Personal Loans in Miami

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Wells Fargo Bank Tropical Financial Credit Union University Credit Union
APR 5.74% to 24.24% As low as 8.75% As low as 6.74%
Borrowing limits $3,000 to $100,000 $500 to $20,000 Up to $20,000
Terms 12 to 84 months Up to 60 months Up to 60 months
Origination fee None None Not specified
Minimum credit requirement Not disclosed, but borrowers with scores of 620 and below “may have difficulty obtaining unsecured credit” Not specified Not specified

Wells Fargo Bank

Wells Fargo Bank offers fixed-rate personal loans in Miami between $3,000 and $100,000 with no origination fees or prepayment penalties. Compared with the other personal loan companies in Miami on our list — Tropical Financial Credit Union and University Credit Union — Wells Fargo Bank offers the lowest minimum APR, highest borrowing limit and the longest repayment term.

Borrowers have up to 84 months to repay loans of at least $5,000, and 12 to 36 months for loans below that amount. Wells Fargo Bank, which has at least 10 Miami branches, could be an option for a borrower who needs a lot of money and more time to pay off the loan.

While there’s no minimum credit score specified to apply for a personal loan from Wells Fargo Bank, the lender notes that you may have trouble getting unsecured credit if your credit score is 620 or below. The lowest APRs are generally given to borrowers who have “excellent” credit scores (typically 760 and up) and meet other criteria. If you have a qualifying Wells Fargo Bank checking account and make automatic payments from a deposit account at the bank, you can score a 0.25 percentage point discount on your personal loan’s APR.

Applying with Wells Fargo Bank

  • You must be a U.S. citizen or permanent resident alien
  • You must submit your Social Security number or individual tax identification number (ITIN), birthdate, citizenship status, contact information, permanent address and employment and income information
  • You may need to submit copies of your identification, recent pay stubs or tax returns and utility bills

Current Wells Fargo Bank account holders can apply for a personal loan online or on the phone, while new Wells Fargo Bank customers will need to speak with a representative at a branch.

Borrowers can apply individually or with a co-applicant, could get their money as soon as the next business day once approved.

Tropical Financial Credit Union

People who need a fixed-rate personal loan in Miami may be able to borrow money from Tropical Financial Credit Union. Like Wells Fargo Bank, this personal loan lender in Florida charges no origination fee.

However, Tropical Financial Credit Union’s personal loans start at just $500, which could be of interest to borrowers who don’t need a ton of cash. You’ll have up to 60 months to repay the debt — the same maximum term offered by University Credit Union — but the minimum terms aren’t specified by Tropical Financial Credit Union.

The credit union, which requires membership, has three branches in the city of Miami.

Applying with Tropical Financial Credit Union

  • You must be 18 years old and live or work in Miami-Dade, Broward, Collier, Hendry, Lee, Martin, Palm Beach, Sarasota or St. Lucie counties, be employed by certain partner companies or be immediately-related to or share a residence with a current member
  • You must make an initial deposit of $25 or more to open a debit or checking account at the credit union and purchase a $5 membership share
  • You must be in good standing and be paid to date on your existing accounts and loans at the credit union
  • You should have no more than a 40% debt-to-income (DTI) ratio

University Credit Union

If you’re looking for a competitive fixed rate on a personal loan in Miami, it’s worth getting a quote from University Credit Union , which also requires membership. Its starting APR of 6.74% is notably lower than that of Tropical Financial Credit Union, while still offering the same $20,000 maximum borrowing limit.

University Credit Union , which is based in Miami, has five branches in the city. It allows borrowers to spend personal loan funds on a variety of purposes, including educational expenses.

Applying with University Credit Union

If you’d like to apply with University Credit Union :

  • You must:
    • Reside or work in Miami-Dade County, or
    • Be a student, alumnus or member of faculty or staff of the University of Miami, Florida International University or St. Thomas University (or a member of their immediate family member), or
    • Work in the legal field in Miami-Dade, Broward, Monroe or Palm Beach counties
  • You must pick a primary reason for applying for the loan, such as debt consolidation, moving expenses, holiday shopping, or a wedding
  • You must submit your full name, date of birth, Social Security number, citizenship status, contact info, driver’s license number, address, employment information and monthly income, among other details

Explore lenders with LendingTree

LendingTree can help you compare offers from up to five partner lenders, depending on your creditworthiness. Qualification is not guaranteed and will depend on your financial health.

