Best Personal Loans in Paterson, NJ: Top Lenders & Best Picks for You

Updated: October 16, 2024

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Paterson, NJ

MoneyGeek compared personal loans in Paterson based on more than 30 factors, including credit score requirements, customer service quality and loan amount ranges.

Based on our comparison of several personal loan providers in Paterson, we found that Truist is the best option for most borrowers. You may, however, be better suited to another lender based on your borrower profile. We recommend Upstart if you have bad credit, but SoFi might offer more favorable terms if you have a high credit score. For debt consolidation, Upgrade is our top recommendation, while Best Egg is our top pick for home improvement loans.

Best Overall Personal Loan Lender in Paterson: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Founded in 2019, Truist offers personal loans for a variety of purposes, including home repairs, debt consolidation and vacations. The lender offers personal loans between $3,500 and $50,000, repayable in terms ranging from six to 60 months.

    With Truist, there is no minimum credit score requirement, so even those with poor credit can apply. The loans offered by this lender are unsecured, so there is no need to provide collateral. Additionally, the lender has received an A+ rating from the Better Business Bureau, demonstrating that it takes customer complaints seriously.

    By setting up an automatic payment, you may also be eligible for a 0.5% discount. There are no origination or late fees, and if you repay your loan early, there are no prepayment penalties. Considering that Truist also has a very low APR range, it’s easy to see why the lender is our top pick for personal loans in Paterson, New Jersey.

    Pros

    • Low interest rates
    • Broad range of repayment term options
    • 0.5% discount on autopay
    • No origination, late or prepayment penalties

    Cons

    • High minimum loan of $3,500
    • Low maximum loan of $50,000
    • Conducts a hard credit check
    • Does not pay creditors directly for debt consolidation
    • Restrictions may apply to funds
    Truist

Best Personal Loan Lender for Bad Credit in Paterson: 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

    For borrowers with bad credit, Upstart is MoneyGeek's top recommendation in Paterson. Since 2012, this lender has provided personal loans ranging from $1,000 to $50,000, payable over 36 or 60 months.

    Upstart accepts applicants with poor or incomplete credit. That’s because this lender doesn't just consider your credit score but also your income, education and employment history.

    The Upstart loan application process is fast, and funds are disbursed as soon as the next day. If you want to settle your debt early, the lender does not charge a prepayment fee. Late fees and origination fees do apply, however.

    Upstart also performs soft credit checks, allowing your credit score to remain unaffected. Upstart offers a fully automated loan process, so you can do everything online instead of going to the bank. Finally, its baseline APR is one of the lowest available in Paterson, but its maximum APR is very high.

    Pros

    • Low minimum credit score
    • Low baseline APR
    • Performs soft credit check
    • No prepayment fees
    • No restrictions on loan purposes

    Cons

    • High maximum APR
    • Only two repayment term options available
    • Co-signers are not allowed
    • Origination and late fees apply
    • $50,000 maximum loan amount
    Upstart

Best Personal Loan Lender for Good Credit in Paterson: 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

    MoneyGeek recommends SoFi as a personal loan lender if you have a good credit score. With repayment terms ranging from 12 to 60 months, SoFi personal loans range from $5,000 to $100,000. If you are in an emergency, you can get quick funding from this company.

    There is a minimum credit score requirement of 680 set by SoFi. Since it performs a soft credit check, checking your rates with the lender won't affect your credit score. With SoFi, there are no origination fees, late fees or prepayment penalties. Furthermore, automatic payments qualify you for a 0.25% discount.

    Among the unique features of SoFi is its employment protection, under which borrowers can defer payments for up to one year should they unexpectedly lose their jobs.

    Pros

    • Up to $100,000 in funding
    • Broad range of repayment terms
    • No prepayment, late or origination fees
    • Provides unemployment protection
    • Offers autopay discount

    Cons

    • Co-signing is not allowed
    • 680 minimum credit score
    • High baseline APR
    • Usage of funds is restricted
    SoFi

Best Personal Loan Lender for Debt Consolidation in Paterson: 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

    MoneyGeek recommends getting a personal loan from Upgrade if you want to consolidate debt in Paterson, as this company pays creditors directly. The benefits of debt consolidation include lower interest rates and easy debt management.

    The company offers loans ranging from $1,000 to $50,000. As the company does not impose prepayment penalties, you may pay off your loan early if you wish. Repayment terms range from 36 to 60 months, a broader range than most competitors offer.

    A soft credit check is performed by the lender to determine your eligibility, which does not affect your credit score. You may, however, be charged an origination fee and a late fee.

    If your credit score is near Upgrade’s minimum score of 560, you will likely have a high interest rate.

