If you are looking for a personal loan in the state of Michigan you have a lot of choices. The sheer number of loan providers out there can make choosing difficult. There is also the matter that there are too many fraudulent search results in Google when it comes to searching for personal loans, not just in Michigan but all across the United States. That is why we have complied a list of reputable personal loan providers in Michigan, and we list their pro’s and con’s alike. Below is our list of the top personal loan providers serving Michigan:
The Huntington National Bank
The Huntington National Bank provides residents of Michigan with personal loan options that can fit most peoples budgets. You will enjoy fixed rates on your personal loan, with a 0.15% discounted rate on your personal loan if you opt for either weekly, bi-weekly or monthly automatic payments from your checking or savings account. They also offer you an extended first payment, meaning you will not need to pay for upwards of 60 days. They understand that money is tight right now if you need to borrow funds, so they give you time to get your finances in better order. It is beneficial to both the bank and you when they give you that extra time to get your finances streamlined. You can skip up to one payment and make it up at a later date with no extensive penalties, such as the penalties you would face when skipping a payment on a payday loan. Loans through The Huntington National Bank are not payday loans they are unsecured personal loans. They offer terms of up to 60 months. Your APR will depend entirely on your credit score and credit history.
Avant is another great personal loan provider that serves residents of Michigan. You can apply for a loan amount between $1000 and $35,000. One nice feature of Avant is you can check to see what rate they will offer you without impacting your credit score thanks to a soft inquiry versus a hard inquiry, so it does not hurt to see where you stand with Avant rate wise. They do not have any penalties for repaying the loan early, so if you are like I am and like to knock out debt quickly, this may just be the loan provider you are looking for. They feature an easy application with fast approval rates. You can have your funds in as little as one business day.
Michigan First Credit Union
Michigan First Credit Union offers residents of Michigan with rather generous personal loan options. They do not have any stipulations on how you use the money from the loan, provided that it is legal. You can pay off old debts by consolidating the dent into this loan, or use it for a down payment, or much needed repairs. They offer extremely generous terms for personal loans, up to 72 months, where as most personal loan providers cap out at 60 months. Your APR can be as low as 8.99 percent, depending on your creditworthiness.
SpringLeaf is another great option for borrowers in Michigan. They offer Personal and auto loans from $1,500 to $25,000, however your APR will vary depending on your credit worthiness. They use an internal proprietary scoring system to determine rates. Like Avant you can rate shop with this loan provider without affecting your credit score. The online application process is rather easy, it should take you only about 5 to 7 minutes to complete. They have fast approval rates and you could receive your funds in as little as one business day. They also offer borrowers the abilty to see their credit score each month, so you can track how well your credit is fairing.