Best Personal Loans in Newark, NJ: 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 Newark, NJ

MoneyGeek evaluated more than 30 data points to help us find the best personal loans in Newark. Still, the best personal loan for you will depend on your needs and qualifications. We broke down different factors to pinpoint the best lenders for borrowers with good credit, poor credit, those interested in debt consolidation and those looking for home improvement loans.

Best Overall Personal Loan Lender in Newark: 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

    Truist is MoneyGeek’s pick for Newark’s best overall personal loan lender. The company was established in 2019 when SunTrust Banks and Branch Banking and Trust merged. It offers various financial products, including personal loans.

    Truist offers personal loans ranging from $3,500 to $50,000, repayable in six to 60 months. Borrowers can get funds the next day and use them for medical fees, relocation, travel expenses, home improvement projects, credit card consolidation and other needs. This lender also offers a mobile app that makes managing your loans and accounts easy.


    • No origination fees
    • No minimum credit score
    • Low APR range
    • Quick funding
    • Offers a mobile app


    • Hard credit inquiry
    • No co-signers
    • Maximum loan amount of $50,000
    • No direct payment for debt consolidation
    • Limited usage of funds
    • Not available to new borrowers or those without a credit history

Best Personal Loan Lender for Bad Credit in Newark: 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 was founded in 2012 and utilizes artificial intelligence (AI) to fund loans. You can use the lender’s personal loans to pay medical fees, consolidate credit card and other debt, refinance a car and more.

    With a minimum credit score of 300, this lender is great for people with poor credit who need a personal loan. Upstart evaluates other factors like your gross income and employment status. It’s also a great choice if you need quick funding.

    Upstart lets borrowers apply online for a loan. This lender conducts soft credit inquiries that won’t affect your credit scores.


    • A+ Better Business Bureau (BBB) rating
    • Low credit score requirement of 300
    • No prepayment penalty fee
    • No restrictions on fund usage


    • No autopay discount
    • Origination fees of up to 8%
    • Borrowers need to be currently employed
    • Debt-to-income limit of 45%
    • Late fee of 5% after a grace period

Best Personal Loan Lender for Good Credit in Newark: 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

    SoFi was founded in 2011 by Stanford business school students and has become one of the most trusted choices for borrowers with good credit. Borrowers need an annual income of $50,000 and a minimum credit score of 680 to start the application. SoFi offers 0.25% autopay discount. You can quickly determine your rate online within a minute without affecting your credit score.

    A notable advantage this bank offers is its unemployment protection. If a borrower becomes unemployed, SoFi temporarily holds their payments and assists them in finding a new job.


    • No origination fees
    • No prepayment fees
    • No late fees
    • 0.25% autopay discount
    • Unemployment protection
    • Offers a mobile app


    • No co-signers
    • Limits on funding usage
    • Minimum loan amount of $5,000
    • Funding can take up to a week

Best Personal Loan Lender for Debt Consolidation in Newark: 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

    Since 2017, Upgrade has served more than 15 million people and has an excellent BBB rating. An Upgrade debt consolidation loan allows you to streamline multiple payments into one monthly payment that’s easier to manage. However, debt consolidation only makes sense if the loan’s interest rate is lower than the debt’s interest rate.

    This bank requires fair credit scores, and borrowers can easily apply through the website or at a branch. The maximum loan amount is $50,000, which may not be sufficient for some.


    • A+ BBB rating
    • Autopay discount of 1.0%
    • Has soft credit inquiries
    • No prepayment fees


    • $10 late fee
    • No co-signers
    • Maximum loan amount of $50,000
    • Origination fees of up to 8%
    • Potentially high APR

Best Personal Loan Lender for Home Improvement in Newark: 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

    Backed by Marlette Funding, Best Egg was founded in 2014 and provides lending solutions in 47 states. MoneyGeek recommends Best Egg for those looking for a personal loan in Newark for home improvement projects, although the lender requires a minimum credit score of 700. Loan amounts range from $2,000–$50,000, with payment terms of 36 to 60 months.

    This lender conducts soft credit inquiries that don’t affect your credit rating. Borrowers can apply online and receive funding within one to three days. However, Best Egg charges a late fee and origination fees of up to 8.99% of the loan amount.


    • A+ BBB rating
    • High credit rating required
    • No prepayment penalty
    • Soft credit inquiry
    • Autopay discount of 0.5%


    • High minimum credit score
    • Origination fee of 0.99%–8.99%
    • Charges a late fee of $15
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Newark for You

Newark residents take out personal loans for various uses, including home improvements, weddings, vacations and medical fees. MoneyGeek recommends following these simple steps when looking for the best personal loans in Newark.

Ask Yourself the Important Questions

A personal loan may be a good solution for your financial needs. MoneyGeek recommends you answer the following questions to see if a personal loan is your best option:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
Do Your Research

A personal loan is a long-term commitment, so evaluate your choices and ensure you have the facts and details before making a decision. MoneyGeek’s informative guide can help you understand the process of finding the best personal loans in Newark. You should always conduct your own research, as the best loan for you will depend on your specific situation.


Once you finalize your research, wait at least a day or two before starting your application. Use this waiting period to review your research and reassess your decision. Ensure you’re not making an impulsive decision.

Read the Fine Print

Every agreement has terms and conditions. Some lenders have origination fees, prepayment penalties or even late payment fees. Read your loan agreement’s fine print and become aware of all potential costs. Consult your lender if any terms are unclear.


After you select your lender, gather the materials you’ll need for your application, such as proof of income and IDs. Depending on the lender, you can usually apply online, by phone or in person. Again, don’t hesitate to ask questions during the application process.

What to Do if You Can’t Get a Personal Loan in Newark

A lender may deny your personal loan application for different reasons. The most common reasons include low credit scores, insufficient income, huge outstanding debt or incomplete requirements. Ask your lender why you were denied and whether reducing the loan amount or payment terms can help.

You can also apply with another lender but only do so after correcting the issues that got you denied the first time. For example, you can improve your credit score or reduce your debt-to-income ratio.

MoneyGeek strongly advises against payday loans, even if you need immediate funds. These come with significant interest rates and shorter repayment terms that can plunge you further into debt.

Frequently Asked Questions About Personal Loans in Newark

If you’re looking for a personal loan in Newark, you have several options. MoneyGeek answers commonly asked questions to help you find the best choice for you.

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

Our Personal Loan Methodology


For this article, we reviewed more than 30 personal lenders using more than 35 individual data points belonging to different key categories. These categories are accessibility, customer service, consumer friendliness, flexibility, lender transparency and loan affordability.

With each ranking criteria category, we examined many individual data points that we think are the most significant when picking a personal loan lender. These factors include the available loan amount, application fees, APR ranges, available loan amount, credit score requirement, disbursement time and income amount.

At MoneyGeek, we value you, the consumer. We strive to consider every lender’s customer service satisfaction, business ratings and unique features that will make your overall experience more accessible. Therefore, we prioritized your best interest when we made our top picks. We hope these recommendations and expert tips will help guide you choose the best lender for 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.