Top Lenders & Best Picks for You

Best Personal Loans in Los Angeles, CA

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Lender in Los Angeles, CA: Lightstream

MoneyGeek used a comprehensive scoring system to identify the best personal loans in Los Angeles. We used more than 30 data points to score the best lenders for various profiles and needs. MoneyGeek analyzed lenders based on interest rates, repayment terms, fees, penalties and loan limits. We also analyzed and compared minimum income and credit score requirements set by different lenders as well as BBB ratings.

The best lender for you may vary depending on factors such as your credit history, employment status and more.

Best Overall Personal Loan Lender in Los Angeles: 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

    MoneyGeek found that LightStream is the best lender overall for personal loans in Los Angeles. Founded in 2012, LightStream stands out for having low fees and offering same-day funding to qualified borrowers.

    LightStream does not charge borrowers any origination, early payment or late fees. This lender is ideal if you need funds quickly since they disburse funds on the same day once you are approved. However, you will need a credit score of at least 660 to qualify for a LightStream personal loan. This lender does not have a specified minimum gross income requirement.

    LightStream has a convenient online application process for personal loans and a mobile app that borrowers can use to manage their accounts. However, there is no pre-approval process, and this lender requires years of credit history. If you have no or new credit, LightStream may not be the best option for you.

    Pros

    • A+ BBB rating
    • No prepayment, origination or late fees
    • 0.5% autopay discount
    • Same-day funding
    • No minimum gross income requirement

    Cons

    • Conducts hard credit checks
    • Restrictions on fund usage
    • Doesn’t allow co-signers
    • APR range: 4.49% to 20.49%
    • Minimum/maximum loan amount: $5,000-$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24-84 months
    • Time to receive funds: Same-day
    LightStream

Best Personal Loan Lender for Bad Credit in Los Angeles: 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

    If you have a poor credit score, Upstart is the best lender for personal loans in Los Angeles. Upstart was founded in 2012 and is available in 48 states, including California.

    The lender has a minimum credit score of just 300, making it a good option for those with a below-average score. It also offers borrowers flexible payment options, and you can adjust your payment dates to fit your needs. You also do not need a lengthy credit history to qualify for an Upstart personal loan since this lender uses artificial intelligence (AI) to qualify borrowers using factors such as employment status.

    You can find out if you prequalify and see your rates before applying on Upstart’s website. Upstart conducts soft credit checks, so your credit score will not be affected. However, you may incur origination fees of up to 8% depending on your creditworthiness.

    Pros

    • A+ BBB rating
    • Low minimum credit score requirement
    • No fees for early payment
    • Accepts bankruptcies and credit report delinquencies
    • Soft credit inquiry

    Cons

    • $15 late fee
    • Origination fees of up to 8%
    • No co-signers allowed
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Personal Loan Lender for Good Credit in Los Angeles: 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 is the best option for personal loans in Los Angeles if you have good credit. It was founded in 2011.

    This lender offers flexible loan limits of up to 100,000. SoFi is ideal if you are looking for a lender with low rates since they do not charge any origination, early payment or late fees. The company also offers discounts for setting up autopay.

    SoFi has an online application and a prequalification option where you can check rates and limits before applying. However, you need a good to excellent credit score of 680 or higher to qualify for a SoFi personal loan. You also need a minimum gross income of at least $50,000.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • 0.25% autopay discount
    • Soft credit inquiry
    • Has a mobile app

    Cons

    • Requires employment and a minimum gross income of $50,000
    • Doesn’t allow co-signers
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    SoFi

Best Lender for Debt Consolidation in Los Angeles: 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 has been in operation since 2017 and is available in all 50 states. It is the best lender in Los Angeles if you want a personal loan to consolidate your debts. Upgrade offers you the option to have your funds paid directly to creditors.

    You need a minimum credit score of 560 to qualify for an Upgrade loan, but there is no minimum gross income requirement. This lender offers quick funding and you can get your loan the same day. Upgrade also has flexible loan limits of $1,000 to $50,000. However, you will pay origination fees and, compared to other lenders, Upgrade is relatively high in terms of APR rates.

    You can see if you prequalify for an Upgrade personal loan without impacting your credit score since they conduct soft credit checks. There are also some restrictions on the usage of funds.

