Best Personal Loans in Garden Grove, CA: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Garden Grove, CA

MoneyGeek analyzed the top personal loan lenders in Garden Grove using 35+ data points, including disbursement time, BBB ratings, fees, income, credit score and APR ranges. Note that these differ greatly based on the lender you choose.

From our findings, LightStream is the best overall lender in the city, although a different lender may offer better terms depending on your profile. For example, Upstart may be more suitable if you have bad credit. SoFi is the best if you have good credit. Upgrade is recommended for those who wish to consolidate their debt, and Best Egg is for those looking to make home improvements.

Best Overall Personal Loan Lender in Garden Grove: 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

    Established in 2013, LightStream is an online lender with an A+ rating from BBB. The lender ranked top in MoneyGeek’s review due to various highlights, including one of the highest maximum loan limits of $100,000.

    Additionally, borrowers do not pay any origination, late or prepayment fees, and the repayment period spans two to seven years. Automatic payments may attract a discount that can help you save on your premiums.

    After applying for a loan, you will get the funds within the same day. However, you need a good-to-excellent credit score to qualify and may need to consider other lenders if you need to refinance an existing loan, buy stocks and bonds or fund college studies.

    Pros

    • High loan amount of $100,000
    • No origination or prepayment penalty
    • Mobile app
    • Allows joint loans
    • Autopay discount

    Cons

    • No co-signers allowed
    • No direct payment to third parties
    • Conducts hard credit inquiry
    • Restricts loan purpose
    LightStream

Best Personal Loan Lender for Bad Credit in Garden Grove: 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

    Established in 2012, Upstart offers between $1,000 and $50,000 to borrowers who meet the minimum credit score requirement of 300, contributing to the lender’s exceptional reputation for individuals with bad credit.

    Upstart is an online lending platform with no restrictions on how individuals use their loans. Loans get processed quickly, and disbursement is within a day of application. Upstart uses soft credit checks to determine suitability for personal loans so your credit remains unaffected. You also pay no prepayment penalties but will pay origination and late fees.

    The lender has a relatively lower minimum APR depending on your creditworthiness. A good credit score can help you find better loan limits elsewhere.

    Pros

    • Fair minimum APR
    • Low credit score requirement
    • Soft credit inquiry
    • No prepayment penalty
    • Unrestricted funds usage

    Cons

    • Potentially high maximum APR
    • Origination and late fees
    • No co-signers allowed
    Upstart

Best Personal Loan Lender for Good Credit in Garden Grove: 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

    Social Finance debuted in 2011. The lender offers a wide range of financial products and is MoneyGeek's top company for personal loans in Garden Grove if you have a good credit score.

    SoFi charges no prepayment, origination or late fees. If you meet the 680 minimum credit score requirement, you can receive a maximum of $100,000 and a minimum of $5,000 from this lender. Furthermore, you can get up to a 0.25% autopay discount on your premiums.

    The bank conducts soft credit inquiries and offers unemployment protection to those who unexpectedly lose their source of income. However, no co-signing is allowed, and you will pay up to 8.24% as interest on your fixed-interest loan and up to 9.95% on variable-interest loans.

    You may also need to determine whether the lender can fund your needs since it restricts how borrowers can spend the loan.

    Pros

    • Offers unemployment protection
    • $100,000 maximum limit
    • No origination, late or prepayment fees
    • Allows co-borrowing
    • Soft credit check

    Cons

    • Minimum credit score of 680
    • High minimum interest rate
    • No co-signers allowed
    SoFi

Best Personal Loan Lender for Debt Consolidation in Garden Grove: 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

    Upgrade has been offering personal loans since 2017. The lender ranks highly for debt consolidation in Garden Grove since it pays third-party creditors directly. Upgrade customers receive between $1,000 and $50,000. Funds get disbursed immediately.

    You need a FICO score of 560 or more to qualify for a personal loan from this company. Upgrade has no prepayment penalty, and borrowers can submit joint applications.

    However, the lender features late fees and a high origination fee that may significantly increase your total loan repayment cost. To get approved for a loan, you must not state investment, gambling, postsecondary education or any illegal activity as the purpose of the loan.

