|Lender||Estimated APR||Min. Credit Score||Available Terms||Max Loan Amount|
A personal loan is a fixed-rate loan offered in Louisiana that can be used to cover the cost of a large expense or to consolidate your debt. Personal loans are unsecured, meaning that no collateral is required to obtain one. They are paid back in monthly installments lasting typically two to five years.
About Personal Loans in Louisiana during 2019:
Personal loan interest rates range from 5.99% up to 35.99%. These rates are based on multiple factors including, but not limited to your credit score, your debt-to-income ratio, employment status, and other accessible alternative data. While lenders may look at multiple data points, your credit score is the most important determinant of your interest rate. A previous article of our took a deeper look into personal loan interest rates in Louisiana.
|Average Credit Score||Average Interest Rate||Average Amount Funded|
|Less than 560||136.50%||$ 3,549|
Personal loans can be used to fund any major purchases or expenses. The most common reasons for personal loans in Louisiana include:
A personal loan is an unsecured loan offered in Louisiana ranging from as little as $1,000 up to $100,000. These loans carry an interest rate of 5.99% – 35.99% and typically have terms of 2 to 5 years. Personal loans are used for the funding of large purchases, debt consolidation or to cover unexpected expenses.
Whether or not you qualify for a personal loan depends on your credit history, debt obligations, income and for some lenders other factors like your profession or education. While different lenders have different qualification standards, most lenders typically look for a minimum FICO credit score above 600 with a monthly income above a few thousand dollars a month.
You do not need a cosigner to receive a personal loan in Louisiana. However, using a cosigner could help to lower your interest rates or help you qualify if you have a lower credit score and do not qualify on your own.
The answer to this question varies from lender to lender. If you think you might like to pay your loan off early it is important to note whether your lender charges a prepayment penalty fee.
When applying for a personal loan, lenders will need some documentation to verify your identity along with your income. The documentation you will need when applying is:
When getting a personal loan there are some key factors you should keep in mind when choosing a lender.
The Not So Good
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