MoneyGeek’s Pick for Best Personal Loan Lender in New Jersey: Truist

MoneyGeek evaluated more than 30 data points to determine which lenders have the best personal loans in New Jersey for different borrower profiles. We reviewed what each lender has to offer, including loan amounts, repayment lengths, interest rates, fees and minimum requirements. Additionally, we looked into what could affect your chances of getting approved, such as minimum credit score, gross income and debt-to-income ratio.

Best Overall Personal Loan Lender in New Jersey: Truist

  • Truist

    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds


Best Personal Loan Lender for Bad Credit in New Jersey: 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


Best Personal Loan Lender for Good Credit in New Jersey: 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


Best for Debt Consolidation in New Jersey: 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


Best Personal Loan Lender for Home Improvement in New Jersey: 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

How to Choose the Best Personal Loan Lender in New Jersey for You

Millions of Americans take out personal loans for various purposes. These include debt consolidation, home improvement and unforeseen expenses. In New Jersey, the average personal loan debt is $17,798.

While a personal loan can certainly benefit you for the reasons above or others, it’s important to review several factors before pursuing a loan application. Aside from your creditworthiness, you also have to take into account your pre-existing debts and current income.

MoneyGeek outlined the following steps that you can follow when considering a personal loan in New Jersey.


Ask Yourself the Important Questions

The first step to finding out if a personal loan is the right choice for you is asking yourself these questions:

  • How much funding do you need? Consider how you plan on using your personal loan, and then determine how much money you need. You also need to find out the amount you’re qualified to borrow.
  • What is your credit score? Lenders consider credit score as a major factor when reviewing loan applications. While some lenders accept bad or poor credit, it’s still better if you have a good to excellent credit score.
  • Can you afford the monthly payment? If you aren’t able to make monthly payments without hardship, you risk facing late fees and ruining your credit score.
  • How much debt do you already have? If you add another loan on top of your pre-existing debts, it could create a tight financial situation.

Do Your Research

Before completing your loan application, conduct your own research to learn the relevant information about personal loans. Find out the factors that may affect your chances of getting approved. For example, having a poor credit score or a high debt-to-income ratio.

Keep in mind that you’ll make monthly payments for 2–4 years on average, so it’s important to compare quotes, including loan interest rates and terms, from different lenders. Aside from that, check which lenders have restrictions on the usage of funds. Some prohibit using personal loans on post-secondary education expenses or investments.

MoneyGeek created this guide to help you through the process of choosing the best personal loan for your profile. But our recommendations may not be perfect because your circumstance is unique. Doing your own research can provide additional assistance in making an informed decision.



Once you finish your research, take a step back. Let your findings soak in for a day or two before making a decision. That way, you can ensure you’re not making a rash decision. It’ll also help you be more objective in determining whether a personal loan is a commitment you can take on.


Read the Fine Print

When choosing a personal loan lender, it’s critical to read and review the fine print. Focus on the small details that you might have missed during your research. These may be origination fees or prepayment penalties. Make sure that you’re familiar with the relevant information about your chosen lender and loan. Doing this can help you save money in the long run.



Once you accomplish all the steps above, there’s only one thing left to do: send in your application. Make sure that you are ready to provide any details that your lender might request, like identification, address verification and proof of income, during the application process.

Many lenders allow online applications. While this may be more convenient, there’s no harm in calling or visiting your lender if possible.

What To Do if You Can’t Get a Personal Loan in New Jersey

It’s possible for a denial of your personal loan — and it’s not uncommon. So, there’s no need to get disheartened. Instead, focus on finding what factors affected your lender’s decision. In some cases, loan applications get rejected because of low credit scores or insufficient incomes.

Don’t hesitate to contact your lender and inquire about their specific reason for declining your loan. Then, ask if there’s any way you could modify your application to make it more acceptable. Perhaps adjusting your loan term or decreasing your loan amount may change their mind.

If not, however, you could always look for a different lender. However, this move isn’t advisable until you improve the factor that caused your personal loan application rejection.

When looking for other borrowing alternatives, be careful of payday loans. These are small loans that are usually paid within a few weeks. They may help you get quick cash, but they charge a high interest rate.

Frequently Asked Questions About Personal Loans in New Jersey

The right personal loan for you depends on your needs and various credit and income factors. MoneyGeek answered some frequently asked questions about personal loans in New Jersey to help you find the best option for you.

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We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight 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 factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest 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.


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.