    Pros

    • A+ BBB rating
    • Soft credit inquiry
    • No minimum gross income requirement
    • 1% autopay discount
    • No early payment fees

    Cons

    • Charges origination fees
    • $10 late fee
    • Restrictions on fund usage
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Best Lender for Home Improvement in Los Angeles: 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

    MoneyGeek found that Best Egg is the best lender if you are looking for the best personal loans in Los Angeles for home improvement. Best Egg was founded in 2014 and offers flexible loan amounts as well as repayment periods.

    Best Egg personal loans can be used for a variety of purposes, including home improvement. This lender offers both secured and unsecured loan options. However, since this lender has a minimum credit score of 700, you may not be approved if you have poor credit. You also need a minimum gross income of at least $50,000 to qualify for an unsecured personal loan from Best Egg.

    Best Egg has a convenient online application process and a mobile app that you can use to manage your account.

    Pros

    • A+ BBB rating
    • No penalties for early payment
    • 0.5% autopay discount
    • Soft credit inquiry
    • Quick disbursement

    Cons

    • Charges origination fees
    • $15 late fee
    • Does not offer joint loans
    • APR range: 4.99% to 35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Best Egg

How to Choose the Best Personal Loan Lender in Los Angeles For You

The average personal loan debt in California is $16,790, but this amount can vary depending on your profile and the lender. When shopping for the best personal loans in Los Angeles, it is important to understand how your credit score, gross income and debt-to-income ratio may affect interest rates, loan limits and your chances of approval.

If you plan on applying for a personal loan, the following steps can help.

1
Ask Yourself the Important Questions

Take the time to evaluate your financial profile and what you need a loan for before you fill out an application. This can help you determine the most important factors to analyze as you start researching potential lenders. It can be beneficial to ask yourself the following important questions:

  • How much funding do you need?
  • What is your credit score?
  • Can you afford the monthly payment?
  • How much debt do you already have?
2
Do Your Research

Fees, interest rates, minimum credit score requirements and income needs can vary greatly depending on the lender. Doing your own research will help you find the best rates and terms for your specific needs. Researching rates and applicable fees will also help you plan ahead and understand the potential costs associated with the personal loan that you are applying for. Personal loans are long-term commitments, so it is important to make sure that you have all the information you need to make the best decision before applying.

You can use MoneyGeek’s recommendations as a guide to find the best lenders. However, since your profile may differ, doing your own research will help you find the best personal loans in Los Angeles for your needs and profile.

3
Wait

After doing your research, it is important to take some time to think through your options and consider the long-term implications of getting a personal loan. Waiting a day or two will give you time to weigh the pros and cons of taking out the loan, consider other alternatives for funding and prepare for the financial obligations of your loan.

If you find that taking out a personal loan might not be good for your overall finances, it could be best to look for an alternative or put off getting the loan.

4
Read the Fine Print

Depending on the lender, you may find that charges like early payment fees, late payment and origination fees can drive up the cost of your loan. Therefore, it is important to read the fine print and understand all the applicable fees and rates. This information will also be useful when you want to compare lenders and find the most affordable options. Some lenders might be high on fees, which will ultimately increase your debt burden even more. By having a thorough understanding of your loan’s fine print, you can save money.

5
Apply

When you have made a decision about the best lender for your needs, you can submit your loan application. Most lenders have an online application process that allows you to apply from anywhere. However, you can also call or visit the lender if these options are available in case you need more information about their personal loans. Lenders will typically require your personal information such as your address, financial history and proof of income when you apply.

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

Your personal loan application might be declined due to factors such as your credit score, financial history or debt to income ratio. However, these factors can be improved over time. In some cases, you might be able to modify your application to meet the lender’s requirements.

Always find out the exact reason why your loan application was declined. This will help you figure out what you need to work on. You may find that you didn’t meet the credit score or income requirements of that lender but may satisfy the minimum requirements of a different lender.

Avoid applying for another loan until you have determined why you were declined. Also, avoid seeking payday loans since they tend to have high-interest rates and short repayment periods.

Frequently Asked Questions About Personal Loans in Los Angeles

The best personal loans in Los Angeles will depend on your particular profile and needs. The answers to commonly asked questions below will give you more information on the best options.

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

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: 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 interest 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.

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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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