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Best Personal Loans in Connecticut

A personal loan can be used to cover an emergency or immediate expense like medical bills, funerals or weddings. You can also take out personal loans in Connecticut to pay for vacations, home improvement or debt consolidation. If you want a personal loan in Connecticut, you have to contact a bank, credit union or an online lender. They will analyze your income, credit score and other important factors to see if you’re eligible. The average personal loan debt in Connecticut is $14,038, while the average interest rate is 10.08%.

Last Updated: 6/8/2022
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MoneyGeek’s Best Personal Loan Lender in Connecticut: Lightstream

MoneyGeek researched the lenders that offer the best personal loans in Connecticut by analyzing BBB ratings, loan amounts, repayment terms, interest rates, origination fees, credit score and income requirements, employment requirements and other vital factors.

In total, we evaluated over 30 data points to choose the best personal loan lenders in Connecticut for various consumer profiles.

Best Overall Personal Loan Lender in Connecticut: Lightstream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Connecticut: 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 Recieve Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Connecticut: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime To Recieve Funds

    on SoFi Website

Best for Debt Consolidation in Connecticut: 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 Recieve Funds

    on Upgrade Website

Best for Home Improvement in Connecticut: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Connecticut for You

MoneyGeek's data shows that Connecticut's average personal loan debt is $14,038. However, the right loan amount for you will depend on your financial needs, credit score and how much you can pay every month. As a personal loan is a significant commitment, it's essential to consider your financial situation and needs before choosing a lender.

You can follow these steps while looking for the best personal loans in Connecticut.

1

Ask Yourself the Important Questions

Before looking for a lender, ascertain your current financial situation and needs. Start by asking these questions:

  • How much funding do I need? - Understand exactly how much funding you need before applying so you don’t apply for too little or too much.
  • What is my credit score? - Find out what your credit score is to ensure you qualify with whichever lender you want to apply with.
  • Can I afford the monthly payment? - Make sure you can afford the payments associated with the loan. Otherwise, you could end up in deeper debt.
  • How much debt do I already have? - Evaluate whether or not adding more debt to your financial situation makes sense.
2

Do Your Research

When looking for personal loans in Connecticut, you should always shop around and compare interest rates and other fees of different lenders to find which one is the best fit for your needs. It would be best to opt for lenders that offer online pre-qualification, as this process involves a soft credit inquiry that does not affect your credit scores. It’s also important to thoroughly research the lender’s personal loan products, as getting a loan means you’ll be making monthly payments for at least two to four years on average, and you might lose a lot of money due to a bad decision. MoneyGeek analyzed all the necessary information to help you make the right decision. However, you should always do your own research as you would have the best idea about your needs.

3

Wait

After researching and listing your final options, wait a day or two before choosing the lender and applying for a personal loan. During this period, think through your decision and analyze if you can meet your financial needs using any other source. You can also re-evaluate the lenders to see if their personal loans are the right option for you. Since getting a personal loan is a big decision, waiting a day or two before applying will ensure that you’re ready for this commitment.

4

Read the Fine Print

It’s best to have a good idea of how much you could have to pay for the personal loan every month. You should ask the lender about the types of fees they charge and if they charge a penalty on late payment, paying off your loan early and their origination fee. Also, look at the interest rates charged by the lender so you know what amount you would be paying in addition to the principal. You can contact the lender for this information or read the fine print of the lender’s loan agreement. Knowing this information can help you avoid financial troubles in the long run.

5

Apply

After considering the fine print and other essential details of the lender, you can apply for the loan. The lender might ask you for your personal information and income details at this point. It may also require identity and address verification. Some lenders offer an online application process for borrowers. While it may be convenient for you, you can also visit or call the lender to apply.

What to Do if You Can’t Get a Personal Loan in Connecticut

Getting rejected for a personal loan in Connecticut is not a big deal. Lenders usually reject personal loans for various reasons, including low credit scores, debt-to-income ratio, incomplete application or low income. However, the main reason behind a denied personal loan is usually a low credit score.

After the lenders let you know the reason behind the rejection, work with them to negotiate the terms or improve the reason. For example, if you have a low credit score, you can get a secured credit card or a credit-building loan to improve that score and re-apply. It may be tempting to apply for a loan with another company. However, it’s not recommended as you won’t get approval without taking care of the reason that brought you rejection in the first place.

Some people may get a payday loan to cover their emergency needs. MoneyGeek would recommend against getting this type of loan as it has very high interest rates and would cause you to accumulate more debt if you fail to make payments on time.

Frequently Asked Questions About Personal Loans in Connecticut

The best personal loan lender in Connecticut for you will depend on your personal needs, credit score and other income factors. MoneyGeek researched the following frequently asked questions to help you make the right decision.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.