Best Personal Loans in Metairie, LA: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Metairie
- The Best Personal Loan Lender for Bad Credit in Metairie
- The Best Personal Loan Lender for Good Credit in Metairie
- The Best Personal Loan Lender for Debt Consolidation in Metairie
- The Best Personal Loan Lender for Home Improvements in Metairie
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Metairie
MoneyGeek's Picks for Best Personal Loan Lenders in Metairie, LA
Lenders that provide the best personal loans in Metairie will offer terms based on your financial needs and current situation. MoneyGeek gathered information about the loan amounts, credit score requirements, income requirements, APR ranges and other factors of different lenders to find the perfect one for your needs.
Based on our research, LightStream is the city's overall most suitable option for personal loans. If you have good credit scores, consider opting for SoFi's loans. Borrowers with bad credit histories can benefit from Upstart. Upgrade and Best Egg offer the best debt consolidation and home improvement loans, respectively.
Best Overall Personal Loan Lender in Metairie: Lightstream
Best Personal Loan Lender for Bad Credit in Metairie: Upstart
Best Personal Loan Lender for Good Credit in Metairie: SoFi
Best Personal Loan Lender for Debt Consolidation in Metairie: Upgrade
Best Personal Loan Lender for Home Improvement in Metairie: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Metairie for You
Deciding whether a personal loan is the right option for your situation might seem challenging. Before you search for the most suitable lender, MoneyGeek recommends looking at your current financial situation and funding needs, as these can give you an idea of whether you can afford the additional debt. On average, Louisiana residents have personal loan debt of $15,402, so you are far from alone in seeking one.
You can follow these steps to find the right lender for your financial situation and needs.
Ask Yourself the Important Questions
Opting for a loan is not the best idea if a significant percentage of your income goes toward paying off existing loans. Besides your current situation, you should also consider your credit history and whether it meets the lender’s requirements. It’s best to start by asking yourself these questions.
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
You can start shopping around for different lenders after getting to know your financing needs and overall situation. During your research, it’s important to compare the rates and terms of different lenders before deciding.
MoneyGeek found that sufficient research helps you save money and effort in the long run. Although our personal loan resources can help you immensely in this process, it would be best to also conduct your own research beyond our general recommendations.
Wait
Waiting a few days before finalizing a lender can significantly benefit you. You can consider your decision during this period and research the lender's terms and service quality in detail. You might also explore other suitable options for meeting your financial needs while waiting.
Read the Fine Print
Read your chosen lender’s fine print before applying for a loan. The fine print will give you important information about the lender’s fees, like those for applications, origination, prepayments, late payments, returned payments and more.
Apply
After understanding the lender’s fees and other details, you can apply for a personal loan. You will provide information about your address, financial details and other important factors. MoneyGeek found many online-only lenders. However, your chosen lender might also accept in-person applications.
What to Do if You Can’t Get a Personal Loan in Metairie
It’s important not to stress if you receive a rejection from a lender. Lenders reject applications due to unstable employment, bad credit scores, low income, high DTI ratio and incomplete applications.
The right way forward is to contact the lender and ask them about the factors that caused them to deny you a loan. Once the lender lets you know, you can work on it and apply again after modifying your application. For example, if a weak credit history was the reason behind the loan rejection, you should build your credit score before applying again.
There are many ways to improve your credit score, including getting a credit-rebuilding card and making timely payments. You should know that applying with a different lender won’t increase your chances of approval.
Although payday loans might seem suitable, you should not opt for them because of their extremely high interest rates and short repayment terms.
Frequently Asked Questions About Personal Loans in Metairie
You should understand your financial situation and funding needs to find the right lender. Our analysis of the following frequently asked questions will help you learn essential details about personal loans in Metairie.
MoneyGeek’s research shows LightStream is Metairie’s overall most suitable option for personal loans. If you have good credit scores, consider opting for SoFi's loans. Borrowers with bad credit histories can benefit from Upstart, while Upgrade and Best Egg offer the best debt consolidation and home improvement loans, respectively.
Lenders generally consider your credit score and other important factors to determine your interest rate. MoneyGeek found that Upstart has the lowest possible interest rates in Metairie.
It’s possible to use personal loan funds to finance a vacation. However, since each lender has different restrictions, you should first contact your chosen lender and ask if they allow borrowers to use their funds for this purpose.
In Metairie, you can use a personal loan for funding home improvement projects. MoneyGeek’s research shows Best Egg is the best lender for a home improvement loan in the city.
Lenders generally place restrictions on the usage of loan funds for paying off student loans, investments, gambling, business expenses or any illegal expense.
Based on MoneyGeek’s analysis, the minimum and maximum loan amounts vary based on the lender. However, you can generally borrow up to $100,000 in Metairie.
Many factors affect how long it takes to receive funds in your account. After a lender approves your loan, it can generally take up to one week for fund disbursement, although some lenders offer same-day funding.
You can generally pay off your loan early in Metairie. However, some lenders might charge prepayment fees on early loan repayment.
Our Personal Loan Methodology
MoneyGeek’s analysis involved a review of more than 30 personal loan lenders using several individual data points across the following categories: consumer friendliness, loan affordability, accessibility, flexibility, customer service and lender transparency.
We analyzed the data points within each category that have the most significance when finalizing a personal loan lender. These factors include the available loan amounts, APR ranges, minimum credit scores, application fees, income amounts and disbursement times.
At MoneyGeek, we value you, the consumer. That’s why we also factor in the lender’s customer support, ratings and features that could make your experience straightforward, like different payment options, prequalification and mobile apps.
MoneyGeek keeps your best interests in mind when choosing the best lenders. Our loan recommendations and expert tips are meant to help you make the right decision when finding the perfect lender for your needs.
sources
- Best Egg. "About Us." Accessed November 14, 2022.
- Best Egg. "Personal Loans." Accessed November 14, 2022.
- LightStream. "About Us." Accessed November 10, 2022.
- SoFi. "Personal Loans." Accessed November 14, 2022.
- Upgrade. "About Us." Accessed November 14, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed November 14, 2022.
- Upstart. "Personal Loans." Accessed November 14, 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
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