Top Lenders & Best Picks for You

Best Personal Loans in Brooklyn, NY

Updated: December 28, 2023

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MoneyGeek’s Pick for Best Lender in Brooklyn, NY: LightStream

MoneyGeek compared the best personal loan providers in Brooklyn based on more than 30 factors. We examined each lender's loan amount, payback terms and interest rates. The research also looked at minimum credit scores, total income and age restrictions.

Depending on your unique profile and how you intend to use your loan, we’ve identified the best personal loans in Brooklyn.

Best Overall Personal Loan Lender in Brooklyn: 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 an online lending division of SunTrust Bank and was launched in 2013. The company serves individuals seeking personal loans nationwide. LightStream loan applications can be completed online.

    MoneyGeek gathered data from many Brooklyn-based lenders, and LightStream was chosen as the best option. The company has no origination, late or prepayment penalties. It also has no employment or income criteria. LightStream even received an A+ rating from BBB.

    However, those with credit scores below 660 are not eligible for LightStream loans.


    • A+ BBB rating
    • 0.5% autopay discount
    • Doesn’t charge late fees
    • No prepayment penalty
    • Loans are funded immediately


    • Not available to people with new or no credit
    • Conducts hard credit inquiry
    • Requires good credit
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day

Best Personal Loan Lender for Bad Credit in Brooklyn: 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 launched in 2012 as an AI lending platform and has served more than 1.8 million customers across 48 states.

    Bad credit might prevent certain lenders from approving personal loans. Fortunately, companies exist that provide bad credit personal loans in Brooklyn. MoneyGeek found Upstart to be the best lender for individuals with poor credit. The company received an A+ rating from BBB, doesn’t charge prepayment fees and accepts joint loans.

    However, Upstart might not be the best option for you if you need more than $50,000 in funding or you want to avoid fees like late fees.


    • A+ BBB rating
    • Low credit score limit
    • Get funds quickly
    • No prepayment penalty
    • Conduct soft inquiry first


    • No autopay discount
    • Doesn’t accept co-signers
    • $15 late fee
    • 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

Best Personal Loan Lender for Good Credit in Brooklyn: 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 launched in 2011 and has funded over $59 billion in loans.

    Good credit makes you an appealing borrower to most lenders, but not all lenders are right for you. MoneyGeek researched many lenders in Brooklyn and determined SoFi to be the best personal loan lender for those with good credit.

    MoneyGeek found that the Better Business Bureau gave SoFi an A+ rating, and the lender offers a 0.25% autopay discount. Plus, it only conducts a soft inquiry that will not affect your credit. Although SoFi offers several benefits that make them the ideal lender for individuals with excellent credit, the lender requires you to have a minimum of $50,000 in gross income annually.


    • 0.25% autopay discount
    • No late fee
    • Doesn’t charge prepayment fee
    • A+ rating from BBB
    • No origination fees


    • $50,000 minimum gross income requirement
    • Does not accept individuals with new or no credit
    • Loan disbursement can take a few days
    • 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

Best Personal Loan Lender for Debt Consolidation in Brooklyn: 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

    Upgrade was launched in 2016 and is available in all 50 states.

    Borrowers sometimes borrow money to consolidate their debts. MoneyGeek determined that Upgrade is the best personal loan provider in Brooklyn for individuals seeking a debt consolidation loan.

    Upgrade requires a credit score of 560, meaning that even customers with modest credit might be able to get personal loans from the company. The lender provides its customers with an app and allows borrowers to apply online or in person.

    However, the company has imposed some restrictions on its fund's usage. For example, you cannot use an Upgrade loan to pay for college. Also, Upgrade personal loans may not be used for investments.


    • A+ rating from BBB
    • 1% autopay discount
    • No prepayment penalty fee
    • Soft credit inquiry
    • Modest credit score requirement of 560


    • High origination fees of 2.9%–8.0%
    • Maximum loan is capped at $50,000
    • $10 late fee
    • 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 Personal Loan Lender for Home Improvement in Brooklyn: 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 launched in 2014 and has funded more than 1 million loans. MoneyGeek found Best Egg to be the top personal loan company for home improvement in Brooklyn.

