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Best Personal Loans in Louisiana

LightStream offers the best personal loans in Louisiana. This lender features competitive rates, same-day approval and no origination, prepayment or late payment fees.

MoneyGeek also determined that Upgrade is the best choice for debt consolidation, whereas Best Egg is the best choice for home improvements. Borrowers with good credit scores fare best with SoFi. If you have bad credit, Upstart might be able to help.

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Last Updated: 11/22/2022
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MoneyGeek’s Best Personal Loan Lender in Louisiana: Lightstream

Although personal loans are a good option in situations where you need quick access to a considerable amount of cash, these loans are usually unsecured and are not supported by any collateral. This means that you will be liable to pay them off in a certain amount of time. MoneyGeek’s research involved evaluating over 30 data points to provide you with the options for the best personal loans in Louisiana to meet your specific requirements.

We evaluated things like BBB ratings, interest rates, fees, penalties, discounts and more to help you find the best lender for your needs.

Best Overall Personal Loan Lender in Louisiana: 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

    on LightStream Website

Best Personal Loan Lender for Bad Credit 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

    on Upstart Website

Best Personal Loan Lender for Good Credit in Louisiana: 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

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation 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

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Louisiana: 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

    on Best Egg Website

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

Taking out a personal loan to meet unforeseen expenses is a good alternative to using credit cards that have high APRs. However, you must have a sound repayment plan to make the best use of the loan and avoid making it a burden. Here are a few steps you should follow before applying for a loan.

1

Ask Yourself the Important Questions

If this is the first time you’re looking to apply for a personal loan, you must evaluate specific information about yourself. Take the time to ask yourself:

  • How much funding do you need? - This can help you determine which lender could be right for you based on their funding minimums and maximums.
  • What is your credit score? - Knowing your credit score can help you figure out which lenders would consider giving you a loan based on your score.
  • Can you afford the monthly payment? - Make sure your current income and expenses can accommodate additional spending each month. Otherwise, you may end up in deeper financial trouble.
  • How much debt do you already have? - If you already have debt that you are having trouble paying off, it might not be the wisest decision to take on more debt.
2

Do Your Research

Another important step is to do your own research. Our study involved exhaustive analysis to provide you with reliable information about the various lenders in the state and what they bring to the table. Although you may use MoneyGeek’s reviews and analysis to find the best personal loans in Louisiana, you are the best judge of your circumstances and are in the best position to choose a lender that meets all your needs.

One of the most critical considerations is your capability to make the regular payments over a two to four year period towards repaying the loan because failure to do so will negatively impact your credit score.

3

Wait

After you’ve completed your research and have enough information to make an informed decision, it is better to wait a few days before you complete an application. Explore other options that may not require such a significant commitment of your resources. You must understand that taking out a personal loan is a significant commitment, and this is a critical juncture to decide whether this commitment is one you’re willing to make. You also must evaluate if your circumstances warrant this decision or if you have any other options you can pursue to meet your financial needs.

4

Read the Fine Print

Once you’ve decided that taking out a personal loan is the best option, it is imperative to understand the details of what this means for your finances. Many times, your perceived understanding of the terms and conditions could be different from how they play out in real life.

Double-check all the fees and charges that you may have to pay and understand your liability in these situations. Some lenders may have clauses that require you to pay an additional fee even when you choose to pay off your loan earlier than required. Attention to these small details may lead to significant savings.

5

Apply

When you apply for a personal loan, your lender will ask you for personal details. They may also ask for proof of identification and residence. If your preferred lender’s terms require you to be employed, you may also need to provide proof of employment and your income. Most lenders in Louisiana have an option to complete the entire application process online.

However, you can also choose to contact your lender on the phone or visit their offices in person if they have physical facilities. Sometimes speaking to a representative who is knowledgeable about the entire process may give you insights that you may otherwise not get.

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

It’s not the end of the world if your loan application is denied. You can always approach them to understand the reasons for their rejection. It’s a good idea to get additional feedback from lenders as to what specific factor in your application has to be improved so that you can be eligible for a loan. For instance, If one of the reasons for rejecting your application was your income, you can inform the lender that you’re expecting to get a raise (if that is the case) within a certain period which could make you eligible for a loan as per their terms. Or you could work to increase your income.

This is important to know because re-applying without getting these details could do more harm than good since some lenders perform hard credit checks that could impact your credit score adversely. You may also approach other lenders once you make changes to your financial situation in order to get approved.

That said, it is a good idea to avoid payday loans that give you a loan that is equal to a certain part of your income but have high interest rates and fast repayment requirements.

Frequently Asked Questions About Personal Loans in Louisiana

If you’re looking for personal loans in Louisiana, there are several factors that you must consider to determine who is the best lender based on your specific circumstances. You can review some of the most frequently asked questions to learn more.

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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.

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.