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

Updated: September 18, 2024

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WHAT WE’RE GEEKING OUT ON

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

When choosing the top Pomona personal loan lenders, MoneyGeek considered more than 35 distinct factors. These include the interest rate ranges, fees, repayment period, credit/income criteria, loan availability and BBB ratings of the lending institutions.

Because every borrower has unique needs and credit history, shopping around for the best possible loan terms and lenders is important. Considering these and other criteria, MoneyGeek determined the best personal loans lender in Pomona for individuals with good credit, bad credit and those for debt consolidation and home improvement loans.

Best Overall Personal Loan Lender in Pomona: 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 is the best personal loan lender for Pomona borrowers, as evidenced by MoneyGeek's analysis. The online lender is part of the Truist Financial Corporation and comes with an A+ BBB rating. Borrowers who meet its eligibility requirements can get loans from $5,000 to $100,000, with funds available on the same business day.

    For individuals who prefer making lower monthly payments, the lender offers longer repayment terms of up to seven years or 84 months. You won't pay any fees if you pay off your loan before the agreed-upon timeframe.

    However, LightStream loans are restricted to people with a strong credit score of at least 660. The lender prohibits utilizing the cash to repay an existing LightStream loan, finance a company or postsecondary education or buy bonds and equities.

    Pros

    • No origination fee or prepayment penalty
    • Maximum loans of up to $100,000
    • Autopay discount
    • Quick funding
    • Mobile app

    Cons

    • Requires good-to-excellent credit score
    • Minimum loan of $5,000
    • Loan usage restrictions
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Pomona: 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

    Access to personal loans can be limited if you lack a solid financial base or have a bad credit rating. Upstart is an internet company that uses artificial intelligence to match lenders with first-time and bad-credit borrowers. Considering the company’s minimum credit score requirement of just 300, MoneyGeek recommends it to anyone with a less-than-perfect credit profile. Loan amounts range from $1,000 to $50,000, and Upstart adds a one-time origination fee.

    Due to the company's severe credit check, borrowers with bad credit may see their credit score decline further. Although the company welcomes applications from full-time, part-time and self-employed individuals, those with unstable income may not qualify for an Upstart loan.

    Pros

    • Minimum credit score of 300
    • Soft credit inquiry to check eligibility
    • Accepts part-time, full-time and self-employed individuals
    • No prepayment penalty

    Cons

    • Potentially high interest rates
    • Hard credit check while applying
    • Origination fee
    • Has usage restrictions
    Upstart

Best Personal Loan Lender for Good Credit in Pomona: 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 alternative for folks with stellar credit in Pomona. It requires a minimum credit score of 680 to qualify for personal loans of up to $100,000. The lender offers a 0.25% rate reduction to borrowers who opt for the convenience of automatic payments.

    SoFi's unemployment protection allows borrowers to postpone or lower their regular loan payments in the event of an unexpected loss of income.

    This lender is not a good choice for people who don't require loans of at least $5,000. Those unsure about their loan application's possibilities can boost their chances by having a co-applicant.

    Pros

    • Loans up to $100,000
    • No origination fee or prepayment penalty
    • Autopay discount of 0.25%
    • Offers unemployment protection
    • Mobile app

    Cons

    • Hard credit inquiry during the application phase
    • High minimum credit score requirement
    SoFi

Best Personal Loan Lender for Debt Consolidation in Pomona: 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 is a fintech firm that offers its customers free access to tools that promote responsible financial behavior. The company has an A+ BBB rating, and MoneyGeek ranks it the best for borrowers looking for debt consolidation loans.

    Upgrade’s loans have fixed interest rates, and borrowers receive funds on the day of approval. However, borrowers with a bad credit score might pay a high APR.

    Furthermore, the lender does not charge early payment penalties. However, it limits how borrowers can use Upgrade loan funds, so make sure you read the fine print. Also, like most other lenders, Upgrade charges an up-front origination fee, ranging from 1.85% to 8.99% of the loan amount.

    Pros

    • Loans of up to $50,000
    • No prepayment penalty
    • Fixed-rate loans
    • Mobile app

    Cons

    • Potentially high APR
    • Origination fee between 1.85% and 8%
    • Late payment fee
    • Restrictions on loan usage
    Upgrade

Best Personal Loan Lender for Home Improvement in Pomona: 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 2014, fintech firm Best Egg has financed more than a million consumer loans in partnership with Cross River Bank. It is operated by Marlette Funding, an online lender, and has an A+ BBB rating.

    Home improvement loans from Best Egg range from $2,000 to $50,000. Approval and financing of online loan applications can occur as soon as the following working day.

