Top Lenders & Best Picks for You

Best Personal Loans in Baton Rouge, LA

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Personal Loan Lender in Baton Rouge, LA: LightStream

Using more than 30 different criteria, MoneyGeek evaluated Baton Rouge's lenders for their loan proposals and performance. Some of the factors that were taken into account while determining the best lenders in the state were the APR range, term length, fees, credit score and income requirements and customer service.

Overall, LightStream is the best personal loan provider in Baton Rouge, Louisiana. In contrast, the best lender depends on a variety of factors, such as your credit score and whether you need a loan for debt consolidation or home repair.

Best Overall Personal Loan Lender in Baton Rouge: 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

    LightStream, which is a part of Truist Financial Corporation, is a completely online lender formed from the merger of SunTrust Bank and BB&T. The company made it to the top of our list with its A+ rating from BBB, its wide range of loan options and other features. In most cases, approved applicants receive requested funds on the same day. LightStream will also not charge you any additional or hidden fees for taking out a loan and gives autopay discounts and joint loans without a minimum income requirement.

    However, if your credit score is below 660, the lender will not consider you for the loan. It's also not the best option for people who require a loan with a cosigner. Also note that LightStream loans have limits on usage, so individuals looking to pay off another LightStream loan, cover educational expenditures, invest or spend on business should look elsewhere.

    Pros

    • No origination fee, late fee and prepayment penalty
    • No minimum income requirement
    • Same day loan processing
    • Loans of up to $100,000 offered
    • Auto-pay discount

    Cons

    • Hard credit check lowers your credit score
    • Restrictions on usage of funds
    • Minimum credit score of 660
    • Cosigners not allowed
    • APR range: 4.49% to 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
    LightStream

Best Personal Loan Lender for Bad Credit in Baton Rouge: 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

    Founded in 2012, Upstart is a platform for artificial intelligence-powered loans. This lender is the best option for people with bad credit because it accepts customers with credit scores as low as 300. Also, it has no minimum income criteria, so anyone can apply for this loan.

    After conducting a soft credit check that doesn't adversely affect the applicant's credit, Upstart processes its loans the next day. Above all, the lender accepts borrowers with up to 45% debt-to-income ratios (DTI), which is more than the market average.

    There are a few considerations to keep in mind before applying for an Upstart loan. Avoid this lender if you don't want to spend a lot of money on interest, need more than $50,000 in funds or require a cosigner.

    Pros

    • Low credit score requirement
    • Soft credit inquiry
    • No prepayment penalty
    • Low minimum income requirement of $12,000
    • Same-day funding

    Cons

    • Potentially high interest rates
    • Origination fee of up to 8% and late fee of $15
    • Maximum loan amount of $50,000
    • Only two repayment terms
    • Rejects applications with delinquencies or bankruptcy in credit report
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Baton Rouge: 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

    By 2021, SoFi had a client base of 2.5 million people. MoneyGeek recognized the lender as the best for borrowers with good credit based on its unique features, in addition to the BBB's A+ rating. The lender’s unemployment protection program allows you to delay your loan payments if you unexpectedly lose your job.

    Additional benefits of borrowing money from SoFi include no origination fees, a type of fee charged for taking out a loan, and soft credit check inquiries, credit checks that don't hurt your credit score. To save even more money on your monthly payments, you can set up automatic payments to make your payments.

    A good credit score doesn't mean that the lender will be the best choice for you. If you need a cosigner or have a low annual income, SoFi may not be the best choice for you.

    Pros

    • No origination fee, late fee or prepayment penalty
    • Larger loan amount of up to $100,000
    • Soft credit inquiry
    • Same day funding
    • Autopay discount

    Cons

    • High credit score requirement of 680
    • Minimum Income requirement of $50,000
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    SoFi

Best Personal Loan Lender for Debt Consolidation: 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

    Although Upgrade is a relatively new player in the market, having only launched in 2016, it has received wide acclaim, including an A+ rating from the BBB. In addition, MoneyGeek ranked it as the best personal loan lender in Baton Rouge for debt consolidation. The personal loan from Upgrade consolidates debt by sending funds straight to third-party lenders. The lender conducts soft inquiries, so your loan application and credit check will not influence your credit score. To get a 1% discount on your insurance rates, you may choose to set up automatic payments.

    A few drawbacks with this lender include fund-use restrictions and high-interest rates. Loans from the lender cannot be used to pay for educational expenses, investments, business purchases or gambling activities. If your credit score is on the lower end of the scale, you will be charged a higher APR on the loan. Because of this, consumers looking for low-interest loans should consider a different lender.

