occurring within 2 to 5 business days, ensuring quick access to funds.
  • In place of a Social Security Number (SSN), Upgrade Personal Loan accepts a passport as a valid identification document, broadening eligibility criteria.

Accepted Credit Scores

Upgrade Personal Loan’s specific credit score requirements are not disclosed. However, this lending option is accessible to individuals with fair credit, typically with a credit score of 580 or higher. Michigan residents can contact Upgrade for detailed information on credit score eligibility.

8. Universal Credit

Universal Credit offers personal loans ideal for individuals seeking fast funding with the flexibility of repayment over 36 or 60 months:

  • Ranging from $1,000 to $50,000, accommodating various financial needs.
  • Borrowers may receive their loans as soon as one business day after accepting the offer.
  • Universal Credit charges an origination fee ranging from 5.25% to 9.99%, which can affect the overall cost of the loan.
  • Their APRs fall between 11.69% and 35.99%, typical for lenders serving individuals with bad credit.
  • A hard inquiry is performed after the loan is funded.

Accepted Credit Scores

Universal Credit typically requires a minimum credit score of 580 for loan eligibility. Still, other factors are considered in the approval process.

9. Citi® Personal Loan

Citi® Personal Loan is ideal for Michigan residents with excellent credit-seeking debt consolidation options at favorable interest rates. Offering extended repayment terms, no origination fees, and access to substantial loan amounts, Citi® Personal Loan is a compelling financial solution.

  • Michigan residents can access up to $30,000 through Citi® Personal Loan, accommodating various financial needs.
  • Borrowers can choose repayment periods ranging from 12 to 60 months, allowing for tailored financial planning.
  • Citi® Personal Loan stands out by waiving origination and prepayment fees, ensuring cost-effectiveness for borrowers.
  • While the initial APR starts at 10.49%, which is relatively higher, the maximum APR is capped at 19.49%, offering competitive rates for individuals with excellent credit.
  • The minimum income requirement of $30,000 is relatively low, making this loan option accessible to many borrowers.

Accepted Credit Scores

Citi® Personal Loan is tailored for individuals with excellent credit scores. While specific credit score requirements are not disclosed, this loan is well-suited for those with a strong credit history and excellent credit scores. Michigan residents with these qualifications are encouraged to explore Citi® Personal Loan as a viable debt consolidation option.

10. SoFi

SoFi Personal Loan is an excellent choice for residents in Michigan with good-to-excellent credit, offering some of the lowest interest rates available in the market. With high loan amounts, extended repayment terms, and zero origination fees, SoFi is a cost-effective lending solution.

  • SoFi Personal Loans feature an enticing APR range starting from 8.99% and going up to 25.81% when enrolled in autopay. It appeals to borrowers with good-to-excellent credit.
  • Residents in Michigan can access loans as high as $100,000 through SoFi, catering to diverse financial needs.
  • SoFi’s lending platform allows borrowers to select repayment terms from 36 to 84 months, offering personalized financial flexibility.
  • SoFi distinguishes itself with a fee-free structure, including zero origination fees, prepayment fees, or late fees.
  • Applicants can typically expect a decision within 2-4 business days, making the process efficient and convenient.

Accepted Credit Scores

SoFi Personal Loans require you to have a minimum credit score of 680 or higher. Michigan residents meeting this credit threshold can benefit from SoFi’s competitive interest rates, large loan amounts, and fee-free lending structure, making it an attractive option for their financial needs.

11. Axos

Axos Bank Personal Loans are an attractive option for residents in Michigan with good or excellent credit scores. With a competitive APR range, extended loan terms, and expedited funding, these loans cater to various financial needs.

  • Axos Bank Personal Loans feature an APR range from 6.79% to 21.99%, making it a cost-effective choice for borrowers with good or excellent credit.
  • Borrowers in Michigan can benefit from extended loan terms, ranging from 36 to 72 months, offering personalized repayment options.
  • Axos Bank Personal Loans are accessible nationwide, providing financial solutions to a broad audience.
  • While uncommon for loans targeting good credit profiles, a potential origination fee can be up to 2% of the loan amount.
  • Applicants can enjoy the convenience of same-day loan funding upon approval, ensuring swift access to funds.

Accepted Credit Scores

Axos Bank Personal Loans require a minimum credit score of 720, making them an ideal choice for borrowers with good or excellent credit. Michigan residents meeting this credit threshold can take advantage of competitive interest rates, extended repayment terms, and efficient funding tailored to their financial objectives.

12. Upstart

Upstart offers appealing personal loans in Michigan, suitable for individuals with fair-to-good credit profiles. With competitive APRs and a loan range of $1,000 to $50,000, Upstart caters to various financial needs.

