Best Personal Loans in Shreveport, LA: Top Lenders & Best Picks for You

Updated: October 29, 2024

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Shreveport, LA

MoneyGeek conducted an in-depth comparison of personal loans in Shreveport based on more than 30 key criteria, including application requirements, fees, quality of customer service and repayment terms.

After researching many different lenders in the Shreveport area, we decided that LightStream was the best overall option for borrowers looking for a personal loan. However, Upstart is the best option for those with poor credit, while SoFi is the best choice for those with good credit. Meanwhile, our pick for debt consolidation is Upgrade, and we chose Best Egg for home renovations.

Best Overall Personal Loan Lender in Shreveport: 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

    MoneyGeek chose LightStream as the best overall option in Shreveport due to its broad loan amount range, competitive rates and lack of fees. Those with excellent credit can get a low APR, with an additional 0.5% discount by enrolling in autopay. However, it only accepts applicants with a minimum credit score of 660.

    LightStream has one of the most flexible repayment terms we’ve seen. This allows borrowers to choose between paying lower interest overall or making smaller monthly payments over a longer period.

    Customers can also use the LightStream mobile app to look up their payment due dates, check their account balances, make payments or apply for a new loan.

    Pros

    • Loans up to $100,000
    • Repayment terms up to 84 months
    • No late, origination or prepayment fees
    • Offers a mobile app for loan management

    Cons

    • Requires credit score of 660
    • Potentially high APR
    • Doesn’t pay creditors directly for debt consolidation
    • $5,000 loan minimum
    LightStream

Best Personal Loan Lender for Bad Credit in Shreveport: 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

    If you live in Shreveport and have a low credit score, MoneyGeek recommends you look into Upstart. Its AI-powered marketplace sets the company apart from traditional lenders by improving consumers’ access to credit. Upstart lends to borrowers with bad or incomplete credit. In addition, it can take less than five minutes to check your interest rate using the lender's online tool.

    Upstart's loans range from $1,000 to $50,000, so it may not be an option for large purchases. It offers next-day funding but only provides two options for repayment terms, so there isn’t much flexibility in this area.

    Upstart has a very low minimum APR. However, borrowers with bad credit are more likely to pay the company’s high maximum rate.

    Pros

    • Low minimum APR
    • Low credit score requirement of 300
    • No penalty for prepayment
    • Can check interest rates online
    • Minimum loan amount of $1,000

    Cons

    • Potentially high APR
    • Only offers two repayment terms
    • $50,000 maximum loan
    Upstart

Best Personal Loan Lender for Good Credit in Shreveport: 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

    SoFi is the top lender for personal loans in Shreveport for individuals with good credit scores, per MoneyGeek's analysis. SoFi’s baseline APR is not impressive, but its maximum APR is reasonable. If you need funds urgently, you may be able to access them after a few days.

    SoFi does not tack on any extra fees or penalties to your loan, in contrast to many other lenders. Furthermore, there are more term options than most lenders since it offers payback periods between 12 and 60 months.

    However, because SoFi requires a credit score of 680 or higher, it will not be an option for those with lower credit scores. Additionally, the $5,000 minimum loan amount is higher than most other lenders.

    Pros

    • Can prequalify online
    • No origination, prepayment or late fees
    • Flexible repayment periods
    • Low maximum APR

    Cons

    • Minimum loan amount of $5,000
    • Minimum credit score requirement of 680
    • No co-signers allowed
    • High minimum APR
    SoFi

Best Personal Loan Lender for Debt Consolidation in Shreveport: 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

    Founded in 2016, Upgrade offers a variety of banking and credit services. Upgrade was chosen by MoneyGeek as the best debt consolidation lender in Shreveport due to its capability to make direct payments to creditors. Although Upgrade's maximum APR rate is quite high, it offers a very reasonable baseline rate.

    However, prospective clients should be aware that Upgrade charges late fees in addition to origination fees, ranging from 1.85% to 8.99% for all personal loans. That said, if you want to pay off your loan as soon as possible, there are no prepayment penalties. Overall, Upgrade is a great option for people searching for joint loans and longer repayment periods for debt consolidation.

    Pros

    • Low minimum APR
    • Broad repayment term options
    • Offers joint loans
    • $1,000 minimum loan amount
    • Pays creditors directly for debt consolidation

    Cons

    • 560 credit score requirement
    • Has origination and late fees
    • High maximum APR
    • $50,000 maximum loan
    Upgrade

Best Personal Loan Lender for Home Improvement in Shreveport: 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

    Best Egg is MoneyGeek's top recommendation for Shreveport residents wanting to finance a home repair project. Best Egg offers individuals financing of up to $50,000, so it might not be an option for large projects.

