MFP’s Personal Lenders Survey provides key statistics on which lenders Americans trust and recommend; broken down by state and major cities. Based on feedback from over 210,000 Americans and covering more than 5,200 lenders, the survey evaluates the entire lending experience, including the application process, rates, speed, and overall recommendations.
Whether you’re applying for personal loan or researching the market, the report offer clear, data, statistics and insights to help guide your decisions. Explore the survey results below to see how lenders perform in your state and metro areas.
Updated: September 1, 2026
National Personal Loan Lenders Report
The table below rolls up every lender rating in the survey by lender type, covering personal loan borrowers in the largest city in each state plus a national online lender panel.
| Lender Type | Application Ease | Loan Terms & Rate Satisfaction | Support & Guidance | Recommendation Rate |
|---|---|---|---|---|
| Credit Unions | 4.68 | 4.66 | 4.71 | 92.6% |
| Community Banks | 4.42 | 4.42 | 4.51 | 87.5% |
| Banks | 4.23 | 4.21 | 4.28 | 83.5% |
| Online | 4.63 | 4.44 | 4.51 | 87.2% |
Source: MFP’s Community Survey of Personal Loan Lenders by State and Cities.
MFP’s Takeaway
- Credit unions lead in every column and are the only type above 90% recommendation, a 9.1 point gap over banks, the widest spread between any two lender types in the survey.
- Community banks and online lenders land within 0.3 points of each other on recommendation (87.5% vs. 87.2%), even though one relies on a branch and the other doesn’t.
- Application Ease shows the widest gap between top and bottom performer: credit unions at 4.68 versus banks at 4.23, a difference of 0.45 points.
- Support & Guidance is where credit unions post their single highest score nationally (4.71), suggesting borrowers value the help they get as much as the rate itself.
- Banks post the lowest score in every column nationally, the only lender type with no metric above 4.30.
MFP Tip: A credit union will often beat a bank on rate and support, but many require a small membership fee or a local affiliation to join. Check eligibility before you rule one out.
Lenders Recommendations by State
See personal loan lender results by state and main city below.
Personal Loan Borrowers: Regional Perspective
Personal loan lender performance varies by region, and sometimes within a state. Borrowers can use these differences to their advantage to find a lender that fits their priorities, whether that’s the lowest rate, the fastest funding, or the most hand holding along the way.
Regional Trends
Personal loan lender satisfaction differs by region in ways that go beyond rate alone. Funding speed, fee transparency, and how much support a borrower gets during underwriting all shape whether they’d recommend their lender. Our brief analysis below draws on the Lenders Summary data further down the page.
North East
Credit unions are the clear winner in the North East, and online lenders hold up better here than almost anywhere else in the country.
- Credit Unions: The best all around choice for North East borrowers. A 92.5% recommendation rate and a 4.71 Support & Guidance score show borrowers trust the hand holding they get here as much as the rate itself.
- Community Banks: A solid pick if you value a local relationship. Recommendation sits at 87.3%, trailing credit unions by 5 points, but Support & Guidance (4.52) stays close behind.
- Banks: The weakest option in the region, at 82.7% recommend. Familiar branches and brand names keep them in the running, but borrowers rate them lowest across the board.
- Online Lenders: A strong pick for borrowers who want speed without sacrificing service. Their 87.4% recommendation rate and 4.54 Support & Guidance score, the best of any region, suggest a good digital process backed by real help when needed.
Midwest
The Midwest is the best region in the country to be a borrower, every lender type posts its strongest national result here.
- Credit Unions: Hard to beat in the Midwest. A 93.7% recommendation rate, the highest of any region nationwide, points to borrowers who feel genuinely well served, not just satisfied with the rate.
- Community Banks: Their best regional showing anywhere, at 89.0% recommend. A good option if you want a local decision maker without giving up much satisfaction versus a credit union.
- Banks: Their best regional result too, at 85.0% recommend. Still last among the four types, but Midwest borrowers report the closest thing to bank satisfaction anywhere in the country.
- Online Lenders: Application Ease leads the pack at 4.64, so Midwest borrowers who want a fast, simple application tend to find one here, even if Support & Guidance (4.45) trails their other two metrics.
Southeast
Credit unions still lead the Southeast, but by a narrower margin than in most other regions, and online lenders make their strongest case here.
- Credit Unions: Still the top choice, at 91.9% recommend, their softest regional result. Reliable, but Southeast borrowers have less of a reason to default to a credit union without comparing options first.
