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

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in St. Paul, MN

MoneyGeek analyzed over 30 data points from personal loan companies in Minnesota to help you find the best personal loans in St. Paul. We looked at factors such as lenders' credit score and income requirements, interest rates, loan amounts available, loan repayment terms, disbursement period and additional fees and penalties.

LightStream stood out as the best overall lender in the city. But we also found great lenders for different categories, like home improvement and debt consolidation. Learn more about them below.

Best Overall Personal Loan Lender in St. Paul: 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 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

    Cons

    • Rigorous credit checking
    • Excellent credit score needed for the lowest APR
    • 660 credit score required
    • Rates vary by loan purpose
    LightStream

Best Personal Loan Lender for Bad Credit in St. Paul: 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 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

    Cons

    • 50,000 funding limit
    • Hard credit pull during application
    • Late fees
    • Charges origination fee
    Upstart

Best Personal Loan Lender for Good Credit in St. Paul: 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

    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

    Cons

    • 680 credit score required
    • High minimum loan amount
    • Requires employment or employment offer
    • No physical location
    • No variable-rate personal loans
    SoFi

Best Personal Loan Lender for Debt Consolidation in St. Paul: 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

    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

    Cons

    • High APR
    • Maximum loan amount of $50,000
    • 2.9% to 8% origination fee
    • Prohibits loan usage for postsecondary education
    Upgrade

Best Personal Loan Lender for Home Improvement in St. Paul: 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 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

    Cons

    • High minimum credit score
    • Maximum loan of $50,000
    • Charges origination fee
    • Does not offer flexible payment dates
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in St. Paul for You

If you're looking for a personal loan in St. Paul, Minnesota, you'll likely need proof of income, a history of paying debts on time and more. Our data shows that Minnesota residents have an average credit rating of 714 and a reported average personal loan debt of $15,391.

By following MoneyGeek’s suggested steps, you can make an informed decision about which lender is best for you.

1
Ask Yourself the Important Questions

If you decide to apply for a personal loan, you’ll need to understand your current financial situation. The following questions will help you evaluate whether taking out a loan is the best option:

  • How much funding do I need? Determine how much you need to borrow and know the associated interest rates.
  • What is my credit score? Personal loan lenders require borrowers to have a certain credit score for approval. You can check your current credit score and improve it before applying for a personal loan.
  • Can I afford the monthly payment? Evaluate your current budget to determine how the additional expense will affect your finances.
  • How much debt do I already have? If you already have multiple debts and take on another, the combined payments may strain your budget.
2
Do Your Research

Lenders offer various terms and rates and require strict compliance and commitment. Most want you to pay back the money you borrow within two to four years. MoneyGeek suggests lenders with proven reliability but always do your own research as well. Remember, the best lender for you depends on your unique circumstances.

3
Wait

Before applying for a loan, consider your options for a day or two. You might want to consult a family member or friend before deciding. Make sure you know how this decision will impact your credit rating.

4
Read the Fine Print

When shopping for a personal loan, it's easy to overlook important details. Lenders often include the most important terms in the main body of their agreements, but some fees are listed only in small print at the end of the contract. Pay attention to all parts of your loan agreement to ensure you understand how much the loan will cost.

5
Apply

Once you've considered your options, you can submit your loan application. To do so, you'll need to provide identification, address documentation and proof of income. You can usually apply online, by phone or in person. Always call the lender if you have questions or need clarification before signing.

What to Do if You Can’t Get a Personal Loan in St. Paul

Rejection for a personal loan is not uncommon, so don't take it personally. If your application is rejected, ask the lender why and whether you’re eligible to reapply. You may be able to decrease the loan amount or shorten the loan term.

You may also consider applying for a loan with another lender. However, it’s best to first address the issues that resulted in your rejection, such as having fair credit, to increase your chances of future approval.

If you are considering a payday loan, please be aware they usually come with very high interest rates and strict payment terms. Avoid these loans; they can hurt your credit score if you fail to pay on time.

Frequently Asked Questions About Personal Loans in St. Paul

The best personal loan lender for you will depend on your individual needs and other factors, such as your credit history and income. MoneyGeek answered common questions about personal loans in St. Paul.

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

Our Personal Loan Methodology

METHODOLOGY

To find the best personal loan lenders, we compared more than 30 lenders using 35+ data points across six categories: affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Our data points include APR ranges, available loan amount, minimum credit score, minimum income amount and application fees. We also looked at the time it takes for a lender to disburse funds, which can be important if you need cash quickly.

At MoneyGeek, we value consumers and understand that your experience with a lender is important. That's why we take into account more than just rates when selecting the best lenders. We factor in customer support, business ratings and additional features like prequalification, payment options and mobile apps to help make your borrowing experience as simple and convenient as possible.

After careful consideration and calculation, we select the top lenders with your best interests 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.

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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.