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Best Personal Loans in Minneapolis, MN

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Reviewed byEmma Thomas
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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


Best Personal Loan Lender for Bad Credit in Minneapolis: Upstart


Best Personal Loan Lender for Good Credit in Minneapolis: SoFi


Best Personal Lender for Debt Consolidation in Minneapolis: Upgrade


Best Personal Lender for Home Improvement in Minneapolis: 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.

Based on MoneyGeek’s research, Truist is the best personal loan lender in Minneapolis overall. However, the best option may vary depending on your specific needs. For example, if you have poor credit, you’ll have a better chance of getting a personal loan from Upstart.

Upstart offers the lowest interest rates for personal loans in Minneapolis, with rates as low as 3.22%.

Generally, personal loans can be used to fund a vacation. Ask the lender first if there are any restrictions on the use of your personal loan funds.

Yes, you can use your personal loan to fund your home improvement project in Minneapolis. MoneyGeek found that Best Egg is the best lender for this purpose.

Some lenders may impose restrictions on the usage of loan funds. For example, Upgrade does not allow personal loans to cover post-secondary education. You should check with your lender to see if your loan can cover its intended purpose.

The maximum amount that you can borrow in Minneapolis depends on your lender. A loan could be as high as $100,000, but other lenders may place a cap at $50,000 or lower, based on your creditworthiness.

The length of the application and funding process depends on the lender. Some can provide your loan funds on the day you’re approved, while others might take a week to complete the loan disbursement.

Yes, you can choose to prepay your personal loan in Minneapolis, but some lenders may charge a penalty for it. Ask your lender if there are any penalties for paying off your loan early.

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.