What is the best personal loan lender in Louisiana?

According to MoneyGeek’s research, Lightstream is the best lender in the state overall. However, the best option for you depends on your unique circumstances. For instance, SoFi is the best insurer for applicants with a good credit score, whereas Upstart is a better option if you have a bad credit score. Alternately, you’ll be better off with Upgrade if you’re looking to consolidate your loans.

Which lender in Louisiana has the lowest interest rate?

In Louisiana, Upstart is the lender with the lowest interest rate at 3.22%

Can I use a personal loan for vacations in Louisiana?

Yes. You can take out a personal loan for almost any expense that you want to fulfill. Just check the fine print in your lender’s terms to ensure that there are no stipulations.

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

In Louisiana, paying for home repairs and renovations is one of the most common reasons to take out a personal loan. Best Egg is our top pick for Louisiana residents looking for a personal loan to fund home improvement expenses.

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

Various lenders in Louisiana have certain restrictions on how you use your loan funds. These include investments, gambling, college expenses and more. You can check the specific restrictions that your preferred lender has to get a better idea about what you can and cannot use your loan for.

How much can I borrow in Louisiana?

This depends on the lender you choose. While most lenders allow you to borrow up to $100,000, some lenders cap the limit for a personal loan at $50,000. You can choose a lender based on your requirements.

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

This also depends on the lender. Most lenders in Louisiana fund your loan on the same day that it gets approved, whereas other lenders can take up to one week to release funds.

Can I pay off my loan early in Louisiana?

Yes. Keep in mind that some lenders may charge a prepayment penalty if you want to pay off a portion or the entire loan before it’s due. It is better to check with your lender about these charges before you apply with them.

Top Lenders & Best Picks for You

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.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Louisiana
The Best Personal Loan Lender for Bad Credit in Louisiana
The Best Personal Loan Lender for Good Credit in Louisiana
The Best Personal Loan Lender for Debt Consolidation in Louisiana
The Best Personal Loan Lender for Home Improvements in Louisiana
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Louisiana
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Louisiana

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
MoneyGeek gathered comprehensive information on several lenders and LightStream was the top overall pick for the best personal loans in Louisiana. LightStream, a division of Truist Bank after its merger with SunTrust Bank, is an American online lender that provides loans for many purposes.
LightStream received an A+ rating from BBB and is a good option for applicants looking to get same-day approval for a loan of up to $100,000. The lender does not charge any origination, late payment or prepayment penalties. It also does not enforce any employment or minimum income requirements.
It offers loans in all 50 states but performs a hard credit check. It also requires all applicants to have a minimum credit score of 660 to qualify for a loan and has certain restrictions on how you can utilize the funds.
Pros
A+ BBB rating
No prepayment penalty
Instant loan funding
0.5% autopay discount
No minimum income requirement

Cons
Hard credit inquiry
Does not serve applicants with new or no credit
Restricts 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 Louisiana: Upstart

Upstart
Upstart is MoneyGeek’s top choice for Louisiana residents with bad credit who need personal loans. The lender offers loans to applicants with credit scores as low as 300 and carries out a soft credit inquiry without impacting your credit score.
The company does not charge any origination fee or prepayment penalty, offers loans in 48 states and is a good choice if you’re looking to get a quick loan of up to $50,000.
It has an A+ rating from the BBB and its APR charges range anywhere between 3.22% and 35.99%. Unlike many other lenders, it does not offer any discount for auto payments. Upstart also requires a minimum income of $12,000 to be eligible for a loan.
Pros
A+ BBB rating
No prepayment penalty
Conducts a soft credit inquiry
Low credit score requirement of 300
Joint loans available

Cons
$15 late fee
Charges origination fee
Requires a minimum income of $12,000
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 Louisiana: SoFi

SoFi
MoneyGeek recommends SoFi to Louisiana residents with good credit who want to get a personal loan. The lender has an A+ rating from BBB and is the perfect choice if you want to get a loan of up to $100,000.
It does not charge any prepayment, late or origination fees. It provides a discount of 0.25% if you set up autopay to repay your loan. SoFi charges reasonable APR rates as well, with a maximum of 20.28%.
However, the lender does require all its applicants to be employed with a minimum income of $50,000. It does not extend loans if you have no or new credit. Applicants must also have a minimum credit score of 680 to qualify for a loan, although it conducts a soft credit check without affecting your credit score.
Pros
A+ BBB rating
No prepayment penalty
Offers autopay discount
No late fee
Loan amounts up to $100,000

Cons
Requires a minimum income of $50,000
Disbursement can take a few days
Doesn’t 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 Personal Loan Lender for Debt Consolidation in Louisiana: Upgrade

Upgrade
If you’re looking for the best personal loan option in Louisiana to consolidate your debt, Upgrade is our top pick. The lender has an A+ rating from the BBB and provides personal loans in all 50 states.
Although the lender offers loans only to employed applicants, it does not require applicants to have any minimum income in order to qualify. Plus, it does not charge any prepayment penalty if you want to pay off your loan before the end of your term. It offers an auto payment discount of 1% but charges an origination fee that can vary between 2.9% and 8%.
Upgrade is a good option for you if you have a minimum credit score of 560 and are looking to get a loan between $1,000 and $50,000.
Pros
A+ BBB rating
No prepayment penalty
Offers auto payment discount
Conducts a soft credit inquiry
No employment or minimum income requirements

Cons
Charges origination fee
$10 late fee
Limitations 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 Personal Loan Lender for Home Improvement in Louisiana: Best Egg

Best Egg
Based on MoneyGeek’s review, the best personal loan in Louisiana for home improvement expenses is Best Egg. The BBB gave an A+ rating to the lender, which is the consumer brand of Merlette Holdings, Inc. Best Egg is an ideal choice for applicants looking to get a loan of up to $50,000 for home repairs and renovations.
It does not charge any prepayment penalty, provides a discount of 0.5% to set up autopay and carries out a soft credit check without impacting your credit score. Applicants can get access to funds in as little as one day once the loan is approved.
Best Egg does charge late payment and origination fees, which some other lenders are happy to waive. The company only provides loans to employed applicants with a minimum salary of $50,000. You may have to pay high APR rates of up to 35.99% with this lender.
Pros
A+ BBB rating
Conducts a soft credit inquiry
Offers auto payment discount
No prepayment penalty
Mobile app

Cons
Charges origination fee
$15 late fee
Minimum income requirement of $50,000
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 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.

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.

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.

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.

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.

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.

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.