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6 Best Personal Loans in Iowa for 2020 • Benzinga

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Competition among financial institutions is fierce in Iowa. The state ranks No. 1 in banks and credit unions per capita, so your search for a personal loan lender can be daunting.

Benzinga’s done the work for you. Check out our list of the best personal loans in Iowa to get started.

Best Personal Loans in Iowa Near You:

  • Best for Wide Variety of Options: Veridian Credit Union
  • Best Personal Loan Options: Greater Iowa Credit Union
  • Best for Comparing Rates: Regions Bank
  • Best Online Functionality: Credible
  • Best for Credit Card Consolidation: SoFi
  • Best for Fast Cash: Smarter Loans

Best Personal Loans Through a Credit Union in Iowa 

Credit unions are member-owned and profits are returned to members in several ways, including lower loan rates and terms. Take a look at our recommended personal loans through some of Iowa’s credit unions.

Loan Amounts

Up to $40,000

Terms Offered

12 to 120 months

Best for Wide Variety of Options: Veridian Credit Union 

Veridian Credit Union’s membership base is the largest of any credit union in Iowa with a host of financial products that match its size.

Veridian offers four types of personal loans. Any member can apply for Verdian’s Personal Loan. If you have a credit score of at least 720, you may be eligible for a Premier Personal Loan, which has a higher loan cap and lower APR. The Quick Draw Line of Credit is a form of overdraft protection. You can link funds to your checking account specifically to stop payments from bouncing.

The last personal loan type is a Payday Alternative Loan (PAL). A PAL loan is a quick cash infusion under $1,000. You get 1/2 of the loan upon approval and the other 1/2 is held until you pay the first 1/2 back. This provides urgent financial relief and teaches better budgeting habits. 

Besides personal loans, Veridian also offers auto loans, mortgages, home equity lines of credit and student loans to its members. You can also apply for lines of credits and payday loans. 

APR

As low as 6.99% to 9.99%

Terms Offered

1 to 60 months

Best Personal Loan Options: Greater Iowa Credit Union

Greater Iowa Credit Union (GICU) formed in 1932 and has 8 branches throughout Iowa. The credit union counts over 33,000 members.

GICU offers 3 types of personal loans with variable rates and terms:

  • The Good Choice loan is unsecured (no collateral needed) and can help you pay an expense over an extended period of time. This personal loan could be a good option if you’re planning a home improvement or a wedding.
  • The Emergency Loan is an alternative to payday loans when you need quick cash. This loan is a short-term unsecured loan with fixed rates. 
  • The Credit Builder loan is an option if you’re focused on your credit, and the requirements are simple. Submit your Social Security number or Individual Taxpayer Identification Number (ITIN) and proof of income, 6 months residency at the same place or 6 months employment at the same employer. You’ll need to prove your capacity to repay the loan.

Best Banks in Iowa Offering Personal Loans

Banks typically offer a wide range of personal financial products, many locations and a full suite of online banking capabilities. Review our list of the best banks for personal loans in Iowa.

Best for Comparing Rates: Regions Bank

Regions Bank has 9 branches in Iowa and several types of loans are available. The bank offers access to credit cards, mortgages, home equity, lines of credits, auto loans, student loans and personal loans.

You can take a personal loan out for home improvement, debt consolidation or emergency expenses. Calculate your expected rates and terms using the free calculator. 

Regions may also connect you with other lenders who can help you if it’s unable to offer you a loan based on your personal and financial information.

Best Personal Loans in Iowa from Online Platforms

You might conduct much of your financial business online already. Why not add loans to that list? The sheer number of vetted online lenders means you have a high chance of finding a loan that fits your needs. 

Start with our list of the best online lenders for personal loans.