Personal Loans in Tennessee

When life’s expenses come at you fast, you don’t need to resort to payday lenders. What you might be looking for is a personal loan. You can use personal loans for a wide variety of purposes. You can often get quick funds, and they offer better terms. 

In Tennessee, you have plenty of options for a personal loan, including national, online, and local lenders. We’ll explain how to find the best personal loans in Tennessee, evaluate top lenders of personal loans, and help you choose a personal loan that works for you. 

How to find the best personal loans in Tennessee 

Finding the best personal loan in your home state won’t lead you to a single lender. Instead, you’ll want to evaluate your credit score, what you plan to use the loan for, and find lenders that will suit your needs. 

The Tennessee Department of Financial Institutions ensures lenders comply with local laws. It sets the cap on interest rates charged on loans in the state. 

When you’re looking for a personal loan, you may want to consider national as well as local lenders. We have you covered. 

Lender	What you need to know
Credible	Compare multiple lenders at once
LightStream	Low rates for borrowers with excellent credit on up to $100,000
Upgrade	Excellent prequalification tool
SoFi	High loan amounts for borrowers with good credit
Happy Money	Geared toward consolidating credit card debt with a personal loan
First Citizens National Bank	Best for in-person loan experience
Tennessee State Bank	Best for expedited loan process for current customers
Tennessee Valley Federal Credit Union	Because it makes lending decisions locally, it may be an option for borrowers with bad credit
Ascend Federal Credit Union	Can complete the online application before becoming a member

Online unsecured personal loans in Tennessee 

We’ve analyzed companies offering personal loans in Tennessee and have identified those excelling in specific areas. Keep reading to find out more about why each company stands out.

Credible – Best marketplace

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LendEDU rating: 5.0 out of 5

• Wide range of loan options
• Quick and easy comparison tool
• High user satisfaction

Credible is the leading marketplace for personal loans, offering an expansive array of lenders and financing solutions all in one convenient location. We like the platform’s user-friendly comparison tool, which streamlines the decision-making process for borrowers. 

This feature, along with a wide range of loan options, enables users to find loans that best suit their financial needs. The high user satisfaction ratings underscore Credible’s effectiveness in providing a seamless and efficient loan comparison experience, making it an excellent choice for individuals seeking to explore multiple loan options with ease.

LightStream – Best for excellent credit

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Editorial rating: 4.8 out of 5

• Competitive interest rates
• High loan amounts available
• Streamlined application process

Lightstream prides itself on being the go-to lender for individuals with FICO credit scores of 740 and higher. It offers competitive interest rates and substantial loan amounts. This makes 

LightStream is an attractive option for those who qualify, providing the means to fund significant expenses without the burden of exorbitant costs. 

The lender’s application process is designed for convenience, ensuring that customers experience a smooth and hassle-free loan acquisition journey. For borrowers with stellar credit scores, LightStream is a compelling choice, offering affordability and convenience in a manner few competitors can match. Because LightStream doesn’t allow borrowers to check rates with a soft credit inquiry, we think it’s best for borrowers who have excellent credit and are confident they’ll be approved.

Upgrade – Best for fair credit

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LendEDU rating: 4.9 out of 5

• Accessible even with a lower credit score
• Free credit health tools
• Budget-friendly loan terms

Upgrade is a balanced solution for individuals with FICO credit scores in the range of 580 to 669, offering personal loans that are accessible even to those who might not qualify with other lenders. The provision of free credit health tools is a standout feature, demonstrating Upgrade’s commitment to assisting borrowers in enhancing their credit scores. 

The company’s loan terms and rates are designed to accommodate budget-conscious borrowers, making financial management more attainable. Upgrade’s approach to lending focused on accessibility and support, positions it as an ideal partner for individuals working to improve their financial health and seeking reasonable borrowing options.

SoFi – Best for good credit

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LendEDU rating: 5.0 out of 5

• No fees required
• Career counseling services
• Peer networking and social events

SoFi transcends the traditional lending model by offering a comprehensive financial management experience that extends well beyond the provision of personal loans. The company’s no-fee policy ensures that borrowers can save on costs that are common elsewhere. 

SoFi sets itself apart with its career counseling and peer networking events, offering substantial value to its users beyond financial services. These unique features make SoFi not just a lender but a holistic financial wellness provider, catering to individuals with FICO credit scores of 670 and up who seek more from their financial partners.

