Best Personal Loans in Oakland, CA

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.

Pros

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

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.

Pros

• 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

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.

Pros

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

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.

Pros

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

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.

Pros

• 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