Compare Personal Loans in Louisiana

Compare Personal Loan offers online in Louisiana Now. We did the research so you don’t have to. Simply choose the personal loan company that best fits your needs or let us connect to a personal lender that will fit your needs here.

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LenderEstimated APRMin. Credit ScoreAvailable TermsMax Loan Amount

Learn More About Louisiana Personal Loans

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:

  • Average Personal Loan Size in Louisiana: $16,766
  • Average Credit Score in Louisiana: 677
  • Percentage of Consumers with a personal loan in Louisiana: 37%
  • Most popular personal loan purpose in Louisiana: Large Purpose

Personal Loan Interest Rates in Louisiana

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 Personal Loan Interest Rate by Credit Score in Louisiana

Average Credit ScoreAverage Interest RateAverage Amount Funded
720+7.25%$ 18,793
680-71911.12%$ 15,622
660-67917.08%$ 11,782
640-65923.56%$ 10,015
620-63931.16%$ 7,806
580-61958.28%$ 6,324
560-579107.13%$ 4,921
Less than 560136.50%$ 3,549

Uses of Louisiana Personal Loans

Personal loans can be used to fund any major purchases or expenses. The most common reasons for personal loans in Louisiana include:

    • Debt Consolidation (most common use) (includes consolidation of credit cards, bills or retail cards)
    • Moving Expenses
    • Unforeseen Auto Expenses
    • Home Improvements
    • Moving Expenses
    • Major Purchases
    • Taxes
    • Medical or Dental
    • Household Expenses

Frequently asked questions about personal loans in Louisiana


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:

  • Social Security Number (for credit check)
  • Driver’s License or other form of identification
  • Bank Statements/ Account Information

What to look for in a Personal Loan in Louisiana

When getting a personal loan there are some key factors you should keep in mind when choosing a lender.

  • Shop your options. When applying you need to apply to multiple lenders to get your rates from that lender. We here at LAloan can give you multiple preapproved rates for you to shop though with a simple connection application.
  • If all interest rates offered to you is simply too high. You might want to consider adding a cosigner to your personal loan application.
  • When looking for a personal loan, calculate your estimated payments so that way you know what to expect when you get personal loan offers.
  • Keep fees and penalties in mind. If there are extra fees associated with a loan (ex. an origination fee)
  • Research, research, research. The more informed you are as a consumer you are the better, so research lenders in Louisiana.

The Good and the not so Good of Personal Loans

The Good

  • Lump sum of cash right into your bank account
  • Can be used for just about any large purchase
  • Can get great rates if you have a good credit score
  • There are a lot of lenders offering personal loans in Louisiana
  • Get as little or as much as you need from $1,000 – $100,000

The Not So Good

  • Interest rates can be high if your credit is not ideal
  • Qualifying might be an issue if you have unideal credit.
  • There might be fees attached to your loan
  • Some lenders don’t allow co-singers

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