Updated: October 29, 2024
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MoneyGeek compared the best personal loan providers in Brooklyn based on more than 30 factors. We examined each lender's loan amount, payback terms and interest rates. The research also looked at minimum credit scores, total income and age restrictions.
Depending on your unique profile and how you intend to use your loan, we’ve identified the best personal loans in Brooklyn.
LightStream is an online lending division of SunTrust Bank and was launched in 2013. The company serves individuals seeking personal loans nationwide. LightStream loan applications can be completed online.
MoneyGeek gathered data from many Brooklyn-based lenders, and LightStream was chosen as the best option. The company has no origination, late or prepayment penalties. It also has no employment or income criteria. LightStream even received an A+ rating from BBB.
However, those with credit scores below 660 are not eligible for LightStream loans.
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Upstart launched in 2012 as an AI lending platform and has served more than 1.8 million customers across 48 states.
Bad credit might prevent certain lenders from approving personal loans. Fortunately, companies exist that provide bad credit personal loans in Brooklyn. MoneyGeek found Upstart to be the best lender for individuals with poor credit. The company received an A+ rating from BBB, doesn’t charge prepayment fees and accepts joint loans.
However, Upstart might not be the best option for you if you need more than $50,000 in funding or you want to avoid fees like late fees.
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SoFi was launched in 2011 and has funded over $59 billion in loans.
Good credit makes you an appealing borrower to most lenders, but not all lenders are right for you. MoneyGeek researched many lenders in Brooklyn and determined SoFi to be the best personal loan lender for those with good credit.
MoneyGeek found that the Better Business Bureau gave SoFi an A+ rating, and the lender offers a 0.25% autopay discount. Plus, it only conducts a soft inquiry that will not affect your credit. Although SoFi offers several benefits that make them the ideal lender for individuals with excellent credit, the lender requires you to have a minimum of $50,000 in gross income annually.
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Upgrade was launched in 2016 and is available in all 50 states.
Borrowers sometimes borrow money to consolidate their debts. MoneyGeek determined that Upgrade is the best personal loan provider in Brooklyn for individuals seeking a debt consolidation loan.
Upgrade requires a credit score of 560, meaning that even customers with modest credit might be able to get personal loans from the company. The lender provides its customers with an app and allows borrowers to apply online or in person.
However, the company has imposed some restrictions on its fund's usage. For example, you cannot use an Upgrade loan to pay for college. Also, Upgrade personal loans may not be used for investments.
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Best Egg was launched in 2014 and has funded more than 1 million loans. MoneyGeek found Best Egg to be the top personal loan company for home improvement in Brooklyn.
Best Egg offers online prequalification to applicants. This involves a soft credit check that has no impact on their scores. Best Egg offers interest rates of as low as 4.99% and a 0.5% autopay discount. They also received an A+ rating from BBB.
However, Best Egg requires a high minimum credit score of 700, which might not be ideal for individuals with a modest credit score.
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When you apply for a personal loan, you will almost certainly research many lenders. It's a good idea to evaluate your credit score, income and present debts to determine your eligibility. In Brooklyn, the average personal loan debt is $17,892. MoneyGeek's research details the steps to follow before applying for a personal loan in Brooklyn.
Before you apply for a personal loan, it's critical to determine if you actually need one. If you're looking for cash to make a significant purchase, consolidate your debt, renovate your home or fulfill particular financial demands, a personal loan is a suitable option. However, before applying for a personal loan, ask yourself the following:
Deciding to apply for a personal loan should be based on extensive research and thought. Make sure to do your due diligence when choosing a lender. Your research should evaluate what kind of loans are available, the consequences for paying off the loan early, the maximum amount of money you can borrow from certain lenders and the maximum interest rate possible. You must verify that the credit check protocols have no adverse effect on your rating. Keep in mind that personal loans are a long-term commitment that typically takes between two and four years to repay, so make sure you select a lender that works for you now and in the future.
MoneyGeek is committed to providing you with accurate information about lenders and their offerings. However, before making a final choice, do your own research as well.
A personal loan is a major commitment, so think carefully about what you need before applying. It's vital to understand the factors that go into a loan before making a decision. Wait for a day or two before choosing a lender, even if you think you’ve found the right option for your needs. This will allow you to research the company and make an informed selection. It may also help you determine another way to get the funding you need.
Before taking out a personal loan, it's critical to read the fine print, which includes fees and interest rates. Some personal loans feature prepayment penalties, early payback charges or origination fees, which can significantly increase the total cost of the loan. You should also study any extra conditions and terms that may apply to your particular loan. If you notice that anything is unclear, ask questions to ensure you aren’t caught off guard by unexpected charges. This can save you money in the long run.
When you're confident that your lender is a good fit, it's time to fill out an application. Many lenders require a substantial amount of information before they will accept your loan and fund your account. Be sure to provide accurate information. Inquire about anything that seems off or confusing. A brief phone call or, if possible, a visit to the lender may answer many questions that might otherwise make approval more difficult. Keep in mind that lenders often request identification, address verification and proof of income during the application process.
When you apply for a personal loan, lenders may reject your application for various reasons. It might be challenging to get funding from banks and other conventional lending companies if you have poor credit, too much debt or a low income.
You should contact the lender to find out why your loan was declined. If required, you may apply with different lenders, but be sure to fix the factor that made the original lender decline your initial loan application.
Avoid payday loans if possible. They often charge outrageous interest rates and require short payment terms.
Your circumstances determine the ideal personal loan company in Brooklyn for you, and lenders analyze aspects such as your credit history, income, current debts and what you want to do with your money. MoneyGeek covers the most commonly asked questions about personal loans in Brooklyn below.
MoneyGeek ranked LightStream as the best overall personal loan provider in Brooklyn. However, based on your needs and financial profile, the best personal loan provider for you may vary.
Upstart offers the lowest interest rate in Brooklyn, starting at 3.22%.
Yes, you may use your personal loan to pay for several expenses, including a vacation. That said, you will want to check with your lender to determine if there are any restrictions on using a personal loan to finance a vacation.
Yes, you can use a personal loan for home improvement in Brooklyn. MoneyGeek found that Best Egg is the best lender for home renovation loans in Brooklyn.
Your lender determines your personal loan restrictions in Brooklyn. For example, Upgrade and LightStream restrict borrowers from using funds for post-secondary education or investment purposes.
The amount you can borrow varies depending on the lender. Some lenders only let you borrow up to $50,000, while others will go as high as $100,000.
The time it takes to get funds depends on the lender. For instance, Lightstream offers same-day fund disbursements, while SoFi may take up to seven days.
Yes, you can pay off your debt early. Just make sure to check with your lender to see if there is any early payment penalty that you’ll incur if you pay off your loan early.
We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.
After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.
About Christopher Boston
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.
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
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