Top Lenders & Best Picks for You

Best Personal Loans in Minneapolis, MN

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Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Minneapolis, MN

MoneyGeek evaluated personal loan companies using over 30 data points to help you determine the best personal loans in Minneapolis. We researched the lenders’ credit score and income requirements, interest rates, how much you can borrow, loan repayment terms, disbursement period and whether it charges additional fees and penalties.

Based on our research, LightStream is the best overall lender in Minneapolis. However, the best lender for you depends on your needs, which is why we also outlined our top picks for different borrower profiles.

Best Overall Personal Loan Lender in Minneapolis: 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

    LightStream was established in 2013 and is the online consumer lending division of Truist. It offers personal loans for virtually every consumer need, making it MoneyGeek’s top pick overall as the best personal loan company in Minneapolis.

    This lender provides borrowers with the flexibility of choosing from a wide range of loan amounts. Borrowers may apply for loans from $5,000 to $100,000 as long as they meet the minimum credit score requirement of 660. This is lower than the average credit score in Minnesota of 714, which means that most residents in Minneapolis will have no difficulty meeting this requirement.

    Loan proceeds may be used for consolidating credit card debt, home renovation and other large or unexpected expenses. There are some limitations on how borrowers may use funds, so a LightStream loan may not be suitable for everyone.


    • Loans as high as $100,000
    • Same-day funding
    • Offers competitive rate match
    • Comparatively lower minimum APR
    • No prepayment penalties, origination fees or late fees


    • Conducts hard credit checks
    • Auto-pay discount option is only available prior to loan funding
    • Rates without autopay are 0.5% higher
    • Rates vary depending on the loan purpose
    • Excellent credit is required to get the lowest APRs

Best Personal Loan Lender for Bad Credit in Minneapolis: 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

    Upstart was founded in 2012 by former Google employees as an online lending platform that partners with banks and credit unions with the aim of expanding consumers’ access to affordable credit. This means Minneapolis residents with bad credit who typically experience difficulty in getting loans are more likely to qualify through Upstart than with other lenders.

    Fortunately, MoneGeek found that lenders such as Upstart give borrowers with spotty financial past a chance to receive a loan and hopefully improve their credit scores. Depending on their assessed creditworthiness, borrowers can be granted loans from $1,000 to $50,000 with fixed rates from 3.22% to 35.99%.

    The downside of Upstart is that borrowers must meet certain requirements such as proof of a regular income and a debt-to-income ratio of 50% or less based on pre-tax income.


    • Rates up to 10% lower than traditional lenders
    • Soft credit inquiry when you request a rate so it doesn’t affect your credit score
    • No prepayment penalty
    • Easy, transparent process that helps you check your rate in minutes
    • Funding is available as early as the next day after loan approval


    • Limited loan terms available
    • Charges origination fees
    • Charges late fees
    • No auto-pay discount
    • Debt-to-income limit of 45% or less

Best Personal Loan Lender for Good Credit in Minneapolis: 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

    Founded in 2011, SoFi is the best option for borrowers in Minneapolis with good credit based on MoneyGeek’s analysis.

    To qualify for a SoFi loan, you must have a minimum credit score of 680, which means it caters mainly to borrowers with good to excellent credit ratings. But this minimum requirement is still lower than the average credit score in Minnesota of 714, so most Minneapolis residents will meet this requirement.

    SoFi offers loans of up to $100,000, depending on your creditworthiness. It also doesn’t charge any origination or prepayment penalties which tend to accumulate over the life of the loan. SoFi also provides unemployment protection which temporarily modifies your payments and even helps you find a new job.

    This lender might not be your best option if you don’t have good credit or a strong income and employment history.


    • No origination and prepayment fees
    • Loans of up to $100,000
    • Soft credit inquiry when applying
    • Check your rate within 60 seconds
    • With unemployment protection that temporarily modifies your payments and helps you find a new job


    • Requires a higher credit score of 680
    • The lowest rates are only available to borrowers with high credit scores
    • Cannot be used to fund post-secondary education expenses
    • Doesn’t offer variable-rate personal loans
    • Borrower must be employed, have sufficient income from other sources or have an offer of employment to start within the next 90 days

Best Personal Lender for Debt Consolidation in Minneapolis: 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

    Upgrade was established in 2016 and is a relatively new player in the financial lending industry. However, this online lending company has since built a solid reputation, making it MoneyGeek’s top recommendation for debt consolidation in Minneapolis.

    Minneapolis residents who are looking to refinance their existing debt, such as credit card debt, may wish to consider an Upgrade personal loan. Its minimum required credit score of 560 is significantly lower than the state average of 714, which means that even those with fair credit ratings might still qualify.

    However, keep in mind that this lender imposes certain limitations on the use of funds. For example, you cannot use your loan to fund your post-secondary education. It also charges high origination fees, between 2.9% and 8%, which are deducted from loan proceeds. There are lenders that don't charge an origination fee, so you should keep this in mind when making your selection.


    • Soft credit check that has no impact on credit scores
    • Pays third-party creditors directly for debt consolidation loans
    • No prepayment penalty
    • Flexible loan options lets you choose between a single monthly payment and a fixed rate and term
    • No minimum income requirement


    • Potentially high interest rates for borrowers with poor credit history
    • Has restrictions on usage of funds
    • Origination fee between 2.9% and 8% which is deducted from loan proceeds
    • Loan offers may not have multiple term lengths available
    • Funds sent directly to your creditors may take up to two weeks to clear, depending on the creditor

Best Personal Lender for Home Improvement in Minneapolis: 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

    Best Egg is our top pick for Minneapolis residents needing a personal loan for home renovations.

