A personal loan can be used to consolidate debt, pay for home renovations, or even help you start a business. But with so many lenders, how do you know which best fits your needs?

Well, that depends on your credit score and what you need the money for.

From secured and unsecured options to those with fixed and variable interest rates, below are some of the best personal loans in NJ.

The best personal loans in New Jersey

Whether you need to cover unexpected medical bills or fund a wedding, these lenders offer swift access to New Jersey personal loans with some of the best interest rates and loan terms.

1. Discover

Discover offers personal loans for almost any purpose that are exempt from any origination or up-front fees. Funds are typically accessible the following business day, and you have a 30-day period to cancel without any penalties.

For repayment, you can decide between three to seven years. What’s more, the Discover mobile app enables loan management and comes with a complimentary credit scorecard.

  • Loan amount: $2,500 to $40,000
  • APR range: 7.99% to 24.99%
  • Credit requirements: 660+
  • Ratings: A+ rating from the Better Business Bureau (BBB)
  • Best for consolidating debt and improving your credit score

2. Best Egg

Best Egg's "direct payments" program simplifies debt consolidation or credit card refinancing. Get a 0.5% discount on your loan and allow Best Egg to make monthly payments to your creditors on your behalf.

This lender does not impose a penalty for prepayment, but there is an origination fee (between 0.99% and 8.99% of the total loan amount), which is taken out of the funds transferred into your account.

  • Loan amount: $2,000 to $50,000
  • APR range: 4.99% to 35.99%
  • Credit requirements: 640+
  • Ratings: A+ from the BBB and 4.6-stars on Trustpilot, based on over 8,000 reviews
  • Best for consolidating debt

3. Truist

For borrowers who need quick cash, Truist provides fast approval and funding with no origination fee. If needed, you can add a co-borrower to your application.

You can also opt for direct payment to creditors to manage debt consolidation. Plus, you can choose a payment date before signing the loan documents and change it multiple times afterward for added convenience.

  • Loan amount: $3,500 to $50,000
  • APR range: 8.19% to 17.24%
  • Credit requirements: No minimum required
  • Ratings: A+ from the BBB and 2.5 stars on Trustpliot, based on over 15,000 reviews
  • Best for debt consolidation or for people with poor credit history who need quick access to cash

4. PenFed

PenFed allows anyone to access a loan by opening and depositing $5 into a savings account with them. Its pre-qualification system provides estimated loan rates and amounts without affecting your credit score.

PenFed also offers a wide range of loan amounts and repayment terms. Once approved, you can receive funds electronically within 48 hours or a check after 5-7 days.

  • Loan amount: $600 to $50,000
  • APR range: 7.99% to 17.99%
  • Credit requirements: Unspecified
  • Ratings: A+ from the BBB and a 4-star rating on Trustpilot based on over 1,400 reviews
  • Best for borrowing a relatively small amount for home improvement projects or emergency expenses

5. SoFi

With SoFi, you can choose from various loan amounts and repayment terms and take advantage of special features like free career and financial advising, unemployment protection, and estate planning discounts.

SoFi may offer an origination fee of up to 6% of the loan amount for a lower interest rate if you choose. Co-loan applications are also available if you cannot qualify for a loan on your own or would like to secure a lower interest rate.

  • Loan amount: $5,000 to $100,000
  • APR range: 8.99% to 20.31%
  • Credit requirements: 670+
  • Ratings: A+ from BBB and a 4.7-star rating on Trustpilot based on over 6,000 reviews
  • Best for consolidating debt and for large expenses such as travel, weddings, and even family planning

6. Happy Money

Happy Money knows that borrowing can be hard. That's why they offer loan terms that range from 24 to 60 months and have a soft inquiry tool on their website that lets you explore potential loan options without affecting your credit score.

There are no late payment fees or early payoff penalties if you pay your debt off early—just an origination fee based on your credit score and application.

  • Loan amount: $5,000-$40,000
  • APR range: 11.52%-24.81%
  • Credit requirements: Unspecified
  • Ratings: A+ from BBB and 4.2 stars on Trustpilot, based on over 360 reviews
  • Best for consolidating high interest credit card debt

7. Upstart

Upstart offers reliable and fast loan approval and disbursal through an AI-based underwriting model assessing educational background, work experience, and current addressso even with poor credit you may still qualify.

For added convenience, repayment can be deferred for 40 days, and the payment date can be changed every 12 months as long as the new date is no more than 15 days from the original.

Upstart does not offer joint, co-signed, or secured loans, unlike some other lenders.

  • Loan amount: $1,000-$50,000
  • APR range: 5.2% to 35.99%
  • Credit requirements: 300+
  • Ratings: A+ from BBB and a 4.9-star Trustpilot score based on over 43,000 reviews
  • Best for funding education expenses if you have a low credit score

Strategies to secure the best personal loan

You can determine if a personal loan is the right choice by asking these questions:

What is your credit score? Credit score is a major factor when reviewing loan applications for most lenders. A low credit score may limit your loan options.

Can you afford monthly repayments? You risk late fees and damaging your credit score if you cannot make monthly payments.

What's the fine print? Origination fees, interest rates, and prepayment penalties can add up, so make sure you understand the full cost of the loan.

The lenders above provide various NJ personal loans and repayment plans to meet a range of personal financial needs.

Before signing any loan documents, make sure you understand the terms and are able to make monthly payments.