Generally, lenders will look at your credit score, income and current debts to determine your eligibility for a personal loan.

Get personalized rates

How to find personal loans in Miami with bad credit

There are some places you can go for a personal loan in Miami if you have bad credit:

  • Miami Federal Credit Union offers no-credit-check loans of up to $2,000 to people who’ve been a member for at least 90 days and are in good standing.
  • Baptist Health South Florida Federal Credit Union provides personal loans of $500 with APRs at 24% with no credit check required.

At credit unions, these can also be referred to as payday alternative loans.

Keep in mind that loan companies in Miami — and elsewhere — usually offer their most competitive APRs on personal loans to borrowers with high credit scores. Shop around to find the lowest available APR for you. You might be able to improve your personal loan application by adding a cosigner or meeting the eligibility requirements for a secured personal loan.

If your credit score is below 600, you might have trouble qualifying for a personal loan. Consider looking at alternative ways to get the money you need. You may be able to:

Borrowing money from relatives or friends could also be an easy and cheap way to get cash quickly. However, make sure it’s done in a way that would not cause strain on your relationships.

How to choose a personal loan in Miami

A personal loan can be useful if you want to consolidate debt, get cash for an emergency or cover an essential purchase. However, you don’t want to rush into anything — make sure you’re working with a reputable lender and agreeing to interest rates and terms that make sense for your financial goals.

One of the most important factors to consider is the APR, which reflects the interest rate and origination fee (if applicable) to provide the total cost over the life of the loan. It can pay to shop around for a personal loan with the lowest APR. For example, if you’re looking for a $5,000 personal loan with a five-year term, and you’re choosing between APRs of 8.99% from Wells Fargo Bank and 11.75% from Tropical Financial Credit Union, you’d save more than $400 in total interest by going with the lower APR. Use LendingTree’s personal loan payment calculator to see how the APR will affect your monthly payment.

APR isn’t the only important factor, though. You’ll also need to consider the monthly payments and the term. For example:

  • University Credit Union offers you a $15,000 personal loan with an APR of 8% and a five-year repayment period. You’d need to make monthly payments of more than $304.
  • University Credit Union offers you the same loan amount and APR, but with a shortened term of three years. Your monthly payment would jump to more than $470.
  • While you owe an extra $166 a month, this could help you shave almost $1,330 off the overall interest on the loan.

Aim to strike a balance between an affordable monthly payment and a term that doesn’t force you to pay more in interest than absolutely necessary.

Finally, expand your search for a personal loan beyond banks and credit unions in Miami. Online lenders, which don’t have the overhead of brick-and-mortar locations, can sometimes pass those savings along to borrowers in the form of lower APRs.

Requirements for personal loans in Miami

The state of Florida considers interest rates higher than 18% on loans to be usurious, though there are exceptions. If you feel that you’re a victim of predatory lending in Miami or elsewhere, consider consulting with a lawyer on how to best assert your rights.

Personal loans in Miami: FAQ

What are other options if I’m looking for fast cash in Miami? If you need money right away, you could consider looking into payday loans. However, it’s best to avoid those when you can, as they have high interest rates and short terms. If you’re willing to put your personal property on the line, title loans or pawn shop loans can also be an option. But these, like payday loans, are costly and risky. If you have other options, seek them first.

How can I find a list of banks in Miami? You can use the FDIC’s BankFind feature to find a list of banks in Miami, along with major banks in south Florida. All banks listed must insure each of its depositors for at least $250,000.

How can I find a list of credit unions in Miami? The National Credit Union Administration’s Credit Union Locator is a helpful resource for people who want to find a credit union. It has listings for credit unions in Miami, including their contact information and membership size.


To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Miami. We then researched the first 60 unique lenders that appeared in our results, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that didn’t offer information on at least three of the five factors listed above weren’t considered.