    Best Egg offers online prequalification to applicants. This involves a soft credit check that has no impact on their scores. Best Egg offers interest rates of as low as 4.99% and a 0.5% autopay discount. They also received an A+ rating from BBB.

    However, Best Egg requires a high minimum credit score of 700, which might not be ideal for individuals with a modest credit score.


    • 0.5% autopay discount
    • No prepayment fee
    • A+ rating from BBB
    • Conduct soft inquiries
    • Offers an app


    • Requires $50,000 gross income
    • Requires employment history
    • Does not accept borrowers with new or no credit
    • 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
    Best Egg

How to Choose the Best Personal Loan Lender in Brooklyn For You

When you apply for a personal loan, you will almost certainly research many lenders. It's a good idea to evaluate your credit score, income and present debts to determine your eligibility. In Brooklyn, the average personal loan debt is $17,892. MoneyGeek's research details the steps to follow before applying for a personal loan in Brooklyn.

Ask Yourself the Important Questions

Before you apply for a personal loan, it's critical to determine if you actually need one. If you're looking for cash to make a significant purchase, consolidate your debt, renovate your home or fulfill particular financial demands, a personal loan is a suitable option. However, before applying for a personal loan, ask yourself the following:

  1. How much of a loan do I need?
  2. What is my credit score?
  3. Can I afford a monthly loan payment?
  4. How much debt do I already have?
Do Your Research

Deciding to apply for a personal loan should be based on extensive research and thought. Make sure to do your due diligence when choosing a lender. Your research should evaluate what kind of loans are available, the consequences for paying off the loan early, the maximum amount of money you can borrow from certain lenders and the maximum interest rate possible. You must verify that the credit check protocols have no adverse effect on your rating. Keep in mind that personal loans are a long-term commitment that typically takes between two and four years to repay, so make sure you select a lender that works for you now and in the future.

MoneyGeek is committed to providing you with accurate information about lenders and their offerings. However, before making a final choice, do your own research as well.


A personal loan is a major commitment, so think carefully about what you need before applying. It's vital to understand the factors that go into a loan before making a decision. Wait for a day or two before choosing a lender, even if you think you’ve found the right option for your needs. This will allow you to research the company and make an informed selection. It may also help you determine another way to get the funding you need.

Read the Fine Print

Before taking out a personal loan, it's critical to read the fine print, which includes fees and interest rates. Some personal loans feature prepayment penalties, early payback charges or origination fees, which can significantly increase the total cost of the loan. You should also study any extra conditions and terms that may apply to your particular loan. If you notice that anything is unclear, ask questions to ensure you aren’t caught off guard by unexpected charges. This can save you money in the long run.


When you're confident that your lender is a good fit, it's time to fill out an application. Many lenders require a substantial amount of information before they will accept your loan and fund your account. Be sure to provide accurate information. Inquire about anything that seems off or confusing. A brief phone call or, if possible, a visit to the lender may answer many questions that might otherwise make approval more difficult. Keep in mind that lenders often request identification, address verification and proof of income during the application process.

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

When you apply for a personal loan, lenders may reject your application for various reasons. It might be challenging to get funding from banks and other conventional lending companies if you have poor credit, too much debt or a low income.

You should contact the lender to find out why your loan was declined. If required, you may apply with different lenders, but be sure to fix the factor that made the original lender decline your initial loan application.

Avoid payday loans if possible. They often charge outrageous interest rates and require short payment terms.

Frequently Asked Questions About Personal Loans in Brooklyn

Your circumstances determine the ideal personal loan company in Brooklyn for you, and lenders analyze aspects such as your credit history, income, current debts and what you want to do with your money. MoneyGeek covers the most commonly asked questions about personal loans in Brooklyn below.

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

Our Personal Loan Methodology

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 determined 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.

  • Best Egg. "Best Egg." Accessed March 7, 2022.
  • LightStream. "LightStream." Accessed March 7, 2022.
  • SoFi. "SoFi." Accessed March 7, 2022.
  • Upgrade. "Upgrade." Accessed March 7, 2022.
  • Upstart. "Upstart." Accessed March 7, 2022.
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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.