Best Bad-Credit Loan Lenders in Louisiana
MoneyGeek reviewed over 30 personal loan providers for key features, including eligibility requirements, APR ranges, loan amounts and repayment terms, to find the best bad-credit loan lender in Louisiana.
Upstart is our top choice for the best bad-credit loan lender in Louisiana. The insurer is our top pick because of its low minimum credit score requirement of 300. Upgrade earned our runner-up spot for its fairly low credit score requirement and flexible repayment term options.
Best Overall Bad-Credit Loan in Louisiana: Upstart
- Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Runner-Up for Best Bad-Credit Loan in Louisiana: Upgrade
- Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
How to Choose the Best Bad-Credit Loan in Louisiana for You
In Louisiana, the average personal loan debt is $15,402, indicating that it’s relatively common to take out a personal loan in the state. However, depending on your financial status and funding needs, a personal loan may not be the best option for you.
MoneyGeek recommends taking the following steps to make a well-informed decision regarding your bad-credit loan in Louisiana:
Ask Yourself the Important Questions
Before researching lenders, it’s important to reflect on your funding needs and financial goals. At a minimum, ask yourself the following questions:
- How much funding do you need? It’s important to accurately estimate this amount to avoid paying more in interest. This amount will also determine the lenders available to you.
- What is your credit score? Your credit score will impact your eligibility with lenders as well as the terms you receive on your loan. Consider improving your score before applying to receive a lower interest rate.
- Do you owe anyone money right now? You may want to repay your existing debt before taking on more.
- Are the monthly costs reasonable for you? Ensure that you can afford the monthly payment amount to avoid defaulting on your loan or paying a late fee.
- Have you considered any alternative debt-repayment options? When possible, choose low-interest or interest-free options, like taking out a low-interest credit card or borrowing from friends and family.
Do Your Research
MoneyGeek's information should be used as a guide to direct your own research, as our recommendations are based on general borrower profiles, not your unique situation. We recommend comparing lenders' rates, fees, terms and eligibility requirements with your specific preferences in mind. This will help you find the best lender for you.
Read the Fine Print
After you've chosen a lender, take the time to read the fine print of your loan agreement. This will outline any fees for loan origination, late payments or prepayment. Budgeting for these fees before you apply for a loan will help you avoid unexpected costs.
Wait
A loan is a long-term commitment — most take between two and four years to repay — so you should be confident in your lender choice. Take a few days to reflect on your funding needs and financial goals. During this time, you can contact your lender for more information or consider alternative funding options.
Apply
After completing the previous steps, you are ready to submit a loan application. To save time, gather all required documents in advance. These typically include proof of identification, income, employment and address. Some lenders are online only, while others allow applicants to apply over the phone or in person.
What to Do if You Can’t Get a Bad-Credit Loan in Louisiana
Lenders commonly reject loan applications due to low credit scores, high DTI ratios and incomplete personal details. If your application for a bad-credit loan in Louisiana is rejected, you should contact your lender to find out why.
Depending on the reason, it may be an easy fix. For instance, you may be able to modify the terms of your loan agreement, like the loan amount or repayment period, to have it approved. You may also be able to include a co-signer on your application.
If your credit score is the issue, however, this may take some time. To avoid negatively impacting your credit score further from lenders’ hard credit checks, we recommend improving your score first. You can do this by making timely payments on your existing credit.
MoneyGeek also strongly advises against payday loans. These loans feature high APRs and short repayment terms that can cost borrowers more money in the long run.
Calculate Your Monthly Payment
Your bad-credit loan will be repaid on a monthly basis. It’s important to account for this recurring cost in your budget before applying for a loan. Use MoneyGeek’s personal loan calculator to estimate your monthly payment amount.
| Month | Payment | Principal | Interest | Balance |
|---|
FAQs About Bad-Credit Loans in Louisiana
To find the best bad-credit loan lender for you, it’s important to understand your financial needs and goals. This can be challenging, so MoneyGeek answered the most frequently asked questions about bad-credit loans in Louisiana to help you learn more.
Methodology
MoneyGeek reviewed more than 30 personal loan providers for over 35 data points across six categories: flexibility and transparency, lender customer service, loan affordability, accessibility and consumer friendliness.
We highlighted key data points that we feel have the greatest impact on a borrower’s choice of lender, including loan amounts, application fees, credit score requirements, APR ranges, income requirements and fund disbursement time.
MoneyGeek places a high priority on the demands of customers like you, so we also looked into each lender's customer service and business ratings as well as the availability of convenience features like prequalification, autopay and mobile applications.
Our recommendations and expert tips were made with your best interests in mind. At MoneyGeek, our goal is to provide you with the knowledge, tools and confidence to make well-informed financial decisions.
sources
- Upgrade. "Personal Loans." Accessed November 3, 2022.
- Upstart. "Personal Loans." Accessed November 3, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.