Best Personal Loans in Baton Rouge, LA

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Updated: October 3, 2024

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Baton Rouge Telco Federal Credit Union is the best personal loan lender in Baton Rouge, Louisiana, receiving a MoneyGeek score of 97 out of 100, excelling in providing quality service, offering flexible repayment terms, and maintaining credibility and transparency. Laurel Road is the best lender for online personal loans with a MoneyGeek Score of 93 out of 100, providing competitive interest rates, maintaining broad repayment terms and having a quick application and approval process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process, and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Louisiana page.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Baton Rouge, Louisiana. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Baton Rouge, LA

Company logo for Baton Rouge Telco Federal Credit Union
Baton Rouge Telco Federal Credit Union

MoneyGeek Score97
APR RangeFrom 9.99%
Loan Amount Range$500 to $30,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Baton Rouge Telco Federal Credit Union is the best personal loan lender in Baton Rouge, Louisiana, with a MoneyGeek score of 97 out of 100. It is federally insured by the NCUA, which provides additional security for borrowers. It also has an A+ rating from the Better Business Bureau, signaling strong customer satisfaction and trust. However, membership is required to apply, which might limit accessibility for some borrowers. Another con is that it doesn't offer prequalification, which means you can't gauge your likelihood of approval without submitting a full application.

Best Online Personal Loan in Baton Rouge, LA

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

Laurel Road is the best online lender for personal loans in Baton Rouge, Louisiana, with a MoneyGeek score of 93 out of 100. It offers a wide loan amount range from $5,000 to $45,000 and flexible repayment terms ranging from 36 to 60 months. Furthermore, Laurel Road's application process is straightforward, with potential funding within seven days of approval. Alongside its strengths like a 0.25% autopay discount and no origination fees, which lower the overall cost of the loan, the lender also provides the flexibility to change payment due dates, increasing convenience for borrowers. However, borrowers should be aware of the high minimum loan amount, which may not be suitable for those seeking smaller loans, as well as a potential late fee of 5% or $28 that could add to the loan's cost if a payment is missed.

Calculate Your Monthly Payment in Baton Rouge, LA

The United States Census Bureau reported that the median annual household income in Baton Rouge, Louisiana in 2022 was $50,304. Regardless of whether your actual income is above or below the median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For instance, if you calculate the monthly loan payments of a $10,000 personal loan with a 10% interest rate and a three-year repayment term, the result would be $323 per month and $3,876 per year. This amount represents approximately 8% of the median annual household income in Baton Rouge, Louisiana, according to the United States Census Bureau.

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Updated: Oct 14, 2024

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Runner-Up for Best Personal Loan in Baton Rouge, LA

Company logo for Essential Federal Credit Union
Essential Federal Credit Union

MoneyGeek Score92
APR RangeFrom 9.95%
Loan Amount RangeUndisclosed
Repayment Terms6 to 60 months
Time to Receive FundsUndisclosed
Overview

Essential Federal Credit Union ranks as the runner-up for the best personal loans in Baton Rouge, Louisiana, receiving a MoneyGeek score of 92 out of 100. It is federally insured by the NCUA, offering a high level of security for your funds. Another pro is its strong reputation, backed by a BBB rating of A+. However, borrowers should note that membership is needed to apply for a loan, which can limit accessibility. Additionally, it charges a late fee of $25 or 5% of the past due amount, adding extra costs if you miss a payment.

Other Options for Personal Loans in Baton Rouge, LA

Company logo for Baton Rouge City Parish Employees' Federal Credit Union
Baton Rouge City Parish Employees' Federal Credit Union

MoneyGeek Score92
APR RangeFrom 10.15%
Loan Amount RangeUp to $20,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Baton Rouge City Parish Employees' Federal Credit Union offers a strong choice for personal loans in Baton Rouge, Louisiana, with a MoneyGeek score of 92 out of 100. Borrowers can benefit from its federal insurance by the NCUA, ensuring a secure lending experience, and its A+ BBB rating, reflecting its reliability and trustworthiness. On the other hand, those looking to borrow might find its requirement for membership to apply a bit restrictive, and the $20,000 borrowing limit may not suffice for larger financial needs. Despite these considerations, its high score indicates a dependable option for those seeking personal loans.

Company logo for LES Federal Credit Union
LES Federal Credit Union

MoneyGeek Score92
APR RangeFrom 9.25%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsSame Day
Overview

In Baton Rouge, LES Federal Credit Union is another good choice for personal loans, earning a MoneyGeek score of 92 out of 100. As a lender, LES Federal Credit Union is federally insured by the NCUA, ensuring that deposits are protected. Additionally, it has a BBB rating of A+, which reflects its commitment to customer service and trust. However, borrowers should note that membership is needed to apply, which might deter some potential applicants. It also does not offer prequalification, limiting the ability to see potential rates and terms without a hard credit check.

National Lenders With Physical Locations in Baton Rouge, LA

Borrowers in Baton Rouge, Louisiana searching for the best personal loans with a preference for the in-person experience can consider OneMain Financial. There aren't other national lenders with physical branches in the city, but OneMain Financial provides a local option for those who value face-to-face interactions when managing their financial needs.

OneMain FinancialAPR Range18.00% to 35.99%Loan Amount Range$1,500 to $20,000Repayment Terms24 to 60 months

What to Do if You Can't Get a Personal Loan in Baton Rouge, LA

If your personal loan application in Baton Rouge, Louisiana gets denied due to reasons like a low credit score, negative financial history, or an unfavorable debt-to-income ratio, don't worry. Here are steps you can take to navigate this setback.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level, or errors in your application. Review the reasons to improve your weak areas and prevent another loan application denial in the future.

2
Modify your loan terms

You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees, and customer service can help you find the best lender for your particular needs and circumstances.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from the Department of Justice's list of approved credit counseling agencies. Another option is the Department of Justice's list of approved debtor education agencies.

FAQ About Personal Loans in Baton Rouge, LA

We addressed common questions regarding the top personal loans in Baton Rouge, Louisiana, offering insights to assist you in making informed choices.

Who is the best overall personal loan lender in Baton Rouge, Louisiana?
What are personal loans used for in Baton Rouge, Louisiana?
What are the interest rates on personal loans in Baton Rouge, Louisiana?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Baton Rouge, Louisiana?
What are the best low-interest personal loans in Baton Rouge, Louisiana?
What is an installment loan? Is there a difference between personal loans and installment loans in Baton Rouge, Louisiana?
Is there a difference between credit union loans and bank loans in Baton Rouge, Louisiana?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.