Best Personal Loans in New Jersey

MoneyGeek found Truist offers the best overall personal loan in New Jersey. It doesn’t charge any fees, such as an origination fee, prepayment penalty or late fee. The lender also doesn’t have minimum gross income and employment requirements. Furthermore, if qualified, you can borrow up to $50,000 from Truist and get your funds on the next day.

However, Truist imposes restrictions on the usage of funds. You can’t use your loan for post-secondary educational expenses or businesses, or to contribute to any sort of retirement, life insurance or education savings plan.

Founded in 1872, as of June 2021, Truist is the 10th largest bank in the U.S., with $509 billion in assets.

Pros

• 0.5% automatic payment discount
• No origination fee
• No prepayment penalty
• No late fee
• No minimum gross income requirement

• APR range: 8.14%–18.99%
• Minimum/maximum loan amount: $3,500–$50,000
• Minimum credit requirements: None
• Repayment terms: Six–60 months
• Time to receive funds: Next day

Since 2012, Upstart has been improving access to credit for consumers in 48 states, including New Jersey.

If you want to apply for a personal loan in New Jersey but have bad credit, Upstart may be the best option for you. Upstart only requires a minimum credit score of 300. Plus, it conducts soft credit checks, which won’t affect your credit score. After getting approved, you may get your funds the next day.

But, Upstart may not suit your financial needs if you’re looking for a loan amount above $50,000, its borrowing limit. It’s also not a good option if your debt-to-income ratio is above 45%.

Pros

• Low credit score requirement
• No prepayment penalty
• Conducts soft credit inquiry
• No restriction on the usage of funds
• Offers joint loans

• APR range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next day

MoneyGeek determined SoFi offers the best personal loans in New Jersey for people with good credit. However, it’s worth noting that it only requires a minimum credit score of 680, which isn’t that much higher compared to other lenders’ requirements.

SoFi gives personal loans as low as $5,000 to as high as $100,000. It doesn’t charge an origination fee, prepayment penalty or late fee. Moreover, SoFi provides unemployment protection. It may temporarily modify your payments if you get laid off and has career assistance that may help you find a new job.

However, one of SoFi’s drawbacks is that it has a minimum gross income requirement of $50,000.

Established in 2011, SoFi offers various products, including personal loans, to consumers in 49 states.

Pros

• No origination fee
• No prepayment penalty
• No late fee
• 0.3% automatic payment discount
• Conducts soft credit check

• APR range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: Two days

For a personal loan in New Jersey for debt consolidation, Upgrade may be your best option. The lender has been around since 2017 to offer lending solutions to consumers in all 50 states.

You only need a credit score of 560 to qualify for an Upgrade debt consolidation loan. It also doesn’t have a minimum gross income requirement. Once approved, you can get your funds on the same days. That said, Upgrade limits its loan amounts to $50,000. So this lender may not be for you if you need a larger loan to consolidate debt.

Upgrade does have a high potential APR — you may qualify for an APR between 5.94% and 35.47%. If you end up on the high end, your interest rate with Upgrade may not be lower than what you pay on your current debts, such as credit cards. But with only a soft credit inquiry, you can see the rate Upgrade is offering without affecting your credit score.

Pros

• 1% automatic payment discount
• No prepayment penalty
• No minimum gross income requirement
• Moderate credit score requirement
• Conducts soft credit inquiry

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

Best Egg is ideal for a personal loan in New Jersey to finance home improvement projects. Established in 2014, it has helped consumers get the money they need to keep their expenses on track.

You can receive a 0.5% discount from Best Egg for scheduling automatic payments. And depending on your profile, you may get an interest rate as low as 4.99%.

However, for a lender that requires a credit score of 700, Best Egg only offers loans up to $50,000. It also charges origination and late fees, and its interest rate can be as high as 35.99%. Additionally, you need at least $50,000 in gross income to qualify for a home improvement loan in New Jersey through Best Egg.

Pros

• 0.5% automatic payment discount
• No prepayment penalty
• No debt-to-income limit
• Conducts soft credit check

• APR range: 4.99%–35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36–60 months
• Time to receive funds: Next day