What is the best personal loan lender in Connecticut?

MoneyGeek’s research shows that Lightstream is overall the best lender in Connecticut, while for individuals with good and bad credit, SoFi and Upstart offer the best loans, respectively. If you want to consolidate your debt or fund home renovations, Upgrade and Best Egg are the best options, respectively.

Which lender in Connecticut has the lowest interest rate?

MoneyGeek’s data shows that Upstart, with a starting APR range of 3.22%, has the lowest interest rates in Connecticut.

Can I use a personal loan for vacations in Connecticut?

Yes, you can use a personal loan to fund your vacation in Connecticut. While most lenders allow you to use personal loans for recreation and other purposes, it’s best to contact your lender about any usage restrictions they might have.

Can I use a personal loan for home improvement in Connecticut?

Yes, most lenders allow the use of personal loan funds for home renovation in Connecticut. Before applying, you evaluate the lender’s loan agreement to see if they have any restrictions regarding the usage of funds.

What can I not use my personal loan for in Connecticut?

It’s best to contact the lender or read the loan agreement to understand what you can’t use your personal loan for in Connecticut. Lenders generally prohibit the use of personal loans for education expenses, student loan repayment, gambling or any unlawful activity.

How much can I borrow in Connecticut?

The right loan amount for you depends on your financial needs, credit score and other important details. Lenders in Connecticut generally let you borrow $1,000 to $100,000.

How long does it take to get a personal loan in Connecticut?

The loan approval times vary from lender to lender. Once your loan is approved, it can take around one to seven days to get a personal loan in Connecticut.

Can I pay off my loan early in Connecticut?

Yes, you can pay off your loan early in Connecticut. While some lenders may charge you a fee for doing so, there are lenders who do not charge a penalty for prepayment in the state. You should consult your lender’s loan agreement for more information.

Top Lenders & Best Picks for You

Best Personal Loans in Connecticut

According to MoneyGeek’s research, the best personal loans in Connecticut are provided by LightStream. The lender offers consumers affordable rates, flexible repayment options and fast funding.

MoneyGeek determined the top lender for personal loans in Connecticut and found that Upstart is ideal for those with bad credit, while SoFi is the best for consumers with good credit. Meanwhile, Upgrade emerged as the top personal loan for debt consolidation, and Best Egg is the best for home renovation projects.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Connecticut
The Best Personal Loan Lender for Bad Credit in Connecticut
The Best Personal Loan Lender for Good Credit in Connecticut
The Best Personal Loan Lender for Debt Consolidation in Connecticut
The Best Personal Loan Lender for Home Improvements in Connecticut
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Connecticut

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 Receive Funds
In 2019, Truist was formed after the merger of SunTrust and BB&T Bank. Lightstream is the online lending platform of Truist. Since Lightstream offers loans for different personal needs and charges low interest rates to eligible borrowers, MoneyGeek found it to be the best lender in Connecticut.
With Lightstream, you can get funds in your account in as little as one day after your loan is approved. This feature makes it the best option for individuals who require a loan to cover an immediate need. The company offers loans for vehicle financing, house renovation, vacations, education, debt consolidation and more. It also provides a discount if you set up automatic payments.
However, you need to have a fair credit score to get approval for Lightstream’s loans. If you don’t have a fair credit score, you can file your application with a co-applicant.
Pros
A+ BBB rating
No prepayment penalty
0.5% autopay discount
No late fee
Doesn’t require a minimum income

Cons
Performs hard credit check
Does not allow co-signers
Limits fund usage
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000 – $100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
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 Receive Funds
MoneyGeek’s research shows that Upstart is the best personal loan lender for individuals with bad credit scores. The company was founded in 2012 and offers personal loans in all U.S. states except Iowa and West Virginia.
You can use Upstart personal loans to cover wedding costs, funeral costs, debt consolidation and much more. With Upstart, you can check if you’re eligible for a loan online. The process involves a soft credit check that doesn’t affect your credit scores. Once you’re approved for a loan, it can take one to two days to receive funds.
Upstart’s personal loans are a good option for those who have bad credit scores. However, the company will most likely charge higher rates to these individuals.
Pros
A+ BBB rating
No prepayment penalty
Soft credit inquiry
Funding is available in one to two days
Flexible payments

Cons
Does not allow co-signers
Potentially high origination fee
$15 late fee
APR Range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
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 Receive Funds
SoFi, also known as Social Finance, was founded in 2011 by students of Stanford business school. The company started by offering student loan refinancing and later added personal loans, mortgages and crypto trading to its products and services. MoneyGeek found it to be the best personal loan lender for individuals with good credit scores.
With SoFi, it takes roughly one to two days to receive funding once you’re approved for the loan. It can take longer in some instances. The company offers multiple loans to eligible borrowers. You need to have made payments responsibly in the last six months to be eligible. If you lose your job while you have an active loan with SoFi, the company will offer you flexibility in payments and assist you in finding a new job.
Pros
A+ BBB rating
No prepayment penalty
0.25% autopay discount
No late fees
Soft inquiry

Cons
Higher minimum credit score requirement
Income requirement
Does not allow co-signers
APR Range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000 – $100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
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 Receive Funds
MoneyGeek’s research shows that Upgrade offers the best personal loans in Connecticut for debt consolidation. The company was founded in 2016.
Once your Upstart personal loan is approved, it can take up to one business day to receive funds to your account. The company also offers direct payment to creditors if you have a personal loan for debt consolidation. With Upstart, you can get a discount on setting up automatic payments. You would also be eligible for a discount if you open an Upgrade Rewards checking account.
Since the company has high interest rates and also charges other fees, it’s best to look elsewhere for a personal loan if you have good credit scores.
Pros
A+ BBB rating
No minimum gross income requirement
1% autopay discount
Performs soft credit check first
Mobile app

Cons
Does not allow co-signers
Not for people with no to new credit
Restrictions on fund usage
APR Range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
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 Receive Funds
Best Egg was founded in 2014. It’s operated by Marlette Funding, a financial services company. It offers secured and unsecured personal loans through Cross River Bank and Blue Ridge Bank. MoneyGeek’s research shows that this company is the best option for those who want a personal loan for home renovation.
It can take as little as one day to receive the funds after you’ve been approved for a personal loan. The company offers a flexible due date to its borrowers, which means they can change their payment due date by phone, email or live chat. With Best Egg, the borrowers can also get free FICO score access through its online portal.
Since the company charges high interest rates and does not allow co-signers or co-applicants, it’s not a good option for those who have bad credit scores.
Pros
A+ BBB rating
No prepayment penalty
Performs soft credit check
Flexible loan amounts
0.5% autopay discount

Cons
Does not allow co-signers
Does not allow joint loans
Potentially high origination fee
APR Range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000 – $50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
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.

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.

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.

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.

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.

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.

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.

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.