5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Minnesota

We have found 112 personal loans in Minnesota. Compare and choose the best loan for your purpose.

By Myfin Team
Updated June 23, 2024
Showing 112 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 112 personal loans
Amount
$
Credit Score
City, state or Zip
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Minnesota

Showing 5 banks
Sort by: Branches
Branches 107 bank branches
Total Assets (US$M)1,712,535,000
Cambridge
250 2Nd Ave Ne, Cambridge, MN, 55008
Sunday: Closed
Cottage Grove
8770 E Point Douglas Rd S, Cottage Grove, MN, 55016
Sunday: Closed
Faribault
104 5Th St Nw, Faribault, MN, 55021
Sunday: Closed
Show all departments
Branches 88 bank branches
Total Assets (US$M)582,252,757
Chisago City Mn Branch
11493 Lake Ln, Chisago City, MN, 55013-9592
Centennial Branch
1 Village Pkwy, Circle Pines, MN, 55014-4402
Cottage Grove Mn Branch
7200 80Th St S, Cottage Grove, MN, 55016-3006
Show all departments
Branches 21 bank branches
Total Assets (US$M)45,500,554
Farmington Branch
324 Oak Street, Farmington, MN, 55024
Saint Paul Branch
1570 Concordia Avenue, Ste. 100, Saint Paul, MN, 55104
Burnsville Branch
550 West Burnsville Parkway, Ste. 100, Burnsville, MN, 55337
Show all departments
Branches 19 bank branches
Total Assets (US$M)94,491,881
Commercial Banking Group - Minneapolis
250 Marquette Avenue, Suite 575, Minneapolis, MN, 55401
Caledonia Branch
124 East Grove Street, Caledonia, MN, 55921
Mabel Branch
101 East Newburg Street, Mabel, MN, 55954
Show all departments
Branches 13 bank branches
Total Assets (US$M)163,203,086
Lakeville Branch
17636 Kenwood Trail, Lakeville, MN, 55044
Highland Park Branch
522 Snelling Avenue, Saint Paul, MN, 55116
Burnsville Office
14201 Grand Avenue South, Burnsville, MN, 55337
Show all departments

How to choose the best personal loan in Minnesota?

Personal loans offer valuable financial support in bridging budgetary gaps and enhancing overall financial well-being. To ensure that you choose a loan that aligns with your needs, it is essential to take into account several factors. Here are some strategies to assist you in comparing and selecting the ideal personal loan in Minnesota.

Annual Percentage Rates

When comparing different loan options, it is vital to consider the annual percentage rate (APR). The APR provides a more comprehensive view of the total loan cost, incorporating both the interest rate and associated fees. By comparing APRs, you can accurately assess which loan will be more costly in the long run. In Minnesota, APRs typically range from 4.49% to 36%. Taking the APR into account allows you to make an informed decision and select the loan that best suits your financial needs.

Loan Amount

Research loan amount options and select a lender that offers a suitable loan size. In Minnesota, you can find loans ranging from $100 to $500,000. Some lenders provide the flexibility to withdraw funds incrementally, allowing you to pay interest only on the amount utilized.

Monthly Payments

Ensure that the monthly payment amount fits comfortably within your budget. It is essential to meet your regular financial obligations while repaying the loan and covering the interest.

Credit Requirements

While lenders generally favor borrowers with good to excellent credit scores (typically 670 or higher), there are lenders who are willing to consider individuals with poor to fair credit. It's important to note that having a high credit score does not guarantee a lower interest rate, but it does enhance your chances of getting approved for a loan. In Minnesota, the minimum acceptable credit score is Poor (300 - 579).

Collateral

While most personal loans are unsecured and do not require collateral, some loans may have collateral requirements. Secured loans typically offer lower interest rates since the lender assumes less risk with collateral involved. On the other hand, unsecured loans usually have higher interest rates. If you have concerns about high interest rates, which can reach 36% in Minnesota, a secured personal loan might be a viable option.

Origination Fee

Many lenders charge origination fees, in addition to interest charges, to cover processing costs. These fees are typically a percentage of the total loan amount, with the usual range being 0.5% to 1%. However, specific amounts may vary among lenders. Choosing a personal loan with low processing fees can result in long-term savings.

Comparing and selecting the best personal loan in Minnesota

Our comparison will help you select a loan with favorable terms that align with your financial situation.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

5 simple tips for increasing your personal loan approval odds in Minnesota

  1. Improve Your Credit Score. Improving your credit score is the most effective way to increase your loan approval odds. Focus on making timely debt payments, maintaining a low credit utilization ratio, avoiding excessive new credit applications, and disputing any errors in your credit report.
  2. Increase Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Increasing your income, such as through a raise at your current job or taking on a part-time job, improves this ratio and enhances your approval chances.
  3. Minimize Debt. Avoid taking on new debt while applying for a personal loan. Lenders perceive existing debt as a risk factor, so reducing your current debt and avoiding new obligations strengthens your application.
  4. Set Realistic Loan Amounts. Lenders are typically cautious about approving large loan amounts due to increased risk. In Minnesota, the maximum loan amount available is $500,000, but securing this amount can be challenging. Applying for smaller loan amounts improves your chances of approval. Determine your precise funding needs and request the minimum amount required. The minimum loan amount offered by lenders in Minnesota is $100.
  5. Consider a Joint Applicant. Exploring the option of a joint applicant or co-signer can enhance your loan approval odds. Lenders assess the credit scores and incomes of both applicants, potentially strengthening your application. Ensure that you choose a reliable joint applicant or co-signer, as your financial obligations will be interconnected.

Conclusion

To enhance your likelihood of securing a personal loan in Minnesota, it is important to be well-prepared and take proactive measures. By implementing the strategies and tips mentioned earlier, you can significantly improve your chances of loan approval. It is crucial to borrow responsibly by selecting a loan that aligns with your budget and ability to repay. By following these steps, you not only increase your approval odds but also promote your overall financial well-being.

FAQ

What is the highest interest rate on a personal loan in Minnesota?

The highest interest rate on personal loan in Minnesota is 36%.

What is the biggest loan amount in Minnesota?

The biggest personal loan amount in Minnesota is $500,000.

What credit score do I need to have to get a personal loan in Minnesota?

To get approved for a personal loan in Minnesota you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

Loans in other cities in Minnesota