- Community Banks: Their softest regional performance, at 86.5% recommend. Worth a look for local service, but expect a bigger gap behind credit unions than in most regions.
- Banks: At 82.8% recommend, banks trail the pack, though they stay close to online lenders on borrower satisfaction.
- Online Lenders: Their best regional result nationwide, at 87.7% recommend, with a 4.55 Support & Guidance score to match. A genuinely competitive option for Southeast borrowers who want speed and don’t want to sacrifice support to get it.
Southwest
The Southwest is the closest thing to a real contest between credit unions and community banks anywhere in the country.
- Credit Unions: Still on top at 93.3% recommend, with the region’s best Support & Guidance score (4.71). But their lead over community banks is the smallest of any region, just over 3 points.
- Community Banks: Their strongest national result, at 90.0% recommend, backed by a 4.57 Support & Guidance score. Southwest borrowers who want a local lender don’t have to give up much to get one.
- Banks: At 84.2% recommend, their second best regional result. Still the weakest of the four types, but a more competitive choice here than in most of the country.
- Online Lenders: A dependable middle option at 87.1% recommend, led by a 4.65 Application Ease score for borrowers who want a fast start.
West
The West is the most consistent region for credit unions, they win every rated city here, and the region trails the Midwest and Southwest slightly on every other lender type.
- Credit Unions: The safest default in the country. A 92.3% recommendation rate and consistent scores above 4.64 across the board mean borrowers rarely have a bad experience here.
- Community Banks: Their second softest regional result, at 86.1% recommend. Still worth comparing for local service, but the gap behind credit unions is wider here than in the Midwest or Southwest.
- Banks: A middle of the pack result at 83.0% recommend, neither the best nor the worst regional showing for this type.
- Online Lenders: Their softest regional result at 86.4% recommend. Application Ease stays strong at 4.63, but a lower Support & Guidance score (4.53) suggests the digital process outpaces the help borrowers get once they’re in it.
Borrowers Summary
- Credit Unions: The default choice in nearly every region. Borrowers consistently trust the combination of fair terms and hands on support, especially in the Midwest and Southwest, where the scores are strongest.
- Community Banks: A strong alternative if you want a local decision maker. The Southwest is the one region where they come close to matching credit unions on recommendation.
- Banks: The steadiest fallback for borrowers who already have an account there, but rarely the best choice on rate or service anywhere in the country.
- Online Lenders: Best for speed, particularly in the Southeast and North East, though Support & Guidance tends to trail the ease of applying in every region.
Personal Loan: Lenders Perspective
Personal loan lenders’ strengths and weaknesses are often built into the characteristics of their type. Credit unions lend on relationship and character as much as credit score, online lenders compete on funding speed, community banks lean on local decision making, and banks lean on scale and existing customer relationships. Here’s how each type stacks up competitively.
Credit Unions: Dominating Satisfaction Nationwide
Strengths: Credit unions are the clear leader in borrower satisfaction for personal loans across every region. Best in class for Application Ease (4.68), Loan Terms & Rate Satisfaction (4.66), Support & Guidance (4.71), and Recommendation Rate (92.6%). They hold the #1 spot in all 50 states and 509 of 521 rated cities.
Challenges: Their dominance narrows where community banks and online lenders are strongest, the Southwest and Southeast, where their lead over the next closest type drops to 3 to 5 points instead of the 5 to 9 point gaps seen elsewhere. Membership requirements and local affiliation rules remain a structural barrier to reaching every borrower.
Opportunities: Double down on marketing their consistency and support advantage in regions like the Southwest and Southeast, where the competition is closer. Continue closing digital convenience gaps versus online lenders to protect their Application Ease lead.
Community Banks: A Competitive Second, Strongest in the Southwest
Strengths: Community banks post the strongest second place national result of any lender type, 87.5% recommend, and take the outright #1 spot in 10 cities across Arkansas, Mississippi, New Mexico, Oklahoma, Rhode Island, and Texas. They post their best regional result in the Southwest (90.0% recommend), within striking distance of credit unions there.
Challenges: Application Ease is their weakest of the three borrower metrics nationally (4.42), pointing to a slower or more paperwork heavy process than online lenders offer. They trail online lenders for second place in the North East, Southeast, and West.
Opportunities: Invest in streamlining the application process to close the Application Ease gap with online lenders. Lean into the Southwest strength, where they’re closest to unseating credit unions, as a model for other regions.
Banks: Stable but Trailing Every Category
Strengths: Banks offer the widest branch footprint and the deepest product bundling with existing checking and mortgage relationships, which keeps them relevant even without leading on satisfaction.
