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

Updated: October 3, 2024

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WHAT WE’RE GEEKING OUT ON

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

To pick the best personal loan companies in Hayward, MoneyGeek researched companies using more than 30 data points. Our team analyzed a provider’s offering based on APR ranges, loan availability, credit requirements, funding times, fees and other similar factors to qualify the best companies in the city.

Based on our analysis, LightStream stands out as offering the best personal loans in Hayward. However, the highest-scoring company changed according to the borrower’s needs and credit information. We found SoFi to be the best for good-credit borrowers, and Best Egg is our pick for home renovations.

Best Overall Personal Loan Lender in Hayward: 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

    LightStream is MoneyGeek’s pick as the overall best personal loan lender in Hayward. It offers quick, flexible and convenient personal loans, ranging from $5,000 to $100,000.

    Beyond LightStream’s lengthy repayment period of 84 months, you can also take advantage of this lender’s low interest rates. Additionally, you won’t have to deal with fees if you borrow from this lender.

    You can get a discount if you set up autopay. Moreover, if you’ve been pre-approved by another lender, LightStream will offer to beat its competitor’s interest rate by .10%.

    You’ll need good-to-excellent credit to get a LightStream loan. The company accepts co-applicants but lacks a pre-approval process. Nonetheless, it claims to fund loans within the day of application.

    LightStream was created in 2012 as the digital lending arm of SunTrust (now Truist).

    Pros

    • No prepayment, late and origination fees
    • High maximum loan amount
    • A+ BBB rating
    • Provides autopay discount

    Cons

    • Needs good-to-excellent credit
    • Limits on fund usage
    • High minimum loan amount
    • No co-signers
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Hayward: 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

    You may have difficulties finding a loan provider if you have a low credit score. Still, MoneyGeek’s research shows that Upstart offers the best personal loans in Hayward if you have bad credit.

    Since Upstart uses artificial intelligence and factors beyond FICO score, you can get a loan from this company even though you have a low credit rating. In addition, Upstart only requires a soft credit check, so you can view your rates from this lender without hurting your credit.

    Upstart’s personal loans range from $1,000 to $50,000, and they are payable from 36 to 60 months. Although its maximum amount is limited compared to others, its minimum amount allows you to borrow small amounts of money.

    You won’t have to deal with prepayment fees with an Upstart loan. However, you may have to deal with high interest payments, especially if you have a bad credit score. Moreover, although Upstart funds loans within one day, its loans carry an origination fee.

    Upstart is a fintech company that was founded in 2012. It claims to have originated over $30.5 billion in loans and automated 75% of its applications.

    Pros

    • Accepts borrowers with bad credit
    • A+ BBB rating
    • Lacks prepayment fees
    • Conducts soft credit checks

    Cons

    • Origination fees
    • Late fees
    • Low maximum loan amount
    • No co-signers
    • Won’t accept people with new or no credit
    Upstart

Best Personal Loan Lender for Good Credit in Hayward: 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

    On average, you’ll have greater access to loan providers if you have good credit. Nonetheless, our study shows that SoFi offers Hayward’s best personal loans for good-credit borrowers.

    With SoFi, you can borrow anywhere from $5,000 to $100,000. This works best if you need a substantial sum of money while maintaining low monthly payments.

    SoFi doesn’t charge origination, prepayment and late payment fees. You can further reduce your loan expenses by setting up autopay. Moreover, this lender offers protection in case you become unemployed, which is not typically provided by personal loan lenders.

    SoFi can prequalify loans through a soft credit pull and disburse funding immediately. However, you’ll need good-to-excellent credit to qualify for this company.

    SoFi, which stands for Social Finance, has been operating since 2011 and has funded more than $50 billion in loans to over four million members nationwide.

    Pros

    • No origination, prepayment and late payment fees
    • Offers unemployment protection
    • Has autopay discount
    • A+ BBB rating

    Cons

    • High credit requirement
    • Minimum loan amount of $5,000
    • No co-signers
    • Income requirements
    • Won’t accept people with new or no credit
    SoFi

Best Personal Loan Lender for Debt Consolidation in Hayward: 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

    When it comes to debt consolidation, MoneyGeek’s research shows that you can get the best personal loans from Upgrade.

    You can get a personal loan from this company for up to $50,000. Its minimum loan amount is $1,000, making it ideal if you only need a small amount of money and want to have low monthly payments.

    Upgrade can prequalify your application through a soft credit check and fund your loan on the same day. However, Upgrade loans come with origination fees and potentially high interest rates.

    Upgrade is a fintech company that was founded in 2017. From its headquarters in San Francisco, California, the company has originated over $19 billion in credit to millions of families across the country.

    Pros

    • Lengthy repayment term
    • Autopay discount
    • Doesn’t charge prepayment fees
    • Low minimum loan amount

    Cons

    • No co-signers
    • Has origination fees
    • Charges late payment fees
    • Won’t accept people with new or no credit
    • Fund usage restrictions
    Upgrade

Best Personal Loan Lender for Home Improvement in Hayward: 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

    Best Egg is MoneyGeek’s pick as Hayward’s best personal loan provider if you’re completing a home improvement project.

    Best Egg lets you borrow anywhere from $2,000 to $50,000 and repay that in three to five years. It’s a solid offer if your home renovation project is billed within that range. However, you will have to deal with an origination fee if you choose this lender.

