Best Personal Loans in Ontario, CA: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Ontario
- The Best Personal Loan Lender for Bad Credit in Ontario
- The Best Personal Loan Lender for Good Credit in Ontario
- The Best Personal Loan Lender for Debt Consolidation in Ontario
- The Best Personal Loan Lender for Home Improvements in Ontario
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Ontario
MoneyGeek's Picks for Best Personal Loan Lenders in Ontario, CA
To help shoppers in Ontario, California, find the best personal loans, MoneyGeek evaluated more than 30 data points, putting the most weight on categories that are important to borrowers.
Based on our research, LightStream’s competitive rates, flexible repayment terms and fast disbursement time make it the best overall personal lender in Ontario. Borrowers with good credit can check out SoFi, whereas borrowers with bad credit can look at offers from Upstart. Upgrade and Best Egg are ideal lenders for consolidating debt and renovating homes, respectively.
Best Overall Personal Loan Lender in Ontario: LightStream
Best Personal Loan Lender for Bad Credit in Ontario: Upstart
Best Personal Loan Lender for Good Credit in Ontario: SoFi
Best Personal Loan Lender for Debt Consolidation in Ontario: Upgrade
Best Personal Loan Lender for Home Improvement in Ontario: Best Egg
Where to Start: How to Choose the Best Personal Loan Lender in Ontario for You
Personal loans are taken out in Ontario for a variety of reasons, including funding large expenses, debt consolidation and home renovation. On average, borrowers in California have $16,790 in personal loan debt.
Current debt, income and credit scores are all factors that influence your ability to get a loan. Following these steps can help you apply for funding.
Ask Yourself the Important Questions
Before comparing personal loans in your city, you should have answers to the following preliminary questions.
- How much funding do I need? Determine the type of expense for which you are seeking a personal loan and estimate the amount required.
- What is my credit score? When reviewing loan applications, most lenders have a minimum credit score requirement. You should generally avoid applying to lenders with higher credit score requirements as it might damage your score.
- Can I afford the monthly payment? Calculating the monthly payments required can help you determine whether you can afford to repay the total amount borrowed.
- How much debt do I already have? Borrowing more on top of what you already owe may result in insurmountable debt.
Do Your Research
Weighing offers from different lenders based on how they differ in terms of loan amount and APR ranges, disbursement period and credit score requirements may help you pick the best offer for your situation. These specific categories were examined during MoneyGeek's research, and it is useful to look at the same categories when considering other lenders. Our recommendations are broad generalizations, so make sure to do your own research.
Wait
Be certain about a lender before sending out an application. Even then, once you think you know who you want to apply with, wait a day or two before accepting to be absolutely sure that you want to continue getting a personal loan. A personal loan can be a two- to four-year commitment on average, so you want to be confident in your decision.
Read the Fine Print
Borrowers frequently make the mistake of forgetting to read the fine print, and they are often surprised by unexpected charges, such as origination fees, late payment and prepayment penalties. Knowing the fees that come with your loan can help you choose a lender wisely. Finding a lender without these charges can also help you save money in the long run.
Apply
Lenders typically require financial documents, including identification, address verification and proof of income. Once you've decided on a lender, you'll need to provide these documents in order for your loan to be processed. Online-only lenders typically approve loans faster than lenders who require you to visit their offices and submit your documents. However, it can be beneficial to call or visit a lender in person if the option is available. This allows you to get all your questions answered.
What to Do if You Can’t Get a Personal Loan in Ontario
Some of the reasons why lenders consider borrowers risky are a lack of income in relation to the amount borrowed or a low credit score that does not meet their requirements.
When you are turned down for a personal loan, there are a few things you can do to either make your application acceptable or increase your chances of getting approved. Inquiring as to why you were denied in the first place will provide you with a better understanding of your chances. Either you can adjust the loan amount or the repayment period. Alternately, you can reapply with an improved credit score or a lower debt-to-income ratio.
Keep in mind that sending multiple applications to different lenders may temporarily harm your credit scores if you are rejected.
Borrowers in need of funding may also consider home equity, line of credit, credit cards and other financial products available in Ontario in addition to personal loans. MoneyGeek recommends borrowers avoid payday loans, which have high fees and unreasonable repayment terms.
Frequently Asked Questions About Personal Loans in Ontario
MoneyGeek answers the most frequently asked questions about personal loans to help borrowers in Ontario make better decisions.
LightStream is the best personal loan lender in Ontario because it offers low rates and flexible terms. Other lenders, such as SoFi, Upstart, Upgrade and Best Egg, could be worth considering if you have good or bad credit, want to consolidate loans or need to finance home improvements and renovations.
Upstart has the lowest minimum APR based on MoneyGeek’s analysis of different lenders in Ontario.
Taking out a personal loan to fund your vacation is generally allowed by most lenders. However, it is wise to ask your lender about any funding restrictions before applying.
Yes. This is an acceptable reason for applying for a personal loan, whether you intend to upgrade or need to facilitate a renovation. Best Egg provides the best home renovation personal loan in Ontario.
Loan restrictions vary by the lender. Talk to your lender before applying for a loan to ensure you don’t run into any fund usage restrictions.
How much you can borrow varies by the lender. Some will lend as much as $100,000, while others have a limit of $50,000.
It may take around one to three days to fund your loan. Sometimes it can take longer based on the lender you choose.
Yes. Borrowers can pay off their loan earlier than the agreed-upon date. However, some lenders may charge prepayment penalties.
Our Personal Loan Methodology
In our review of personal loans in Ontario, we evaluated more than 30 personal loan lenders in the city and compared them against each other. We compared lenders based on over 35 individual data points across six main categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency. We paid close attention to each lender’s APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.
For a more comprehensive review of lenders, we also factored in each lender’s unique selling points, including an easier customer experience, mobile apps and other offers. Our location-specific recommendations have the average borrower’s best interest in mind.
sources
- Best Egg. "Best Egg Personal Loans." Accessed November 9, 2022.
- LightStream. "LightStream Personal Loans." Accessed November 9, 2022.
- SoFi. "SoFi Personal Loans." Accessed November 9, 2022.
- Upgrade. "Upgrade Personal Loans." Accessed November 9, 2022.
- Upstart. "Upstart Personal Loans." Accessed November 9, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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