Challenges: Banks post the lowest national score in every column: 4.23 Application Ease, 4.21 Loan Terms & Rate Satisfaction, 4.28 Support & Guidance, and 83.5% Recommendation Rate. They never take the #1 spot in any state, and only one city nationwide (Oshkosh, Wisconsin) ranks a bank first.
Opportunities: Upsell personal loans to existing banking customers where relationship and convenience outweigh rate shopping. Invest in loan terms and support training, their two furthest metrics behind credit unions, to close the recommendation gap.
Online Lenders: Leading on Speed, Uneven on Follow Through
Strengths: Online lenders post a 4.63 Application Ease score, second only to credit unions nationally, and their strongest recommendation results come in the Southeast (87.7%) and North East (87.4%), where they edge out community banks for second place.
Challenges: Support & Guidance consistently trails their Application Ease score in every region, most noticeably in the Midwest (4.45 vs. 4.64) and West (4.53 vs. 4.63), suggesting the digital process outpaces the help borrowers get once they’re in it. Community banks outrank them for second place in the Midwest and Southwest.
Opportunities: Focus on improving post application support and follow up, where the gap with Application Ease is widest. Market speed and simplicity aggressively in the Midwest and Southwest, where community banks currently hold the stronger second place position.
Competitive Landscape: MFP’s Takeaways
| Region | Market Leader | Online Lender Threat | Community Bank Position | Bank Position |
|---|---|---|---|---|
| North East | Credit Unions | Strong, edges out Community Banks for 2nd | Competitive | Weakest regionally |
| Midwest | Credit Unions | Moderate, trails Community Banks | Strongest secondary option | Steadiest, but still last |
| Southeast | Credit Unions | Strong, best regional result | Competitive | Weak |
| Southwest | Credit Unions | Moderate, trails Community Banks | Strongest nationwide | Moderate |
| West | Credit Unions | Strong, but narrow margin | Weakest regionally | Weak |
Credit unions hold the market leader position in every region, so the real competition nationwide is for second place. Online lenders win that fight in the North East, Southeast, and West, while community banks take it in the Midwest and Southwest. Banks finish last in all five regions.
Lender Growth Recommendations
- Credit Unions: Protect the lead by continuing to close digital convenience gaps, and market the Support & Guidance advantage where competitors are closest, in the Southwest and Southeast.
- Community Banks: Modernize the application process to compete with online lenders on speed. Build on the Southwest and Midwest strength as proof points elsewhere.
- Banks: Focus on retention and bundling with existing customers rather than competing purely on rate or support. Invest specifically in Support & Guidance, the metric furthest behind credit unions.
- Online Lenders: Close the gap between Application Ease and Support & Guidance with better post application follow up. Push harder in the Midwest and Southwest, where community banks currently hold second place.
Personal Loan Lenders: Summary by State
The table below shows each state’s average score by lender type, rolled up from every rated lender in the state’s largest cities.
