Best Personal Loans in Lancaster, CA

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Updated: October 14, 2024

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Schools First Federal Credit Union has the best personal loans in Lancaster, California, with a MoneyGeek score of 98 out of 100. It provides quality service, competitive interest rates and a quick application and approval process. Laurel Road, scoring 94 out of 100, is the top online personal loan provider due to its strong customer service, broad repayment terms and transparent loan terms and process.

MoneyGeek prioritized local lenders and rated them based on interest rates, loan terms, application process and funding speed to create city-specific recommendations. For national lenders, we also reviewed the best personal loans in California.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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We completed our overall analysis in October 2024. Here, we considered banks and credit unions with brick-and-mortar locations in Lancaster, California, and online-only lenders licensed in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Lancaster, CA

Company logo for Schools First Federal Credit Union
Schools First Federal Credit Union
MoneyGeek Score:
98/ of 100

APR Range9.99% to 18.00%
Loan Amount Range$100 to $50,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Schools First Federal Credit Union is the best personal loan provider in Lancaster, California, with a MoneyGeek score of 98 out of 100. Federally insured by the National Credit Union Administration (NCUA), it has served members since 1934. This lender has no origination or prepayment fees, saving you money over the loan term. It also allows you to skip up to three payments during the loan's life, offering flexibility during financial strains.

However, its website lacks a prequalification option, making it difficult to gauge rates without a hard credit check. It doesn't provide all repayment terms upfront, which may lead to surprises.

Best Online Personal Loan in Lancaster, CA

Company logo for Laurel Road
Laurel Road
MoneyGeek Score:
94/ of 100

APR Range8.99% to 24.25%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive Funds7 Business Days
Overview

Laurel Road is the best online personal loan provider in Lancaster, California, with a MoneyGeek score of 94 out of 100. It offers loans from $5,000 to $45,000 with repayment terms of 36 to 60 months. Borrowers can get a 0.25% discount for autopay and pay no origination fees.

However, its high minimum loan amount may not work for those needing smaller loans. Borrowers should also watch out for the 5% or $28 late fee, which can add up if they miss payments. There's also a $20 non-sufficient funds fee for unsuccessful payments.

Calculate Your Monthly Payment in Lancaster, CA

Lancaster, California's median annual household income was $79,113 in 2022, according to the United States Census Bureau. Whether your income is higher or lower, ensure you can afford the monthly loan payments. Use our personal loan calculator to estimate your monthly payments and the total cost by entering the loan amount, interest rate and terms.

For example, a $10,000 loan with a 10% interest rate and a three-year term would cost you $323 monthly. That adds up to $3,876 annually — about 5% of the median annual household income in Lancaster, CA.

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Estimate the monthly payment for your loan.

Updated: Oct 14, 2024

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Other Options for Personal Loans in Lancaster, CA

Company logo for Wescom Credit Union
Wescom Credit Union
MoneyGeek Score:
94/ of 100

MoneyGeek Score94
APR RangeFrom 10.74%
Loan Amount Range$500 to $100,000
Repayment TermsUp to 72 months
Time to Receive FundsUndisclosed
Overview

Wescom Credit Union is a solid choice for personal loans in Lancaster, California, with a MoneyGeek score of 94 out of 100. Founded in 1934 by telephone company employees, it's federally insured by the NCUA. Borrowers enjoy no origination or prepayment fees, reducing upfront costs and ongoing financial strain. The lender offers a rate reduction of up to 0.50% after six consecutive on-time payments.

However, a 5% late fee can accumulate if payments are missed. The lack of a prequalification process means borrowers cannot check their eligibility without affecting their credit score.

Company logo for Neighborhood Credit Union
Neighborhood Credit Union
MoneyGeek Score:
89/ of 100

MoneyGeek Score89
APR Range10.99% to 17.99%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Neighborhood Credit Union is a good choice for personal loans in Lancaster, California, with a MoneyGeek score of 89 out of 100. Federally insured by the NCUA, it has served members since 1930. Borrowers can apply jointly and use a mobile app that simplifies the application process.

However, there's no option to prequalify online, which may require more effort upfront. More detailed loan information on its website could improve transparency.

National Lenders With Physical Locations in Lancaster, CA

In Lancaster, CA, borrowers who prioritize face-to-face interactions can consider the best personal loans from established national lenders such as OneMain Financial, U.S. Bank and Wells Fargo. These lenders have local branches, allowing borrowers to discuss loan options with a loan officer.

OneMain FinancialAPR Range18.00% to 35.99%Loan Amount Range$1,500 to $20,000Repayment Terms24 to 60 months
U.S. BankAPR Range8.74% to 24.99%Loan Amount Range$1,000 to $50,000Repayment Terms12 to 84 months
Wells FargoAPR Range7.49% to 24.99%Loan Amount Range$3,000 to $100,000Repayment Terms12 to 84 months

What to Do if You Can't Get a Personal Loan in Lancaster, CA

Your personal loan application in Lancaster, California, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, take steps to address the issue.

1
Find out the reason for the denial

Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the reasons for the denial, improve those weak areas and correct any mistakes to avoid future rejections.

2
Modify your loan terms

Try asking your lender if you can adjust the loan amount or repayment terms to get approved.

3
Look for another lender

Lenders have different eligibility criteria for personal loan approval. To find the best fit for your needs, shop around and consider factors like minimum credit score requirements, interest rates, loan terms, additional fees and customer service.

4
Explore credit counseling services

Lenders often look at your debt-to-income ratio when evaluating your loan application. Consider a credit counseling agency to manage your credit card debt better and develop your budget. You can get credit counseling services from the Department of Financial Protection and Innovation's published list of nonprofit credit counseling agencies. Another option is the Department of Justice's list of approved credit counseling agencies.

FAQ About Personal Loans in Lancaster, CA

We addressed common questions about top personal loans in Lancaster, California, offering insight to help you make informed decisions.

Who is the best overall personal loan lender in Lancaster, CA?
What are personal loans used for in Lancaster, CA?
What are the interest rates on personal loans in Lancaster, CA?
What are the benefits and drawbacks of personal loans?
What are some personal loan red flags to look out for?
How to apply for a personal loan online?
Can I get a personal loan with bad credit in Lancaster, CA?
What are the best low-interest personal loans in Lancaster, CA?
What is an installment loan? Is there a difference between personal loans and installment loans in Lancaster, CA?
Is there a difference between credit union loans and bank loans in Lancaster, CA?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.