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

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek researched lenders offering personal loans in Rancho Cucamonga, California, based on various factors, including APR, minimum credit score and income requirements, loan amount and disbursement period, repayment terms and more.

Based on our evaluation, we rated LightStream as the best overall personal loan lender in Rancho Cucamonga. However, borrowers with poor credit will get the best personal loan from Upstart, while those with good credit will find the best rates from SoFi. Those using their personal loan for home improvement or debt consolidation are advised to choose Best Egg or Upgrade, respectively.

Best Overall Personal Loan Lender in Rancho Cucamonga: 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 was formed in 2019 from the merger of SunTrust and BB&T. LightStream offers the best personal loans in Rancho Cucamonga due to it varied loan amounts, flexible repayment terms and lack of fees.

    Borrowers with a minimum credit score of 660 can qualify for a loan with this lender. Its loan products range from $5,000 to $100,000 with repayment terms between 24 and 84 months. Though the lender offers a relatively low starting APR, only those with excellent credit scores will receive it.

    Funds acquired from this lender cannot be used for secondary education tuition, business expenses, gambling and other illegal activities. Additionally, the minimum loan amount available — $5,000 — is relatively high in comparison to other lenders. Those seeking a lower loan amount, as well as borrowers that require a co-signer, should opt for a different lender.

    Pros

    • Autopay discount
    • Mobile application available
    • No late, origination or prepayment fees
    • Quick funding
    • Flexible repayment terms

    Cons

    • Co-signers not permitted
    • Relatively high minimum loan amount
    • Restrictions on the usage of funds
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Rancho Cucamonga: 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 uses artificial intelligence (AI) to evaluate a borrower’s eligibility for a personal loan. This lender began offering personal loans in 2014 and accepts loan applications from individuals with bad to no credit.

    The lender allows funds to be used for home improvement projects, medical fees, debt consolidation and more. Although this lender doesn’t have strict credit score requirements, it evaluates a borrower’s employment status and gross income when assessing loan eligibility. Upstart releases funds within one to two business days, which is ideal for those looking for quick or emergency funding.

    However, those that qualify with this lender will be required to pay origination fees and late fees. Furthermore, only applicants with the best credit scores will receive the lender’s lowest APR. To avoid paying a high interest rate, in excess of 35%, borrowers may consider improving their credit score first to qualify with a different lender.

    Pros

    • No prepayment penalty fee
    • Low minimum loan amount of $1,000
    • Repayment period up to 60 months
    • Next-day funding
    • Low minimum credit score requirement of 300

    Cons

    • Origination fees
    • High maximum APR
    • Late payment fees
    • Co-signers not allowed
    Upstart

Best Personal Loan Lender for Good Credit in Rancho Cucamonga: 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, was founded in 2011 as a student loan refinancing company. By 2015, it had expanded its product offerings to include personal loans.

    MoneyGeek identified SoFi as the best lender for borrowers with good credit. Those with a credit score of at least 680 will be eligible for a loan. SoFi conducts soft credit inquiries and offers an autopay discount that borrowers may find appealing.

    SoFi doesn’t charge origination or prepayment penalty fees, so borrowers can take out a loan and repay it early without paying any extra fees. Perhaps the most unique feature of SoFi’s personal loan products is its unemployment protection program, which temporarily pauses payments for borrowers if they lose their jobs.

    However, its high minimum loan amount of $5,000 may be too much for borrowers looking for a small loan. Furthermore, the lender doesn’t allow co-signers.

    Pros

    • Autopay discounts
    • Soft credit inquiries
    • No origination or prepayment penalty fees
    • Unemployment protection program

    Cons

    • High minimum loan amount
    • DTI limit of 43%
    • Relatively high minimum credit score requirement
    • Co-signers not permitted
    SoFi

Best Personal Loan Lender for Debt Consolidation in Rancho Cucamonga: 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 was founded in 2017 and is currently headquartered in San Francisco, California. MoneyGeek identified this lender as the best option for debt consolidation loans.

    What’s notable about Upgrade is that it directly pays third-party creditors. You can also easily estimate your rate online without your credit score being affected. However, after you submit an application, the lender will complete a hard credit check that may drop your credit score by five to ten points.

    Although Upgrade doesn’t charge a fee for early loan repayment, it does charge an origination and late fee. Personal loans from this lender also come with a high APR. Borrowers with good credit scores may find better rates with other lenders.

    Pros

    • A+ Better Business Bureau (BBB) rating
    • Rate calculator available without hard credit inquiry
    • No prepayment penalty fees
    • Autopay discount
    • Joint loans available

    Cons

    • Late fee of $10
    • Co-signers not permitted
    • Restrictions on the usage of funds
    • Origination fee
    Upgrade

Best Personal Loan Lender for Home Improvement in Rancho Cucamonga: 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

    MoneyGeek identified Best Egg as the top personal loan lender in Rancho Cucamonga for home improvement projects.

    Best Egg offers personal loans ranging from $2,000 to $50,000 with repayment terms between 36 and 60 months. Though Best Egg’s loan products feature variable loan amounts and flexible repayment terms, few borrowers may qualify because of its high minimum credit score requirement of 700.

    Furthermore, borrowers that do qualify may still be subject to a high APR if they don’t have an excellent credit score. While the lender doesn’t charge a fee for early loan repayment, its personal loan products include fees for late payments and loan origination.

    Pros

    • Low minimum loan amount
    • No prepayment penalty fee
    • Autopay discount
    • Online and phone applications

    Cons

    • High maximum APR
    • Late fees
    • Origination fees
    • High credit score requirement
    Best Egg

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

Before taking out a personal loan in Rancho Cucamonga, it’s important to evaluate your financial situation and needs to determine if it’s the best option for you. The average personal loan debt in California is $16,790, and while this money is likely being used for legitimate and important reasons, it’s also accruing interest.