  • Upstart’s loans boast a favorable APR range of 4.6% to 35.99%, making them an excellent choice for borrowers with good credit, with the minimum APR aligning with industry standards.
  • Borrowers in Michigan can access loans ranging from $1,000 to $50,000, accommodating diverse financial requirements, including debt consolidation and home improvements.
  • Upstart extends loan opportunities to individuals with credit scores as low as 300 in most states, expanding accessibility to a wide range of applicants.
  • Most borrowers enjoy instant approval, and successful applicants may receive their funds as soon as the following business day.
  • Upstart’s loans may carry an origination fee ranging from 0% to 12%, a factor to consider when assessing the overall cost of borrowing.

Accepted Credit Scores

Upstart extends its loans to Michigan residents with credit scores as low as 300 in most states. This inclusive approach ensures that individuals with varying credit profiles can access financing, making Upstart a suitable choice for those seeking affordable loans while accommodating diverse credit backgrounds.

The Best Personal Loan Lenders for Bad Credit in Michigan

Upstart, available in 48 states, including Michigan, offers a promising solution for individuals with poor credit. They have among the lowest minimum credit score requirements at 300 and initiate with a soft inquiry. While you can receive funds quickly, loan amounts max out at $50,000, lower than some competitors. Note that a debt-to-income ratio exceeding 45% may not be suitable, and they charge up to an 8% origination fee.

The Best Personal Loan Lenders for Good Credit in Michigan

SoFi, available in Michigan and 48 other states, is ideal for individuals with good credit. To qualify, you’ll need a credit score of 680 and a gross income of at least $50,000. SoFi stands out with its lack of prepayment, origination, or late fees, and you can link your accounts to their mobile app. Expect your funds within two days in most cases.

The Best Personal Loan Lenders for Debt Consolidation in Michigan

Upgrade is the best bet for debt consolidation in Michigan, available nationwide. With a credit score requirement of 560, even individuals with an average credit score of 729 can qualify. Upgrade imposes no minimum gross income and offers a 1% auto repayment discount, but the maximum loan amount is $50,000.

The Best Personal Loan Lenders for Home Improvements in Michigan

Best Egg is the ideal choice for home improvement loans in Michigan, with next-day fund disbursement. This option suits borrowers with a credit score of 700 or higher and a gross income of at least $50,000. While Best Egg imposes a potential origination fee of up to 6%, it provides a 0.5% auto-payment discount and has no debt-to-income limits.

Where to get personal loans in Michigan

When seeking personal loans in Michigan, you’ll encounter various lending options tailored to different needs. Here’s an overview of the primary lender types:

Traditional banks

Established banks provide a sense of reliability and offer various loan choices. However, their credit requirements can be stringent, and the approval process may take longer.

Online lenders

Online lenders offer a convenient digital application process, allowing you to apply from home. They are often more lenient regarding credit criteria, but this flexibility can be associated with higher interest rates.

Credit unions

Credit unions are community-based institutions known for competitive rates and a personalized service approach. Membership is typically required to access their services, necessitating joining the credit union.

Peer-to-peer lending

Peer-to-peer lending involves borrowing from individuals rather than traditional institutions. This option may offer more flexible terms, but attracting investors at favorable rates often hinges on a strong credit score.

Each lending source has advantages and considerations, so choose the one that best aligns with your financial situation and preferences.

Banks Offering Personal Loans in Michigan

If you’re seeking a local lender in Michigan for personal loans, TCF National, KeyBank, and Citizens Bank are solid choices:

  • TCF National extends loans ranging from $2,500 to $35,000 with terms going up to 3 or 5 years, providing swift funding the day after approval.
  • KeyBank offers loans starting at $5,000 with terms of up to 84 months, ideal for those looking for lower monthly payments. KeyBank customers can benefit from a 0.25% interest rate reduction through automatic payments.
  • Citizens Bank provides loans from $5,000 to $50,000 with terms of up to 5 years and offers potential savings of up to 0.5% on the interest rate. Borrowers can receive a 0.25% discount for having a qualifying Citizens Bank account and an additional 0.25% for enrolling in automatic payments.

Best Personal Loans in Michigan

LightStream, established in 2013, is a national lender with a remarkable offering. It stands out by not charging late fees, prepayment penalties, or origination fees, making it a cost-effective choice. With same-day fund disbursement and an attractive starting APR of 4.49%, it’s an enticing option.

However, applicants must have a credit score of 660 or higher, and certain usage restrictions apply, such as excluding business expenses, life insurance, investments, and post-secondary educational costs. LightStream doesn’t accommodate individuals without credit history and doesn’t permit co-signers.

Michigan Credit Unions to Consider for Personal Loans

Michigan residents looking for personal loans can explore various credit unions in the state:

  • Honor Credit Union, a community-based institution, provides flexible terms and competitive rates for personal loans.
  • The University of Michigan Credit Union serves university students and employees, offering a range of loan options with favorable terms.
  • Michigan Schools & Government Credit Union specializes in financial services for educational and government employees, providing personal loans for various needs.
  • Community Choice Credit Union is a versatile option, while Michigan First Credit Union caters to a wide range of members and offers personal loans with competitive rates.