    Pros

    • Pays third-party creditors directly
    • A soft credit check has no impact on your credit score
    • A fair credit score of 560 required
    • No prepayment penalty
    • Autopay discount

    Cons

    • Restricts funds usage
    • High maximum interest
    • Origination and late fees
    Upgrade

Best Personal Loan Lender for Home Improvement in Garden Grove: 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

    The Best Egg online lending platform is MoneyGeek’s pick for the best personal loans in Garden Grove for home improvement. Borrowers who meet the 700 minimum score receive several benefits, including an autopay discount, a $0 prepayment penalty and quick funds disbursement.

    Best Egg uses a soft credit check while reviewing your loan, ensuring that your credit score remains unchanged. If you allow automatic repayments, you will receive a discount on your premium and can save a few dollars on the total cost of your loan.

    Eligible Best Egg borrowers in Garden Grove receive a minimum of $2,000 and up to $50,000, with three to five years of repayment. Residents who prefer an extended repayment term may need to consider other lending institutions.

    Pros

    • Soft credit checks
    • Autopay discount
    • Pays debt consolidation loans directly to third parties
    • No prepayment fee

    Cons

    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Garden Grove for You

Garden Grove residents may get a personal loan to finance large purchases, such as buying a car, consolidating debt, covering medical costs and meeting moving expenses. Before selecting a personal loan lender, ensure your monthly income, credit score and debt-to-income (DTI) ratio meets lender requirements. The average personal loan debt in Garden Grove is $16,790.

MoneyGeek suggests using the following steps to secure the best personal loan in the city.

1
Ask Yourself the Important Questions

Assessing your financial goals against personal loan terms can help you establish whether this type of loan is ideal for your needs. Repaying your loan may be an uphill task if you do not determine beforehand that you can realistically make the monthly installments. To get started on this journey, please ask yourself the following questions:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2
Do Your Research

Besides standard terms and conditions that may apply to all personal loans in the city, lenders may quote different fees and rates for your profile. Although MoneyGeek’s study makes the selection process easier by outlining the top lenders and their features, comparing multiple lenders and reviewing other alternatives not included in this study can help you find the best loan for your situation. Repaying a personal loan involves monthly payments for two to four years or more. That said, you need to be sure that the option you select is the best on the market.

3
Wait

While comparing offers from different companies, wisely evaluate all features. Waiting a few days before choosing a final lender and personal loan product will allow you time to review all features, including interest rates and fees, before moving forward. A personal loan is a huge commitment, and you want to be sure of your decision before completing the application process.

4
Read the Fine Print

Details of your loan, such as interest rates and application fees, determine the total repayment cost. Some lenders may have hidden fees, and without paying close attention to detail, you may discover these after signing the loan agreement. After settling on a lender, take the time to research the associated costs, including penalties, origination fees and late fees.

5
Apply

After completing your research and reading through your fine print, you can submit your application. At this point, you should put together the details and documents as requested by the lender. These include personal identification documents, proof of residence and income. Some lenders may allow you to complete the entire process online, although you may also decide to submit your details in person.

What to Do if You Can’t Get a Personal Loan in Garden Grove

Even if the lender rejects your application, you can submit again elsewhere or with the same lender, depending on the rejection reason. We suggest you reach out to the lender to determine why and find out what changes you can make to your application details to get approval. For instance, you may shorten the repayment term or add a co-signer to meet the lender's terms.

However, if the lender rejects your application due to issues related to your credit score or monthly income, avoid submitting another application until you rectify the cause of the rejection.

If necessary, approach other lenders with more favorable personal loan requirements in Garden Grove. At this stage, some borrowers often opt for short-term loans, like payday loans, which feature very high-interest rates. While these loans may offer a short term solution, you may be liable for high repayment amounts, especially if you fail to make timely payments.

Frequently Asked Questions About Personal Loans in Garden Grove

Your credit score, monthly income and financial goals determine the best personal loan in Garden Grove for your needs. MoneyGeek answered the following questions about personal loans in the city.

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

Our Personal Loan Methodology

To determine scores for this study, MoneyGeek reviewed 35+ data points for more than 30 personal loan providers. The data points were categorized using six primary scales - accessibility, flexibility, lender transparency, customer service, flexibility and customer friendliness.

Each scale comprised an array of data points that carry the most weight while selecting the best lender in Garden Grove. Some of these include the loan range, minimum income and credit score, APR range, disbursement duration and application fees.

To ensure the consumer remains at the center of our research process, we also considered factors that contribute to exceptional customer experience and support, including the application process, payment options and availability of mobile apps.

We utilized the outcome of this review to select our top lenders in Garden Grove and provide recommendations and tips to help you choose the best offers for your financial goals.

sources
Shield Insurance

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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