    Regardless, you must fulfill the minimum requirements, which include a very good credit score of 700 or more, to qualify for a Best Egg loan. The lender does not charge an early payment penalty, but be aware of origination fees between 0.99% and 8.99%.

    Pros

    • Soft credit check
    • Fixed-rate loans
    • No prepayment penalty
    • A+ BBB rating

    Cons

    • High minimum credit score of 700
    • Potentially high APR
    • Hard credit inquiry to process application
    • Origination fee between 0.99% and 8.99%
    Best Egg

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

Many turn to personal loans to cover financial needs like medical bills, paying for education and home improvement. Lenders check personal loan eligibility using various factors, including your income, credit history and score and debt-to-income ratio. The average California borrower owes $16,790 in personal loans with an interest rate of 10.21%.

If you want a personal loan and are looking for the best lender in Pomona, MoneyGeek offers the following guidelines:

1
Ask Yourself the Important Questions

Before you seek a personal loan, ask yourself:

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

Keep in mind that the interest and other fees associated with a personal loan can add up to a significant sum over the loan's term. Therefore, you should investigate numerous loan lenders to find the one that best meets your needs. MoneyGeek provides general guidance, so conduct your own research.

3
Wait

After deciding on a lender, it's wise to take some time to evaluate whether you are making the right choice. Certain lenders conduct stringent credit checks, which can decrease your score. Hence, deliberate carefully before proceeding.

4
Read the Fine Print

Be aware of all fees, interest rates and penalties associated with your loan. It's easy to miss small but important details that might be in the fine print. Read the loan agreement carefully to avoid unpleasant surprises later.

5
Apply

Be prepared to provide the lender with proof of your identity, address, employment, existing debts and more. You can usually apply in person, online or by phone.

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

Lenders turn down loan applications for various reasons, including bad credit, not meeting income requirements, a high debt-to-income ratio and insufficient documentation.

If you are rejected, don’t be discouraged. Contact the lender and ask why your application was denied. Your lender might offer options, such as a shorter loan repayment term or reducing the loan amount. You may be able to apply for a loan with a co-signer or use collateral.

MoneyGeek recommends staying away from payday loans. These loans are infamous for their long repayment terms and exorbitantly high interest rates. In addition, payday loan repayment does not affect a borrower's credit score, but late and missed payments can lower your score.

Frequently Asked Questions About Personal Loans in Pomona

MoneyGeek provides answers to frequently asked questions about personal loans in Pomona to help you make an informed decision.

What is the best personal loan lender in Pomona?

LightStream is the best personal loan lender in Pomona. Upgrade and Best Egg are great options for debt consolidation and home renovation loans, respectively. Upstart is the best for borrowers with bad credit and SoFi for borrowers with good credit.

Which lender in Pomona has the lowest interest rate?

LightStream provides the lowest APR on personal loans in Pomona.

Can I use a personal loan for vacations in Pomona?

The decision rests solely with the lender. Lenders may have specific requirements attached to how their loans can be used. Contact your lender and ask whether you can fund your vacation using their loan.

Can I use a personal loan for home improvement in Pomona?

Borrowers often use personal loans for home improvement projects. However, always verify any loan use restrictions with your lender.

What can I not use my personal loan for in Pomona?

Some lenders prohibit fund usage to pay for investments, business acquisitions and secondary school education.

How much can I borrow in Pomona?

Depending on your eligibility, you can obtain a loan between $1,000 and $100,000, although the maximum and minimum loan amounts vary by lender.

How long does it take to get a personal loan in Pomona?

Companies like LightStream and Upgrade provide instant funding. On the other hand, your loan application can take other lenders up to a week to process.

Can I pay off my loan early in Pomona?

Yes. However, some lenders assess a prepayment penalty. Consult the loan's fine print or contact the lender for further information.

Our Personal Loan Methodology

To evaluate 30 personal loan lenders and rank the best, we looked at 35 different factors across six main areas: affordability, loan accessibility, user-friendliness, customer service, lender transparency and flexibility.

We considered various factors when deciding which personal loan company was the best in each category. Factors include, but are not limited to, APR ranges, loan amounts, credit score and minimum income requirements, fees and loan disbursement time.

As a company that places a premium on its consumers, MoneyGeek considers not only the standard parameters but also extra features like prequalification criteria, payment flexibility and mobile applications that could lead to a better customer experience. We also assess the quality of the lenders' customer service and the companies' reputations.

Our decisions are founded on extensive research and analysis, and we consider your best interests in our reviews. Our professional guidance and list of recommended lenders are solely provided to assist you in selecting the best option for your unique circumstances.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

sources
Shield Insurance

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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