Top Lenders & Best Picks for You

Best Personal Loans in Oakland, CA

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Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Oakland, CA

MoneyGeek evaluated several personal loan lenders in Oakland based on more than 30 data points, including loan affordability and accessibility, APR ranges and terms, disbursement time, origination and late fees, minimum credit score and income requirements, customer service quality and Better Business Bureau (BBB) ratings.

Based on our evaluation, we found that Truist is the best lender for personal loans in Oakland. SoFi is the best lender in the city if you have good credit, while Upstart is the best if you have bad credit. Upgrade and Best Egg also offer the best personal loans for debt consolidation and home improvement, respectively. Although these are our top choices, the best lender for you will ultimately depend on your specific needs.

Best Personal Loan Lender Overall in Oakland: Truist

  • Truist

    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist was formed in 2019 from the merger of BB&T (Branch Banking and Trust Company) with SunTrust Bank. The lender is headquartered in Charlotte, North Carolina, but offers personal loan policies to borrowers in 15 states.

    Truist received an outstanding A+ BBB rating, indicating that the company provides exceptional customer service. Truist doesn't require a minimum credit score from borrowers to avail of their personal loan service. The lender’s personal loan products range from $3,500 to $50,000 with APRs ranging from 8.14% to 18.99%. Loan applications are processed quickly — next-day funding is typical with this lender. Non-English speakers can also take advantage of the lender's multilingual customer support.

    However, to be eligible for a Truist personal loan, you’ll need a high minimum credit score of 660. The lender also has restrictions on the usage of funds, so you won’t be able to use your Truist personal loan to fund college or post-secondary education expenses, business, investments or repayment of existing loans.


    • No origination fees
    • No prepayment fees
    • Relatively low APR
    • Auto-pay discount
    • No minimum credit score requirement


    • Not available in all states
    • Hard credit inquiry
    • Restrictions on the usage of funds
    • Co-signers not allowed

Best Personal Loan Lender for Bad Credit in Oakland: 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 in 2012 and has since received an A+ rating from the BBB. The lender offers the best loans to borrowers with low credit scores, but its loan products can potentially feature high APRs.

    Upstart offers personal loans from $1,000 to $50,000 with APRs ranging between 3.22% and 35.99%, depending on your creditworthiness. Once approved, funding is available the next day, making it a good option for borrowers that need a loan quickly. The lender also has no restrictions on the usage of funds.

    Although Upstart is an appealing option for those with poor credit, its policies can feature high APRs, so borrowers should carefully review their terms before applying for a loan. The lender also has late and origination fees, which can increase the cost of your personal loan.


    • Low minimum credit score requirement
    • No restrictions on the usage of funds
    • Debt-to-income limit of 45% or less
    • No prepayment penalty
    • Soft credit inquiry for eligibility check


    • Potentially high APR
    • Hard credit check during application phase
    • Origination fee
    • Late fee
    • Minimum gross income requirement

Best Personal Loan Lender for Good Credit in Oakland: 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, also known as Social Finance, provides its borrowers with a variety of loans and other financial products. The lender has an A+ rating from the BBB and offers high loan amounts up to $100,000 to eligible borrowers.

    Personal loans are available to borrowers with a minimum credit score of 680 and minimum income of $50,000. The company’s low APRs and few fees make it an attractive option for those that qualify. If you lose your job, you may be able to put your payments on hold or lower your monthly loan payments through SoFi's unemployment protection program.

    While evaluating your eligibility, the bank will perform a soft credit check that won’t affect your credit score. However, when you apply for the loan, the lender will complete a hard inquiry on your credit, which may negatively impact your credit score.


    • High loan limits
    • Relatively low APR
    • No origination or prepayment fee
    • Auto-pay discounts
    • Soft credit check during prequalification


    • High minimum credit score requirement
    • High minimum gross income requirement
    • Debt-to-income (DTI) limit of 43%
    • Hard credit inquiry during the application phase
    • Funding may take up to two days

Best Personal Loan Lender for Debt Consolidation in Oakland: 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

    Founded in 2016, Upgrade is a relatively new lending institution. However, since its inception, the lender has received an A+ BBB rating for its outstanding customer satisfaction record.