| State | Lender Type | Application Ease | Loan Terms & Rate Satisfaction | Support & Guidance | Recommendation Rate |
|---|---|---|---|---|---|
| Alabama | Credit Unions | 4.72 | 4.69 | 4.73 | 93.9% |
| Community Banks | 4.55 | 4.50 | 4.60 | 90.5% | |
| Banks | 4.24 | 4.22 | 4.31 | 84.6% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Alaska | Credit Unions | 4.48 | 4.48 | 4.54 | 85.6% |
| Community Banks | 4.18 | 4.26 | 4.41 | 80.7% | |
| Banks | 4.10 | 4.01 | 4.05 | 75.9% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Arizona | Credit Unions | 4.63 | 4.61 | 4.68 | 93.0% |
| Community Banks | 4.33 | 4.40 | 4.50 | 89.3% | |
| Banks | 4.16 | 4.15 | 4.17 | 83.7% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Arkansas | Credit Unions | 4.75 | 4.71 | 4.75 | 94.6% |
| Community Banks | 4.40 | 4.39 | 4.49 | 88.2% | |
| Banks | 4.30 | 4.27 | 4.36 | 85.6% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| California | Credit Unions | 4.70 | 4.67 | 4.72 | 93.5% |
| Community Banks | 4.52 | 4.48 | 4.58 | 90.1% | |
| Banks | 4.24 | 4.22 | 4.31 | 84.6% | |
| Online | 4.60 | 4.40 | 4.50 | 86.3% | |
| Colorado | Credit Unions | 4.67 | 4.65 | 4.70 | 92.9% |
| Community Banks | 4.70 | 4.70 | 4.70 | 94.0% | |
| Banks | 4.18 | 4.15 | 4.19 | 83.0% | |
| Online | 4.60 | 4.40 | 4.50 | 85.0% | |
| Connecticut | Credit Unions | 4.55 | 4.61 | 4.60 | 89.2% |
| Community Banks | 4.42 | 4.53 | 4.48 | 85.9% | |
| Banks | 4.24 | 4.30 | 4.24 | 80.3% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Delaware | Credit Unions | 4.73 | 4.69 | 4.73 | 94.0% |
| Community Banks | 4.45 | 4.45 | 4.54 | 89.0% | |
| Banks | 4.29 | 4.27 | 4.35 | 85.4% | |
| Online | 4.55 | 4.40 | 4.50 | 87.5% | |
| Florida | Credit Unions | 4.67 | 4.69 | 4.74 | 92.4% |
| Community Banks | 4.39 | 4.45 | 4.52 | 87.4% | |
| Banks | 4.27 | 4.36 | 4.36 | 84.8% | |
| Online | 4.65 | 4.50 | 4.55 | 90.5% | |
| Georgia | Credit Unions | 4.54 | 4.55 | 4.59 | 86.7% |
| Community Banks | 4.12 | 4.18 | 4.30 | 79.2% | |
| Banks | 4.08 | 3.98 | 4.08 | 75.8% | |
| Online | 4.60 | 4.40 | 4.50 | 89.0% | |
| Hawaii | Credit Unions | 4.70 | 4.67 | 4.72 | 93.6% |
| Community Banks | 4.42 | 4.40 | 4.50 | 88.2% | |
| Banks | 4.34 | 4.33 | 4.42 | 86.5% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Idaho | Credit Unions | 4.70 | 4.67 | 4.72 | 93.5% |
| Community Banks | 4.37 | 4.35 | 4.45 | 87.3% | |
| Banks | 4.19 | 4.14 | 4.20 | 82.8% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Illinois | Credit Unions | 4.71 | 4.70 | 4.73 | 93.9% |
| Community Banks | 4.49 | 4.47 | 4.57 | 89.8% | |
| Banks | 4.26 | 4.25 | 4.33 | 84.8% | |
| Online | 4.60 | 4.40 | 4.50 | 86.0% | |
| Indiana | Credit Unions | 4.73 | 4.70 | 4.74 | 94.2% |
| Community Banks | 4.47 | 4.47 | 4.57 | 89.5% | |
| Banks | 4.32 | 4.32 | 4.41 | 86.3% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Iowa | Credit Unions | 4.70 | 4.67 | 4.72 | 93.7% |
| Community Banks | 4.41 | 4.40 | 4.50 | 88.1% | |
| Banks | 4.14 | 4.08 | 4.13 | 81.6% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Kansas | Credit Unions | 4.73 | 4.71 | 4.74 | 94.2% |
| Community Banks | 4.40 | 4.39 | 4.49 | 88.0% | |
| Banks | 4.27 | 4.26 | 4.34 | 85.2% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Kentucky | Credit Unions | 4.74 | 4.71 | 4.74 | 94.2% |
| Community Banks | 4.49 | 4.45 | 4.55 | 89.6% | |
| Banks | 4.23 | 4.22 | 4.30 | 84.3% | |
| Online | 4.60 | 4.50 | 4.60 | 88.0% | |
