Best Personal Loans in Sioux Falls, SD: Top Lenders & Best Picks for You

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Sioux Falls, SD

MoneyGeek evaluated more than 30 data points to help Sioux Falls shoppers find the best personal loans, placing more weight on the categories that are important to borrowers. These include, but aren’t limited to, APRs or interest rates, repayment terms, loan amounts, eligibility requirements and customer service ratings.

LightStream was rated as the best personal loan lender in Sioux Falls due to its competitive rates, flexible repayment terms and quick disbursement time. Borrowers with good credit should consider SoFi, while those with bad credit should consider Upstart. Upgrade and Best Egg are excellent lenders for debt consolidation and home renovations, respectively.

Best Overall Personal Loan Lender in Sioux Falls: 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 ranked as the best personal loan lender in Sioux Falls because of its fair APR range, flexible loan amounts and varied repayment terms. Those with a minimum credit score of 660 may qualify for a personal loan with this lender.

    LightStream personal loans feature loan amounts from $5,000 to $100,000 and repayment terms ranging from 24 to 84 months. In comparison to other lenders, its maximum loan amount of $100,000 is high, making it an ideal lender for those that need a larger loan. Its APR range is comparable to other lenders, but borrowers with LightStream can receive a discounted APR by enrolling in automatic payments.

    Unlike other lenders, LightStream personal loans lack fees for early repayment, loan origination or late payments. Aside from affordable rates, it also has a Rate Beat Program. This program offers to beat a competitor's APR offer by 0.10% if a borrower provides proof of loan approval from the other lender two days prior to their loan being funded.


    • A+ Better Business Bureau (BBB) rating
    • Autopay discount
    • Quick funding available
    • No prepayment, origination or late fees
    • Joint loans available


    • Hard credit check
    • Restrictions on the usage of funds
    • Co-signers not permitted
    • Relatively high minimum credit score requirement
    • High minimum loan amount of $5,000

Best Personal Loan Lender for Bad Credit in Sioux Falls: 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

    Typically, borrowers with bad credit may struggle to obtain a personal loan. This is because most lenders operate on the idea that it’s riskier to lend to them. However, some insurers, like Upstart, still offer personal loans to borrowers with bad credit.

    Upstart personal loans range from $1,000 to $50,000 and include repayment terms of 36 or 60 months. Though you can still qualify for a personal loan with Upstart if you have bad credit, you may receive an interest rate in excess of 35%. This could significantly increase the cost of your original loan amount. Furthermore, the lender only offers two repayment terms, which limits your options for loan repayment.


    • No prepayment fees
    • Soft credit check initially
    • Funds can be used for education in all states, except California, Connecticut, Illinois, Washington and Washington, D.C.
    • Low minimum credit score requirement


    • Only two repayment term options
    • No mobile apps to manage account
    • Origination fees
    • Late payment fees

Best Personal Loan Lender for Good Credit in Sioux Falls: 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

    Borrowers with good credit scores in Sioux Falls have a greater chance of getting approved for a personal loan with a low interest rate. Typically, the higher your credit score, the lower the interest rate you’ll receive from a lender.

    SoFi personal loans range from $5,000 to $100,000 and include repayment terms from 12 to 60 months. Because its minimum and maximum loan amounts are high, this is a good lender for borrowers that need a larger loan. Its APR range is also comparatively lower than that of other lenders, so borrowers that qualify may pass less money in interest.

    This lender conducts a soft credit pull during your initial application, so your credit score isn’t impacted until you accept the lender’s terms and officially apply. SoFi loans also don’t have origination, closing costs or prepayment penalties. What sets SoFi apart from most lenders in Sioux Falls is its unemployment protection program, which delays or adjusts your payment when you lose your job.


    • Soft credit check
    • Unemployment protection
    • Autopay discount
    • A+ BBB rating
    • No prepayment, late or origination fees


    • High minimum loan amount of $5,000
    • No co-signers permitted
    • Income requirements
    • Relatively high minimum credit score requirement
    • Borrowers with new or no credit are ineligible

Best Personal Loan Lender for Debt Consolidation in Sioux Falls: 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

    Paying back multiple sources of debt can take a mental toll, especially since it involves keeping track of several due dates and payment amounts. By consolidating your debt through a personal loan, you can streamline your payments and possibly save money in interest.

    Upgrade is a financial technology company based in San Francisco that provides fixed-rate personal loans. Upgrade is the best personal loan in Sioux Falls for debt consolidation because it offers direct payment to creditors. Depending on your credit score, Upgrade offers personal loans from $1,000 to $50,000.

    Though only a fair credit score of 560 is required to qualify for a personal loan, those with lower credit scores may receive a higher interest rate in excess of 35%. Furthermore, the lender charges origination fees, equal to a percentage of your original loan amount. This increases the overall cost of your loan.


    • A+ BBB rating
    • Fixed rates
    • No prepayment penalties
    • Autopay discount
    • Fair minimum credit score requirement


    • High maximum APR
    • Origination fees
    • Low maximum loan amount

Best Personal Loan Lender for Home Improvement in Sioux Falls: 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

    In Sioux Falls, you can obtain the best personal loan for home renovations or upgrades from Best Egg.

