Best Personal Loans in St. Paul, MN: Top Lenders & Best Picks for You

LightStream is the online lending division of Truist Bank, which was founded in 2019 with the merger of SunTrust Banks and Branch Banking and Trust. LightStream landed in the top spot for its swift approval and funding process and its longer-than-usual loan repayment window of 24 to 84 months. Customers can apply on the website or mobile app and have funds directly deposited into their account on the same day.

However, LightStream requires high credit scores, and its rates vary according to how borrowers plan to use the funds. Nonetheless, it is the best personal loan provider in St. Paul, Minnesota.

Pros

• $100,00 loan maximum
• Minimum of 24 months loan repayment
• Offers loans for a broad range of purposes
• 0.5% discount with autopay
• Plants a tree for every loan

Upstart is a California-based AI lending platform founded by former Google employees in 2012. It aims to make affordable credit more accessible to consumers. People with bad credit have greater odds of approval with this provider. Minnesota residents who are typically denied loans because of their credit scores are more likely to qualify through Upstart than through other lenders.

Borrowers will need to present proof of regular income. Although the maximum loan amount of $50,000 may not be sufficient for some, the company does not restrict how borrowers can use the funds.

Pros

• Low APR
• Low minimum credit score required
• No prepayment penalty
• Credit inquiry won’t affect borrower credit score
• 10-day grace period before charging late fees

According to MoneyGeek's analysis, SoFi is the best option for borrowers in Minnesota with good credit. Its credit requirement is high, but the lender offers loans up to $100,000 with funds available within two days. SoFi has no origination fees, late payment or prepayment penalties.

SoFi borrowers can suspend payments if they become unemployed. However, the minimum loan amount is $5,000, so if you want to borrow a smaller amount, consider another provider.

Pros

• Unemployment protection
• No fees
• Loans up to $100,000
• Flexible payment terms

St. Paul residents looking to consolidate their debt should consider an Upgrade personal loan. The lender helps streamline payments, making it a fuss-free way to pay off debt. Upgrade offers smaller loans and lets borrowers change payment dates to suit their budget and spending patterns.

Moreover, its minimum required credit score is 560, increasing the chances of approval for those with fair credit ratings. Features such as autopay discounts help lower costs.

Pros

• Minimum credit score of 560
• No prepayment penalty
• Soft credit check
• Pays third-party creditors directly
• Autopay discounts

Best Egg was founded in 2014 and provides loans in 47 states. The company is ideal for borrowers planning to fund home improvement projects. Borrowers have a minimum of three years to repay the loan with no prepayment penalty.

This lender does not provide same-day funding, which borrowers should consider if they need funds immediately. In addition, potential borrowers should check the rate they qualify for before settling with this provider because other lenders may offer lower APRs.

Pros

• Relatively low APR
• Soft credit checks
• No repayment penalty
• Accredited by Better Business Bureau
• Minimum repayment period of three years