| Louisiana | Credit Unions | 4.57 | 4.59 | 4.66 | 86.9% |
| Community Banks | 4.08 | 4.17 | 4.27 | 76.8% | |
| Banks | 4.06 | 4.00 | 4.09 | 74.4% | |
| Online | 4.60 | 4.50 | 4.60 | 88.0% | |
| Maine | Credit Unions | 4.72 | 4.69 | 4.74 | 93.8% |
| Community Banks | 4.48 | 4.44 | 4.54 | 89.2% | |
| Banks | 4.25 | 4.24 | 4.32 | 84.7% | |
| Online | 4.60 | 4.50 | 4.60 | 88.0% | |
| Maryland | Credit Unions | 4.73 | 4.71 | 4.75 | 94.2% |
| Community Banks | 4.49 | 4.49 | 4.59 | 89.8% | |
| Banks | 4.26 | 4.26 | 4.34 | 84.9% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Massachusetts | Credit Unions | 4.56 | 4.59 | 4.65 | 87.0% |
| Community Banks | 4.19 | 4.24 | 4.37 | 79.1% | |
| Banks | 4.12 | 3.94 | 4.01 | 74.5% | |
| Online | 4.60 | 4.40 | 4.50 | 85.7% | |
| Michigan | Credit Unions | 4.71 | 4.69 | 4.74 | 93.8% |
| Banks | 4.31 | 4.30 | 4.38 | 85.8% | |
| Online | 4.60 | 4.40 | 4.50 | 86.0% | |
| Minnesota | Credit Unions | 4.69 | 4.66 | 4.71 | 93.2% |
| Community Banks | 4.44 | 4.44 | 4.54 | 88.8% | |
| Banks | 4.18 | 4.17 | 4.25 | 83.0% | |
| Online | 4.60 | 4.40 | 4.50 | 84.7% | |
| Mississippi | Credit Unions | 4.72 | 4.69 | 4.74 | 93.9% |
| Community Banks | 4.40 | 4.38 | 4.47 | 87.8% | |
| Banks | 4.21 | 4.21 | 4.30 | 84.2% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Missouri | Credit Unions | 4.72 | 4.69 | 4.73 | 94.0% |
| Community Banks | 4.44 | 4.43 | 4.52 | 88.5% | |
| Banks | 4.22 | 4.19 | 4.26 | 83.8% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Montana | Credit Unions | 4.72 | 4.69 | 4.73 | 93.6% |
| Community Banks | 4.35 | 4.34 | 4.45 | 86.6% | |
| Banks | 4.21 | 4.16 | 4.22 | 83.2% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Nebraska | Credit Unions | 4.74 | 4.73 | 4.73 | 94.4% |
| Community Banks | 4.63 | 4.61 | 4.68 | 92.4% | |
| Banks | 4.20 | 4.20 | 4.29 | 83.9% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Nevada | Credit Unions | 4.66 | 4.63 | 4.69 | 93.0% |
| Community Banks | 4.30 | 4.28 | 4.38 | 85.8% | |
| Banks | 4.20 | 4.15 | 4.18 | 83.2% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| New Hampshire | Credit Unions | 4.70 | 4.67 | 4.72 | 93.5% |
| Community Banks | 4.47 | 4.45 | 4.54 | 89.2% | |
| Banks | 4.18 | 4.17 | 4.26 | 83.3% | |
| Online | 4.60 | 4.50 | 4.60 | 88.0% | |
| New Jersey | Credit Unions | 4.71 | 4.69 | 4.73 | 93.7% |
| Community Banks | 4.41 | 4.42 | 4.50 | 87.7% | |
| Banks | 4.18 | 4.17 | 4.25 | 83.0% | |
| Online | 4.65 | 4.45 | 4.55 | 88.5% | |
| New Mexico | Credit Unions | 4.70 | 4.67 | 4.71 | 93.5% |
| Community Banks | 4.60 | 4.57 | 4.64 | 91.6% | |
| Banks | 4.22 | 4.21 | 4.30 | 84.2% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| New York | Credit Unions | 4.72 | 4.69 | 4.73 | 93.8% |
| Community Banks | 4.51 | 4.48 | 4.58 | 89.9% | |
| Banks | 4.17 | 4.15 | 4.23 | 83.1% | |
| Online | 4.60 | 4.40 | 4.50 | 85.7% | |
| North Carolina | Credit Unions | 4.71 | 4.68 | 4.73 | 93.7% |
| Community Banks | 4.47 | 4.45 | 4.55 | 89.2% | |
| Banks | 4.18 | 4.17 | 4.25 | 83.3% | |
| Online | 4.60 | 4.50 | 4.60 | 87.0% | |
| North Dakota | Credit Unions | 4.70 | 4.68 | 4.71 | 93.6% |
| Community Banks | 4.34 | 4.32 | 4.42 | 86.7% | |
| Banks | 4.23 | 4.19 | 4.25 | 83.8% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Ohio | Credit Unions | 4.71 | 4.69 | 4.74 | 93.7% |
| Community Banks | 4.42 | 4.38 | 4.48 | 88.0% | |
