Top Lenders & Best Picks for You
Best Personal Loans in Baton Rouge, LA
Updated: December 28, 2023
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- 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
Best Personal Loan Lender for Bad Credit in Baton Rouge: Upstart
Best Personal Loan Lender for Good Credit in Baton Rouge: SoFi
Best Personal Loan Lender for Debt Consolidation: Upgrade
Best Personal Loan Lender for Home Improvement: 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:
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.