    Upgrade offers personal loans from $1,000 to $50,000 with APRs between 5.94% and 35.47%, depending on your credit history. If approved, you can expect to receive funding on the same day. The lender pays third-party creditors directly, making it an ideal choice for those seeking a personal loan for debt consolidation.

    It should be noted, however, that interest rates can exceed 35% for those with poor credit. If you have a low credit score or poor credit history, you should consider applying for a loan with a different lender. Also, personal loans originated by this lender are subject to origination and late fees, potentially increasing the cost of your loan.


    • No prepayment fee
    • Auto pay discount
    • Same-day funding
    • Soft credit inquiry
    • Direct payment to creditors


    • Potentially high APR
    • Origination fee
    • Late payment fee
    • Not available in all states
    • Restrictions on the usage of funds

Best Personal Loan Lender for Home Improvement in Oakland: 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

    Since it was founded in 2014, Best Egg has financed over one million personal loans via Cross River Bank and Blue Ridge Bank. Unlike the majority of lenders, Best Egg provides unsecured loans for home improvements, which is why MoneyGeek ranked it as the best personal loan lender for home improvements in Oakland.

    Those that are eligible can receive personal loans from $2,000 to $50,000 with APRs between 4.99% and 35.99%. After your application is approved, funds are disbursed relatively quickly in one to three days. However, the lender’s strict minimum credit score and gross income requirement of 700 and $50,000, respectively, make it difficult for some borrowers to qualify. Best Egg also charges an origination and late payment fee, which can increase the cost of your personal loan.


    • Soft credit check to verify eligibility
    • Funds typically available within one to three days
    • No prepayment penalty
    • No restrictions on the usage of funds
    • Mobile app available to manage your account


    • High minimum credit score requirement
    • High minimum gross income requirement
    • Potentially high APR
    • Hard credit inquiry during application processing
    • Origination fee
    Best Egg

How to Choose the Best Personal Loan Lender in Oakland for You

According to MoneyGeek’s research, the average personal loan debt in California is $16,796. However, your loan limit and eligibility will depend on your chosen lender, credit score, income and DTI ratio.

To find the best personal loans in Oakland for you, MoneyGeek recommends taking the following steps:

Ask Yourself the Important Questions

Before selecting a lender and completing an application for a personal loan, you should assess your current financial situation and capacity to repay the loan. At a bare minimum, you should ask yourself the following questions:

  1. How much funds do I require?
  2. What is the current status of my credit?
  3. What's my budget for the loan payment each month?
  4. Do I have any outstanding debts?
Do Your Research

Before you apply for a loan, you should compare lenders’ rates, fees and terms to see which one best fits your needs. A personal loan is a long-term financial commitment, but choosing the best lender for your needs will ultimately save you time and money. MoneyGeek's recommendations are a good place to start, there’s no substitute for your own research.


It's common to get perplexed while comparing the many features, options, rates and fees offered by various lenders. It may be best to delay applying for a few days, so that you can think about if a loan is the best option for you.

Read the Fine Print

Before taking out a loan, make sure to read the fine print in your agreement for extra costs like late fees, origination fees and penalties. If you have any questions, you should reach out to your chosen lender.


The last step is to send in your application. The lender will ask you to provide personal information like identification details, home address and source of income before they would consider their loan application. Even if applying online is convenient, you may consider applying in-person if you have any questions.

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

Your loan application may be rejected for a number of reasons, including an insufficient credit score or income. If this happens, you shouldn’t panic — these are factors that can be improved over time.

If your loan application is denied, you should contact the lender to find out why it wasn’t approved. That way, you can modify your application before you reapply with the lender or apply with a different lender.

We strongly advise against taking out a payday loan. These loans feature high interest rates and short repayment periods, which could further hurt your credit score.

Frequently Asked Questions About Personal Loans in Oakland

The best lender for you will depend on a number of factors, such as the purpose of the loan, the funds you need and your financial profile. To help you make the best financial decision, we’ve answered some of the most frequently asked questions about personal loans in Oakland.

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

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 were 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.