Best Personal Loans in California

MoneyGeek collected data for quite a few different lenders providing service in California. LightStream was listed as the top choice due to having no fees, such as origination and late fees, and no prepayment penalty. The company does not have employment or gross income requirements. If you apply for a loan and get approved on a banking business day, you may get the money on the same day. Additionally, LightStream received an A+ BBB rating.

LightStream is SunTrust Bank’s online consumer lending division launched in 2013. It offers personal loans nationwide. It is best for borrowers in need of a large loan quickly. You can only apply online or through the company's mobile app.

However, individuals with a credit score below 660 do not qualify for a loan. If you have new or no credit, you cannot get a LightStream loan.

Pros

• No origination fee
• No prepayment penalty
• No late fee
• No employment or minimum gross income requirement
• Loans are funded immediately

• APR Range: 4.49%–20.49%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 660
• Repayment terms: 24–84 months
• Time to receive funds: Same day

Having bad credit can be a hindrance in getting personal loans from some lenders. Fortunately, there are companies that make personal loans in California available to those with poor credit.

Based on MoneyGeek’s analysis, the best option in the state is Upstart. Its minimum credit score requirement is only 300. You can also get funds the next day.

Additionally, the company uses a soft inquiry first to not affect your credit report. It will only conduct a hard inquiry once the borrower accepts the rate and proceeds with the application. Upstart also uses an AI model to approve applicants. That said, if you are looking for higher loan amounts, Upstart may not be the right choice. It is also not an option for individuals with a debt-to-income ratio higher than 45%.

Upstart was founded in 2012. Since then, it has served borrowers in 48 states, including California.

Pros No prepayment penalty Low credit score limit Get funds the next day Does soft inquiry first Offers joint loans

• APR Range: 3.22%–35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36–60 months
• Time to receive funds: Next day

SoFi is MoneyGeek’s choice for the best lender for people with good credit. It has a minimum credit score requirement of 680. The company has no prepayment penalty, origination or late fees, helping you save money. Additionally, SoFi has a 0.3% auto payment discount. If you need a large loan, you can borrow up to $100,000 from SoFi. If you need the money immediately, you may also find the two-day funding of SoFi to be an advantage.

Borrowers can also get unemployment protection. That means SoFi can temporarily modify payments if you lose your job.

That said, the lender may not be best for borrowers with poor to fair credit scores. The company also has employment requirements and a minimum gross income requirement of $50,000.

SoFi was established in 2011. It serves 49 states, including California.

Pros

• No origination fees
• No prepayment penalty
• No late fees
• 0.3% auto payment discount

• APR Range: 5.74%–20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12–60 months
• Time to receive funds: Two days

Some people get personal loans to consolidate their debts. MoneyGeek evaluated various factors to determine the best personal loans in California for debt consolidation. Upgrade was chosen as the top option in the state.

Upgrade requires a minimum credit score of 560, which means even those with fair credit may have access to the company’s personal loans. You can get the funds in one to four days. There is no minimum gross income requirement. Unlike other lenders, Upgrade allows loan applications in person and online. It also has a mobile app.

That said, the company has restrictions on the usage of funds. An Upgrade personal loan is not suitable for individuals looking for a way to fund their post-secondary education. Similarly, if you plan on using the borrowed money for investment purposes, Upgrade personal loans may not be right for you.

Upgrade was founded in 2017 and is available in all states.

Pros

• 1% auto payment discount
• No prepayment penalty
• No minimum gross income requirement
• Fair minimum credit score
• Funding in as little as one day

• APR Range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36–60 months
• Time to receive funds: Same day

If you are getting personal loans in California to finance your home improvement, Best Egg may be the right lender for you. Based on MoneyGeek’s evaluation, Best Egg ranked first in this category.

In most cases, the company funds loans in one to three days. You can get a 0.5% auto payment discount. Depending on your loan, you may get an interest rate as low as 4.99%.

However, Best Egg is not the best choice for every borrower. If you have a credit score lower than 700, you do not qualify for a loan. You will also need at least $50,000 in gross income. If you are looking for a high loan amount, this lender may not be right for you as it only offers up to $50,000.

Best Egg started in 2014. It offers loans in 47 states, including California.

Pros

• No prepayment penalty
• 0.5% auto payment discount
• Funds loan in one to three days
• No debt-to-income limits

• APR Range: 4.99%–35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36–60 months
• Time to receive funds: Next day