With more than 350 credit unions and 150 banks in the Keystone State, Pennsylvanians have a lot of options for personal loans. Online lenders also offer personal loans in Pennsylvania and have some of the most competitive rates around — plus fast funding in many cases.
Here’s a closer look at the top personal loan options in Pennsylvania and how to choose the best one for your needs.
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What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Where to get personal loans in Pennsylvania
Personal loans are available from national and local banks, credit unions and online lenders with national reach. Here’s a closer look at each option and how to qualify.
Traditional banks
If you have good to excellent credit, a personal loan from a traditional bank could snag you a competitive rate.
Right now, the average rate on personal loans from banks like Wells Fargo and Santander is hovering around 6.99% to 24.99%, depending on your creditworthiness. Some banks also offer interest rate or fee discounts if you’re an existing customer.
However, it can be harder to qualify for a personal loan at a bank than with a credit union or online lender, and new customers may have to wait several days to get funded.
Online lenders
Online lenders tend to have more flexible eligibility criteria than banks and offer personal loans for bad credit in Pennsylvania. Some even accept credit scores as low as 300, making them a good choice if you have poor to fair credit or limited credit history.
Right now, the average APRs being offered by the top online lenders are between 6.70% and 35.99%, but keep in mind some charge origination fees. Plus, online lenders are often quick with funding. If approved, you could have funds in your bank account as soon as the next business day.
Credit unions
You can also look into a personal loan from a credit union in Pennsylvania. Unlike banks, credit unions are member-owned, so you must become a member to apply. Some credit unions require you to live or work in a certain area, although others only require a small deposit to join.
The good thing about credit unions is that interest rates are capped at 18% until March 2026. Right now, you could snag a rate between 6.25% and 18% on a personal loan at a credit union like TruMark Financial Credit Union or PSECU, depending on your credit score and other factors.
Peer-to-peer lending
Peer-to-peer (P2P) lenders offer loans funded by investors or everyday people instead of commercial lenders. P2P lending rates tend to be higher than banks and online lenders — around 8% to 36% APR. With P2P loans, funding times can take longer than an online lender.
Pennsylvania credit unions to consider for personal loans
Compare the top credit unions in Pennsylvania to see lenders you might qualify with.
APR range | Term length | |
---|---|---|
TruMark Financial Credit Union | 6.25% to 18.00% | 3 months to 120 months |
PSECU | 9.74%+ | 1 month to 84 months |
People First Credit Union | 7.99% to 9.99% | 12 to 60 months |
Erie Federal Credit Union | 6.29%+ | Up to 60 months |
Members 1st Credit Union | 12.39%+ | 12 months to 180 months |
Personal loan eligibility requirements in Pennsylvania
While every lender is different, here are the general requirements to qualify for a personal loan in Pennsylvania:
- 18 years of age
- US resident or green card holder
- Minimum credit score of 620
- Minimum annual income of $24,000 from a job or pension
- Debt-to-income ratio of 43% or less
- No bankruptcies in the past two years
These are general guidelines only. Some online lenders don’t have a minimum credit score requirement and some may accept lower incomes. Also, if you’re not a US resident, certain lenders work with nonresidents.
Personal loan rates and fees in Pennsylvania
Some lenders in Pennsylvania — especially those that work with lower credit borrowers — charge an origination fee on their personal loans. These fees can run anywhere from 1% to 10% of the total loan amount and are deducted from the funds you receive.
And while not all lenders charge these, you may also be on the hook for the following fees:
- Late payment fee. Typically around $15 or 5% of the payment due.
- Nonsufficient funds (NSF) fees. These can run from $15 to $50.
- Payment processing fee. Varies by payment amount and may be charged on accounts that don’t have autopay.
- Prepayment penalties. While most lenders don’t charge these, it could be equal to the interest you would have paid if you didn’t pay your loan off early.
Be sure to read your loan documents carefully to make sure you understand your loan’s rates and fees.
Tips for getting a personal loan in Pennsylvania
The best personal loans in Pennsylvania have low rates and no or low origination fees. However, not everyone qualifies for the lowest rates, especially if your credit score is below 740.
To make sure you’re getting the best deal for your credit score, follow these tips:
- Get prequalified. Do a prequalification with at least three or four lenders to compare loans, rates and fees. Prequalification can often be done with a soft credit check only.
- Ask about rate discounts. Many lenders offer rate discounts from 0.25% to 0.50% for setting up autopay or paying creditors directly for debt consolidation loans.
- Look for low rate guarantees. Some lenders, like LightStream, will beat competitors’ rates as long as you meet certain conditions.
- Use collateral. Some lenders, like TruMark, allow you to secure a personal loan with collateral, which can help lower your rate.
- Consider credit unions. Credit unions in Pennsylvania appear to have some of the best rates available right now for good credit borrowers.
- Check your credit. Check your credit history and make sure nothing is dragging your score down. Don’t close out any existing credit accounts, and don’t take out new loans before applying for a personal loan.
As with any type of debt, don’t borrow more than you need since you’ll pay more in interest over the long run. If you don’t know how much you need, consider a credit line that allows you to borrow as little or as much as you need.
Pennsylvania personal loan laws and regulations
There is no limit on the interest rate a bank can charge on a loan, according to Paul H. Wentzel, Jr., Senior Legislative Director of the Pennsylvania Department of Banking and Securities. However, credit unions can only charge up to 18% on consumer loans.
In general, you should never consent to pay more than 36% APR on a personal loan in Pennsylvania. If the lender is charging more than 36% APR, it’s likely an installment loan lender, which is not the same as a personal loan lender. And, if you’re on the hunt for a smaller payday loan, they are illegal in Pennsylvania, but you have other payday loan alternatives in your state.
Frequently asked questions
Can I get a personal loan in Pennsylvania if I have bad credit?
Yes, you can still get a personal loan in Pennsylvania with bad credit, but your options may be more limited, and you might face higher interest rates. Consider online lenders that specialize in bad credit loans or try alternatives like secured loans or a co-signer to improve your chances of approval.
What is the minimum credit score required for a personal loan in Pennsylvania?
The minimum credit score for a personal loan in Pennsylvania typically starts around 620, but it depends on the lender. Some may be okay with lower scores, especially if you have a steady income, collateral and/or a co-signer.
Can I use a personal loan to consolidate debt in Pennsylvania?
Yes, you can use a personal loan to consolidate debt in Pennsylvania — it’s a great way to combine payments and possibly save on interest. Just double-check that the new loan actually costs less than what you’re paying now.
What documents do I need to apply for a personal loan in Pennsylvania?
To apply for a personal loan in Pennsylvania, you’ll usually need a government-issued ID, proof of income (like pay stubs or tax returns) and proof of address. Some lenders might also ask for bank statements or information about your debts.
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