Best Personal Loans in Long Beach, CA

Lightstream is the online lending platform of Truist, which was formed after the merger of BB&T and SunTrust in 2019. The lender offers same-day funding and reasonable interest rates and doesn’t charge any origination or prepayment fees, making it the best option for personal loans in Long Beach.

The lender permits using loan funds for various purposes like home improvement, debt consolidation, recreation, wedding, medical costs, etc. Once Lightstream approves your loan, you might receive the funds on the same day. It also offers a discount for setting up automatic payments.

However, Lightstream only accepts individuals with a good credit history. If you don’t have a good credit score, it’s best to look elsewhere for a loan. It also doesn’t provide online prequalification, which makes the application process a bit more of a hassle.

Pros

• Same-day funding available
• No prepayment or origination fees
• Auto-pay discount
• Low interest rates
• Maximum loan amount of $100,000

While Upstart was founded in 2012, it started offering personal loans in 2014. The company uses AI tools to evaluate whether the borrower can repay the loan. MoneyGeek’s research shows it’s the best option for a loan for borrowers with bad credit, as Upstart also considers your education history, employment details and other important factors when applying for a loan.

Before applying for a loan with this company, you can check if you qualify for it by filling out an online form — doing so won’t negatively affect your credit score. Once Upstart approves your loan, receiving the funds in your account typically takes one business day. You can use the loan funds for home improvement, debt consolidation, medical expenses, weddings and relocation.

Upstart’s personal loans aren’t a good option for borrowers with a good credit score, as such borrowers can often find better rates and more favorable terms elsewhere.

Pros

• No prepayment fees
• Conducts soft credit check first
• Next-day funding available
• Flexible loan amounts
• Accepts people with bad credit

Established in 2011, SoFi is an online lending platform that is a solid option for personal loan borrowers with good to excellent credit and an annual income of at least $50,000.

SoFi offers personal loans of up to $100,000 and generous payment terms of up to 60 months. The company performs a soft credit check, which is not visible to lenders and doesn’t impact your credit scores. Borrowers also don’t need to worry about paying origination fees, prepayment fees or late fees. The 0.25% discount for automatic repayment also translates into substantial savings over the course of your loan.

A unique advantage of getting a SoFi personal loan is that borrowers can get unemployment protection that lets them pause their loan payments while they’re still actively looking for a job.

Pros

• No prepayment or origination fees
• Loans funded within two days
• Unemployment protection
• Performs soft credit check first

Upgrade is one of MoneyGeek’s top picks for low-income borrowers looking for a personal loan. This lender does not have minimum income requirements, and they accept applicants with a FICO score of at least 560. They offer loans of up to $50,000, and their repayment terms are flexible at 60 months maximum.

Upgrade doesn’t charge penalties for individuals who choose to pay off their loans early. They also provide a discount if you sign up for autopay.

However, since Upgrade caters to borrowers with low and fair credit, their interest rates are relatively high. Their loans also carry an origination fee and late payment penalty. While they only conduct a soft inquiry during pre-qualification, they don’t allow co-signers. Nonetheless, this lender accepts joint applications, giving borrowers with poor credit a better chance of loan approval.

Pros

• Performs soft credit inquiry first
• No prepayment fees
• Direct payment to third-party creditors for debt consolidation
• Low minimum loan amounts
• Same-day funding available

Best Egg was launched in 2014 and the company has funded over $6 billion in personal loans since then. MoneyGeek’s research shows that it’s the best option if you want a loan to finance home repairs, renovations or other home-related projects.

A Best Egg personal loan can be used to cover the costs of window replacement, kitchen remodeling, extensive home renovations and more. Since the company offers fast loan processing and might be able to disburse the funds as soon as the next business day, it’s the ideal lender for funding immediate home improvement tasks.

If you don’t have a high credit score, Best Egg will charge you a high APR, which can go up to a maximum of 35.99%. This makes it a bad option for those with poor credit scores.

Pros

• Permits usage of loan funds for various purposes
• Conducts soft credit inquiry first
• No prepayment penalty
• Next-day funding available
• Flexible loan amounts