| Banks | 4.28 | 4.26 | 4.35 | 85.1% | |
| Online | 4.60 | 4.40 | 4.50 | 85.7% | |
| Oklahoma | Credit Unions | 4.72 | 4.69 | 4.73 | 94.0% |
| Community Banks | 4.44 | 4.43 | 4.53 | 88.7% | |
| Banks | 4.19 | 4.19 | 4.27 | 83.6% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Oregon | Credit Unions | 4.69 | 4.66 | 4.71 | 93.4% |
| Community Banks | 4.50 | 4.50 | 4.60 | 90.0% | |
| Banks | 4.23 | 4.19 | 4.26 | 83.9% | |
| Online | 4.65 | 4.45 | 4.55 | 86.5% | |
| Pennsylvania | Credit Unions | 4.72 | 4.69 | 4.74 | 93.9% |
| Community Banks | 4.51 | 4.49 | 4.58 | 90.0% | |
| Banks | 4.27 | 4.26 | 4.35 | 85.3% | |
| Online | 4.65 | 4.45 | 4.55 | 88.0% | |
| Rhode Island | Credit Unions | 4.73 | 4.70 | 4.75 | 94.2% |
| Community Banks | 4.60 | 4.59 | 4.66 | 91.9% | |
| Banks | 4.24 | 4.24 | 4.32 | 84.7% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| South Carolina | Credit Unions | 4.71 | 4.68 | 4.73 | 93.7% |
| Community Banks | 4.43 | 4.41 | 4.50 | 88.4% | |
| Banks | 4.25 | 4.24 | 4.33 | 84.8% | |
| South Dakota | Credit Unions | 4.73 | 4.71 | 4.73 | 94.0% |
| Community Banks | 4.46 | 4.45 | 4.53 | 89.1% | |
| Banks | 4.18 | 4.13 | 4.19 | 82.6% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Tennessee | Credit Unions | 4.74 | 4.71 | 4.75 | 94.3% |
| Community Banks | 4.51 | 4.50 | 4.58 | 90.1% | |
| Banks | 4.28 | 4.27 | 4.36 | 85.3% | |
| Online | 4.65 | 4.45 | 4.55 | 88.5% | |
| Texas | Credit Unions | 4.69 | 4.66 | 4.71 | 93.0% |
| Community Banks | 4.46 | 4.43 | 4.51 | 88.9% | |
| Banks | 4.26 | 4.24 | 4.33 | 84.9% | |
| Online | 4.65 | 4.45 | 4.55 | 86.0% | |
| Utah | Credit Unions | 4.66 | 4.63 | 4.68 | 92.8% |
| Community Banks | 4.34 | 4.34 | 4.44 | 87.1% | |
| Banks | 4.20 | 4.16 | 4.20 | 83.4% | |
| Online | 4.65 | 4.45 | 4.55 | 84.5% | |
| Vermont | Credit Unions | 4.63 | 4.62 | 4.67 | 90.7% |
| Community Banks | 4.37 | 4.48 | 4.51 | 85.0% | |
| Banks | 4.14 | 4.14 | 4.15 | 78.3% | |
| Online | 4.65 | 4.45 | 4.55 | 89.5% | |
| Virginia | Credit Unions | 4.62 | 4.61 | 4.66 | 90.2% |
| Community Banks | 4.48 | 4.56 | 4.56 | 87.1% | |
| Banks | 4.20 | 4.22 | 4.26 | 79.6% | |
| Online | 4.65 | 4.45 | 4.55 | 83.0% | |
| Washington | Credit Unions | 4.61 | 4.62 | 4.65 | 90.0% |
| Community Banks | 4.32 | 4.42 | 4.47 | 83.6% | |
| Banks | 4.15 | 4.20 | 4.23 | 78.6% | |
| Online | 4.60 | 4.40 | 4.50 | 85.0% | |
| West Virginia | Credit Unions | 4.61 | 4.62 | 4.68 | 90.8% |
| Community Banks | 4.37 | 4.51 | 4.47 | 85.1% | |
| Banks | 4.19 | 4.29 | 4.28 | 80.9% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% | |
| Wisconsin | Credit Unions | 4.69 | 4.64 | 4.71 | 92.2% |
| Community Banks | 4.47 | 4.37 | 4.37 | 86.7% | |
| Banks | 4.48 | 4.46 | 4.46 | 90.2% | |
| Online | 4.67 | 4.44 | 4.26 | 89.3% | |
| Wyoming | Credit Unions | 4.74 | 4.71 | 4.74 | 94.5% |
| Community Banks | 4.42 | 4.41 | 4.51 | 88.1% | |
| Banks | 4.21 | 4.17 | 4.22 | 83.3% | |
| Online | 4.65 | 4.45 | 4.55 | 87.5% |
Source: MFP’s Community Survey of Personal Loan Lenders by State and Cities.
Arkansas has the strongest credit union recommendation rate in the country at 94.6%, while Alaska has the softest at 85.6%, though credit unions still top every other lender type there too. Banks see the widest range: Wisconsin banks recommend at 90.2%, the best result nationwide for that type, while Louisiana banks sit at 74.4%, the lowest in the survey.