To determine if a personal loan can help meet your needs and choose the best lender for you, MoneyGeek recommends taking the following steps:

1
Ask Yourself the Important Questions

Before researching different personal loan lenders, ask yourself if you’re ready to take out a loan. It will be a huge commitment, one that takes between two and four years, on average, to repay, so it’s essential that you’re emotionally and financially prepared. At a minimum, you should ask yourself the following questions:

  • How much funding do I need? It’s important to accurately estimate the loan amount you need to avoid taking out too much or too little. This will help you avoid paying extra in interest or taking out a second loan. Furthermore, after assessing your need, you may find out that you could obtain the money elsewhere through a second job or side hustle, rather than a personal loan.
  • What is my credit score? Your credit score will impact the loan terms and lender available to you. Typically those with a high credit score will receive lower interest rates, which will reduce the overall cost of your loan. If you don’t require funds urgently, you should improve your credit score first before applying with a lender.
  • Can I afford the monthly payment? It’s important to ensure that your monthly payment amount fits in with your budget. While making a higher monthly payment will allow you to repay your loan faster, it’s important that you don’t deprive yourself in the process.
  • How much debt do I already have? If you have existing debt, you may want to reconsider taking out a personal loan. Exceeding a DTI of 50% could prevent you from obtaining a mortgage or car loan.
2
Do Your Research

Once you know your needs and preferences, it’s time to browse through different lenders and compare their loan terms (interest rates, repayment terms, fees and so on) and eligibility requirements. By shopping around, you could save a significant amount of time, stress and money over the course of your loan.

MoneyGeek’s research is a great place to start, but our selections are based on general borrower profiles, rather than your unique situation.

3
Wait

After you’ve chosen a lender based on your needs and preferences, it’s best to wait a few days before submitting your application. Use this time to check other funding options besides a personal loan to ensure it’s the best decision for you.

4
Read the Fine Print

This is one of the most important steps. Even if you’ve thoroughly researched your lender and are sure it’s the best option for you, it’s crucial that you read the fine print of your loan agreement. This will outline any fees, like those for loan origination, late payment and prepayment. Understanding any potential costs associated with your loan will help you budget accordingly and avoid unexpected costs.

5
Apply

After reading and understanding the fine print, it’s time to start your application. Lenders generally ask for proof of identification, pay stubs, proof of billing and credit score and history. Some lenders only offer online applications, but many still allow you to apply in person or over the phone.

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

Your loan application may be declined for several reasons. Lenders typically reject applications due to a low credit score, limited employment history, insufficient income or missing information. Depending on why your application was denied, you may be able to make small modifications that could lead to its approval.

Because of this, it’s essential that you contact your lender immediately after your application is rejected. That way, you can either modify your application to gain approval, or begin improving the elements of your application, like a poor credit, that caused your application to be denied.

Until you’ve made changes to your financial situation or modified your application, MoneyGeek discourages you from reappyling or applying with a different lender. Every application submission is followed by a hard credit check, which will negatively impact your credit score.

Personal loan applicants that are rejected may consider taking out a payday loan. However, MoneyGeek strongly advises against this. These loans feature high interest rates and short repayment terms that typically cost borrowers more money in the long run.

Frequently Asked Questions About Personal Loans in Rancho Cucamonga

Finding the best personal loans in Rancho Cucamonga depends on your financial needs and preferences. MoneyGeek answered the most commonly asked questions to help you understand personal loans better.

What is the best personal loan lender in Rancho Cucamonga?

MoneyGeek identified LightStream as the best personal loan lender in Rancho Cucamonga. However, those with bad credit scores or good credit scores will get the best rates from Upstart and SoFi, respectively. Upgrade is the best choice for debt consolidation, while Best Egg is best for home improvement.

Which lender in Rancho Cucamonga has the lowest interest rate?

Upstart offers the lowest starting interest rate. However, only those with excellent credit will qualify for this rate.

Can I use a personal loan for vacations in Rancho Cucamonga?

Yes. Generally, lenders allow borrowers to use their funds for travel and vacations. However, you should check with your lender to see if they have any restrictions on the usage of funds.

Can I use a personal loan for home improvement in Rancho Cucamonga?

Yes, personal loans in Rancho Cucamonga may be used for home improvement. MoneyGeek identified Best Egg as the best lender for home improvement.

What can I not use my personal loan for in Rancho Cucamonga?

Lenders usually prohibit using the funds for investments, stocks, mortgages, refinancing other loans, gambling and other illegal activities.

How much can I borrow in Rancho Cucamonga?

Different lenders have specific maximum loan amounts. We found that Rancho Cucamonga loans range between $1,000 and $100,000.

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

Usually, it takes at least one business day to receive your loan. However, depending on the lender, it may take up to seven business days.

Can I pay off my loan early in Rancho Cucamonga?

Yes, but some lenders charge borrowers a prepayment penalty for early loan repayment.

Our Personal Loan Methodology

MoneyGeek evaluated over 30 personal loan lenders using more than 35 individual data points within the following six categories: accessibility, consumer friendliness, customer service, flexibility, lender transparency and loan affordability.

We took into account individual data points borrowers should be aware of when selecting a personal loan lender. These factors include APR range, application fees, available loan amount, disbursement time, minimum credit score and income amount.

We also included lenders’ customer service, business ratings and unique benefits that improve the overall experience, like prequalification, payment options, mobile apps and online applications.

Because you, the consumer, are our top priority, we sought to evaluate lenders based on factors that would matter the most to you and impact your experience. Our goal is to provide expert tips and up-to-date recommendations to help you find the best personal loan lender for 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.

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