Best Personal Loans in Ontario, CA: Top Lenders & Best Picks for You

Updated: December 28, 2023

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

To help shoppers in Ontario, California, find the best personal loans, MoneyGeek evaluated more than 30 data points, putting the most weight on categories that are important to borrowers.

Based on our research, LightStream’s competitive rates, flexible repayment terms and fast disbursement time make it the best overall personal lender in Ontario. Borrowers with good credit can check out SoFi, whereas borrowers with bad credit can look at offers from Upstart. Upgrade and Best Egg are ideal lenders for consolidating debt and renovating homes, respectively.

Best Overall Personal Loan Lender in Ontario: 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

    LightStream personal loans are the overall best in Ontario as they come with flexible loan amounts and affordable interest rates. You can borrow as low as $5,000 or as high as $100,000 and repay this between a term of 24 and 84 months. LightStream has a Rate Beat Program, offering a rate that is lower than a competitor’s offer. The borrower simply needs to present proof of loan approval prior to loan funding.

    LightStream is worth considering since it is one of the lenders with no origination fees or other unnecessary fees that typically come with a personal loan. Funds are accessible within the same day of approval. The mobile app lets you monitor your account, check outstanding balances and make payments.


    • A+ BBB rating
    • Autopay discount
    • Quick fund disbursement
    • No prepayment, origination or late fees
    • Allows joint loans


    • Hard credit pull
    • Restrictions on fund usage
    • No co-signers
    • Won’t accept people with new or no credit
    • High minimum loan amount

Best Personal Loan Lender for Bad Credit in Ontario: 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

    Most personal loans for bad credit do not have a minimum credit score requirement. However, they are usually associated with high interest rates, which is why it is best to compare options when looking for a lender.

    Personal loans from Upstart range from $1,000 to $50,000 and can be repaid in 36 to 60 months. When approving applications, this lender utilizes artificial intelligence, giving bad credit borrowers in Ontario a chance to qualify. Unlike traditional FICO-based models, Upstart will verify your eligibility based on your credit score as well as other factors, including your employment and education.

    Upstart performs a soft credit pull during the initial loan application, making it ideal for bad credit borrowers who want to check rates but don't want to risk damaging their credit scores.


    • No prepayment fees
    • Soft credit inquiry
    • Low minimum credit score required
    • Low minimum loan amount
    • A+ BBB rating


    • Only two repayment term options
    • No co-signers
    • Origination fees
    • Late payment charges
    • Low maximum loan amount

Best Personal Loan Lender for Good Credit in Ontario: 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, a fintech startup, provides personal loans ranging from $5,000 to $100,000. Borrowers with good credit (a minimum of 680) are eligible for the best rates. SoFi loans have no origination, late or prepayment penalties.

    Borrowers who require immediate funding should look into lenders who provide instant approval. SoFi's personal loan calculator calculates an estimated rate in 60 seconds and performs only a soft credit pull during the initial application.

    SoFi also provides employment protection, which adjusts or defers payments if you lose your job.


    • Soft credit pull
    • Unemployment protection
    • Autopay discount
    • A+ BBB rating
    • No prepayment, late or origination fees


    • High minimum loan amount
    • No co-signers
    • Income requirements
    • Somewhat high credit score requirement
    • Won’t accept borrowers with new or no credit

Best Personal Loan Lender for Debt Consolidation in Ontario: 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 personal loans are available in amounts ranging from $1,000 to $50,000, depending on your credit score. Keep in mind that interest rates can be low for good credit borrowers and high for bad credit borrowers.

    Upgrade is a financial technology company based in San Francisco that provides a variety of financial solutions for various funding requirements. It is the best personal loan in Ontario for debt consolidation. You can consolidate multiple payments into a single manageable debt, helping borrowers struggling with debt pay it off much faster.


    • A+ BBB rating
    • No prepayment penalties
    • Autopay discount
    • Flexible repayment terms


    • High maximum APR
    • No co-signers
    • Potentially high origination fees
    • Late fees
    • Won’t accept people with new or no credit

Best Personal Loan Lender for Home Improvement in Ontario: 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

    Renovating or upgrading your home requires a significant financial investment. In Ontario, you can obtain a personal loan for this purpose. To qualify for Best Egg loans, you must have a credit score of at least 700. The higher your score is, the more likely it is that you will get the best interest rates.

