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Find the Best Personal Loans in Buffalo, NY

Buffalo residents can use personal loans for nearly anything, from paying off credit card debt to making home repairs. The Buffalo News has partnered with ConsumerAffairs to create this guide by comparing consumer reviews and pricing of 22 businesses and choosing seven favorites from the top personal loan companies in Buffalo.

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Compare Buffalo Personal Loan Companies

Why Buffalo residents need personal loans

buffalo skyline

Buffalo residents take out personal loans for a variety of reasons:

  • For Buffalo residents who are struggling to pay off credit card debt, a personal loan might help. Finding a personal loan with a lower annual percentage rate (APR) than your credit card payments could help lower your monthly payment. With a debt consolidation loan, you can combine multiple payments into one monthly payment.
  • Personal loans are also an option for sudden, major expenses, like a home appliance repair if you don’t have a home warranty, or a medical bill.
  • Home prices have risen in the area, and city areas like Allentown and Elmwood Village are seeing a transformation. A personal loan can finance improvements to a primary residence or an investment property to increase its value.

No matter the purpose of the personal loan, only borrow what you can afford to pay back to the lender.

Choosing a personal loan company in Buffalo

Buffalo residents have many options for personal loans. To narrow down the search, compare main loan features, such as interest rates, and other costs, such as origination fees. Then, weigh the following factors before deciding on a personal loans company in Buffalo:

  • A company's minimum and maximum loan amounts: If you’re only looking for a small personal loan, check a company's minimum loan amount — some personal loan providers have minimums of $7,500 or more. Many lenders have a lower minimum threshold, some as low as $100. The maximum personal loan amount typically depends on income and credit history and can range up to $100,000.
  • Repayment term lengths: Repayment term lengths for personal loans generally range from six months to five years. Lenders often have loans available with different term lengths, depending on the applicant’s profile. A shorter repayment term usually has higher payments, but you pay less in total interest, while longer terms have lower monthly payments but charge more interest over the life of the loan.
  • Credit score requirements: Certain lenders provide personal loans for borrowers with bad credit or no credit history. Other lenders have minimum credit score requirements. Credit score requirements can also vary by loan type; an unsecured loan, for example, usually has a higher credit score requirement than a secured loan.
  • How quickly you need funds: If you need cash for an emergency, some personal loan providers can disburse funds as little as 24 hours after approval. Take into account the length of the application and approval process, allowing two to five business days for most personal loans. Many companies offer an online application that can expedite the process.

Personal loan costs in Buffalo

On average, Buffalo borrowers should expect to pay an annual percentage rate between 4% and 15% for unsecured personal loans, with repayment terms from 12 to 60 months. The better your credit score, the likelier it is you can qualify for a lower interest rate. Keep in mind that many lenders charge loan origination fees, which can be as high as 8% of the total borrowed. Also, be aware of any other fees, including late fees and prepayment penalties, before accepting a loan offer.

Buffalo personal loans FAQ

Can you get a personal loan with a credit score of 550?

In short, yes. Personal loans are available for borrowers with poor credit. Some lenders specialize in personal loans that do not require a credit check and use proof of income as a main qualification. These lenders do charge high interest rates, though.

What's the minimum credit score for a personal loan?

Banks and credit unions sometimes have minimum credit score requirements for personal loans. To get access to lower rates and good terms, you should have a score of at least 660. But some lenders specialize in lending to customers who have low credit scores or are in the process of building a credit history.

Does a personal loan hurt your credit?

Most lenders conduct a hard inquiry into your credit history when determining your eligibility for a personal loan, which temporarily lowers your score. But a personal loan otherwise can help your credit as long as you make on-time payments. It also enhances your credit mix.

Should I take a personal loan to pay off credit cards?

If a personal loan is available to you at a lower rate than the credit company charges, it may be a good idea to explore this option to pay off high-interest credit card debt.

Does paying off a personal loan early help your credit?

Paying off your personal loan early may actually hurt your credit. By paying off your loan early, you are closing an account and possibly making your credit mix less diverse, which can lower your score.

Buffalo personal loan company information

Accredited Partner

FreedomPlus

FreedomPlus offer loan amounts from $7,500 to $40,000, and funds may be available as soon as 48 hours after approval. Repayment terms range from 24 to 60 months, APR ranges from 7.99% to 29.99%, and origination fees are typically 4.99%. Adding a co-borrower, using at least 85% of the funds to pay off existing debt or showing proof of retirement savings helps you qualify for the lowest rate available.

FreedomPlus
Accredited Partner

Liberty Lending Group

Liberty Lending Group works with many lenders to match applicants with loan offers. Fill out a simple request form online or with a representative to receive loan offers without affecting your credit score. Loan funds are available as soon as the next business day. Loan amounts range from $2,000 to $100,000.

Liberty Lending Group Learn More (800) 430-4715
Accredited Partner

OppLoans

OppLoans specializes in same-day approvals and fast online funding, with money available in your account as soon as the next business day. The company specializes in small loans up to $4,000. OppLoans does not check your FICO Score to determine eligibility.

OppLoans Learn More
Accredited Partner

Next Day Personal Loan

Next Day Personal Loan is an online lending network that assists with loan amounts from $100 to $40,000. Funds can be available the next business day after approval. Fill out a request form online to be matched with lenders and lending partners. All types of credit are considered, including poor or no credit.

Next Day Personal Loan Learn More

SEFCU

SEFCU provides personal loans in amounts from $500 to $25,000. Repayment terms range from 12 to 60 months, and APR ranges from 4.24% to 4.49%. Apply online, and manage your account online. The credit union is located at 598 Main St., Buffalo, NY 14202.

SEFCU

Evans Bank

Evan Bank offers secured and unsecured personal loans. Terms for unsecured loans range from 12 to 36 months. Save 0.25% on interest with payments automatically deducted from your Evans Bank checking account. The bank is located at 438 Main St., Ste. 202, Buffalo, NY 14202.

Evans Bank

Buffalo Metropolitan Federal Credit Union

Buffalo Metropolitan Credit Union provides unsecured personal loans of up to $15,000. Repayment terms range up to 60 months, with an APR of 6.5%. Applications are available online. Credit union representatives contact applicants regarding the status of their application the next business day. Veterans receive a 0.25% discount on personal loan interest rates. The company is located at 62 S. Elmwood Ave., Buffalo, NY 14202.

Buffalo Metropolitan Federal Credit Union