    Best Egg personal loan products feature loan amounts from $2,000 to $50,000 and repayment terms from 36 to 60 months. Though a discount is available for enrollment in automatic payments, you may still pay a higher interest rate than if you chose a different lender.

    Furthermore, the lender has strict eligibility requirements, including a high minimum credit score of 700 and income of $100,000. Unless you meet these requirements, you won’t qualify for a personal loan with this lender.


    • A+ BBB rating
    • Soft credit check
    • Autopay discount
    • No prepayment penalties


    • High minimum credit score requirement of 700
    • High minimum income requirement of $100,000
    • No co-signers permitted
    • Late fees
    • Origination fees
    Best Egg

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

A personal loan can be used to pay for unforeseen expenses or finance home renovations. Before you take out a personal loan, it’s important to consider if it’s the best financial decision for you. According to our research, residents in South Dakota already have an average personal loan debt of $15,272; it may be wise to consider alternative options to avoid taking on even more debt.

To make a well-informed decision, including choosing the best personal loan lender for you, MoneyGeek recommends taking the following steps:

Ask Yourself the Important Questions

Taking out a personal loan is a huge financial decision that requires years of commitment. Prior to comparing personal loans in your city, it’s important to answer the following questions:

  • How much funding do I need? It’s important to only borrow the amount of money you need to avoid paying more in interest or having to take out a second loan. How much you need will be based on how you intend to use your personal loan. If you want to use it to consolidate debt, add up your existing debt. If you want to use it to pay for a home renovation, obtain a quote from a contractor. Taking the time to accurately approximate your loan needs will save you money in the long term.
  • What is my credit score? It’s important to know your credit score because this will dictate the lenders and rates available to you. Most lenders have a minimum credit score requirement. They also assign interest rates based on a borrower’s credit score; if you have a high credit score, you’ll likely receive a lower interest rate. If you aren’t in a rush to take out a loan, consider improving your credit score first to receive the best interest rate.
  • Can I afford the monthly payment? Calculate your approximate monthly payment to ensure you can afford it. Making a higher monthly payment will reduce the amount you’ll pay in interest, but you should also make sure that you’re able to pay for your daily living expenses.
  • How much debt do I already have? Unless you’re seeking a personal loan for debt consolidation, obtaining another personal loan may simply become a financial burden. Consider alternative funding sources if you already have a significant amount of debt. You can start by evaluating the pros and cons of taking out a personal loan.
Do Your Research

It’s important to compare different lenders for their APRs, loan amounts, repayment terms and eligibility requirements to find the best option for you. While MoneyGeek’s guide is a great place to start, our recommendations are based on generic borrower profiles, rather than your unique situation. As such, there’s no substitute for your own research.


After you’ve selected your lender, we recommend waiting a few days before you submit your application. During this time, you can review other lenders’ rates or consider alternative funding options. A personal loan is a huge time commitment — most take between two and four years to repay — so it’s important that you’re confident in your decision.

Read the Fine Print

Some borrowers make the mistake of skimming through the fine print, but not you. Because you’ve read MoneyGeek’s guide you know that the fine print can include hidden fees, like origination fees, late payment and prepayment penalties. While these may seem insignificant, these costs can add up over the life of your loan. Knowing the details of your loan agreement can help you budget accordingly or reconsider applying with the lender altogether.


Once you’ve read through and understand the fine print of your loan agreement, it’s time to apply. To make the process as fast and stress-free as possible, you should prepare the required documents ahead of time, including proof of identification, address and income. Depending on how you apply — online, in person or over the phone — your application processing time will vary.

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

If your application for a personal loan in Sioux Falls is rejected, don’t despair. There is still a chance that it could be approved. After your application is denied, you should contact the lender directly to find out why it was rejected. You may be able to make modifications to your application, like reducing your loan amount or adding a co-signer, to have it approved.

While you may consider applying with a different lender if your application was rejected due to a low credit score, MoneyGeek recommends that you improve your credit score first. Every time you submit an application, a lender completes a hard credit check which temporarily lowers your score. To avoid lowering your credit score even further, improve your credit score first to increase your chances of getting approved.

Other than personal loans, borrowers in need of funding may also consider home equity, line of credit, credit cards and other financial products available in Sioux Falls. MoneyGeek advises against payday loans, as these feature high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Sioux Falls

MoneyGeek answered the most frequently asked questions about personal loans in Sioux Falls to help you find the best lender for your situation.

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

Our Personal Loan Methodology

At MoneyGeek, we value you, the consumer. As such, our rating system took into account factors that mattered the most to you. This included analysis of 35 factors across six critical categories — loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

MoneyGeek’s analysis compared lenders for key factors, like APR range, maximum loan amount, credit requirements, income requirements, application cost and disbursement time, to help you find the best lender for your needs. Our goal is always to guide you to make well-informed financial decisions, including finding the best personal loan lender.

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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.