Find the Best Personal Loans in Buffalo, NY

Why Buffalo residents need personal loans

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.