Online Personal Loans in New Orleans for Good & Bad Credit

What is a Personal Loan?

In a nutshell, a personal loan is a type of installment loan. Installment loans are funded as a lump sum and repaid in fixed installments with interest over a predetermined period. Most installment loans are repaid in monthly installments, but some lenders may offer weekly, bi-weekly, or custom repayment schedules. Installment loans are rather straightforward. With a fixed interest rate and payment, you’ll know what to expect throughout the life of the loan. No surprises. Other reasons consumers choose personal loans are their flexibility. Personal loans offer few spending restrictions. You can use one personal loan for a variety of expenditures or choose one thing. Just be sure to borrow the appropriate amount of funds. 

How do I get approved for a personal loan in New Orleans?

The approval process for personal loans in New Orleans works similarly across most lenders. While there may be some variance, here’s an overview of what to expect. 

1. Get pre-qualified: Getting pre-qualified allows you to receive personalized offers that you actually qualify for. Pre-qualified offers are based on your information. Remember, pre-qualified offers are not guaranteed. In most cases, the lender will need to verify your information before approving the loan. 
2. Offer acceptance: Once you’ve found the one, accept the offer. Upon acceptance, the lender can begin verifying your information once you’ve consented. They may ask you to submit supporting documentation during this stage. New Orleans residents may be asked to submit proof of residence or income. The lender is looking to verify the information originally submitted, something to keep in mind as you submit information. 
3. Approval: Once the lender has verified your information, they can offer a loan approval. Now, your loan can be funded. 
4. Funding: On approved loans, lenders can fund loans in as little as 1-2 business days, although funding times can vary. Funds can be deposited to your bank account in some cases. Work with the lender to find the best option for receiving funds. Once funds are received, you can put them to work. 
5. Repayment: Repayment typically begins 30-45 days after funding. Some lenders may offer incentives for setting your loan on autopay. 

What credit score do you need for a personal loan in New Orleans?

New Orleans credit score requirements can vary by lender. Before applying for a personal loan in New Orleans, boost your score as much as possible, especially if it’s low. If you’re not sure how to boost your score, take advantage of credit monitoring services or review your credit report. Most lenders have a credit score cutoff of 600 or above, but again, requirements can vary. In addition, some lenders may not have a credit score requirement such as OneMain Financial. 

Can I get a bad credit personal loan in New Orleans?

Some lenders can help borrowers with bad credit. OneMain Financial is an online lender that serves New Orleans. With no minimum credit score requirement, OneMain Financial is a top choice for many. 

What are pros and cons of getting a personal loan in New Orleans?

Pros and cons should be considered before taking out a personal loan in New Orleans. Depending on your personal situation and finances, pros and cons can vary. We’ve compiled some general pros and cons below, but encourage you to expand the list as it pertains to you and your situation.

Pros:

• Opportunity to boost credit score 
• Access to a lump sum with few spending restrictions
• No collateral required
• Fixed monthly payments
• Large online lending network

Cons:

• Fewer loan options 
• High APR 
• Taking on debt
• Potential to negatively impact credit score initially or if you fall behind on payments

What are the best personal loan companies in New Orleans?

Working with the right lender can make all the difference on your personal loan experience in New Orleans. Some of the best personal loan companies in New Orleans are highlighted below. You can access these lenders without going anywhere, thanks to convenient online access. 

• SoFi
• LightStream
• Prosper
• Upgrade
• Best Egg
• Reprise Financial
• Universal Credit

What can I use my personal loan for?

Personal loans have few spending restrictions in New Orleans. Determine how you want to spend the funds and how much you need to borrow. Here are some examples how personal loans can be used in New Orleans. 

• Home improvement loans
• Bathroom remodel financing 
• Barn financing
• Landscape financing 
• HVAC financing
• Furniture financing
• Paver financing
• Wedding loans
• Emergency loans
• IVF financing
• Land loans
• Lawn mower financing 
• Snowmobile financing
• Flooring financing
• Indoor and outdoor fireplace financing

How long does it take to get a personal loan in New Orleans?

Keeping up with the busy city of New Orleans can mean you need funds quickly. Approved personal loans can be funded in as little as 1-2 business days, although funding times can vary. Before getting to the approved stage of a personal loan, there are a few steps prior in most cases. 

• Pre-qualification: The process of getting a personal loan usually starts with getting pre-qualified, which can take as little as a few seconds online. In most cases you’ll need to submit an application to get the process moving. 
• Acceptance: Once you’ve found the right offer, you can accept. The lender can then start verifying your information. During this process they may request supporting documentation such as proof of income. Submitting accurate information promptly can help the process move along smoother. 
• Approval: Once the lender has verified your information, they can choose to approve the loan. A loan needs to be approved in order to be funded. As mentioned, approved loans can be funded in as little as 1-2 business days, although funding times can vary.

See Also:

• Bad Credit Loans in Louisiana
• Home Improvement Loans in Louisiana
• Swimming Pool Loans in Louisiana