Compare Personal Loans in Michigan

When seeking a personal loan, it’s crucial to understand the distinct features of different lending options. Exploring these criteria will help you make a choice that aligns with your financial needs and preferences:

CriteriaCommunity BanksCredit UnionsCredit CardsOnline Lenders
Eligibility & MembershipLocal presence and servicesMember-based eligibilityOpen to all applicantsQuick online assessment
Interest Rates (APR)Competitive ratesGenerally lower ratesHigh variable ratesVaries by lender
Monthly Payment FlexibilityTypically flexibleFlexible terms and options          Revolving creditVaries by lender
Online Pre-QualificationVaries by institutionMay offer online pre-qualUsually available onlineCommonly available
No Credit ImpactMay require a credit checkMay require a credit checkMay require a credit checkTypically soft inquiry
Personal Loans in Michigan
Best Personal Loans in Michigan 4

Tips for Getting a Personal Loan in Michigan

When applying for a personal loan in Michigan, consider these tips for a smoother process:

  • Check your credit: Review your credit report for errors and take steps to improve your score if needed.
  • Compare offers: Compare interest rates, terms, and fees from multiple lenders to find the best deal.
  • Gather documents: Prepare necessary financial documents like pay stubs, bank statements, and tax returns.
  • Shop local: Explore local banks and credit unions for better rates and personalized service.
  • Avoid excessive borrowing: Borrow what you need and can comfortably repay.

You can also try Beem, the best alternative to instant cash advance, for guidance on credit score monitoring, financial planning, or choosing the best personal loan to meet your needs.

Personal Loan Eligibility Requirements in Michigan

Eligibility requirements for personal loans in Michigan typically include:

  • Being at least 18 years old
  • Having a U.S. citizenship or permanent residency
  • A social security number (SSN) or taxpayer identification number (TIN).
  • Lenders may also consider your credit score, income, and employment status. Meeting these criteria will improve your chances of qualifying for a personal loan in Michigan.

Michigan Personal Loan Laws and Regulations

The State’s Department of Insurance and Financial Services governs Michigan’s personal loan laws and regulations. Lenders must adhere to specific licensing and disclosure requirements.

Maximum interest rates on personal loans are capped at 25%, and there are regulations to protect borrowers from predatory lending practices, ensuring fair and transparent lending in the state.

How to Choose the Right Personal Loan for You?

Choosing the right personal loan involves several key steps:

  • First, assess your financial needs and creditworthiness.
  • Compare interest rates, loan terms, and fees from multiple lenders.
  • Consider the loan purpose, debt consolidation, home improvement, or other needs.
  • Read and understand the loan agreement and ensure it fits your budget.
  • Select a reputable lender with favorable terms that align with your goals and financial situation.

Discover Other States and Cities Best Personal Loans in USA

Best Personal Loans in GeorgiaBest Personal Loans In TexasBest Personal Loans in Florida
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Best Personal Loans In New YorkBest Personal Loans in CaliforniaPersonal Loans in Katy, TX
Best Personal Loan in Charlotte, NCBest Personal Loans in West VirginiaPersonal Loans in Atlanta, GA
Best Personal Loans in DelawarePersonal Loans in AlabamaPersonal Loans in Arkansas
Best Personal Loans in MississippiPersonal Loans in BakersfieldPersonal Loans in Dallas
Personal Loans in Greenville, NCPersonal Loans in IowaPersonal Loans in Edinburg
Personal Loans in PennsylvaniaPersonal Loans In Rhode IslandPersonal Loans in Elgin, IL
Personal Loans in Augusta, GAPersonal Loans in MassachusettsPersonal Loans in Vermont
Personal Loans in Hanford, CA

Personal Loans in Michigan FAQs

What are the best short-term loans in Michigan?

The best short-term loans in Michigan depend on your credit and financial situation. Consider options like Upstart or LendingClub.

What are the best credit-builder loans in Michigan?

To build credit in Michigan, consider lenders like Self or local credit unions that offer credit-builder loans.

Where can I get a debt consolidation loan in Michigan?

Upgrade is a recommended choice for debt consolidation in Michigan with competitive terms.

Are you struggling with consolidating debt, making major purchases, or meeting unexpected costs? Beem can help. Beem’s personal loan feature can help you zero in on the kind of loan that suits your requirements best and helps you sail through a financial crunch.

What are the best emergency loans in Michigan?

For emergency loans in Michigan, consider online lenders like LendingPoint or local credit unions for quick funding.

Where can I get a home improvement loan in Michigan?

Best Egg is a top choice for home improvement loans in Michigan, with attractive rates and quick funding.

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Team Beem

Team Beem brings you the latest in the world of personal finance to you. From tips and tricks on how to manage money to how to get cash for emergencies, Beem is your destination for all the information you need to be smart about your money.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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