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

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

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

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

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

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