MoneyGeek’s Best Personal Loan Lender in Minnesota: LightStream

MoneyGeek analyzed over 30 factors to help you choose the best personal loan provider in Minnesota, including the lender's BBB rating, debt-to-income limits, competitive rate match and loan term. We also looked at origination fees, prepayment fees and late payment fees charged by lenders.

Best Overall Personal Loan Lender in Minnesota: 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

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Minnesota: 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

    on Upstart Website

Best Personal Loan Lender for Good Credit in Minnesota: 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

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Minnesota: 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

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Minnesota: 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

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Minnesota for You

Before applying for a personal loan in Minnesota, consider a range of factors such as your gross income, credit score, current debt and employment status.Personal loans are a widely-available option used by many to cover particular needs.

According to the Chamber of Commerce, there are 21.1 million outstanding personal loans in the U.S. and the total outstanding personal loan debt in the United States is $143 billion. The average personal loan debt in Minnesota is $15,391.

The best personal loans in Minnesota are the ones that offer you the best terms, rates and payment options.

MoneyGeek's research outlines the steps to take when applying for a personal loan in Minnesota.


Ask Yourself the Important Questions

Before you start hunting around for a personal loan, you’ll want to ask yourself a few questions about your needs and goals. These will help narrow down your options.

  • Do you need money now or can you wait?
  • What is your credit score?
  • What kind of loan would suit you best, fixed-rate or variable?
  • Can you afford the monthly payment?
  • How much debt do they already have?
  • Which lenders do you want to approach and why?

Ultimately, choosing a lender is about finding one that works for you; taking these factors into account from the beginning will simplify your search.


Do Your Research

As with other financial commitments, researching your options is smart. You’ll want to shop around for a loan with the lowest interest rate and confirm that you can afford each monthly payment comfortably for two to four years on average. Research the top lenders offering great interest rates, terms and conditions.

MoneyGeek's guide provides you with the information you need to make an informed decision. We choose our recommendations by factoring in variables and ranking options accordingly. We also suggest doing your own research, as your unique needs and situation may mean another option is best for you.



One of the most important rules of the lending process is to give yourself enough time to compare your options and make an informed decision. It’s easy to rush into a loan, but it’s better to develop a solid plan than find yourself in a bad situation.

Give yourself time to collect the necessary information and make an informed decision. If anything is holding you back from selecting a lender, it’s probably a red flag; consider waiting a few days before finalizing your choice.


Read the Fine Print

Before taking out a personal loan, it’s wise to look at the fine print, paying attention to fees and interest rates. Some personal loans have prepayment penalties, late fees or origination fees, which can make the overall cost of the loan higher than you expected. You should also read additional terms related to your specific loan (like the definition of prepayment or minimum payments). If you see anything confusing or complicated here, ask questions.



Once you are confident in your choice of lender, it’s time to fill out an application. Many lenders require specific information before approving your loan and sending out a check. Be sure you have the information you need ready before filling out the paperwork. If anything is unclear, ask the lender about it. Remember that it’s standard for lenders to require identification, address verification and proof of income during the application process.

What To Do if You Can’t Get a Personal Loan in Minnesota

Not all personal loan applications are approved. Perhaps your credit score isn’t high enough for a lender, or you haven’t had a steady income long enough. If your personal loan application gets rejected, you can call or email the lender to find out why it wasn’t approved.

If necessary, you could apply for a loan at another company, but it’s smart to wait until you have resolved whatever issue caused your previous application to be denied. Finding an alternate lender may mean filling out applications with multiple lenders.

Payday loans may seem appealing if you need money immediately, but they have various drawbacks. These loans usually feature high-interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Minnesota

The best personal loan lender in Minnesota for you will depend on your individual needs. There are many personal loan lenders out there and it can be hard to tell which one has the right product for you. To decide, ask yourself a few questions: What do I want my repayment schedule to look like? Can I repay the loan in full at once or over time? What do I want my interest rate to be? Answering these questions can help clarify your needs and lead to your ideal option.

The following are the most frequently asked questions about personal loans in Minnesota.

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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.

We considered several unique data points that we feel carry the most weight when choosing a personal loan lender within each ranking criteria category. 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 decided and chosen 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.


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.