Top Lenders & Best Picks for You

Best Personal Loans in Bakersfield, CA

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Lender in Bakersfield, CA: LightStream

MoneyGeek researched various personal loan lenders in Bakersfield using over 30 data points to choose the top companies in the city for popular reasons to obtain a personal loan. You can use our findings to help you find the best lender for your needs.

We studied a lender’s offerings, breaking down loan terms, interest rates and fees. Our team evaluated their application process, noting which companies have relaxed credit score and income requirements. We also considered a company’s customer service reputation to ensure you get the best experience when securing a personal loan.

Best Overall Personal Loan Lender in Bakersfield: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek’s pick for the best personal loan in Bakersfield is LightStream. Founded in 2012 as SunTrust’s online lending division, it is a leading company for low interest and fixed-rate loans for all kinds of purposes.

    LightStream is a no-fee lender, which means it doesn't charge an origination fee, a penalty for early payoff or a late payment fee. It allows personal loan applicants to borrow as much as $100,000, payable for up to 84 months. In addition, it has relatively lower interest rates — the maximum being 20.49%.

    Although LightStream requires a minimum FICO score of 660, people with lower credit scores can apply for a joint loan to improve their chances of approval. The company doesn’t prequalify through soft credit inquiries and doesn’t allow co-signers, but it funds loans within a day.

    Pros

    • Offers loans up to $100,000
    • Allows joint loans
    • No origination fee
    • No prepayment penalty
    • No late fees

    Cons

    • Not available to people with new or no credit
    • Conducts hard credit inquiry
    • Doesn’t allow co-signers
    • Restrictions on loan usage
    • Minimum loan amount of $5,000
    • APR range: 4.49% to 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
    LightStream

Best Personal Loan Lender for Bad Credit in Bakersfield: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek’s research shows Upstart offers the best personal loan in Bakersfield for people with poor credit. The company was established in 2012 by former Google employees and was a pioneer in using artificial intelligence to evaluate an applicant’s creditworthiness.

    Upstart provides personal loans in Bakersfield up to $50,000, payable for up to 60 months. A major difference between Upstart and other lenders is that it allows an applicant with a credit score as low as 300 to apply for a loan.

    Upstart doesn’t charge a prepayment penalty but does charge a late payment fee of $15. To prequalify applicants, it conducts a soft credit check that doesn't affect their credit score. Upstart does allow joint loans, which is useful in improving the approval chances of borrowers with bad credit. But, it doesn't allow co-signers.

    With Upstart’s flexibility for risky personal loan borrowers with bad credit comes higher interest rates. Personal loans in Bakersfield may have an interest rate as high as 35.99%. Plus, some borrowers may pay an origination fee.

    Pros

    • Joint loans available
    • No prepayment penalty
    • Low income requirement
    • Conducts soft inquiry to verify credit score

    Cons

    • May charge origination fee up to 8%
    • Potentially high interest rate
    • Debt-to-income ratio limit of 45%
    • No mobile app
    • Doesn’t allow co-signers
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Bakersfield: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    MoneyGeek’s choice as the top personal loan lender in Bakersfield for people with good credit is SoFi. This fintech company was founded in 2012 and offers diverse products and services, such as personal loans, mortgages and cryptocurrencies.

    SoFi offers personal loans up to a $100,000 loan amount, payable for up to 60 months. It’s also a no-fee lender, so there is no origination fee or penalty for late payments or an early payoff. It also has lower interest rates compared to other personal loan lenders in Bakersfield and gives a discount for enrolling in automatic payments.

    Although SoFi has attractive personal loans, it’s not for everyone. There is a minimum credit score of 680 and a gross income of $50,000 requirement to qualify. While this company allows joint applications, they don’t allow co-signers. It also may take a couple of days to receive funds.

    Pros

    • No origination fee
    • Conducts soft credit inquiry
    • Up to $100,000 loan amount
    • Up to 60 months repayment term
    • Allows joint application

    Cons

    • Requires at least $50,000 gross income
    • High credit score requirement
    • No transparent disclosure of rates on its website
    • Must get a loan of $5,000 or more
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Bakersfield: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek’s analysis shows Upgrade has the best personal loan in Bakersfield for debt consolidation. Founded in 2017, Upgrade focuses on unsecured loans while also offering secured loans, auto loans, credit cards, and more.

    Upgrade directly pays debts if a personal loan’s purpose is debt consolidation. It also has a flexible repayment term of up to 60 months and a 1% discount for borrowers who enroll in automatic payments.

    Upgrade’s maximum loan amount is $50,000, which may be too low for people who want to consolidate debt with a personal loan. But, borrowers only need a credit score of 560 to apply for a debt consolidation personal loan in Bakersfield with Upgrade. It also conducts pre-qualification through a soft credit inquiry that doesn't affect credit scores, which is great because you can see the interest rate for the loan before committing to a hard credit inquiry that could lower your score.

    Pros

    • Offers direct payment to creditors
    • Gives a 1% discount for automatic payments
    • Up to 60 months of loan repayment
    • Allows joint loans
    • Conducts soft credit inquiry

    Cons

    • Maximum debt consolidation loan amount is $50,000
    • Charges origination fee
    • Charges late payment fee
    • Doesn’t allow co-signers
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Best Lender for Home Improvement in Bakersfield: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek found Best Egg is the best personal loan lender in Bakersfield for home improvement or renovations. Established in 2014, Best Egg is an online lending platform with loans underwritten by Cross River Bank and Blue Ridge Bank.

