Best Personal Loans in Shreveport, LA: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Shreveport
- The Best Personal Loan Lender for Bad Credit in Shreveport
- The Best Personal Loan Lender for Good Credit in Shreveport
- The Best Personal Loan Lender for Debt Consolidation in Shreveport
- The Best Personal Loan Lender for Home Improvements in Shreveport
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Shreveport
MoneyGeek's Picks for Best Personal Loan Lenders in Shreveport, LA
MoneyGeek conducted an in-depth comparison of personal loans in Shreveport based on more than 30 key criteria, including application requirements, fees, quality of customer service and repayment terms.
After researching many different lenders in the Shreveport area, we decided that LightStream was the best overall option for borrowers looking for a personal loan. However, Upstart is the best option for those with poor credit, while SoFi is the best choice for those with good credit. Meanwhile, our pick for debt consolidation is Upgrade, and we chose Best Egg for home renovations.
Best Overall Personal Loan Lender in Shreveport: LightStream
Best Personal Loan Lender for Bad Credit in Shreveport: Upstart
Best Personal Loan Lender for Good Credit in Shreveport: SoFi
Best Personal Loan Lender for Debt Consolidation in Shreveport: Upgrade
Best Personal Loan Lender for Home Improvement in Shreveport: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Shreveport for You
Some important considerations prior to loan application include your existing debt level and credit history. The average credit score in Louisiana is 689 — if your score is at or above this level, you stand an excellent chance of personal loan approval.
To locate the right personal loan in Shreveport, Louisiana, for your circumstances, follow these steps carefully.
Ask Yourself the Important Questions
It's tempting to take out a personal loan, but before you do, it's important to figure out whether you can afford the amount you want to borrow. You should always have a strategy and a schedule for paying back any money you borrow, no matter the amount. Ask yourself the following questions to get started.
- What is my desired loan amount?
- Is my credit score sufficient?
- How much of a monthly payment would be manageable for me?
- How much debt do I already have?
- What are the fees?
Do Your Research
Find the best loan for your needs by comparing interest rates, credit score requirements and prospective fees across several lenders in your area. Keep in mind that if you proceed, a hard inquiry into your credit history has the ability to temporarily decrease your credit score.
Remember that a personal loan is a significant commitment that you’ll spend years repaying. Our suggestions are a good place to start, but if you have specific requirements that aren't addressed here, you should do your own research as well.
Wait
Put off making a final choice for a few days once you've identified the most suitable loan option for your circumstances. Given that a personal loan is a long-term financial obligation, it's wise to review the benefits and drawbacks of your loan one more time before committing to it.
Read the Fine Print
After you've done everything mentioned above, it's time to start the application procedure for your personal loan by gathering your requirements. Although criteria may differ between loan providers, most lenders normally request proof of income and identity. While most lenders allow you to apply online, it may be a good idea to visit your lender in person if you have questions regarding your loan conditions or application criteria.
Apply
When you're prepared to submit your personal loan application, make sure you have all the required documentation on hand. Typically, this includes documentation to verify proof of income, identification and address.
Some lenders' applications can be completed entirely online, while others have physical offices you can contact or visit. Though an online application may be more convenient, we recommend applying over the phone or in person if you have questions or are confused about the online application process.
What to Do if You Can’t Get a Personal Loan in Shreveport
Depending on your lender, your loan application might be denied for a range of reasons, including a poor credit score, job instability, lack of income or incomplete application requirements.
If a lender turns down your loan request, you should find out the reasons why. You can negotiate with them to shorten repayment terms or get a smaller loan amount. If your credit score is too low, you can try to raise it before applying with a new lender. Note that applying with multiple lenders can lower your credit score since they may conduct a hard credit check.
One alternative to a personal loan is a payday loan. However, MoneyGeek warns against these since payday loans usually have extremely high interest rates and short repayment terms. Additionally, paying them back does not help your credit score.
Frequently Asked Questions About Personal Loans in Shreveport
It can be difficult to weigh all of your options for personal loans and choose which one best suits your requirements. MoneyGeek provides answers to the most frequently asked questions about personal loans in Shreveport to assist you with the process.
Overall, LightStream is the best personal loan lender in Shreveport, Louisiana. That said, SoFi is a great choice for borrowers with good credit, while those with bad credit might benefit most from Upstart.
Upstart offers the lowest possible APR in Shreveport. However, your interest rate could vary significantly based on your creditworthiness.
Yes. You can typically use a personal loan to help fund a vacation, but it is best to check with your lender first to see if they have any restrictions on fund usage.
Most lenders do allow borrowers to use their personal loan funds for home improvement projects. MoneyGeek's top pick for home improvement loans in Shreveport is Best Egg.
Typically, financial investments, educational expenses and gambling are not eligible uses of personal loans. Before committing to a personal loan, it's a good idea to talk to the lender about whether or not the terms will meet your needs.
Many lenders typically offer a maximum personal loan amount of $100,000, but this amount can vary between lenders. Your financial profile will also impact the size of your approved loan.
Some Shreveport lenders can fund your loan the same day you’re approved, while others can take several business days.
It is possible to pay off a loan before it is due. However, you should be aware that some lenders impose prepayment penalties for doing so. Check with your lender to make sure.
Our Personal Loan Methodology
We analyzed more than 30 different personal loan providers by collecting and analyzing 35+ separate data points across six main categories: loan cost, availability, user friendliness, service, adaptability and transparency.
MoneyGeek examined various criteria to determine how high each company should rank. Key considerations include disbursement time, application costs, minimum credit score required, the minimum income required and APR ranges.
In addition, we consider each lender's customer service, business ratings and any extra features that can improve your overall experience, such as prequalification, payment alternatives and mobile apps.
Our expert advice and recommendations for personal loans are designed to help you choose the best overall personal loan lender for your particular circumstances.
sources
- Best Egg. "Personal Loans." Accessed November 8, 2022.
- SoFi. "Personal Loans." Accessed November 8, 2022.
- Upgrade. "Personal Loans up to $50,000." Accessed November 8, 2022.
- Upgrade. "What Products Are Available Through Upgrade?." Accessed November 8, 2022.
- Upstart. "Personal Loans." Accessed November 8, 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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