Best Personal Loans in Metairie, LA: Top Lenders & Best Picks for You

Banner image
Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

Advertising & Editorial Disclosure

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


  • 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

    MoneyGeek’s analysis of various personal loan lenders in Metairie shows that LightStream stands out. The lender offers same-day funding, making it the ideal option for immediate expenses.

    Besides fast approvals and funding, LightStream doesn’t charge fees, including prepayment, origination or late payment fees. It offers a maximum loan of $100,000, sufficient for meeting significant expenses. The lender allows you to lower your interest rates by offering an autopay discount.

    However, LightStream requires borrowers to have at least a 660 credit score and doesn’t allow co-signers. If you don’t have a strong credit history, it’s best to consider other lenders in the city. Also, the $5,000 minimum loan amount may be too high for some smaller expenses.

    Pros

    • Maximum loan of $100,000
    • Many repayment term options
    • Quick funding
    • Offers autopay discount
    • No prepayment, origination or late fees

    Cons

    • High minimum loan amount
    • Restricts loan fund usage
    • Doesn’t allow co-signers
    • 660 minimum credit score
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Metairie: 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

    Although it might be challenging to qualify for a loan with a weak credit history, MoneyGeek analyzed many lenders that offer loans for borrowers with bad credit scores in Metairie, Louisiana. Based on our analysis, borrowers with poor credit should opt for Upstart, as it determines borrowers' creditworthiness using their education and employment details instead of focusing on credit scores.

    The lender also has the lowest minimum APR compared with other lenders in the city. However, only borrowers with a strong credit history might qualify for it. When you apply for a loan with this lender, it performs a soft credit check that won't harm your credit score. Upstart doesn't charge a prepayment penalty on its loans.

    Pros

    • Low minimum credit score requirement
    • No prepayment fees
    • Low minimum APR
    • Soft credit checks

    Cons

    • Only two repayment terms
    • Charges high origination fees
    • No autopay discount
    • Maximum loan of $50,000
    • High maximum APR
    Upstart

Best Personal Loan Lender for Good Credit in Metairie: 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

    Based on MoneyGeek's analysis of lenders for borrowers with good credit, SoFi is the ideal option. The lender provides 24/7 customer support, performs a soft credit inquiry and doesn't charge prepayment fees on early loan repayment.

    With SoFi, you can get a maximum loan of $100,000, which can help you cover many significant expenses, including debt consolidation, home improvements, expensive purchases or emergency expenses. You won't have to pay origination fees on the loan's closing.

    While SoFi’s baseline APR is pretty high, its maximum rate is reasonable. Also, this lender allows borrowers to repay their loans in up to five years.

    However, SoFi won't let you apply in person. If you aren't comfortable submitting an online application, there might be better options than this lender.

    Pros

    • Soft credit inquiry
    • No prepayment or origination fees
    • Maximum loan of $100,000
    • Low maximum APR

    Cons

    • Requires high credit score
    • Doesn’t permit co-signers
    • In-person applications not available
    • $5,000 minimum loan amount
    • High minimum APR
    SoFi

Best Personal Loan Lender for Debt Consolidation in Metairie: 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

    You should consider getting an Upgrade personal loan if you want funds to consolidate high-interest debt in Metairie, Louisiana. It's the most suitable option for debt consolidation loans because the lender offers direct payment to creditors.

    Upgrade offers an autopay discount that might lower your interest rate. Since the lender doesn't charge prepayment fees, you can easily pay off your loan early.

    However, this lender requires a 560 credit score if you want to qualify for its loans. Although it doesn't permit co-signers for personal loans, it allows joint applications.

    We appreciate Upgrade’s generous repayment term options, which range from 36 to 60 months. However, if you need a loan of greater than $50,000, you’ll need to look elsewhere.

    Pros

    • Automatic payment discount
    • Low minimum APR
    • No prepayment penalty
    • Directly pays creditors for debt consolidation
    • Conducts soft credit check

    Cons

    • Charges origination and late payment fees
    • $50,000 maximum loan
    • Doesn’t allow co-signers
    • 560 minimum credit score
    • Limited usage of loan funds
    Upgrade

Best Personal Loan Lender for Home Improvement in Metairie: 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

    MoneyGeek analyzed various lenders and found Best Egg the best option for borrowers looking for a loan to fund home improvements in Metairie.

    You can opt for Best Egg for any minor home improvement expense, as its minimum loan amount is $2,000. The lender typically disburses the loan funds immediately after approval. If you pay off your loan early, you won’t have to pay prepayment fees with this lender.

    However, you should know that Best Egg charges a very high maximum APR. Borrowers with a weak credit history might not qualify for a lower interest rate. Additionally, Best Egg only lends to borrowers with strong credit scores of at least 700.

    Pros

    • $2,000 minimum loan amount
    • No prepayment penalty
    • Straightforward online application

    Cons

    • Charges origination and late fees
    • High maximum APR
    • Requires a 700 credit score
    • $50,000 maximum loan
    • Limited repayment term options
    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.

1
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?
2
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.

3
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.

4
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.

5
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.

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

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
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.