    Pros

    • Same-day loans
    • Conducts soft credit check
    • Pays third-party creditors directly for debt consolidation loans
    • No prepayment penalty
    • Auto payment discount of 1.0%

    Cons

    • Fund usage is subject to restrictions
    • $10 late fee and between 2.9% and 8% origination fee
    • Potentially high interest rates
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Best Personal Loan Lender for Home Improvement: 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

    The online lending platform, Best Egg, was founded in 2014 by Marlette Funding, a financial services firm. The lender’s loan underwriters include both Cross River Bank and Blue Ridge Bank. MoneyGeek ranked Best Egg as the best for personal loans in Baton Rouge for home renovations. The Better Business Bureau also gave the company an A+ rating.

    The lender does not impose a cost penalty for paying off your debt ahead of schedule and premium costs are reduced by 0.5% when you set up automatic payments. The lender also makes sure that your credit scores won't be impacted when they pull your credit report by using a soft credit check.

    However, obtaining a loan through this lender also has downsides. It doesn't allow joint loans or co-signers, so if you're thinking about either of these options, you might want to look for a different loan company instead.

    Pros

    • Same-day funding
    • Auto payment discount of 0.5%
    • No loan usage restriction
    • Soft credit inquiry
    • Reports to all the three major credit agencies

    Cons

    • $15 late fee and 1% to 6% origination fee
    • Minimum income requirement of $50,000
    • Potentially high interest rates
    • APR range: 4.99% to 35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Best Egg

How to Choose the Best Personal Loan Lender In Baton Rouge for You

It is estimated that approximately 19.4 million people in the country have $151 billion in personal loan debt. Personal loans totaling $15,402 are owed by borrowers in Louisiana alone. Your credit score, employment history and debt-to-income ratio are some of the factors that help lenders analyze your loan eligibility in Baton Rouge. To choose the best lender in the city, you may use the following methods:

1
Ask Yourself the Important Questions

It is very important that you figure out how much money you have and how much money you need before you start filling out the application. Before getting a personal loan, you must ask yourself the following questions:

  • What loan amount do I need?
  • What is my current debt?
  • What is my credit score?
  • Can I afford the monthly payment?
2
Do Your Research

Make sure you know how the lenders work and what their terms and conditions are if you've been shortlisted for a few. It's also important to compare the features of each lender you're looking at to figure out which one is the best fit for your financial needs. You may end up paying more with a long-term loan because of interest, but your monthly payment amount will be reduced. Also think about how the loan will impact your long-term financial goals, such as purchasing a home. Your credit score will be lowered if a lender does a hard credit check. Make sure you’re okay with your credit taking a slight dip before applying or choose a lender that only completes a soft credit check.

Since MoneyGeek’s research is generalized, you must do your own research to find the best option for your specific financial situation.

3
Wait

Comparing features, fees, rates and offers from several lenders might leave you feeling overwhelmed. Make sure you allow yourself a few days before finalizing your decision.

4
Read the Fine Print

With so many lenders and personal loans to consider, it's easy to overlook the fine print terms of a loan. If you fail to pay attention to these details, you may miss additional hidden fees associated with the loan. When deciding on a lender, be sure to consider all of the associated costs, such as interest, fines and late fees. Additional considerations include whether or not the loan has any collateral requirements or restrictions on how it might be used. If you don't read the fine print, you could end up paying more money than you anticipated.

5
Apply

Once you’ve done extensive research on the lender and are confident in your choice, it’s time to submit your loan application. Proof of identity, home address and income are all required as part of the loan application process. You must have all the required information ready during the application process. If your lender of choice is available by phone or in person, call or visit their office to learn more about the loan and ask questions.

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

A poor credit score, a high debt-to-income ratio, failing to meet the minimum income requirement or an incomplete application form may all lead to your loan application being rejected. Inquire why you were turned down and how to improve your chances of being accepted next time.

Some lenders may agree to offer you a loan if you lower the loan's term or loan amount while meeting all of the other lender's conditions. In addition, a co-signer or collateral could be used as a workaround. However, you should only consider reapplying once you've resolved the cause for your rejection.

Rejections may drive some desperate loan seekers to take out a payday loan, which is a small loan with a high interest rate that must be paid after receiving your next paycheck. Even overlooking the excessive interest rates, repaying a payday loan on schedule does not enhance your credit score, so it’s important to only apply for this loan as a last resort. If you don't pay on time, the lender may hire a collection agency, which may lead to further complications.

Frequently Asked Questions About Personal Loans in Baton Rouge

The best personal loans in Baton Rouge are influenced by factors including personal circumstances, employment history, credit history and income. Here are some frequently asked questions concerning Baton Rouge personal loans and lending companies:

What is the best personal loan lender in Baton Rouge?
Which lender in Baton Rouge has the lowest interest rate?
Can I use a personal loan for vacations in Baton Rouge?
Can I use a personal loan for home improvement in Baton Rouge?
What can I not use my personal loan for in Baton Rouge?
How much can I borrow in Baton Rouge?
How long does it take to get a personal loan in Baton Rouge?
Can I pay off my loan early in Baton Rouge?

Our Personal Loan 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 determined 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.

sources
Shield Insurance

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.

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