Wisconsin also has the narrowest gap between its best and worst lender type, just 1.9 points between credit unions and banks. Massachusetts and Louisiana show the widest gap, at 12.5 points, meaning the choice of lender type matters more to borrowers in those two states than almost anywhere else.
Most Recommended Type of Personal Loan Lenders
The table below looks at the most recommended personal loan lender type in each state, by looking at the most popular lender in the state’s main cities. Credit unions are the #1 most recommended personal loan lender type in every state.
#1 Type of Personal Loan Lenders in each State
| State | Most Recommended | Community Banks | Banks | Credit Unions | Online |
|---|---|---|---|---|---|
| Alabama | Credit Unions | 0 | 0 | 13 | 0 |
| Alaska | Credit Unions | 0 | 0 | 8 | 0 |
| Arizona | Credit Unions | 0 | 0 | 11 | 0 |
| Arkansas | Credit Unions | 1 | 0 | 10 | 0 |
| California | Credit Unions | 0 | 0 | 13 | 0 |
| Colorado | Credit Unions | 0 | 0 | 11 | 0 |
| Connecticut | Credit Unions | 0 | 0 | 10 | 0 |
| Delaware | Credit Unions | 0 | 0 | 7 | 0 |
| Florida | Credit Unions | 0 | 0 | 11 | 0 |
| Georgia | Credit Unions | 0 | 0 | 13 | 0 |
| Hawaii | Credit Unions | 0 | 0 | 9 | 0 |
| Idaho | Credit Unions | 0 | 0 | 9 | 0 |
| Illinois | Credit Unions | 0 | 0 | 11 | 0 |
| Indiana | Credit Unions | 0 | 0 | 11 | 0 |
| Iowa | Credit Unions | 0 | 0 | 11 | 0 |
| Kansas | Credit Unions | 0 | 0 | 11 | 0 |
| Kentucky | Credit Unions | 0 | 0 | 10 | 0 |
| Louisiana | Credit Unions | 0 | 0 | 11 | 0 |
| Maine | Credit Unions | 0 | 0 | 9 | 0 |
| Maryland | Credit Unions | 0 | 0 | 9 | 0 |
| Massachusetts | Credit Unions | 0 | 0 | 11 | 0 |
| Michigan | Credit Unions | 0 | 0 | 11 | 0 |
| Minnesota | Credit Unions | 0 | 0 | 10 | 0 |
| Mississippi | Credit Unions | 3 | 0 | 8 | 0 |
| Missouri | Credit Unions | 0 | 0 | 10 | 0 |
| Montana | Credit Unions | 0 | 0 | 9 | 0 |
| Nebraska | Credit Unions | 0 | 0 | 11 | 0 |
| Nevada | Credit Unions | 0 | 0 | 11 | 0 |
| New Hampshire | Credit Unions | 0 | 0 | 9 | 0 |
| New Jersey | Credit Unions | 0 | 0 | 11 | 0 |
| New Mexico | Credit Unions | 3 | 0 | 8 | 0 |
| New York | Credit Unions | 0 | 0 | 15 | 0 |
| North Carolina | Credit Unions | 0 | 0 | 11 | 0 |
| North Dakota | Credit Unions | 0 | 0 | 9 | 0 |
| Ohio | Credit Unions | 0 | 0 | 11 | 0 |
| Oklahoma | Credit Unions | 1 | 0 | 10 | 0 |
| Oregon | Credit Unions | 0 | 0 | 11 | 0 |
| Pennsylvania | Credit Unions | 0 | 0 | 10 | 0 |
| Rhode Island | Credit Unions | 1 | 0 | 8 | 0 |
| South Carolina | Credit Unions | 0 | 0 | 13 | 0 |
| South Dakota | Credit Unions | 0 | 0 | 7 | 0 |
| Tennessee | Credit Unions | 0 | 0 | 11 | 0 |
| Texas | Credit Unions | 1 | 0 | 10 | 0 |
| Utah | Credit Unions | 0 | 0 | 11 | 0 |
| Vermont | Credit Unions | 0 | 0 | 6 | 0 |
| Virginia | Credit Unions | 0 | 0 | 9 | 0 |
| Washington | Credit Unions | 0 | 0 | 13 | 0 |
| West Virginia | Credit Unions | 0 | 0 | 10 | 0 |
| Wisconsin | Credit Unions | 0 | 1 | 9 | 1 |
| Wyoming | Credit Unions | 0 | 0 | 8 | 0 |
Source: MFP’s Community Survey of Personal Loan Lenders by State and Cities.
