Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Florida Personal Loans: Online & Local Lenders Updated Aug 27, 2024 6-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Lauren Ward Written by Lauren Ward Expertise: Mortgages, real estate, investing, credit, debt, small businesses Lauren Ward is a personal finance writer who regularly covers topics like mortgages, real estate, and investing. Learn more about Lauren Ward Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® A personal loan is a solid option when you need funds to cover a large expense or consolidate debt to pay down your balances faster. To find the perfect loan, it’s important to limit your search to lenders that operate in your state. Getting a personal loan in Florida is similar to anywhere else in the country, but lenders must adhere to certain interest rate limitations. You can find national online lenders that work within these limits or instead for a local or regional bank or credit union. Keep reading to discover our top picks. Table of Contents Skip to Section How to find the best personal loans in Florida Online unsecured personal loans in FloridaLocal Florida personal loansHow to choose the best Florida personal loan How to find the best personal loans in Florida Taking out a loan in Florida is generally the same as taking out loans in most other states. The only difference is that Florida has stricter interest rate maximums than some other areas. For loans up to $500,000 the maximum per annum simple interest rate is 18%. That jumps to 25% for loans over $500,000. National and local lenders must adhere to these laws in Florida. Here are nine lenders with flexible personal loan uses. You can click the lender’s name in the table to find out more about its personal loans in the Sunshine State. LenderBest forCredibleMarketplaceLightStreamExcellent creditUpgradeFair creditSoFiGood creditHappy MoneyCredit card debtFirst Florida Credit UnionHands-on applicationRegions BankSecured loans for bad creditTruistOnline application processFlorida Credit UnionMultiple loan options*Rates in January 2024. Online unsecured personal loans in Florida Most online personal loans are unsecured and offer a convenient and flexible financial solution. We’ve reviewed the lenders below to confirm that they’re available to Florida residents. See which we determined to be the best for different financial situations. Credible – Best marketplace View Rates Editorial rating: 5.0 out of 5 Compare multiple lendersQuick and easy comparisonNo fees for using the service Credible is ideal if you’re looking to explore various loan options. As a marketplace, it allows borrowers to compare prequalified offers from multiple lenders in its network1. With no impact on your credit score for checking rates, it’s an excellent option for those unsure about their credit history and how it may affect eligibility. The platform is user-friendly and includes one online application. If you find an offer you like, you can proceed to that lender’s full application by following the directions Credible provides. LightStream – Best for excellent credit View Rates Editorial rating: 4.8 out of 5 Low interest rates for borrowers with strong creditNo fees or prepayment penaltiesLoans customized to each borrower’s needs LightStream is a standout choice for borrowers with excellent credit. It offers some of the most competitive rates in the market, which it backs with its Rate Beat program. LightStream will beat any offer a borrower gets with a lower interest rate than it offered by 0.10 percentage points if the rest of the repayment terms are the same. Upgrade – Best for fair credit View Rates Editorial rating: 4.9 out of 5 Suitable for a range of credit profilesOffers direct payment to creditors for debt consolidationTransparent loan terms Upgrade provides an accessible option for borrowers with fair credit. This lender simplifies the debt consolidation process by offering direct payments to creditors, which can be helpful for those feeling overwhelmed managing multiple debts. Borrowers can apply with another individual through a joint application, which could help them qualify for a larger loan or lower rate. SoFi – Best for good credit View Rates Editorial rating: 5.0 out of 5 Excellent all-around digital experienceUnique member benefitsNo fees required SoFi is an excellent choice for borrowers with good to excellent credit. Its digital experience includes an online application, a mobile app, and a number of educational resources. It offers loans up to $100,000, but its minimum loan amount of $5,000 is higher than most. Happy Money – Best for credit card debt View Rates Editorial rating: 4.8 out of 5 Specializes in loans for paying off credit card debtOffers tools and resources for financial wellnessCompetitive interest rates for debt consolidation Happy Money’s loan is only available to borrowers looking to consolidate credit card debt. This specialization makes it an attractive option because it designed the entire experience around supporting those looking to get out of debt. This support comes in the form of educational resources, assistance paying off creditors with the new funds, and letting the borrower choose their repayment schedule to prioritize lower payments or a faster repayment period. Local Florida personal loans For a more local personal loan process, consider one of these banks or credit unions with a physical presence in Florida. You’ll find options for secured and unsecured loans to consider and may have more assistance available than an online-only lender. First Florida Credit Union View Rates Best for hands-on application process Application available online, in person, or by phoneSame-day funding possiblePayments reported to the credit bureaus First Florida Credit Union personal loans are available to eligible members. To join, you must live or work in one of the state’s 39 counties or belong to a select employee group or Southern Baptist Church in Florida. You don’t need to pay any origination fee for a personal loan from First Florida Credit Union and can spread out payments for as long as 72 months. If you need assistance with your application, it’s easy to connect with someone to help in a local branch or by phone. Regions Bank – Best secured loan options for bad credit View Rates Editorial rating: 4.8 out of 5 Secured and unsecured personal loans availableLoan amounts up to $50,000Fast preapproval Regions Bank stands out in its options for borrowers in all credit categories. Its unsecured loans come with no origination fee or credit check when evaluating loan terms. Plus, the personal loan funding process works fast: you can get preapproved in minutes and may qualify for same-day funding. It has two personal loan options for Florida applicants with bad credit. The Deposit Secured Loan uses collateral from a Regions account, such as a CD, savings account, or money market account. You can also use a secured installment loan to purchase a tangible asset, such an RV, boat, or motorcycle, which acts as collateral for the loan. Truist View Rates Best online application process Unsecured loans onlyLoan amounts as low as $3,500Potential for same-day funding Truist has the look and feel of a national bank but with a regional footprint that includes Florida. With no origination fees, you’ll get the full loan amount deposited in your account if approved. Truist has a low minimum loan amount of $3,500. If you don’t need to borrow much, Truist could be a solid fit so you don’t have to pay for more cash than you need. Truist also owns LightStream, which offers online loans up to $100,000. Florida Credit Union View Rates Best for multiple personal loan options 4 personal loan options availableCo-applicant allowedDecision within minutes Florida Credit Union is ideal for borrowers who want options. In addition to standard personal loans, you can apply for a no-hassle loan between $1,000 and $3,000 even with bad credit. It also offers debt consolidation loans and early check advance loans. Watch for origination fees ranging between $25 and $100 depending on the loan type. One unique perk is FCU’s Skip-A-Pay program, which lets you skip up to two payments per year. Interest still accrues, but can help you during tough financial times. How to choose the best Florida personal loan Take your time comparing personal loans in Florida. Not every lender offers the same rates and terms. Start by narrowing your list to lenders with the kind of loan you prefer, whether secured or unsecured. Then get prequalified so you can get a sense of the loan amount and interest rate you’re eligible for before submitting a full application. This step doesn’t hurt your credit score and saves you time. You only need to submit one application with a clear sense of how much you can borrow and the size of your monthly payment. Our expert’s take on the selected lenders Erin Kinkade CFP® I like Truist and Florida Credit Union primarily for their interest rates; if someone is not eligible to be a credit union member, they can apply at Truist. Credible, Upgrade, and Regions have high maximum interest rates, which I recommend avoiding. But if it’s an emergency and the borrower has fair credit, that may be their best option. In that case, I recommend making it a priority to pay the loan off as fast as possible in line with the loan terms (meaning avoid a prepayment penalty if the lender assesses one).