Personal loans are used to pay medical bills, update a home, consolidate debt, make a big purchase, get married or take a vacation. A reputable lender will disclose terms and fees clearly, offer competitive interest rates and provide quality customer service. Our partners at ConsumerAffairs researched the best personal loans in Omaha so you know where to apply.
Borrowers take out personal loans from online lenders, banks or credit unions and use the funds for a variety of purposes. Often, you get access to more money and at lower interest rates through a personal loan than with a credit card. Money borrowed from a personal loan is paid back over time and can be used for most purposes.
Companies offer different types of personal loans in Omaha. While searching, you might come across these terms:
Secured loans require collateral, such as a car or home.
Unsecured loans require no collateral to borrow money.
Fixed-rate loans have an unchanging interest rate throughout the loan period.
Variable-rate loans have changing interest rates throughout the loan period.
Debt consolidation loans combine debts to different creditors into one monthly payment.
Co-sign loans have an additional signer to guarantee the loan.
Personal lines of credit provide funds on an as-needed basis.
One of the key factors in qualifying for a personal loan in Omaha is your credit history. In general, the better your credit, the more favorable the terms. Even if you have bad credit, a personal loan may still be an option. Credit unions have more flexible lending requirements, while some online lending platforms provide loans to borrowers with below-average credit.
The application process is generally similar for all personal loans. With an online lender, the entire process is done over the web. Banks and credit unions also have online applications but will usually require in-person visits to finalize details. Be prepared to show proof of income and proof of address.
Most personal loans are paid back monthly over one to five years. A shorter loan term saves money on interest, but a longer term will keep payments lower.
When comparing loans, look at the costs and fees. Take note of the origination fee and late payment charge amounts. Try to find a lender that has no prepayment fee if you pay off the loan early.
It’s important to read loan documents carefully before signing. Federal law requires lenders to include a list of all costs so the borrower sees the total cost of the loan. After agreeing, expect funds to be deposited within 48 hours or sooner.
Best Egg is an online lender offering personal loans from $2,000 to $35,000. Borrowers get fixed terms and access to funds in as little as one business day. Check rates in just minutes with no effect on your credit score. Customer reviews say the web-based application process is easy, and they like the flexibility to use the funds for different types of expenses.
FreedomPlus, an online lender, offers personal loans from $7,500 to $40,000. Loans come with a fixed monthly payment and clear terms, including no prepayment penalty. Apply over the web and get a same-day decision. Funds are available within 3 business days. Customers like how FreedomPlus looks beyond borrowers’ credit scores to qualify them for loans.
First National Bank of Omaha
Founded in 1857, First National Bank has served the Omaha community for more than 160 years. More than 15 area locations are available for customers to visit to apply for a personal loan. Current rates are posted on the website, where Omahans can use interactive calculators to compare loan types, rates and payments. Reviewers have positive comments about the customer service at First National Bank.
Centris Federal Credit Union
Centris Federal Credit Union has provided financial solutions for Omaha residents for over 80 years. Both unsecured and secured personal loans are available to members. Apply online or stop at one of the area locations and an experienced service representative will help. Customers say the rates are competitive on personal loans at Centris.