Credit unions win the #1 spot in 509 of the 521 cities surveyed, close to 98% of the total. The 12 exceptions are worth a look: Community banks take the top spot in cities across Arkansas, Mississippi, New Mexico, Oklahoma, Rhode Island, and Texas, and Wisconsin is the only state where a bank (Fortifi Bank in Oshkosh) and an online lender (LightStream, statewide) each rank #1 in their category. That lines up with Wisconsin’s narrow 1.9 point gap between lender types noted above.
MFP Tip: A state’s overall leader doesn’t always win in every city. Check your own city’s table for the lenders that rank best where you live.
Winning Personal Loan Lenders
You already saw which lender type wins in each state in the table above. Credit unions win 509 of the 521 rated cities, close to 98% of the total. Here’s where the other 12 cities land, region by region.
North East
Credit unions win every rated city in the North East except one. In Newport, Rhode Island, BankNewport, a community bank, takes the top spot instead. That’s the region’s only exception.
Takeaway: A credit union is close to a safe default across the North East, with Newport as the one well documented exception.
Midwest
Credit unions win every Midwest city except two, and both sit in Wisconsin: Fortifi Bank tops Oshkosh, and LightStream, an online lender, tops the state’s Online category. Wisconsin also has the narrowest gap nationwide between its best and worst lender type, just 1.9 points, so the closer competition here lines up with that number.
Takeaway: Wisconsin is the one state in the Midwest, and in the country, where it’s genuinely worth comparing all four lender types before choosing.
Southeast
The Southeast has 4 of the 12 exceptions nationwide. A community bank wins in Pine Bluff, Arkansas, and in three Mississippi cities: Tupelo, Meridian, and Oxford.
Takeaway: Mississippi borrowers in particular should check their local community bank before assuming a credit union wins by default.
Southwest
The Southwest has more exceptions than any other region, 5 of the 12 nationwide. New Mexico alone contributes three: Roswell, Hobbs, and Carlsbad all recommend a community bank first. Enid, Oklahoma, and Laredo, Texas, add one each.
Takeaway: New Mexico borrowers should compare community banks closely alongside credit unions, since the state has more #1 finishes for community banks than any other in the survey.
West
Credit unions win every single rated city in the West. It’s the only region with zero exceptions in the entire survey.
Takeaway: If you’re borrowing anywhere in the West, a credit union is the safest starting point based on this data.
National Summary
- Credit Unions: Win 509 of 521 rated cities (97.7%) and take the top spot in every state.
- Community Banks: Account for 10 of the 12 exceptions, concentrated in the Southeast and Southwest.
- Banks and Online Lenders: Each win exactly one city, and both are in Wisconsin.
Final Insight: Credit unions are close to a nationwide default for personal loans, but the exceptions concentrate in specific states (New Mexico, Mississippi, Wisconsin) rather than being spread evenly, so it’s worth checking your own state’s table above before assuming the national pattern holds everywhere.
Survey Methodology & Data Collection
The Personal Loan Lenders survey is conducted on an ongoing basis over a rolling period. Here’s the survey methodology:
National Data
Survey results reflect feedback from 210,00 consumers who requested a loan quote or applied for a personal loan between : date August 2025 and August 2026, covering 2,200 lenders nationwide. Responses are weighted by state population and lender presence to keep the national results representative. At the national level, results group lenders by type (credit unions, community banks, banks, and online lenders) rather than naming individual lenders.
Differences between lender types larger than ±0.4% (the national margin of error at a 95% confidence level).
State Data
State level results are based on self-reported responses from borrowers within each state, with weighting applied to reflect that state’s personal loan market. Individual lenders are named only on state and city pages to highlight the most recommended providers locally. Margins of error vary by state depending on sample size, typically ranging from ±1–2.5% at a 95% confidence level. Differences larger than these margins can be considered statistically meaningful.
City Data
The 10 largest metro areas in each state account for approximately 70% of that state’s survey responses. Metro-level results reflect verified refinance transactions between August 2025 and August 2026, providing a detailed view of lender performance in the state’s most active markets. Margins of error for metro results typically range from ±2–5% at a 95% confidence level, depending on the number of survey responses in each metro. Differences larger than these margins can be considered statistically meaningful.
Data Access & Partnerships
Organizations interested in deeper insights can request access to anonymized, aggregated survey data for research, benchmarking, or analysis. MFP partners with financial institutions, non-profits, and research organizations to improve transparency and inform consumers.
Learn about Research Partnerships.