First Horizon Personal Loan Review 2023

Our First Horizon personal loan review reveals some surprising details on obtaining a loan from the company. Learn more and compare lenders.
Written by:
Shannon Lee
Edited by:
Kristin Marino verified
Editor's Rating

First Horizon Bank might seem like a new kid on the block, but that’s not true. The bank was originally First Tennesee Bank, which opened its doors in 1864. Based in Memphis, Tennessee, the bank has numerous locations across the South, most of them in the Volunteer State.

However, the bank doesn’t offer the strongest transparency; to that end, we can provide basic information on the personal loan through Horizon Bank, but to get more information, interested borrowers must contact the bank directly and show their interest in applying for a personal loan.

First Horizon At-a-Glance

First Horizon offers a few personal loan options for those who qualify. Here are the basics:

  • Branches at 11 locations across the Southern U.S.
  • A strong online presence
  • Personal loans start at a minimum of $2,000
  • Customers who qualify can borrow up to $50,000 or more
  • The minimum term is 12 months
  • This is an installment loan with equal amounts to be repaid every month
  • There are some asset requirements to obtain the loan
  • Transparency on personal loan details is lacking
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Pros and Cons of the First Horizon Personal Loan

Like any other personal loan option, First Horizon has advantages and disadvantages. Learn more about the features and drawbacks of a First Horizon Personal Loan.

Who Is a First Horizon Personal Loan For?

Those who want the hometown feel of working with a small Tennessee bank can turn to First Horizon, which has a strong presence in the state and broader South. These loans are for those who need a higher amount, from $2,000 to $50,000 or more, and have some assets already in reserve.

Find a Personal Loan Lender That Matches Your Needs

Finding the lender with the best personal loan to meet your needs is as simple as using our search tool. Compare personal loans and find the best rates being offered today.

Comparing First Horizon Personal Loans with Other Lenders

When choosing any financial product, it’s a good idea to compare several, just as you would with any financial decision, including buying a home or car. While First Horizon only offers a little information to potential customers, fortunately, many other personal loan companies do. The companies below provide more transparency to potential borrowers.

Happy Money

A personal loan from Happy Money offers several qualities that could make it a better choice for borrowers. With Happy Money, you can access loan amounts ranging from $5,000 to $100,000, providing flexibility for various financial needs. Happy Money prioritizes their customers’ emotional and financial wellness and offer personalized support to help individuals achieve their financial goals.

Additionally, Happy Money provides competitive interest rates, streamlined online application processes, and transparent terms, making it a trusted and convenient option for personal loans.

Best Egg

Best Egg offers a personal loan with distinct qualities that set it apart. Borrowers can access loan amounts ranging from $2,000 to $35,000, providing flexibility for various financial needs. What distinguishes Best Egg is its quick and simple online application process, allowing for faster approval and funding. The loan terms are transparent, and borrowers benefit from fixed monthly payments, making it easier to budget and plan. Best Egg also offers competitive interest rates, providing borrowers with a cost-effective option for personal financing.


Achieve offers a personal loan with unique qualities designed to meet diverse financial needs. Borrowers can access loan amounts ranging from $1,000 to $40,000, allowing for flexibility in loan size. What sets Achieve apart is its emphasis on borrower empowerment and financial education. They provide resources and tools to help individuals make informed financial decisions and improve their financial literacy. Additionally, Achieve offers competitive interest rates and flexible repayment terms, accommodating various budgets and preferences. Their customer-centric approach and commitment to financial well-being make them a reliable choice for personal loans.

How to Get Started

Unfortunately, there is little information on obtaining a personal loan through Horizon Bank.

Upon contacting a representative, it was clear that to get that information, someone must first show interest in applying for the loan and contact a banker directly.

This requirement may be deterrent for those who like to explore their options and compare banks before deciding where to obtain the funding they need.

Rating the Features

Though it is difficult to find information on the features of the personal loans offered by First Horizon, there is some information out there. Here’s what we know. 

 User Experience 

 Customer service seems to be strong, and the bank offers various loans beyond the personal option, such as home equity loans, car loans, and the like. Unfortunately, a lack of transparency from the bank on their products and services leaves interested parties with online reviews to help drive their decision, and most online reviews of this bank are quite poor. 

 Rates and Fees

 Though rates and fees are not mentioned on First Horizon’s website, they point out that for loans of $15,000 to $50,000, a borrower must have 12 months of reserve payments to qualify. Those who obtain more than $50,000 must already have the total loan amount in reserve. 


 The bank has numerous account options, just as you would expect from any larger financial institution. Those who choose a personal loan can also opt for checking, savings, and investment accounts.

Loan Terms

 Horizon Bank allows a maximum loan term of 36 months for loans up to $5,000 and a maximum term of 60 months for loans over $5,000. The minimum term is 12 months for the smallest amounts. 

 Customer Support 

 Customer service is available during the extended banking hours of Monday through Friday from 7 am to 10 pm, eastern standard time, and from 8 am to 5 pm on Saturdays. Customers can also visit any of the numerous branches to learn more. 


 First Horizon has a robust website and has a presence in the following states: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, New York, North Carolina, South Carolina, Tennessee, Texas, and Virginia.

Bottom Line

To learn more about First Horizon personal loans, you might need to apply for one.

With the lack of information and transparency on what to expect from a personal loan through Horizon Bank, moving forward with this loan option could be risky. The best personal loans typically enable you to make an educated decision before choosing one.

Contact a banker directly at First Horizon to learn more.

Frequently Asked Questions

I’ve been hearing that First Horizon will be going out of business. Is that true?

There have been many rumors about First Horizon Bank. In 2022, TD Bank announced that they would buy First Horizon in a $13.4 billion merger, one of the largest mergers in banking history. However, by May of 2023, the deal had been put on hold. The future of Horizon Bank remains uncertain, though the bank did buy IberiaBank during the last few years.