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Best Loans In Louisiana

Banks and lenders are continuing to invest heavily into the Louisiana economy by approving billions each year in various forms of credit assistance which helps individuals purchase homes, cars and attend college as well as businesses upgrade their operations or expand their portfolio further into...

Best Loans In Louisiana
Daniel Lewis
Written by:Daniel Lewis
MBA accredited investment professional
Finimpact Affiliate Disclosure

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

At Finimpact, we understand how important it is to find the right loan for your individual needs. That's why we have provided Louisiana residents with a comprehensive list of lenders and loan options to choose from. We have done the research and vetting for you so that you can make an informed decision when selecting a lender or loan product. We recommend that Louisiana residents approach the process of choosing a lender by first evaluating their credit score, budget, and financial goals. By understanding what kind of credit terms you qualify for, you can narrow down your search for lenders who are more likely to have favorable terms. 

Best Personal Loans for 2023 reviewed by

Top Picks for Personal Loans in Louisiana

Choosing the best personal loan in Louisiana can be a daunting task. Our expert loan reviewers consider some the following when assessing loan providers:

  • Loan Features
  • Interest Rates & Fees
  • Application Process
  • Qualification Process 
  • Customer Support 
  • Online User Reviews

It's important to read through each lender's rates, fees and fine print in order to ensure that you are getting the best deal possible. By following our guidelines and doing your due diligence on any potential lender or loan product before making a decision, you can rest assured knowing that you have picked the best option available in Louisiana for your financial situation.

Top Personal Loans in Louisiana: Full Overview

It is important to evaluate your credit score, budget and financial goals to determine what kind of loan terms you qualify for. You should then narrow down your search to lenders with favorable terms. Once you have a shortened list below, read through their rates, fees and fine print carefully to ensure that you are getting the best deal possible. 

Best Overall

LightStream — Best Overall Personal Loan

2.99% to 19.99%
Loan Amount
Min. Credit Score
Not Disclosed
Key Features
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Pros & Cons
  • Low APRs for good credit
  • Loan amounts up to $100,000
  • Check your rate with no impact on your credit
  • Auto-pay discount available
  • Not available for borrowers with bad credit
  • Rates without auto-pay are .50% higher
  • Minimum loan amount of $5,000

LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.


Main Features

The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.

To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.

LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.

LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.

Avant — Best for Small Personal Loans

9.95% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Low credit score requirements
  • Allowed to refinance personal loans
  • No prepayment penalties
Pros & Cons
  • Low loan amounts available
  • Check your rate with no impact on your credit
  • Mobile app available
  • Available for fair and poor credit
  • Administration fee up to 4.75%
  • Potential for a high APR
  • Lower borrowing limits than other lenders

Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.


Main Features

To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.

Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
 sofi review

SoFi — Best for Loans with No Origination Fee

6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
Key Features
  • No origination, prepayment, or late payment fees
  • Joint applications accepted
  • Offers .25% discount for autopay
  • Borrowers up to $100,000
Pros & Cons
  • Loan amounts up to $100,000 available
  • Check your rate with no impact on your credit
  • No origination fees or hidden fees
  • Unemployment protection offered
  • Same-day funding available
  • High minimum loan amount of $5,000
  • Not available for bad credit
  • Lowest rates require auto-pay

SoFi offers personal loans, student loans, investing, and banking services. The personal loan personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.


Main Features

SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.

SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.

Upgrade — Best for Emergency Loans

5.94% to 35.97%
Loan Amount
Min. Credit Score
Not disclosed
Key Features
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Pros & Cons
  • Check your rate with no impact on your credit
  • Funding in as little as one day
  • Generous loan amounts available
  • Choose from flexible repayment terms
  • Origination fee charged on every loan
  • Potential for a high APR

Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.


Main Features

Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.

Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.

OneMain Financial — Best for Loans with Bad Credit

18% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Pros & Cons
  • Available for bad credit borrowers
  • Visit 1,400 nationwide locations
  • Check your rate with no impact to your credit
  • Flexible repayment options
  • Lower loan amounts than other lenders
  • Potential for a very high APR
  • High origination fees likely

OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.


Main Features

Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.

If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.

Benefits of Taking Out a Loan in Louisiana

Louisiana also has several benefits that make it a better borrowing state than others. For example, in Louisiana, the average loan amount is $9,764, which is less than the national average of $10,059. Furthermore, Louisiana's delinquency rate is only 4%, which is significantly lower than the national average of 5%. Finally, Louisiana has a loan acceptance rate of 80%, which is greater than in most other states. These figures show why taking out a loan in Louisiana may be advantageous for many individuals.

  • Smaller average loan amount – The average loan amount in Louisiana is $9,764, which is less than the national average of $10,059, making it easier for borrowers to acquire funds.
  • Low delinquency rate - Louisiana's delinquency rate is only 4%, far lower than the national average of 5%, indicating that borrowers are more likely to make regular loan payments.
  • Greater loan approval rate – Louisiana has a loan approval rate of 80%, which is higher than in most other states, making it easier for consumers to acquire finance when needed.
  • A wider range of lenders - Louisiana offers a diverse range of lenders, including banks and online lenders, who offer a choice of lending products at competitive rates.
  • Lower interest rates - Borrowing can be expensive, but due to competition among lenders in Louisiana, borrowers may be able to discover lower interest rates on their loans when compared to other states.


