Personal Loans in Florida

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FLloans Ultimate Guide to Personal Loans in FL

Personal loans are loans with APRs (expressed as a percentage) of 5.99% to 35.99%. Personal loans can be either unsecured or secured, unsecured means that no collateral is backing the loan while secured means that the loan is backed by some sort of collateral (home, car, or other assets).

Florida personal loan lenders offer loans in amounts of $1,000 up to $100,000. Personal loans can be used for any purpose you deem fit Popular uses of personal loans include credit card debt consolidation, funding home improvement, and paying for emergency expenses.

Personal loans are paid back monthly and their rates are fixed, meaning your payment amount will stay the same throughout the life of your loan. This is helpful because you will always know exactly how much you need to pay back each month. Financial services companies in Florida like credit unions, banks, and online lenders all offer personal loans.

Depending on the lender, there could be some fees associated with borrowing, the most common fee is an origination fee. These are fees associated with the cost of processing your application and funding your loan.

Florida Personal Loan Statistics

Florida Loan - Personal Loans and Credit in Florida

According to Experian, in 2019, the average FICO credit score of a Florida citizen was 694. During that same time,  20% of consumers in Florida currently had a personal loan with an average loan amount of $18,035 and an interest rate of 9.23%.

Personal Loan Purposes

A personal loan can be used at the borrower’s discretion so it can be used for any sensible reason. Upon funding, personal loans are deposited directly into your bank checking or savings or savings account. Some of the most popular uses for personal loans include:

  • Credit card debt consolidation
  • Household expenses
  • Unexpected emergency expenses
  • Moving expenses
  • Large event expenses (ex. Wedding)
  • Pay overdue bills (Tax, medical, household)
  • Pay for home improvements
  • Make a big purchase
  • Wedding and event expenses
  • Travel/vacation

Pros and Cons of Florida Personal Loans

Pros

  • Fixed interest rate, which helps keep monthly payments on track.
  • Fast funding options help you get your loan quickly.
  • Most personal loans are unsecured loans, meaning your home or car isn’t used as collateral to borrow money.
  • Much lower interest rates compared to payday loans, which charge upward of 400 percent.
  • Most lenders allow you to apply online.
  • Can be used for any big purchases or major expenses.
  • Borrowers with good to excellent credit can receive highly competitive rates.
  • Prequalification allows you to see your estimated loan payments without affecting your credit score.

Cons

  • Borrowers with lower credit scores might have a difficult time qualifying.
  • A handful of lenders charge fees, like origination, late, and prepayment fees. The lower your credit score, the more likely you are to have a lender that charges more fees.
  • A handful of lenders don’t offer co-signers, which means you can rely on your credit score and credit history to qualify.
  • You’re adding another bill to your monthly payments, this might stretch or even break your budget if you are not careful.
  • Higher interest rates than home equity loans and auto loans because personal loans are unsecured (require no collateral).

How to get a personal loan in Florida

With so many lenders to choose from, getting a personal loan can be a daunting task. Here are five tips for getting a personal loan:

  • Determine how much you want to borrow: Take note of the amount of money you’ll need for your loan. Make sure to factor in any origination fees, which some lenders take out of the total loan amount. Use a rate calculator to determine your estimated monthly payments and make sure you can fit that amount into your monthly budget
  • Take a look at your credit score:  Knowing your credit score is important because it will help you determine your estimated APR. Potential borrowers with higher credit scores will receive the most competitive APRs. borrowers with fair or poor credit will receive offers with higher APRs. An option to lower your APR would be to add a co-signer to your loan; a co-signer with good credit will improve your overall credit picture and earn you more favorable rates.
  • Get prequalified: Online lenders allow you to check your rates using a process called prequalification. Getting prequalified doesn’t hurt your credit score and allows you to see real loan offers. With prequalification, you can compare rates from a variety of lenders, including online lenders, banks, and credit unions through an application process. This helps you find the best loan offer for you. FLloan offers a prequalification process that allows you to get matched with multiple lenders with a single online application.
  • Complete the approval process: After completing your loan application and receiving an offer, you can accept the loan. The lender will then likely require you to submit pay stubs, tax documents, and personal identification to complete the loan application process. Many lenders allow you to submit these documents online.
  • Get your loan: After the lender finalizes your loan, you’ll likely receive your loan within a business day or up to a week. After receiving your loan make sure you note your first payment due date. We recommend setting up automatic payments if they’re available; many lenders offer discounts for doing so.

Fact Answer Question on Personal Loans in Florida

Credit score requirements are different from lender to lender. Some lenders accept only borrowers with good or better credit; others will loan to bad-credit borrowers. Learn how to get a loan with bad credit in Florida.

Many online lenders can approve qualified borrowers’ applications and fund loans the same or next day, while others may take up to a week. Compare fast personal loans.

Online lenders, banks, and credit unions all offer unsecured personal loans. While some online lenders can offer low rates and fast funding to many people, you may get a better offer from your credit union or bank if you’re an existing customer. Learn more about where to get a personal loan.

Some lenders are offering low-rate small loans, while others are allowing payment relief on existing loans in response to the COVID-19 crisis.

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