Top Lenders & Best Picks for You

Best Personal Loans in Rochester, NY

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Updated: December 28, 2023

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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


Best Personal Loan Lender for Bad Credit in Rochester: Upstart


Best Personal Loan Lender for Good Credit in Rochester: SoFi


Best Personal Loan Lender for Debt Consolidation in Rochester: Upgrade


Best Personal Loan Lender for Home Improvement in Rochester: 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.

LightStream was rated the top overall personal loan provider in Rochester by MoneyGeek. However, depending on your needs, the ideal personal loan company for you may differ.

Upstart typically offers the lowest interest rates, starting at 3.22%.

Yes, you may utilize your personal loan to cover various expenses, including a trip. However, be sure to check with your lender to identify any restrictions on using personal loans to fund a vacation.

Yes, you may utilize a personal loan to renovate your home in Rochester. MoneyGeek found Best Egg to be the top lender for home renovation loans in Rochester.

Your lender sets personal loan restrictions in Rochester. Upgrade and LightStream, for example, prohibit you from borrowing money for post-secondary education or investing objectives. Check with your lender to see what is and isn’t allowed in terms of funding restrictions.

Personal loan amounts differ from one lender to the next. LightStream allows you to borrow up to $100,000. Meanwhile, the maximum loan amount available from Best Egg is $50,000. Before submitting your application, make sure to inquire about the minimum and maximum loan amounts to ensure you choose a lender that can meet your needs.

The time it takes to get funds depends on the lender. Some companies give same-day fund disbursements, while others may take up to seven days.

Yes, you can pay off your debt early. However, you will want to check with your lender to see if there is an early payment penalty.

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.