Strategies for Repaying Your Loans Quickly and Avoiding Debt Traps

Taking out a loan can be a frightening experience for many people. You may feel tethered to a financial load that may take years to repay. Yet, with the correct techniques and dedication, you can pay off your debts fast and avoid becoming trapped in a cycle of debt.

The first technique is to wisely budget your finances by making a monthly spending plan. Determine how much money you need to pay off the debt each month and stick to it. Prioritizing loan payments over other costs will help you get out of debt fast and on time.

Second, make extra payments whenever possible, even if they are tiny amounts here and there, as this will lower your interest charges over time and allow you to pay off the loan more quickly. Consider combining numerous loans into a single payment so that you have fewer payments due each month; this will help minimize stress levels when managing your money because you will only have to focus on one payment rather than several different ones at once.

Finally, while taking out new loans or refinancing old ones, be mindful of potential debt traps such as exorbitant interest rates or hidden fees; by identifying these dangers ahead of time, you may ensure that they do not create further financial burden down the road.

  • Make a spending plan: This should involve budgeting funds particularly for loan repayment each month so that it becomes easier to handle financially.
  • Where possible, make additional payments: Even modest amounts here and there can help you return your debt faster than planned while also lowering your interest expenses over time.
  • Think about combining various loans into a single payment: Having fewer payments due each month makes financial management less stressful while yet ensuring prompt payback. • Be wary of potential debt traps: Knowing high-interest rates and hidden costs before taking out new loans or refinancing old ones helps avert future financial pain.

Exploring Different Types of Collateral When Borrowing Money

When borrowing money, it is critical to investigate the many types of collateral that might be employed. When you take out a loan or line of credit, you pledge an asset as collateral as a guarantee of repayment. It could be real estate, assets, vehicles, or even personal property. Your lender will use the collateral to secure the loan and as a means of recouping their losses if you default on your payments. Here are some helpful hints for researching different types of collateral when borrowing money:

Research: Before agreeing to any terms with your lender, find out what form of collateral they accept and whether it is anything you are willing to put up as collateral for the loan. Researching can also help you achieve the greatest loan agreement rate feasible, since lenders may give lower rates if more value items are pledged as collateral.

Understand the Risks: Recognize that there are risks associated with using certain types of assets as collateral because if you fail to make payments on time or default on your loan agreement entirely, your lender may seize these assets in order to recoup their losses from providing the loan funds in the first place.

Be Aware Of Tax Implications: Depending on the type of asset used as collateral and its monetary value, there may be tax implications associated with pledging such an asset, so make sure this is taken into account before making any decisions about using certain items as security for a loan or line of credit.

Calculate Value: Finally, before signing any agreements with lenders, determine how much value each item has so that you know exactly how much money they would earn if they needed to seize that item if something went wrong with making payments towards your debt obligation.


Managing Debt During Unexpected Financial Emergencies

Handling debt amid a financial emergency can be a difficult undertaking. Sudden financial situations frequently cause us to be concerned about how we will meet our responsibilities, leading to emotions of helplessness and anxiety. But, there are ways we may use to properly manage these debts. Here are some practical tips for dealing with debt during unforeseen financial emergencies:

Make and stick to a budget: When confronted with an unforeseen financial emergency, it is critical to make a budget so that you know exactly where your money is going each month. This will allow you to prioritize your invoices and ensure that the most critical ones are paid first.

Communicate with creditors: If you find yourself unable to make payments due to an emergency, it is preferable not to avoid communicating with your creditors. Creditors may be ready to work out an alternative payment plan or provide other sorts of assistance to keep you from falling behind on payments.

Make use of available resources: In the event of an emergency, there may be public or private resources available to aid with debt repayment, as well as grants that may offer additional income needed to pay down debts more quickly than projected.

Prioritize repayment over incurring new debt: It is critical not to take on any new loans while attempting to repay existing obligations because this could complicate the process further by increasing overall expenses and reducing available funds for repayment purposes, resulting in longer time periods for settling existing obligations, leading to higher interest costs as well as penalties from creditors due to late payments.

Frequently Asked Questions(FAQ)

What is the process for taking a loan in Louisiana?

The process for taking a loan in Louisiana involves applying for the loan, submitting any required documentation and being approved by the lender.

Is there an age limit to take out a loan in Louisiana?

Yes, you must be 18 or older to take out a loan in Louisiana. 

Are there any special requirements to take out a loan in Louisiana?

Generally, you will need proof of income, valid identification and other documents depending on the type of loan requested.

About the Author

Daniel Lewis

Daniel Lewis

MBA accredited investment professional

Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.

More about me

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