1. Home
  2. Finance
  3. Loans
  4. Personal Loans
  5. Indianapolis Personal Loans

Best Personal Loans in Indianapolis, IN

Author picture
Written by Sandi Pope

When the unexpected happens, Indiana residents can get support through a personal loan. Personal loans help you cover large expenses when you don’t have the funds available. Before settling on a lender in Indianapolis, compare your options to find the best rates and lowest fees.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 3,828,503 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

Top 12 Indianapolis Personal Loan Companies

  • Best Rated
  • Most Reviewed
  • Highest Rated
Indianapolis personal loans skyline

People use personal loans for many different reasons, such as planning a wedding at Laurel Hall, paying off IU Health University Hospital medical bills or renovating a home in Lockerbie Square. Also, borrowing from a personal loan company can be a better option than putting more money on credit cards. This is because some personal loans have fixed monthly payments and better long-term options.

Picking a personal loan

Lenders offer a wide selection of loan types for many situations, including fixed-rate, changing-rate, long-term and cash loans. Some of the most common options are:

  • Variable-rate loan: Variable-rate loans are a great choice if you are thinking of remodeling a home in Lockerbie Square to flip in a small amount of time. Choosing a variable-rate loan with a lower initial interest rate can end up saving you a lot of money if you pay the loan back quickly.
  • Fixed-rate loans: Fixed-rate loans offer straightforward costs that make them easier to budget for over time. These personal loan types are good for paying off medical bills.
  • Secured loan: Auto loans are the most common form of a secured personal loan. These loans require collateral to borrow. In the case of an auto loan, the car itself serves as collateral.
  • Unsecured loan: An unsecured loan is the most popular personal loan because it doesn't require collateral from the borrower.
  • Co-signed loan: With a co-signed loan, you add another person with better credit to your contract to get better rates. These loans work best for students who are attending a school like Indiana University and need money for living expenses.

State requirements for loans in Indianapolis

Indiana caps interest rates for most loans at 21%, although that can change for some situations. In Indiana, it is a felony to charge more than a 72% annual percentage rate (APR), but small loans or payday loans have different laws.

Finding a personal loan company in Indianapolis

Start your search for lenders in Indianapolis by understanding what type of loan you need. Many lenders specialize in a specific type of loan, including bad credit loans, collateral loans, fast cash loans, online loans and installment loans.

You should get quotes from at least three lenders in Indianapolis. After you receive your quotes, compare them to decide which one works best for your situation. We recommend choosing a lender that offers:

  • No origination fees or prepayment penalties
  • Low interest rates
  • Loan terms between 36 and 72 months
  • Positive company reviews

You should also check for registered issues to make sure the Indiana loan company’s business practices are fair and legitimate. Even small increases in rates and fees add up to a lot over time, so comparing options between a few companies is the best way to save money in the long run.

Indianapolis personal loan FAQ

What credit score do you need for a personal loan?
Most companies require at least a 580 credit score for bad credit loans in Indiana. Loans with better rates require scores of at least 660.
Can I get a loan with a credit union in Indianapolis?
Yes, most credit unions provide personal loans. Credit unions often offer lower rates than traditional lenders, making them a good option for people on a budget.
Are personal loans a good idea?
Personal loans can be helpful as long as you have a plan in place for repayment. If you are desperate for cash and unsure how to pay the loan back once you take it out, we do not recommend personal loans.

Not sure how to choose?

Get buying tips about Personal Loans in Indianapolis delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter!

    Indianapolis personal loan company information

    FORUM Credit Union

    FORUM Credit Union offers fixed-rate personal loans up to $40,000. Its loans do not include any origination fees or prepayment penalties, and rates start as low as 8.24% fixed with terms between 41 and 84 months. Borrowers can apply for personal loans online through its website.

    • Address: 120 Monument Circle, Indianapolis, IN 46204; Multiple locations
    • Phone: (317) 558-6000
    • Hours: M - F: 9am - 5pm
    • Website: forumcu.com/personal/loans
    Horizon Bank

    Horizon Bank offers a loan service guarantee that promises same-day money for approved loans. Horizon also has a Fresh Start Loan Program that is perfect for someone looking to establish credit or get their credit record back on track. The Fresh Start program does not require a credit check and provides between $1,000 and $10,000 for 24 to 60 months.

    • Address: 8455 Keystone Crossing, Indianapolis, IN 46240; Multiple locations
    • Phone: (317) 452-8050
    • Hours: M - F: 9am - 5pm
    • Website: horizonbank.com/personal-banking/loans
    Indiana Members Credit Union

    Indiana Members Credit Union is the largest credit union in central Indiana, maintaining 27 local branches that serve more than 125,000 members. IMCU offers secured loans with rates as low as 3.25% and unsecured loans starting at 13.5%. Through its online application process, customers can easily see if they’re eligible for IMCU’s personal consumer loans.

    • Address: 136 N. Delaware St., Indianapolis, IN 46204; Multiple locations
    • Phone: (317) 635-7729
    • Hours: M - Th: 8am - 4pm; F: 8am - 5pm
    • Website: imcu.com
    Financial Health FCU

    Financial Health FCU's personal loans have fixed rates as low as 10% and low minimum payments. Financial Health also offers members free home banking and free online bill payment to make banking even more convenient.

    • Address: 1515 N. Senate Ave., Indianapolis, IN 46202; Multiple locations
    • Phone: (317) 559-7272
    • Hours: M - Th: 9am - 4:30pm; F: 8am - 6pm
    • Website: fhealthfcu.org/personal-loans
    Eagle Finance

    Eagle Finance provides fast personal loans from $1,000 to $10,000 with fixed, regular monthly payments lasting between eight and 24 months. In addition to traditional personal loans, Eagle Finance also offers loans for bad credit. Its loan terms are somewhere between traditional bank loans and payday loans.

    • Address: 9747 E. Washington St., Indianapolis, IN 46229; Multiple locations
    • Phone: (317) 252-0001
    • Hours: M - F: 8:30am - 5:30pm
    • Website: eagle.com