Best Personal Loans in Palmdale, CA

Northrop Grumman Federal Credit Union is the best personal loan lender in Palmdale, California. Its MoneyGeek score of 96 out of 100 is due to its quality service, competitive interest rates and quick application and approval process. Meanwhile, Laurel Road is the best lender for online personal loans, receiving a MoneyGeek score of 94 out of 100, thanks to its strong customer service, broad repayment terms and clear and transparent loan processes.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we also have our top picks for the best personal loans in California.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in October 2024. Here, we considered banks and credit unions with brick-and-mortar locations in Palmdale, California. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Palmdale, CA

Company logo for Northrop Grumman Federal Credit Union
Northrop Grumman Federal Credit Union
MoneyGeek Score:
96/ of 100

APR RangeFrom 9.99%
Loan Amount RangeUp to $40,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Northrop Grumman Federal Credit Union is the best personal loan lender in Palmdale, California, with a MoneyGeek score of 96 out of 100. NGFCU, federally insured by the National Credit Union Administration (NCUA), has been serving members since 1946. It provides personal loans with attractive features like no prepayment penalty, enabling you to repay early without extra charges. Additionally, there is no origination fee, reducing upfront costs. However, the borrowing limit is capped at $40,000, which might not be sufficient for those needing larger funds. Another point to consider is the lack of prequalification, which means you cannot check your potential rates and terms without a hard inquiry affecting your credit score.

Best Online Personal Loan in Palmdale, CA

Company logo for Laurel Road
Laurel Road
MoneyGeek Score:
94/ of 100

APR Range8.99% to 24.25%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive Funds7 Business Days
Overview

Laurel Road impresses with a MoneyGeek score of 94 out of 100, making it the best online lender for personal loans in Palmdale, California. Its personal loan offerings range from $5,000 to $45,000, with repayment terms of 36 to 60 months. It provides an autopay discount of 0.25% and does not charge origination fees, lowering the upfront and overall cost of the loan. However, it requires a high minimum loan amount, which might not be ideal for those needing smaller sums. A late fee of 5% or $28 is also imposed for missed payments.

Calculate Your Monthly Payment in Palmdale, CA

According to the United States Census Bureau, the median annual household income in Palmdale, California, in 2022 was $90,330. Whether your income falls above or below this figure, you should ensure you can handle the monthly loan payments comfortably. Use our personal loan calculator to input the loan amount, rate and terms to estimate your monthly payments and total loan cost.

For example, if you have a $10,000 personal loan with a 10% interest rate and a three-year repayment term, your monthly payment will be $323 and $3,876 per year. This amount represents 4% of the median annual household income of $90,330 in Palmdale, California.

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Updated: Dec 7, 2024

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Runner-Up for Best Personal Loan in Palmdale, CA

Company logo for Wescom Credit Union
Wescom Credit Union
MoneyGeek Score:
95/ of 100

APR RangeFrom 10.74%
Loan Amount Range$500 to $100,000
Repayment TermsUp to 72 months
Time to Receive FundsUndisclosed
Overview

Wescom Credit Union takes the runner-up spot for the best personal loan in Palmdale, California, with a MoneyGeek score of 95 out of 100. It is a credit union founded in 1934 by telephone company employees, federally insured by the National Credit Union Administration (NCUA). This lender has no origination or prepayment fees, making it more cost-effective for those who pay off their loans early. Additionally, it offers up to a 0.50% rate reduction for six consecutive on-time loan payments. However, it charges a 5% late fee, which could increase costs if payments are delayed. The absence of a prequalification process also means you can't check potential rates without fully applying.

Other Options for Personal Loans in Palmdale, CA

Company logo for Edwards Federal Credit Union
Edwards Federal Credit Union
MoneyGeek Score:
93/ of 100

MoneyGeek Score93
APR Range9.99% to 17.49%
Loan Amount Range$500 to $30,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Edwards Federal Credit Union is a suitable choice for personal loans in Palmdale, California, with a MoneyGeek score of 93 out of 100. Founded in 1962, it is federally insured by the National Credit Union Administration (NCUA). As a lender, it offers the advantage of no prepayment penalty, which gives you the flexibility to pay off your loans early without extra charges. It also allows you to borrow as low as $500, making it accessible for those needing smaller loan amounts. However, it charges a late fee of $30, so punctual payments are necessary. Additionally, a $25 loan modification fee should be considered when evaluating overall loan costs.

Company logo for Logix Smarter Banking
Logix Smarter Banking
MoneyGeek Score:
91/ of 100

MoneyGeek Score91
APR Range11.74% to 14.49%
Loan Amount Range$500 to $15,000
Repayment Terms12 to 84 months
Time to Receive FundsUndisclosed
Overview

Logix Smarter Banking is another good choice for personal loans in Palmdale, California, with a MoneyGeek score of 91 out of 100. Federally insured by the National Credit Union Administration (NCUA), it has been serving members since 1937. Logix Smarter Banking is appealing to borrowers because it doesn't penalize early repayments, allowing you to pay off your loan ahead of schedule without extra costs. Additionally, it offers a 1% autopay discount, helping you save just by setting up automatic payments. However, it doesn't offer prequalification, which means you'll need to go through a full application to see if you qualify for a loan. Also, it doesn't disclose its loan eligibility requirements upfront, which may make it difficult to understand if you meet the criteria before applying.

National Lenders With Physical Locations in Palmdale, CA

Borrowers in Palmdale, California, seeking the best personal loans and preferring face-to-face service can look to national lenders with local branches. In Palmdale, California, Wells Fargo, U.S. Bank and OneMain Financial provide personal loan services to individuals who value visiting a branch for personalized assistance.

OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
U.S. Bank8.74% to 24.99%$1,000 to $50,00012 to 84 months
Wells Fargo7.49% to 24.99%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Palmdale, CA

In Palmdale, California, your personal loan application can be denied for various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, follow practical steps to navigate the setback.

  1. 1
    Find out the reason for the denial

    Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons can help you improve weak areas and prevent another loan application denial in the future.

  2. 2
    Modify your loan terms

    You can ask your lender if you can adjust the loan amount or repayment terms to get approved.

  3. 3
    Look for another lender

    Lenders differ in their personal loan eligibility criteria. To find a suitable lender, compare the minimum credit score requirements, interest rates, loan terms, additional fees and customer service.

  4. 4
    Explore credit counseling services

    Your debt-to-income ratio is a key factor lenders assess for loan applications. Engage with a credit counseling service to get assistance in managing your credit card debt and budget. You can get credit counseling services from the Department of Financial Protection and Innovation's published list of nonprofit credit counseling agencies or the Department of Justice's list of approved credit counseling agencies.

FAQ About Personal Loans in Palmdale, CA

We addressed common questions regarding top personal loans in Palmdale, California, offering clarity to assist your financial decision-making.

Who is the best overall personal loan lender in Palmdale, CA?

What can I use a personal loan for in Palmdale, CA?

What are the interest rates on personal loans in Palmdale, CA?

What are the benefits and drawbacks of personal loans in Palmdale, CA?

What are some personal loan red flags to look out for in Palmdale, CA?

How to apply for a personal loan online?

Can I get a personal loan with bad credit in Palmdale, CA?

What are the best low-interest personal loans in Palmdale, CA?

What is an installment loan? Is there a difference between personal loans and installment loans in Palmdale, CA?

Is there a difference between credit union loans and bank loans in Palmdale, CA?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.