Happy Money – Best for credit card debt

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LendEDU rating: 4.8 out of 5

• Designed to tackle credit card debt
• Includes financial tools and educational resources
• Supportive community for financial guidance

Happy Money aids borrowers in managing and overcoming credit card debt through personalized financial solutions. The platform offers a suite of tools and educational resources designed to empower users in their financial journey. 

Happy Money fosters a supportive community, providing an avenue for guidance and support from like-minded individuals. This comprehensive approach to debt management not only assists borrowers in tackling their current financial challenges but also equips them with knowledge and resources for future financial wellness. For individuals seeking targeted assistance with credit card debt, Happy Money presents a solid option.

Local Tennessee personal loans 

Some personal loan lenders are only available in Tennessee and the surrounding region. These include local credit unions and banks that may provide unsecured or secured personal loans.

If you like personal attention and in-person banking experiences, it’s worth checking out what loans, interest rates, terms, and services they provide. 

First Citizens National Bank Tennessee

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• Minimum $2,500 for a personal loan
• Flexible repayment terms
• Fixed interest rate

A personal loan with First Citizens National Bank is straightforward. The minimum amount is $2,500, and the bank will determine your interest rate after your application. The lender doesn’t offer the option to apply online or prequalify for a loan. 

If you need a smaller loan, First Citizens National offers a different loan called CashPlease, which lets you borrow up to $1,000 without a credit check. 

Tennessee State Bank

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• Expedited loan process for customers who have been with the bank longer than 6 months
• Secured and unsecured personal loans
• No online application

Tennessee State Bank is a well-rated bank with an expedited loan process for current customers. The bank determines interest rates and terms at application, so you can’t see what you qualify for before going through a full application with the bank.   

To apply for a personal loan with Tennessee State Bank, borrowers must call, visit a branch, or fill out a form so the bank can contact them. It’s less convenient than many other online lenders but in line with what you might expect from a local bank. 

Tennessee Valley Federal Credit Union

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• Secured and unsecured personal loans
• Rates from 10.99% to 18.00%
• Local decisions 

Tennessee Valley Federal Credit Union has competitive interest rates for personal loans, which could be even lower if borrowers are willing to put up collateral to secure the loan. 

You can customize your loan terms to meet your needs. Tennessee Valley touts its local decision-making and lending process to speed along your application. Like all credit unions, Tennessee Valley caps interest rates at 18.0%, making it a terrific option for borrowers with less-than-stellar credit. 

To apply, potential borrowers can contact the bank’s loans division by phone at 423-634-5626 during business hours. The credit union offers the option to apply online, but the application itself may be less sophisticated than those of online lenders. You may need to apply in person anyway. 

Ascend Federal Credit Union

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• Interest rates from 14.10% to 18.00%
• Earn bonus dividends
• Fast funding

Ascend Federal Credit Union offers low rates for personal loans with terms of up to 60 months and no collateral required. It caps interest rates at 18.0%, which is welcome news for borrowers with less-than-perfect credit who might be quoted rates at or near 36% with other lenders. Ascend can send funds as soon as you’ve signed your loan documents and met other loan requirements. 

You can complete your personal loan application online even if you’re not a credit union member. It’s easy and convenient, and you can become eligible for credit union membership in several ways. 

How to choose the best Tennessee personal loan 

After looking at a handful of lenders, you’ll want to choose one that works best for your situation—likely the one with the lowest APR and repayment terms that match what you’re looking for.

Evaluate your personal goals, shop around for a personal loan with different lenders, compare offers, and choose a loan that works for your needs. 

Many personal loans will be funded in a day or two after the loan underwriter verifies the information you submitted. However, some lending institutions take longer than others, so it’s important to shop around for funding times and interest rates. 

Recap of personal loans in Tennessee

Lender	What you need to know
Credible	Compare multiple lenders at once
LightStream	Low rates for borrowers with excellent credit on up to $100,000
Upgrade	Excellent prequalification tool
SoFi	High loan amounts for borrowers with good credit
Happy Money	Geared toward consolidating credit card debt with a personal loan
First Citizens National Bank	Best for in-person loan experience
Tennessee State Bank	Best for expedited loan process for current customers
Tennessee Valley Federal Credit Union	Because it makes lending decisions locally, it may be an option for borrowers with bad credit
Ascend Federal Credit Union	Can complete the online application before becoming a member