    Best Egg is regarded as the best personal loan in Ontario for home improvement because it offers fixed interest rates and manageable monthly payments. You can borrow up to $50,000 to transform your home by installing a new garage, new flooring or performing necessary renovations and repairs.


    • A+ BBB rating
    • Soft credit pull
    • Autopay discount
    • No prepayment penalties


    • High minimum credit score requirement
    • Potentially high maximum APR
    • No co-signers
    • Charges late fees
    • Has origination fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Ontario for You

Personal loans are taken out in Ontario for a variety of reasons, including funding large expenses, debt consolidation and home renovation. On average, borrowers in California have $16,790 in personal loan debt.

Current debt, income and credit scores are all factors that influence your ability to get a loan. Following these steps can help you apply for funding.

Ask Yourself the Important Questions

Before comparing personal loans in your city, you should have answers to the following preliminary questions.

  • How much funding do I need? Determine the type of expense for which you are seeking a personal loan and estimate the amount required.
  • What is my credit score? When reviewing loan applications, most lenders have a minimum credit score requirement. You should generally avoid applying to lenders with higher credit score requirements as it might damage your score.
  • Can I afford the monthly payment? Calculating the monthly payments required can help you determine whether you can afford to repay the total amount borrowed.
  • How much debt do I already have? Borrowing more on top of what you already owe may result in insurmountable debt.
Do Your Research

Weighing offers from different lenders based on how they differ in terms of loan amount and APR ranges, disbursement period and credit score requirements may help you pick the best offer for your situation. These specific categories were examined during MoneyGeek's research, and it is useful to look at the same categories when considering other lenders. Our recommendations are broad generalizations, so make sure to do your own research.


Be certain about a lender before sending out an application. Even then, once you think you know who you want to apply with, wait a day or two before accepting to be absolutely sure that you want to continue getting a personal loan. A personal loan can be a two- to four-year commitment on average, so you want to be confident in your decision.

Read the Fine Print

Borrowers frequently make the mistake of forgetting to read the fine print, and they are often surprised by unexpected charges, such as origination fees, late payment and prepayment penalties. Knowing the fees that come with your loan can help you choose a lender wisely. Finding a lender without these charges can also help you save money in the long run.


Lenders typically require financial documents, including identification, address verification and proof of income. Once you've decided on a lender, you'll need to provide these documents in order for your loan to be processed. Online-only lenders typically approve loans faster than lenders who require you to visit their offices and submit your documents. However, it can be beneficial to call or visit a lender in person if the option is available. This allows you to get all your questions answered.

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

Some of the reasons why lenders consider borrowers risky are a lack of income in relation to the amount borrowed or a low credit score that does not meet their requirements.

When you are turned down for a personal loan, there are a few things you can do to either make your application acceptable or increase your chances of getting approved. Inquiring as to why you were denied in the first place will provide you with a better understanding of your chances. Either you can adjust the loan amount or the repayment period. Alternately, you can reapply with an improved credit score or a lower debt-to-income ratio.

Keep in mind that sending multiple applications to different lenders may temporarily harm your credit scores if you are rejected.

Borrowers in need of funding may also consider home equity, line of credit, credit cards and other financial products available in Ontario in addition to personal loans. MoneyGeek recommends borrowers avoid payday loans, which have high fees and unreasonable repayment terms.

Frequently Asked Questions About Personal Loans in Ontario

MoneyGeek answers the most frequently asked questions about personal loans to help borrowers in Ontario make better decisions.

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

Our Personal Loan Methodology

In our review of personal loans in Ontario, we evaluated more than 30 personal loan lenders in the city and compared them against each other. We compared lenders based on over 35 individual data points across six main categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency. We paid close attention to each lender’s APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

For a more comprehensive review of lenders, we also factored in each lender’s unique selling points, including an easier customer experience, mobile apps and other offers. Our location-specific recommendations have the average borrower’s best interest in mind.

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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.