Best Personal Loans in St. Paul, MN: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in St. Paul
- The Best Personal Loan Lender for Bad Credit in St. Paul
- The Best Personal Loan Lender for Good Credit in St. Paul
- The Best Personal Loan Lender for Debt Consolidation in St. Paul
- The Best Personal Loan Lender for Home Improvements in St. Paul
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in St. Paul
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
Best Personal Loan Lender for Bad Credit in St. Paul: Upstart
Best Personal Loan Lender for Good Credit in St. Paul: SoFi
Best Personal Loan Lender for Debt Consolidation in St. Paul: Upgrade
Best Personal Loan Lender for Home Improvement in St. Paul: 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.
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.
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.
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.
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.
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.
Overall, LightStream offers the best personal loan in St. Paul, but different lenders may better serve your financial needs. Upstart, for example, is best for those with low credit ratings, SoFi is for those with good credit scores and Best Egg is best if you’re planning home improvements. Meanwhile, Upgrade is the top choice for debt consolidation.
Upstart offers the lowest APR in St. Paul.
You can use personal loans to finance various expenses, including traveling or going on vacation. Before you apply for a personal loan, however, find out whether the lender places any restrictions on the use of funds.
You can use personal loans for home improvement, but you should always double-check with your lender.
Many lenders do not allow you to use a personal loan to pay college tuition or fees, make a down payment on a home purchase or fund business expenses. Check with your lender if any of these restrictions apply.
You can borrow up to $100,000.
Lenders in St. Paul have various processes and periods for funding personal loans. It can take one to seven business days to receive the money post-approval.
Some personal loan lenders in St. Paul may charge you a prepayment if you pay off your loan before its term expires. Prepayment penalties are stipulated on a lender’s website or in the loan agreement document’s fine print.
Our Personal Loan 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.
sources
- Best Egg. "Best Egg Reviews." Accessed September 10, 2022.
- Experian. "What Can a Personal Loan Be Used For?." Accessed September 10, 2022.
- LightStream. "About Us." Accessed September 10, 2022.
- LightStream. "Philanthropy." Accessed September 10, 2022.
- SoFi. "Will SoFi Become a Brick-and-Mortar Bank Now?." Accessed September 10, 2022.
- Upstart. "About Upstart." Accessed September 10, 2022.
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
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