Best Personal Loans in Lancaster, 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 Lancaster, CA

MoneyGeek reviewed lenders offering personal loans in Lancaster based on several factors, including APR ranges, minimum credit score requirements, income requirements and repayment periods. We also checked their customer service ratings, disbursement times and affordability.

Overall, we found that LightStream is the best personal loan lender in Lancaster. Californians with good credit can find the best deals with SoFi. Those with poor credit scores may find suitable offers with Upstart. Upgrade and Best Egg are the most fitting for those looking to consolidate debts and fund home improvements, respectively.

Best Overall Personal Loan Lender in Lancaster: 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

    Residents of The Golden State who are looking for the best personal loans in Lancaster often prefer LightStream. This lender was formed due to a merger of SunTrust and BB&T in 2019. It offers personal loans that can be used for many reasons like unexpected emergencies, travel, debt consolidation, home repairs and more.

    Personal loans from LightStream range from $5,000 to $100,000 and can be repaid within two to seven years (24 to 84 months). Individuals are required to have a minimum credit score of 660 to apply. Once approved, funds can be released within the same day or the next business day.

    LightStream doesn’t charge late, origination or prepayment fees. Lancaster residents who want to pay their loans early can do so without additional costs.

    However, this lender has a potentially high APR. Borrowers may also encounter some restrictions on how the funds can be used. LightStream prohibits using the loan proceeds for business expenses, secondary tuition and fees, gambling and illegal activities.

    Pros

    • Autopay discount
    • No late, origination or prepayment fees
    • Provides a mobile app
    • Repayment term up to 84 months
    • Quick funding

    Cons

    • No co-signers allowed
    • Hard credit inquiries
    • High minimum loan amount
    • Fund usage restrictions
    • High minimum credit score
    LightStream

Best Personal Loan Lender for Bad Credit in Lancaster: 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

    Upstart was founded by former Google employees in 2012 and uses artificial intelligence (AI) to evaluate a borrower’s eligibility for a personal loan. It started offering personal loans in 2014 and accepts applications from Lancaster residents with poor credit scores or incomplete credit histories.

    Individuals can apply with Upstart for a minimum loan of $1,000. This lender doesn’t have many restrictions on fund usage, as it can be used for medical fees, debt consolidation, home repairs and more. While Upstart isn’t strict with credit scores, it extensively checks a borrower’s employment status and gross income.

    Funds are disbursed within one to two business days, which is convenient for those who need quick funding. On the other hand, Upstart has late and origination fees, and personal loans come with a potentially high APR. If you have a low income, you may need to find other lenders instead.

    Pros

    • Low minimum APR
    • Low minimum loan amount
    • No prepayment fee
    • Accepts borrowers with poor or no credit

    Cons

    • Charges late and origination fees
    • High maximum APR
    • No co-signers allowed
    • Limited repayment terms
    Upstart

Best Personal Loan Lender for Good Credit in Lancaster: 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

    SoFi was founded in 2011 and started operating as a student loan refinancing company. In 2015, it started offering personal loans. This lender also offers mortgages, auto refinancing, credit cards and more.

    MoneyGeek determined that SoFi is the best lender for Lancaster residents with good credit. Personal loan applications require a minimum credit score of 680. It conducts soft credit checks and offers autopay discounts, which may be enticing for savvy borrowers.

    SoFi offers a maximum loan amount of $100,000. Also, it doesn’t charge origination or prepayment fees. Borrowers can pay their loans off early without any worry.

    Moreover, SoFi has an unemployment protection program for its customers if they involuntarily lose their jobs. SoFi pauses the monthly payments until the borrower finds work.

    Pros

    • Autopay discount
    • Has unemployment protection program
    • Low maximum APR
    • No origination or prepayment fees

    Cons

    • High minimum loan amount
    • High minimum APR
    • High minimum credit score
    • No co-signers
    • Debt-to-income limit of 43%
    SoFi

Best Personal Loan Lender for Debt Consolidation in Lancaster: 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 is currently headquartered in San Francisco, California, and was founded in 2017. MoneyGeek found that this lender is the best for debt consolidation loans in Lancaster. It has made over $19 billion of credit accessible to its customers within the past five years.

    Lancaster residents who want to consolidate debt fare best with Upgrade since it directly pays third-party creditors. It conducts soft credit checks when inquiring about rates online, so it won’t affect credit scores. Quick funding is available with this lender.

