Best Personal Loans in Louisiana for 2024

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Updated: October 29, 2024

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MoneyGeek's top picks for personal loan lenders in Louisiana are First Tech (scoring 98 out of 100) and PenFed (scoring 96 out of 100). They shine for their superb customer service, competitive interest rates and clear terms. MoneyGeek picked these leading lenders by evaluating their reputation, loan costs, annual percentage rate (APR) ranges and flexibility.

According to Experian data from 2023, the average credit score in Louisiana is 690. This means the average borrower might get good rate and term options. However, personal loan approvals also depend on your income and debt-to-income ratio.

MoneyGeek Logo IconBest PersonalLoan LendersLouisiana
2024

Best Personal Loan Lenders in Louisiana

Best Overall - First Tech
Runner-Up - PenFed
Best for Bad Credit - Happy Money
Best for Debt Consolidation - Alliant Credit Union

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in Louisiana as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Louisiana

  • First Tech
    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Louisiana, with a score of 98 out of 100. This financial institution offers an APR range from 8.94% to 18.00%, which is more favorable than other APRs. Repayment terms are flexible, allowing for six to 84 months. This lender excels in customer service, ensuring broad accessibility and support; its competitive rates make its offerings notably consumer-friendly.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty
    • Provides granular APR data for a variety of loan terms

    Cons

    • No information provided about credit score requirements
    • Could provide more detail on the loan application process
    • Need to be a member to apply
    First Tech
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SEE THE BEST PERSONAL LOANS IN LOUISIANA CITIES

    Runner-Up for Best Personal Loan Lender in Louisiana

  • PenFed
    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up for best personal loan lender in Louisiana, with a score of 96 out of 100. The lender's loan products boast an APR range of 7.99% to 17.99%, which is competitive compared to the lower end of APRs analyzed. It also offers repayment terms of up to 60 months, positioning it well among others offering similar flexibility. PenFed stands out for providing excellent repayment flexibility and being transparent about its offerings and processes.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Explicitly mentions that debt consolidation is available

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    PenFed
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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

To plan your finances effectively, use our personal loan calculator to estimate monthly payments and the total cost over the life of a loan. This convenient tool helps you explore different loan options by adjusting the loan amount, interest rate and repayment term to suit your needs.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Nov 21, 2024

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    Best Personal Loan Lender in Louisiana for Bad Credit

  • Happy Money
    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money, with a score of 94 out of 100, is MoneyGeek's pick for the best personal loan lender in Louisiana for borrowers with low credit. Although Happy Money is not a lender, it stands out by collaborating with various federally insured financial institutions to offer competitive rates. The APR range for its loan products is 11.72% to 17.99%, which is more favorable when compared to others. It is also transparent about the minimum credit score, set at 640. The provider rates highly in providing upfront information to users and in the ease of the application and approval process.

    Pros

    • Works with 10 federally insured lenders to originate installment loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?


    Best Personal Loan Lender for Debt Consolidation

  • Alliant Credit Union
    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is MoneyGeek's pick for the best option in Louisiana for borrowers seeking personal loans for debt consolidation, with a score of 96 out of 100. Alliant is an online-only bank, and you must be a member in good standing for 90 days to be eligible for a personal loan. Its APR range of 10.99% to 13.99% is competitive, often providing rates better than average. Alliant excels in transparent communication and competitive rates and fees, ensuring clarity and affordability for borrowers.

    Pros

    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • No prepayment penalties

    Cons

    • An online-only credit union with no physical locations
    • Must maintain membership for a minimum of 90 days prior to applying
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Louisiana

When seeking a personal loan in Louisiana, it's essential to consider your creditworthiness, which includes your credit score, credit history, income and debt-to-income ratio. Improving your credit score is a crucial factor influencing your loan terms, leading to more favorable APRs and potentially saving you money over the loan's duration.

Use the table below to see how your credit score might affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$3486
$18012
$9724
$6936
$5548
$4760
$4272
$3884

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Louisiana

Personal loans offer numerous advantages, such as the ability to consolidate high-interest debt into one manageable payment and access to funds with potentially lower interest rates than credit cards. These loans also provide versatility in covering various expenses. For some, the option to have a co-signer can lead to even better financial terms. However, it's important to acknowledge that personal loans have risks, including possible origination fees and the danger of asset forfeiture in a secured personal loan.

For more detailed insight, consider examining the personal loan benefits and drawbacks.

The Pros and Cons of Personal Loans

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  • Competitive interest rates
  • Consolidation of higher-interest debts
  • Speedy disbursement
  • Flexible usage for various expenses
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  • Additional costs due to origination fees
  • Prepayment penalties for early loan payoff
  • Possibility of asset forfeiture in secured loans
  • Risk of accumulating excessive debt
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MORE ON LOUISIANA LOANS

FAQ About Personal Loans in Louisiana

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Louisiana for personal loans?
Where is the best place to get a personal loan in Louisiana?
Who has the best personal loan interest rates in Louisiana?
What can I use a personal loan for in Louisiana?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

Read Full Bio »
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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.

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