    Since starting in 2014, Best Egg has funded over $15 billion in loans. Would-be borrowers will appreciate this lender’s soft credit inquiry that doesn’t harm one’s credit score. It also offers codes to prescreened borrowers, zero prepayment penalties and a quick funding turnaround time, giving you access to funds by the next business day.

    However, if you’re charged Best Egg’s highest interest rate of 35.99%, you might wish to reconsider getting a loan from this lender. Additionally, there are origination fees of up to 5.99% which could eat up a significant portion of your loan disbursement.


    • Conducts soft credit checks
    • Check your rates within minutes online
    • No prepayment penalty
    • Prescreened borrowers receive offer codes in the mail
    • Loan amounts of up to $50,000


    • Potentially high APRs for borrowers with poor credit history
    • Doesn’t offer variable rate personal loans
    • Origination fee of 0.99%–5.99% of the loan amount
    • High minimum credit score of 700
    • Minimum income requirement of $100,000 to qualify for lowest APR
    Best Egg

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

Personal loans can be a very helpful tool for someone who needs access to extra funds for purposes such as debt consolidation or home improvements. The average personal loan debt in Minnesota is $15,391, which is proof of the popularity of this financial product.

Just like any loan, there are a few things to consider before applying for a personal loan in Minneapolis, such as your credit score, income stream and any current debts that you’re still paying off.

Follow MoneyGeek’s step-by-step guide to pick out the best personal loans in Minneapolis.

Ask Yourself the Important Questions

To determine if a personal loan is right for you, you must evaluate your purpose for getting the loan and know exactly how much funding you need.

Ask yourself the following questions before taking out a personal loan:

  1. How much funding do you need? Resist the temptation to borrow more than what you can afford to pay back.
  2. What is your credit score? Credit scores are important indicators of risk and creditworthiness to lenders. Make sure that you meet the minimum credit score requirement to boost your chances of being approved.
  3. Can you afford the monthly payment with your current income? Check if you can carry the loan and still be able to meet your other financial obligations, including any outstanding debts you’re still paying.
  4. How much debt do you already have? You might wish to pay off some of your existing debt before applying for a personal loan.
Do Your Research

The lure of quick and easy access to cash with low interest rates and generous repayment terms might be hard to resist. Without employing due caution, it’s easy to get into serious debt. Keep in mind that a personal loan is a long-term commitment that will take around two to four years to pay off completely.

It is important for you to do your own research on loan limitations. For instance, some lenders have limitations on fund usage so your loan might not be able to cover its intended purpose.

Using MoneyGeek’s guide to jumpstart your search, you can take a closer look at your preferred lenders to determine which lender would be a perfect fit for your needs.


Now that you’ve done your research, we strongly urge you to wait a day or two before deciding to get a personal loan and from which lender. You might be surprised that your decisions might change when you have more time to think. A personal loan is a significant financial commitment that requires careful deliberation and a thorough assessment. Use this time to re-assess whether a personal loan is the best option given your situation and current needs. Only when you’re certain of your decision should you proceed with your loan application.

Read the Fine Print

Remember to always read the fine print and make sure that you understand everything it says. Some lenders may charge extra and hidden fees, such as origination or administration fees and prepayment penalties. You should be mindful of these since they easily pile up and end up creating a dent in your finances. We know that very few people actually take the time to do this, but doing so will save you from paying accumulated charges over the life of your loan.


Once you’re confident about your chosen lender and are ready to send in your personal loan application, make sure you have the application requirements at hand. Most lenders will ask for your proof of income or employment history and proof of identification and address.

Most lenders have an entirely online application process. However, if you feel more comfortable speaking directly with a representative, or if you need to clarify a few concerns to help you understand some of the technicalities in the loan agreement, you may opt to call or visit the lender’s physical office.

What to Do if You Can’t Get a Personal Loan in Minneapolis

Don’t be discouraged if your personal loan application is rejected. This is not uncommon and there are many reasons why lenders might deny personal loan applications in Minneapolis. These include a low FICO score, insufficient income or a high debt-to-income ratio.

MoneyGeek suggests that you contact your lender to find out why they declined your loan application. Ask to speak directly with a representative to discuss how you could improve your chances of getting approved. Consider tweaking your application to make it more appealing, like decreasing the loan amount or going for a shorter payment term. Alternatively, you could either reapply to the same company or get a personal loan elsewhere.

Even if you need extra cash quickly, we strongly caution against predatory financial products, especially payday loans. These short-term loans will gladly give you funding, but at very high interest rates.

Frequently Asked Questions About Personal Loans in Minneapolis

The best personal lender in Minneapolis depends on your unique needs as well as your credit history and income profile. MoneyGeek answered some of the most commonly asked questions about personal loans in Minneapolis to help you get started.

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

Our Personal Loan Methodology

To come up with this guide, our team at MoneyGeek reviewed more than 30 personal loan lenders using over 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We determined our top picks for each ranking category by evaluating several individual data points that are most relevant when choosing a personal loan lender. 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 factored in each lender’s service quality as measured by its customer support, business ratings and additional features that could make your loan application experience easier and more accessible, like prequalification, payment options and mobile apps.

Our top picks are the result of careful consideration and calculation and were determined with your best interest in mind. These personal loan recommendations and expert tips are meant to help you make the best decision when choosing the best personal loans in Minneapolis for your needs.

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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.