    Best Egg’s repayment terms are quite limited, ranging from three to five years. On the plus side, the company claims that after submitting an online application, you can find out within minutes if you have been approved for a loan.

    However, in order to be considered by Best Egg, candidates must have a credit score of at least 700. In addition to late fees, prospective borrowers should be aware that Best Egg may impose an origination fee.

    Pros

    • Easy online application process
    • Can check rates online
    • A+ Better Business Bureau rating

    Cons

    • Requires a credit score of 700
    • High maximum APR
    • Origination and late fees
    • Limited repayment terms
    • $50,000 maximum loan
    Best Egg

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

Some important considerations prior to loan application include your existing debt level and credit history. The average credit score in Louisiana is 689 — if your score is at or above this level, you stand an excellent chance of personal loan approval.

To locate the right personal loan in Shreveport, Louisiana, for your circumstances, follow these steps carefully.

  1. 1
    Ask Yourself the Important Questions

    It's tempting to take out a personal loan, but before you do, it's important to figure out whether you can afford the amount you want to borrow. You should always have a strategy and a schedule for paying back any money you borrow, no matter the amount. Ask yourself the following questions to get started.

    • What is my desired loan amount?
    • Is my credit score sufficient?
    • How much of a monthly payment would be manageable for me?
    • How much debt do I already have?
    • What are the fees?
  2. 2
    Do Your Research

    Find the best loan for your needs by comparing interest rates, credit score requirements and prospective fees across several lenders in your area. Keep in mind that if you proceed, a hard inquiry into your credit history has the ability to temporarily decrease your credit score.

    Remember that a personal loan is a significant commitment that you’ll spend years repaying. Our suggestions are a good place to start, but if you have specific requirements that aren't addressed here, you should do your own research as well.

  3. 3
    Wait

    Put off making a final choice for a few days once you've identified the most suitable loan option for your circumstances. Given that a personal loan is a long-term financial obligation, it's wise to review the benefits and drawbacks of your loan one more time before committing to it.

  4. 4
    Read the Fine Print

    After you've done everything mentioned above, it's time to start the application procedure for your personal loan by gathering your requirements. Although criteria may differ between loan providers, most lenders normally request proof of income and identity. While most lenders allow you to apply online, it may be a good idea to visit your lender in person if you have questions regarding your loan conditions or application criteria.

  5. 5
    Apply

    When you're prepared to submit your personal loan application, make sure you have all the required documentation on hand. Typically, this includes documentation to verify proof of income, identification and address.

    Some lenders' applications can be completed entirely online, while others have physical offices you can contact or visit. Though an online application may be more convenient, we recommend applying over the phone or in person if you have questions or are confused about the online application process.

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

Depending on your lender, your loan application might be denied for a range of reasons, including a poor credit score, job instability, lack of income or incomplete application requirements.

If a lender turns down your loan request, you should find out the reasons why. You can negotiate with them to shorten repayment terms or get a smaller loan amount. If your credit score is too low, you can try to raise it before applying with a new lender. Note that applying with multiple lenders can lower your credit score since they may conduct a hard credit check.

One alternative to a personal loan is a payday loan. However, MoneyGeek warns against these since payday loans usually have extremely high interest rates and short repayment terms. Additionally, paying them back does not help your credit score.

Frequently Asked Questions About Personal Loans in Shreveport

It can be difficult to weigh all of your options for personal loans and choose which one best suits your requirements. MoneyGeek provides answers to the most frequently asked questions about personal loans in Shreveport to assist you with the process.

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

Our Personal Loan Methodology

We analyzed more than 30 different personal loan providers by collecting and analyzing 35+ separate data points across six main categories: loan cost, availability, user friendliness, service, adaptability and transparency.

MoneyGeek examined various criteria to determine how high each company should rank. Key considerations include disbursement time, application costs, minimum credit score required, the minimum income required and APR ranges.

In addition, we consider each lender's customer service, business ratings and any extra features that can improve your overall experience, such as prequalification, payment alternatives and mobile apps.

Our expert advice and recommendations for personal loans are designed to help you choose the best overall personal loan lender for your particular circumstances.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

Read Full Bio »
sources
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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use