    Nonetheless, since Best Egg considers multiple factors to evaluate applications, you can get a loan from it even though you have a bad credit score. This lender also funds loans the next day and doesn’t charge prepayment fees.

    Since its inception in 2014, Best Egg has originated over 1 million loans (amounting to over $21 billion) nationwide through Cross River Bank and Blue Ridge Bank.

    Pros

    • Autopay discount
    • No prepayment fees
    • Low minimum loan amount
    • Performs soft credit checks

    Cons

    • With origination fees
    • Limited maximum loan amount
    • Late fees
    • No co-signers
    • Income requirements
    Best Egg

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

Personal loans are an attractive financial solution for people who have to pay large purchases, emergency bills or debt consolidation. In fact, California’s average personal loan debt is $16,790.

It’s recommended that you consider several factors before getting a personal loan. This can include loan terms, credit scores and more. MoneyGeek listed important steps that you can take to make sure you’ll get the best personal loan offer for your needs.

1
Ask Yourself the Important Questions

We recommend that you start by understanding your overall financial situation. Before anything, ask yourself these important questions:

  • How much funding do I need? Calculate the exact amount you’ll need so you know how much to borrow. This avoids unnecessary interest payments, lowering the cost of your loan.
  • What is my credit score? It’s a good idea to verify your credit score before you start your application. This allows you to filter companies that won’t accept you based on your credit.
  • Can I afford the monthly payment? Check your monthly cash flow and determine if you can afford your potential loan installments.
  • How much debt do I already have? List your existing debts. If you have a high debt-to-income (DTI) ratio, you may have a hard time getting loan approval.
2
Do Your Research

If you get a personal loan, you’ll have to repay the amount you borrowed with high interest for several years. In fact, the average personal loan interest rate in California is 10.21%.

It’s crucial that you do your research so that you can know everything you can about your options and make a well-informed decision.

When reviewing personal loan providers in Hayward, we recommend that you research their fees, interest rates, discounts, disbursement times, loan amounts and repayment terms. We also suggest that you study the lender’s loan evaluation process so you know if you’ll need to undergo a hard credit check just to view your rates.

MoneyGeek listed Hayward’s best personal loan companies. However, our suggestions are based on generalizations and may not fit your specific needs and profile. Do your own research and find the best provider for you.

3
Wait

After doing your research, we suggest that you wait for a day or two before you finalize your application. Doing this gives you a fresh perspective on the situation, allowing you to identify the pros and cons you may have missed during your initial research.

Remember, getting a personal loan means being tied to a long-term financial contract. It’s crucial that you’re confident about your preferred lender and are not making a decision based on a whim.

It’s also a good idea to take some time and reconsider why you’re getting a loan in the first place. If your loan is intended to pay for leisurely purchases or occasions, consider putting it off and saving for them instead. Meanwhile, if your goal is to consolidate your debt, know that you can transfer your balance to a 0% APR credit card.

Unless you’re in an emergency, there’s no need to rush. Wait and think before you commit to a lender’s offer.

4
Read the Fine Print

If you already have a list of your preferred lenders, we suggest that you go over their fine print before you make a decision.

Although most personal loan providers in Hayward don’t have prepayment fees, some lenders still charge these. It’s one of the fees that you should look for. Additionally, origination fees are present from some lenders, so it’s a good idea to know what’s the amount you’ll have to pay so that you can anticipate potential loan deductions.

Doing this small step can save you from costly fees and a terrible customer experience. Don’t forget to do it to ensure you’re well aware of the terms and conditions of your loan.

5
Apply

After researching, considering and double-checking your options, you have likely chosen your preferred loan company. If you’re confident with your choice, you can proceed with your loan application.

We recommend that you collect the documents that lenders usually require. This may include your identification cards, proof of address, payslips and other financial documents.

Getting a personal loan in Hayward is somewhat easy. You can go through the entire application process online for most lenders, so you can get a personal loan right from the comfort of your home.

Nonetheless, you can also call or go to a lender’s branch if you prefer in-person transactions. What’s important is you choose a method you’re comfortable with so you can ask all the questions you have.

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

Even if you've followed the lender's process and met all the requirements, you can still receive a loan rejection letter. It may be disheartening if this happens to you, but don't be discouraged. You still have a few options to take to move your loan application journey forward.

We recommend that you communicate with the lender and inquire about the reason why your application was denied. You need to do this so that you'll know if there are issues with your application. Also, ask if modifying the loan's amount or repayment term might cause them to reconsider their decision.

Ultimately, you'll have to improve your credit score or whatever factor caused you to get denied so that you'll have a better chance of getting approved the next time you apply. You may have to pay off your existing liabilities or find a higher-paying job.

Although it's possible for you to immediately send a new application to a different lender after you receive a rejection from the first lender, this is not advisable. If the first lender's issues remain unresolved, there's a chance that they'll show up again and cause another rejection from a different lender.

We strongly advise that you avoid payday loans. These products carry high interest rates and short repayment terms. They often only lead to deeper debt.

Frequently Asked Questions About Personal Loans in Hayward

If you’re looking for the best personal loan providers in Hayward, you should know that the top company varies based on your preferences and financial background. MoneyGeek answered some commonly asked questions about personal loans in Hayward to help you learn more.

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

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories, such as 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 prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interests 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.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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