Personal Loans in Florida
Personal loans are flexible, have a quick turnaround, and offer lower interest rates than credit cards.
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Personal loans can help you in a variety of circumstances. These include paying off high-interest debt or leveraging large costs like a wedding, or a home improvement project. Personal loans can also cover emergencies and other unexpected expenses.
That said, interest rates, terms, and eligibility vary depending on what state you live in. If you’re looking for personal loans in Florida, this guide will help you review your options.
On this page:
- Online personal loans in Florida
- Local personal loan lenders in Florida
- Pros & cons of Florida personal loans
- What can personal loans be used for?
- What you need to apply
- Watch out for payday loans
- Shop around to find the best personal loan for you
Online personal loans in Florida
One of the biggest draws of personal loans is the flexibility they offer. Loan amounts can be small or large and can be used for just about anything. Additionally, applications for online loans can be completed virtually. In some cases, you can get funding the same day you’re approved.
Check out the table below for a comparison of some of the major online lenders that offer personal loans in Florida.
|Loan Amounts||$5,000 to $100,000||$1,000 to $50,000||$1,500 to $20,000|
|Term Lengths||24 – 144 months**||36 months or 60 months||24, 36, 48, or 60 months|
|Fixed APRs||3.49% to 19.99%* with AutoPay||7.00% to 35.99%||18.00% to 35.99%|
|Review||Learn more||Learn more||Learn more|
|More Options||Good Credit Loans||Fair Credit Loans||Bad Credit Loans|
Local personal loan lenders in Florida
It can be easy and convenient to obtain a personal loan online. Still, you may want to consider applying directly with a local lender. Local banks, credit unions, and lenders often have better deals with lower interest rates and monthly payments for local borrowers, albeit with limited options.
Local banks and credit unions may require membership, or for you to come in and talk with a representative to apply for a personal loan. One advantage of sitting with a representative is that they can explicitly go over your options and answer any questions you have. If you’re already a customer, you may be able to apply with a local lender online.
Here are some personal loan companies in Florida to consider.
Wells Fargo & Company was founded in 1852. It’s based in San Francisco and operates more than 5,000 locations nationwide, with almost 600 in Florida. It offers an array of financial products including personal, mortgage, home equity, and auto loans, retirement investments, checking and savings accounts, and credit cards.
Florida residents can apply at a branch or online with no collateral required. Rates are based on credit history, income, and the loan amount requested. You may be able to get funds the next business day if you’re approved.
Learn more with our Wells Fargo personal loans review.
Regions Bank started in 1971 and today it’s one of the largest banks serving the South, Midwest, and Texas. It provides a variety of consumer and commercial services including checking and savings accounts, student and auto loans, and mortgage products.
Prior membership isn’t required. That said, you may be eligible for a discount if you already have an account with Regions. Borrowers have three options for personal loans: a secured installment loan, a deposit secured loan (collateral required), or an unsecured loan.
Learn more with our Regions Bank personal loans review.
First Florida Credit Union
Based in Jacksonville, First Florida Credit Union opened in 1950. Today it has 16 branches with more than 54,000 members throughout Florida. It prides itself on forging personal relationships and a “people before profits” approach to providing members with low interest rates and higher earnings.
It offers checking, savings, loans, and lines of credit. You can apply online, by phone, or in person for a customized personal loan. Membership is only open to Florida residents who live or work in eligible counties, are part of select employee groups, or members of Florida Southern Baptist Church.
Visit the First Florida Credit Union’s website to learn more.
Florida Credit Union
Florida Credit Union began in 1954 as a state-chartered credit union for teachers. Now, it serves more than 90,000 members across 45 counties. Membership is open to residents who live, work, or have a child attending school in eligible counties as well as students or alumni of Santa Fe College, Florida Gateway College, or College of Central Florida.
Florida Credit Union offers personal and business deposit accounts, loans, and credit cards. The company also touts cutting edge financial technology.
Visit Florida Credit Union’s website to learn more.
Miami Federal Credit Union
Miami Federal Credit Union was founded in 1954. It provides financial services to government employees and their family members in Miami-Dade, Broward, Monroe, and Palm Beach Counties. It has earned a five-star rating from Bauer Financial.
Members have access to checking and savings accounts, auto, mortgage, and personal loans, GAP coverage, IRA certificates, and credit cards.
Visit Miami Federal Credit Union’s website to learn more.
Pros & cons of Florida personal loans
Personal loans appeal to borrowers due to their many advantages, but they also come with drawbacks. Here are some pros and cons to consider:
- Personal loans have flexibility when it comes to loan amounts and uses.
- They have lower interest rates than credit cards.
- There’s no collateral required if it’s an unsecured personal loan.
- The application process is short and the financing turnaround is usually less than a week.
- Collateral is required if it’s a secured personal loan.
- Home equity loans and HELOCs have lower interest rates, although they use your home is as collateral.
- Terms and rates vary significantly between lenders.
- Some personal loans come with an origination fee—a loan processing cost.
- It can be difficult to determine the integrity and credibility of lenders in the online personal loan marketplace.
What can personal loans be used for?
There aren’t many restrictions on use when it comes to personal loans. However, you shouldn’t borrow a lump sum of money for non-essential expenses.
Potential uses for a personal loan include:
- Debt consolidation
- Home repairs or remodeling
- An emergency expense
- Medical or vet bills
- Business startup
- Auto or school loan
- Moving costs
- Funeral expenses
- Adoption expenses
What you need to apply
Most personal loan applications require similar customer information. You most likely can expect to be asked for the following:
- Identifying information: This includes your Social Security number, date of birth, phone number, home address, email, citizenship, and marital status.
- Income information: This includes your employer information, gross monthly income, and monthly rent or mortgage amount.
- Loan information: This includes the type of loan desired (secured/unsecured), term lengths, and amount requested.
- Documents: These include pay stubs and a copy of your driver’s license or a utility bill to verify your address.
Watch out for payday loans
A payday loan is a fast cash advance that usually comes with a high interest rate. The allure of quick money entices borrowers. However, the unreasonably high interest rates are difficult to pay off and intended to trap them in a debt cycle.
Unfortunately, predatory payday loans from online and local lenders are common in Florida. If you need a loan, it’s better to borrow from one of the trusted lenders listed above. You’ll be safer and pay less in the long run.
Payday loan restrictions in Florida
Florida lawmakers have tried to protect consumers with legislation that restricts the terms of payday loans and the interest payday loan lenders can charge borrowers. For instance, borrowers can only take out one payday loan at a time and borrowing limits cannot exceed $500. Additionally, terms cannot exceed 31 days, and the maximum fee is 10%.
Visit the Florida Office of Financial Regulation’s website for more information on payday loan restrictions in Florida.
Shop around to find the best personal loan for you
It’s a buyer’s market when it comes to personal loans. It’s important to shop around and compare rates and terms so you get the best deal for you. Start by checking out our top picks for the best personal loan rates and companies.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
Author: Stephanie Sasseen