Top Lenders & Best Picks for You

Best Personal Loans in Rochester, NY

Updated: December 28, 2023

Advertising & Editorial Disclosure

MG's Pick for Best Personal Loan Lender in Rochester: LightStream

MoneyGeek analyzed over 30 factors, including lender’s BBB ratings, APR, rates, fees and more to determine the best personal loan lenders in Rochester. We considered various categories of borrowers and put together a list of the top picks for certain profiles.

We also evaluated qualifying requirements like income, credit score and debt-to-income (DTI) ratios to help you find a lender that you have a good chance of getting approved with.

Best Overall Personal Loan Lender in Rochester: 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 was launched in 2013 by SunTrust bank as an online lending division.

    MoneyGeek ranked LightStream as the best overall personal loan provider in Rochester due to its ability to disburse large loan amounts and with high-quality customer service. LightStream doesn’t charge origination, prepayment or late fees, making it an excellent option for most borrowers.

    However, LightStream only lends to individuals with good to excellent credit. If you have poor credit, this lender isn’t the best choice for you.


    • A+ rating from BBB
    • High borrowing limits of up to $100,000
    • 0.5% autopay discount
    • Doesn’t charge late fees
    • No prepayment fee


    • Conducts hard credit inquiry
    • Doesn’t accept people with new or no credit
    • Limitations on fund usage
    • 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 Rochester: 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

    MoneyGeek analyzed several lenders in Rochester and found Upstart to be the best personal loan platform for individuals with bad credit. Upstart is an artificial intelligence (AI) lending platform that launched in 2012. Upstart partners with banks and credit unions to provide loans to customers, and they have serviced more than 1.8 million customers since they launched.

    MoneyGeek rated Upstart ahead of other lenders in Rochester because of the lender's modest credit requirement of 300, BBB rating of A+ and capability to disburse funds in one to two days. With a $1,000–$50,000 loan limit, Upstart may not be a suitable choice if you need a larger loan.


    • Conducts soft credit inquiry
    • Funds loans quickly
    • Minimum credit score of 300
    • A+ rating from BBB
    • No prepayment fee


    • Potentially high origination fee
    • $15 late fee
    • Doesn’t allow cosigners
    • 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 Rochester: 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

    For customers with good credit, MoneyGeek rated SoFi as the top personal loan company in Rochester. Since its inception in 2011, SoFi has funded $59 billion in loans. You may get a loan of up to $100,000 with no origination fees, prepayment penalties or late fees from this company.

    SoFi offers a 0.25% autopay discount to help you save money. It also earned an A+ rating from the BBB.

    However, if your gross income is less than $50,000 or your credit score is lower than 680, you will not be eligible for a personal loan from SoFi.


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


    • Requires $50,000 minimum gross income
    • Loan disbursement can take up to one week
    • They do not accept individuals with new or no credit
    • 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: 2 days

Best Personal Loan Lender for Debt Consolidation in Rochester: 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 is an American neobank launched in 2016. Borrowers can complete the Upgrade loan application online or in person.

    Upgrade accepts a fair credit score of 560, making it ideal for individuals with a modest credit score. The lender will often disburse funds the same day you apply.

    Upgrade restricts how loan funds may be used. For example, loans cannot be used to pay for post-secondary education or to make investments. Also, be prepared to pay origination fees.


    • A+ rating from BBB
    • Offers 1% auto repayment discount
    • No prepayment fee
    • Has an app
    • No minimum income requirement


    • Charges an origination fee
    • $10 late fee
    • Does not accept borrowers with new or no credit
    • 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 Rochester: 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

    MoneyGeek researched the top lender for Rochester homeowners in need of a home improvement loan. Best Egg was identified as the best home improvement loan company in Rochester. The lender has interest rates as low as 4.99% and an auto repayment discount of 0.5%. They also have an A+ rating from the Better Business Bureau.

    Best Egg was launched in 2014 and has funded more than 1 million loans. It’s a great option for people who don’t need more than $50,000 in funding or think they might repay their loan early since it doesn’t charge prepayment fees.

    However, Best Egg's high credit score limits make the company unsuitable for those with poor credit.


    • 0.5% auto repayment discount
    • Conduct soft inquiries
    • Doesn’t charge prepayment penalty fees
    • A+ rating from BBB
    • Offers a mobile app


    • Charges late payment fees
    • High credit score requirement
    • Requires $50,000 minimum gross income
    • 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


The process of applying for personal loans is largely dependent on key factors, from your current credit score to your income to how much you’re requesting for your loan and more. The average personal debt in Rochester is $17,892. MoneyGeek’s guide can give you a headstart when seeking personal loans in Rochester.

Ask Yourself the Important Questions

Before you apply for a personal loan, it’s important to ask yourself a few questions. These can help you determine if a personal loan is a right option, how much you need and which lenders have eligibility requirements you might be able to meet. Consider the following:

  1. How much funding do I need?
  2. What’s my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
Do Your Research

When you’re thinking about applying for a personal loan, it’s important to do your research. While comparing rates may be an obvious part of doing your research, it’s something many consumers neglect to do before applying for a loan. Keep in mind that it might take you up to two to four years on average to pay your loan. MoneyGeek’s guide provides you with all the required information to get the best rates and find the best personal loan providers. However, we recommend that you do your own research to find the best loan provider in Rochester that meets your specific needs.


Giving yourself enough time to analyze your alternatives and make an educated decision is one of the most important parts of the lending process. It's tempting to hurry into a loan if you need money fast, but it's smarter to wait a day or two to avoid ending up with a terrible deal.

This gives you enough time to gather all the required information and make an educated choice. If anything is preventing you from choosing a lender, it's usually a bad sign. Consider delaying your decision for a few days. Once you know what you want, securing a personal loan should be achievable quickly.

Read the Fine Print

If you’re going to borrow money from a bank or a lender, it’s important to be aware of how loans work. Before you sign on the dotted line, make sure you know about interest rates and fees. More importantly, understand when fees are charged. Don’t agree to any terms you don’t understand. If anything feels unclear, ask questions until you understand everything. It may be worth your time to invest in an independent financial advisor who can review your loan contract with you before signing. Also, keep an eye out for special offers. Many personal lenders offer specials to new customers, including incentives like discounts on origination fees (fees tied directly to issuing you a loan).


When you're confident that your lender is a good fit, it's time to fill out an application. Many lenders request a great deal of information before they will accept your loan, so be sure you have all of your ducks in a row when completing your paperwork. Inquire about anything that seems off or confusing. A brief phone call or, if feasible, a visit to the lender may answer any questions that might otherwise make approval more difficult (or take longer). 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 Rochester

Personal loan applications are not always approved. Your credit score might not be high enough or maybe you haven't had a consistent source of income for a long enough period of time. If your personal loan application is rejected, you can contact the lender by phone or email to find out why.

You may apply for a loan at another company if absolutely necessary, but you should wait until you have fixed whatever factor caused your previous loan to be declined. Finding an alternative lender may require you to fill out applications with several lenders or evaluate which lenders have eligibility requirements that you can meet in your current financial situation. Keep in mind that payday loans may seem enticing if you want money urgently, but they are not a great solution. These loans are often associated with high fees and short payback terms.

Frequently Asked Questions About Personal Loans in Rochester

The ideal personal loan lender for you will be determined by your specific needs and your financial profile. The following are the most commonly asked questions concerning personal loans in Rochester.

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

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.
Shield Insurance

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.