Best Personal Loans in Buffalo, NY: Top Lenders & Best Picks for You

LightStream offers personal loans in Buffalo for practically any purpose, except refinancing an existing LightStream loan, paying for postsecondary education and investing in bonds and stocks. Established in 2013, the online lender offers loans ranging from $5,000 to $100,000, depending on each borrower’s needs and eligibility.

LightStream, a division of Truist, has a relatively low credit score requirement of 660. Repayment periods span two to seven years. Aside from managing your account online, you can use the LightStream app to track your payments. After submitting your application, the lender funds your account quickly, often as soon as the same day. Borrowers who set up automatic payments receive a 0.50% discount on their payments.

Pros

• Loans up to $100,000
• Relatively lower interest rates
• No origination or prepayment fees
• Available in all the states

Upstart is MoneyGeek’s pick for the best lender for people with bad credit, offering personal loans between $1,000 and $50,000 to those with credit scores as low as 300. The company was founded in 2012 and is one of the leading digital lending platforms with a fully automated loan application process. It features a minimum APR that is significantly lower than most lenders but reserved for customers with excellent credit.

The lender conducts an initial soft credit check before a hard inquiry and disburses funds a day after your application gets approved. Although Upstart is the best for people with poor credit, you may need to consider other lenders if you intend to borrow more than $50,000.

Pros

• Low credit score required
• Does not charge a prepayment penalty
• Initial soft credit inquiry
• Low minimum APR

Buffalo residents with a credit score of at least 680 may opt for a personal loan from SoFi, MoneyGeek’s top pick for those with good credit. Social Finance was established in 2011 as a student loan lender, later diversifying into other loan products, including personal loans.

SoFi lends a minimum of $5,000 and a maximum of $100,000 based on the borrower’s credit score and income level. The lender’s personal loans feature a flexible repayment period.

During the application process, your credit score remains unaffected since the lender conducts a soft inquiry. Borrowers are also entitled to unemployment protection, which allows them to modify payments if they lose their job during the repayment period.

Pros

• Unemployment protection feature
• Maximum limit of $100,000
• 0.25% autopay discount
• No origination, prepayment or hidden fees

Established in 2016, Upgrade offers eligible lenders a personal loan maximum of $50,000 and is MoneyGeek’s top selection for debt consolidation. Borrowers need a minimum credit score of 560 to qualify for a personal loan.

Upgrade personal loans feature a relatively high APR. Additionally, borrowers pay up to 8% in origination fees. You can lower your rates by adding autopay to your account or making direct payments to your existing debt.

Upgrade carries out a soft credit inquiry, which does not affect the customer’s credit score. However, the lender places various restrictions on the use of funds. For instance, borrowers cannot use the loan amount to cover postsecondary education expenses.

Pros

• Fair credit score required
• Quick funding
• Fixed interest rate

Best Egg ranked top in MoneyGeek’s review of the best personal loan lender in Buffalo for home improvement. The online credit provider was founded in 2013 by Marlette Holdings. It offers eligible applicants loans ranging from $2,000 to $50,000. After completing the application process, borrowers receive funds in one to three days with terms of three to five years.

Aside from having one of the highest FICO score requirements of 700, Best Egg also charges origination fees of up to 8.99%. Borrowers can get significantly lower rates if they meet the minimum income requirement.

Generally, Best Egg may not be ideal for individuals with poor credit scores and those who need more funding than the $50,000 limit.

Pros

• Offers secured and unsecured personal loans
• 0% introductory APR for the first six months
• Low minimum loan amount of $2,000
• No prepayment penalty