    Pros

    • Low minimum APR
    • No prepayment fees
    • Directly pays creditors for debt consolidation
    • Discount for autopay
    • Performs soft credit inquiry

    Cons

    • Late and origination fees apply
    • Restricts fund usage
    • Credit score requirement of 560
    • High maximum APR
    • $50,000 loan amount maximum
    Upgrade

Best Personal Loan Lender for Home Improvement in Paterson: 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

    According to our analysis, Best Egg is the most suitable lender for home improvement personal loans in Paterson. It was established in 2014 and offers personal loans ranging from $2,000 to $50,000, repayable in three to five years.

    If your loan is approved, the funds will usually be sent to you within a day. During the application process, soft credit inquiries are conducted to avoid damaging your credit rating. Best Egg has no fee for prepayments, although late fees may apply.

    The Best Egg personal loan program is not available to everyone. It is required that borrowers earn $50,000 per year and have a credit score of at least 700 in order to qualify.

    Pros

    • No origination or prepayment fees
    • Soft credit check
    • Autopay discount
    • Direct payment to third parties

    Cons

    • High credit score requirement
    • Maximum loan amount of $50,000
    • High maximum APR
    • No mobile app available
    • Limited repayment term options
    Best Egg

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

You can quickly fund urgent and important expenses with personal loans. You aren’t alone in seeking a personal loan either — New Jersey residents owe an average of $17,798 on their personal loans.

It is important to consider the loan amount and repayment terms when applying for a personal loan in Paterson. Several factors determine which Paterson lender is best for you, such as your income level, credit score and other important factors.

  1. 1
    Ask Yourself the Important Questions

    Before submitting your application, be sure to understand your financial situation and funding requirements. You might be able to obtain alternative financing that is less of a commitment than a personal loan. Consider these questions before applying for a loan:

    • How much funding do I need?
    • What is my credit score?
    • Can I afford the monthly payment?
    • How much debt do I already have?
  2. 2
    Do Your Research

    As soon as you determine your financial requirements, you'll need to find a lender you can trust. In order to understand how lenders differ, it's essential to understand their terms and features.

    After reviewing our information, we also recommend conducting your own research. Watch out for details such as loan amounts, APRs and due dates in each loan package. Long-term commitments are required with personal loans, so doing your homework before applying is a must.

  3. 3
    Wait

    Consider the lender's offer carefully to make sure you understand the consequences of accepting it. Wait for a few days, as your application should not be rushed at this point. Know everything you can about the lender before taking out a loan, and ensure that your decision is in line with your financial goals.

  4. 4
    Read the Fine Print

    The details of lenders and personal loans are often overlooked when reviewing them. Some lenders charge extra or hidden fees, which you need to know about beforehand. If you are considering a loan, make sure you understand the interest, penalties and late fees attached to it.

    You might discover unexpected details if you read the fine print closely. Your financial situation can be significantly affected by these seemingly unimportant details over time.

  5. 5
    Apply

    As soon as you are satisfied with the offer, you can submit your application. The form must be filled out correctly and with all the necessary information. Most lenders require proof of income, personal information and contact information.

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

Upon assessing your application, lenders will tell you if you qualify for a loan. To qualify for a personal loan, you must meet certain requirements. Lenders will deny your application if your credit limit or income does not meet their requirements. Information that is false or inadequate can also lead to rejection.

If you were denied, contact the lender to learn why and find out what you can do next time to improve your chances. You can also adjust your loan for a shorter term or a smaller amount, which may make it more appealing to the lender. Cosigning your loan or using collateral as security will also increase your chances.

It may be a good idea to seek out a personal loan from a different lender, but before reapplying, consider why you were rejected in the first place.

Some individuals in need of cash may find a payday loan attractive. We recommend avoiding this option at all costs. It may be convenient to take out a payday loan or other short-term loan, but you may end up paying more in the long run due to the extremely high interest rate and short repayment period of these loans.

Frequently Asked Questions About Personal Loans in Paterson

When choosing the best personal loan in Paterson, consider your needs, credit history and income. Here are the answers to some frequently asked questions about personal loans in Paterson to help you make a decision.

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

Our Personal Loan Methodology

More than 30 personal loan lenders were evaluated based on 35+ different factors, including affordability, customer service, accessibility, consumer friendliness, flexibility and lender transparency.

Within each ranking criteria category, we gave more weight to the most important attributes when selecting a personal loan lender. Variables include APR ranges, maximum loan amounts, minimum income requirements, credit scores, application costs and disbursement times.

We at MoneyGeek value your experience, so we also take into account each lender's customer service, ratings and features, such as prequalification, payment options and mobile apps.

We make our picks after carefully considering and calculating the available options. With our recommendations and expert tips, you may select a lender that meets your needs.

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