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

Banner image
Edited byMorgan Hull

Updated: December 28, 2023

Advertising & Editorial Disclosure


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


Best Personal Loan Lender for Bad Credit in Sioux Falls: Upstart


Best Personal Loan Lender for Good Credit in Sioux Falls: SoFi


Best Personal Loan Lender for Debt Consolidation in Sioux Falls: Upgrade


Best Personal Loan Lender for Home Improvement in Sioux Falls: 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.

LightStream is the best personal loan lender in Sioux Falls. Depending on your borrower profile and needs, you may get the best personal loan from SoFi, Upgrade, Upstart or Best Egg.

Of the lenders reviewed, Upstart offers the lowest minimum APR. However, only those with excellent credit scores are eligible for this APR.

Yes, most lenders permit personal loans to be used to fund vacations. It’s always best to check with your lender, prior to applying, to ensure that it has no restrictions on the usage of funds.

Yes, personal loans can be used for home improvement. In Sioux Falls, Best Egg provides the best personal loan for home improvement.

A personal loan fund typically cannot be used for investing, funding education or any form of illegal activity.

Depending on the lender and your credit score, you can obtain a personal loan from $50,000 to $100,000 in Sioux Falls.

After your application is approved, it typically takes one to three days to receive funding.

Yes, borrowers can pay off their loan early in Sioux Falls. Some lenders charge penalties or fees for early repayment. To find out if your lender charges any fees, you can read the fine print of your loan agreement or contact them directly.

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.

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.