What is the best personal loan lender in Baton Rouge?

Personal loans from LightStream are the best in Baton Rouge. However, for borrowers with good credit, SoFi is the best choice, while those with bad credit should choose Upstart. For debt consolidation and home improvement, Upgrade and Best Egg are the best lenders, respectively.

Which lender in Baton Rouge has the lowest interest rate?

Personal loans with Upstart offer the lowest possible rates in Baton Rouge. Loans with an annual percentage rate as low as 3.22% may be available to eligible borrowers.

Can I use a personal loan for vacations in Baton Rouge?

Baton Rouge residents take out personal loans for a wide range of reasons, including vacations. Some lenders, on the other hand, limit the purposes to which their loans can be used. Check with your lender to see whether your loan may be used to fund a vacation.

Can I use a personal loan for home improvement in Baton Rouge?

Most personal loans in the city may be utilized to finance home upgrades. If you are unclear if the loan has any limits on its use, you should contact the lender.

What can I not use my personal loan for in Baton Rouge?

Some lenders' policies may include restrictions on how you can utilize the money. For instance, refinancing mortgages or other loans, acquiring bonds or stocks, investing or engaging in gambling activities using personal loans are forbidden by some financial institutions. You should ask your lender about any restrictions on your loan.

How much can I borrow in Baton Rouge?

Lenders in Baton Rouge each have their own minimum and maximum loan amount. You might get a loan for $1,000 or $100,000, depending on the lender's policies.

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

Depending on the lender you choose, the time it takes to finance your personal loans in Baton Rouge varies. However, personal loans are normally handled within one day up to a week in the city.

Can I pay off my loan early in Baton Rouge?

If you pay off your personal loan early, the lender may charge you a fee. If you want to learn more about the specific conditions of your loan, contact your lender or check the fine print in your loan agreement.

Top Lenders & Best Picks for You

Best Personal Loans in Baton Rouge, LA

If you need money to consolidate debts, renovate your home, pay for education or medical expenses, finance a vehicle or fund a trip, obtaining a personal loan from a bank or a credit union may be a good option. During your loan application, the lender will look at your income, credit score, debt-to-income ratio and other factors to assess your eligibility.

The average credit score for people living in Louisiana is 698, according to our calculations, while the average credit card debt in the state is $5,355 and the personal loan debt is $15,402 per person.

WHAT WE’RE GEEKING OUT ON

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

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
on LightStream Website

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
on Upstart Website

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
on SoFi Website

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
on Upgrade Website

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
on Best Egg Website

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:

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?

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.

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.

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.

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:

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

LightStream. "Loans for Practically Anything." Accessed March 11, 2022.
Upgrade. "Personal Loans." Accessed March 11, 2022.
Upstart. "Personal Loans." Accessed March 11, 2022.
Best Egg. "Personal Loans." Accessed March 11, 2022.
Best Egg. "Frequently Asked Questions." Accessed March 11, 2022.
Forbes. "What is a Payday Loan?." Accessed March 11, 2022.

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.