Best Personal Loans in Buffalo (NY)
We have found 111 personal loans to apply for in Buffalo, NY. Add more criteria to compare personal loans and find the best one for you.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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%.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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).
- Minimum credit: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.
- Minimum credit:Good (670-739)
- Origination fee:Depends on the lender
- Funds available in:24 hours
- Loan Purpose:Personal Loan
- Pros:
- Checking rates will not affect your credit score
- Personal information is not sold to lenders
- Available rates and lenders will appear based on preferred settings, with no bias
- Receive actual rates based on your credit profile, not estimates
- Cons:
- Not a direct lender
Credible.com is a financial marketplace that helps thousands of Americans to get personal loans at the best rates they qualify for.
On Credible.com you can apply for a personal loan of up to $100,000. Then it will match your application with offers on the market and help you to find the lowest rate, based on your credit profile.
Credible.com is free to use and doesn't have any hidden fees.
TOP 4 banks offering personal loans in Buffalo
- Bank name
- Total Assets
- Branches
How to Choose the Best Personal Loan in Buffalo, New York?
In order to make an informed decision when selecting a personal loan in Buffalo, New York, it is essential to conduct thorough research and carefully consider your options. Our guide aims to provide you with strategies and valuable insights to effectively compare and choose the personal loan that aligns with your specific financial needs in Buffalo, New York.
- Annual Percentage Rates (APR). The APR provides a comprehensive view of the overall loan cost, including fees and the interest rate. Comparing APRs helps identify the loan with the higher long-term expense.
- Determine the Loan Amount. Research lenders that offer loan sizes suitable for your needs. In Buffalo, loans range from $100 to $500,000. Look for lenders that provide flexible withdrawal options, allowing incremental access to funds and interest payments solely on the utilized amount.
- Evaluate Monthly Payments. Ensure that the monthly payment comfortably fits within your budget. Meeting your regular financial obligations while repaying the loan, including the interest, is crucial.
- Understand Credit Requirements. Most lenders prefer borrowers with good to excellent credit scores, typically 670 or higher. However, some lenders may consider individuals with poor to fair credit. While a high credit score does not guarantee a lower interest rate, it increases your chances of loan approval. In Buffalo, the minimum acceptable credit score is Poor (300 - 579). Focus your search on lenders offering favorable loan terms based on your credit score.
- Consider Collateral. While most personal loans are unsecured and do not require collateral, some loans may involve it. Secured loans often have lower interest rates as collateral reduces the lender's risk. Unsecured loans generally come with higher interest rates. If you are concerned about high interest rates (which can reach up to 36% in Buffalo), consider exploring secured personal loan options.
- Assess Origination Fees. Many lenders charge origination fees in addition to interest charges. The origination fee, usually a percentage of the total loan amount, can vary among lenders. Opting for a personal loan with lower origination fees can lead to long-term savings.
Compare and choose the best personal loan in Buffalo, New York
In order to select the optimal personal loan in Buffalo, it is essential to conduct a thorough side-by-side comparison of the available loan options.
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No 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 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Credible | 5.4 - 35.99% | $600 - $100,000 | 1 - 7 years | Depends on the lender | From Good (670-739) to Excellent (740-799) | Check rates On Credible.com |
5 Tips for Maximizing Personal Loan Approval Odds in Buffalo, New York
- Improve Your Credit. Improving your credit score is the most effective way to increase your chances of credit approval. Make your debt payments on time, maintain a low credit utilization rate, minimize the number of new credit applications and eliminate any errors on your credit report.
- Increase Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Increasing your income, such as through negotiating a raise at your current job or taking on a part-time job, improves this ratio and enhances your chances of approval.
- Avoid New 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 loan application.
- Be Realistic About Loan Amounts. Lenders tend to be cautious about approving large loan amounts due to increased risk. In Buffalo, while the maximum loan amount available is $500,000, it is challenging to obtain such a substantial sum. A more realistic approach is to request a loan amount that aligns with your income and financial capabilities. Applying for smaller loan amounts reduces risk and improves your chances of approval. In Buffalo, lenders typically offer a minimum loan amount of $100.
- Consider a Joint Applicant or Co-signer. 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
When considering getting a personal loan in Buffalo, proper preparation is very important. By applying strategies and adhering to the following tips, you can greatly increase your chances of getting a personal loan that fits your financial needs. It is very important to approach loans responsibly and choose a loan that fits your budget and repayment capacity.