    Best Egg’s personal loans for home improvement in Bakersfield have a maximum loan amount of $50,000 that’s payable for up to 60 months. It doesn't charge a prepayment penalty and offers an automatic payment discount. You may pay a high interest rate with Best Egg, though, but it only conducts a soft credit inquiry during the pre-qualification process, so you know the rate before proceeding with the loan and there’s no effect on your credit score.

    However, people with a low income or poor credit may find it difficult to get an approval from Best Egg for a home improvement personal loan. The company requires a minimum credit score of 700 and an income of $50,000. It also doesn't allow co-signers or joint loans. Plus, it charges up to a 6% origination fee.

    Pros

    • Doesn’t charge a prepayment penalty
    • 0.5% discount for automatic payments
    • Conducts soft credit inquiry
    • Rates are easily accessible on its website
    • No debt-to-income ratio limit

    Cons

    • Requires a minimum credit score of 700
    • Gross income requirement of $50,000
    • Charges up to a 6% origination fee
    • Charges a late payment fee
    • Doesn’t allow co-signers or joint loans
    • APR range: 4.99% to 35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Best Egg

How to Choose the Best Personal Loan Lender in Bakersfield For You

The average personal loan debt in California is $16,790. Many people find personal loans handy when they have planned or unplanned expenses, home renovation projects, and for many other reasons. A personal loan for debt consolidation, such as to pay off high interest credit cards, is also popular. The average personal loan interest rate in California is 10.21%, far lower than many credit card APRs.

Most loan providers have an online application process that makes it easier for borrowers to get a loan. However, it’s a good idea to consider a number of variables before completing your application. MoneyGeek broke down five important steps you should take before getting a personal loan in Bakersfield.

1
Ask Yourself the Important Questions

To ensure getting a personal loan is the best choice, ask yourself some important questions.

  • How much money do you need? You pay interest on a personal loan, so it makes sense to carefully assess how much money you need for your specific purpose. It’s also a good idea to think if saving is a better option, especially if you want to use your personal loan for a vacation or to buy, for example, new furniture.
  • What’s your credit score? People with poor credit scores have a more difficult time getting a lender’s approval. And if you do, you could pay a high interest rate. Study a company’s credit score requirement before applying for a loan or consider whether improving your credit score to get a better rate later on is a smarter decision.
  • Can you afford the monthly payment? Determine if you can pay your loan monthly, given your current budget. It is important to avoid late payments, which can affect your credit score.
  • Do you have existing debts? To assess your creditworthiness, lenders take a look at your existing debt. A high debt-to-income ratio may make it difficult to get loan approval.
2
Do Your Research

Always do some research before applying for a personal loan in Bakersfield. Read the loan details of the lenders you’re considering and study their interest rates, payment terms, credit requirements, and more. You should also check for any restrictions that they may have for the loan’s use.

MoneyGeek gathered all the information you need to choose a personal loan in Bakersfield. Still, our findings are based on an average consumer, and you may have unique needs and preferences. Performing your own research can lead you to the best lender for your profile.

3
Wait

Taking out a personal loan in Bakersfield is a big financial commitment, and you need to be sure it’s the best choice for your needs. It then makes sense to wait for a day or two before making your choice. That is enough time to assess the situation with a fresher mind and a more objective outlook.

4
Read the Fine Print

If you decide that having a personal loan is the best way to settle your financial need, make a shortlist of your preferred loan providers and revisit their policies. This time, look beyond their marketing materials and read the fine print.

Find details about the lender’s prepayment fee, origination fee or other fees that they may charge you in addition to the principal and interest on the personal loan. Check if you can qualify for a discount by scheduling automatic payments. Studying such details can lead to savings, as it gives you a way to avoid unnecessary fees that could come with your loan from a specific lender.

5
Apply for the Loan

Once you assess your options, study the details and choose a preferred lender, you can apply for a personal loan. You should prepare documents that are usually asked for by lenders, such as your identification and proof of income.

Online personal loan applications are common. That is convenient, as you can do the entire process in the comfort of your home. However, you can also call or visit a provider’s office if you want to learn more about their processes and policies.

What To Do if You Can’t Get a Personal Loan in Bakersfield

It’s not the end of the world if your personal loan is declined. Lenders can reject loans for various reasons, including poor credit score, high debt-to-income ratio, insufficient income, unstable employment, incomplete paperwork, and more. But you may be able to change their decision or prepare yourself for a future application approval.

Start by contacting the lender and asking why you did not receive the personal loan. You can ask if changing your loan’s amount or repayment term changes their mind. You could also ask the lender if a co-signer is possible or apply for a joint loan if you have a partner.

If all that fails or is not an option, we don’t recommend immediately applying for a personal loan from another company in Bakersfield — it’s better to address the reason for the denial first, such as improving your credit profile by lowering your debt-to-income ratio.

No matter how desperate you are, avoid payday loans. They only bury you in debt with their high interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in Bakersfield

Your personal needs and financial profile determine the best personal loan lender in Bakersfield. MoneyGeek answered the frequently asked questions to help you know more about personal loans in Bakersfield.

What is the best personal loan lender in Bakersfield?
Which lender in Bakersfield has the lowest interest rate?
Can I use a personal loan for vacations in Bakersfield?
Can I use a personal loan for home improvement in Bakersfield?
What can I not use my personal loan for in Bakersfield?
How much can I borrow in Bakersfield?
How long does it take to get a personal loan in Bakersfield?
Can I pay off my loan early in Bakersfield?

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like pre-qualification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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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 our editorial policies and expert editorial team.

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