    Personal loans with Upgrade don’t have prepayment penalty fees but come with late and origination fees. Borrowers with mediocre credit may consider another lender since it has a potentially high APR. That said, for well-qualified borrowers, Upgrade’s minimum APR is attractive.

    Pros

    • 1% autopay discount
    • Soft credit checks
    • Joint loans available
    • No prepayment penalty fees

    Cons

    • Charges late and origination fees
    • No co-signers
    • Moderate credit score requirement
    • High maximum APR
    • Loans capped at $50,000
    Upgrade

Best Personal Loan Lender for Home Improvement in Lancaster: 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

    Californians in Lancaster planning to renovate or repair their homes can apply for personal loans with Best Egg. MoneyGeek determined that this lender is the best personal loan lender for home improvement in The Golden State.

    Personal loans with Best Egg range from $2,000 to $50,000. Loans can be repaid within 36 to 60 months. Funds can be disbursed within one business day.

    Best Egg requires a minimum credit score of 700 and a minimum annual income of $50,000. It conducts soft credit checks that won’t affect credit scores. Note that this lender doesn’t accept loan applications from borrowers with new or incomplete credit.

    Pros

    • Autopay discount
    • Soft credit checks
    • No prepayment fee
    • Quick funding

    Cons

    • High APR
    • Late and origination fees
    • Minimum credit score requirement of 700
    • Maximum loan of $50,000
    • Limited repayment terms
    Best Egg

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

Californians have an average personal loan debt of $16,790. Finding the best personal loan lender in Lancaster will require time and effort. Primarily, borrowers need to check their credit scores and existing debts and analyze the best option for their requirements.

MoneyGeek shares these tips to help you find the best personal lender in Lancaster.

1
Ask Yourself the Important Questions

Ask yourself if you are ready to take out a loan. Use these questions to determine whether or not it will be the best move for you.

  • 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

When you know your needs and preferences, it’s time to search for different lenders in your area. Check their rates, pros and cons, unique features and special benefits like discounts which will help you save in the long run.

MoneyGeek found helpful information that will guide you to make the right decision. It’s best to also do your own research and consider your options according to your lifestyle and needs.

3
Wait

Once you list your preferences, needs and shortlisted lenders, it’s time to take a break. Use this period to consider if you are ready to apply for a loan.

Remember that a personal loan is a significant commitment that you will need to make monthly payments on. Repayment periods generally take at least two to five years. It may also be good to consult your friends or family to see if they have preferred lenders that you can check out.

4
Read the Fine Print

Loan applications have terms and conditions you need to know about. It’s best to read the fine print before signing anything or even filling out the application form. Read the loan offer thoroughly to identify hidden fees and save money in the long run.

5
Apply

Once you completely understand everything, it’s time to start your loan application. Lenders will ask you to submit proof of identification, proof of income, credit records and history, etc. Some lenders have online applications, but others may require you to submit them personally.

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

Lenders decline loan applications for various reasons. One of those could be that you failed to meet their minimum requirements or lack substantial documents. If your preferred lender rejects your application, the best thing to do is contact them to clarify why your application was denied.

Applying to another lender may also be an option. However, MoneyGeek advises that you evaluate your previous application and amend the issues that led to your rejection before applying with another lender.

On the other hand, payday loans may seem enticing, especially if you need immediate funding. Unfortunately, this type of loan typically has extremely high interest rates with short repayment periods. Payday loans often worsen a borrower’s financial issues rather than helping them.

Frequently Asked Questions About Personal Loans in Lancaster

Personal loans in Lancaster depend on your financial capabilities, needs and preferences. Examining the answers to the most frequently asked questions regarding personal loans in this city can guide you in making the right decision.

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

Our Personal Loan Methodology

MoneyGeek reviewed more than 30 personal loan lenders using 35+ individual data points belonging to six crucial categories — accessibility, consumer friendliness, customer service, flexibility, lender transparency and loan affordability.

Different individual data points were considered that borrowers should know before choosing a personal loan lender. These include APR ranges, application fees, available loan amounts, disbursement periods, minimum credit scores and income requirements.

MoneyGeek puts every customer’s best interest first. We considered each lender’s customer service, business ratings and special features and benefits to improve your experience. Some of those are prequalification, payment options, online applications and mobile apps.

These personal loan recommendations and expert tips aim to help you make the right choice that fits your lifestyle and preferences.

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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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