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Best Personal Loans in Riverside, CA

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek compared the best personal loan lender in Riverside based on over 30 factors, including customer satisfaction, interest rates, loan terms, BBB rating, loan amount, origination fee, credit score requirements, income requirements, debt-to-income ratio and more.

Depending on your unique profile and how you intend to use your loan, we found that each lender may be a better fit for different types of borrowers. Based on your unique profile, we’ve identified the top lenders in Riverside below.

Best Overall Personal Loan Lender in Riverside: 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, a financial services technology company founded by SunTrust Bank in March 2013, offers unsecured personal loans to those with high credit ratings. SunTrust Banks and BB&T Corp. merged to become Truist Bank in 2019, which now owns the company.

    MoneyGeek named LightStream as Riverside's best personal loan provider due to the company's ability to disburse large loan sums while maintaining customer satisfaction. As a no-fee lender, LightStream is a great option for most borrowers as there are no origination, prepayment or late fees.

    LightStream, on the other hand, only lends to borrowers with stellar credit. This lender is not a good choice if you have a poor credit history.

    Pros

    • No late fees, prepayment penalties or origination fees
    • Fast fund disbursement
    • A+ BBB rating
    • 0.5% autopay discount
    • Loans of up to $100,000 offered

    Cons

    • Not available to people with new or no credit
    • Conducts hard credit inquiry
    • Limitations on fund usage
    • High minimum credit requirement
    • Doesn’t allow co-signers
    LightStream

Best Personal Loan Lender for Bad Credit in Riverside: 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, created in 2012, is a Better Business Bureau-accredited A+ artificial intelligence (AI) lending platform. Upstart offers loans ranging from $1,000 to $50,000 for terms spanning three to five years.

    Upstart offers loans to applicants with credit scores as low as 300, which significantly contributes to the company's excellent reputation in this industry. The lender processes loans quickly and does a soft inquiry credit check that does not impact your credit score.

    However, if you need a loan higher than $50,000 or want to avoid costs such as late payment charges, Upstart may not be the best choice for your needs.

    Pros

    • No prepayment penalty
    • Low credit score requirement
    • A+ rating from BBB
    • No restrictions on fund usage
    • Next-day funding available

    Cons

    • Potentially high origination fee
    • Doesn’t accept co-signers
    • Charges a late fee
    • Doesn’t offer discounts
    • High potential interest rate
    Upstart

Best Personal Loan Lender for Good Credit in Riverside: 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 was founded in 2011 and began as a student loan refinancing company. The business also provides personal loans, mortgages and other financial products. According to MoneyGeek's research, SoFi offers the best personal loans to Riverside residents with stellar credit.

    The company allows you to apply for a joint loan with a co-borrower, who assists you in qualifying for the loan and assumes payment responsibilities. However, the lender does not allow co-signers. When applying for a loan with a co-borrower, the approval process might take longer. SoFi also provides members with unemployment insurance.

    SoFi provides low interest rates, but it requires a minimum credit score of 680. This disqualifies those with poor credit for SoFi loans.

    Pros

    • No prepayment penalty
    • No late payment fee
    • A+ rating from BBB
    • 0.25% autopay discount
    • Loans of up to $100,000 offered

    Cons

    • High minimum credit score
    • High minimum loan amount
    • They do not accept individuals with new or no credit
    • No co-signers
    • Minimum income requirements
    SoFi

Best Personal Loan Lender for Debt Consolidation in Riverside: 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

    Launched in 2016, Upgrade provides the best personal loan for debt consolidation in Riverside. The lender provides secured and unsecured personal loans, credit cards, auto loans and more.

    If you take out a loan to consolidate your debt, Upgrade will pay your creditors directly and transfer the money as soon as the next business day. Personal loan amounts range from $1,000 to $50,000, making it a good choice for individuals seeking smaller loans.

    However, Upgrade often charges high rates of interest and origination fees ranging from 2.9% to 8%. If you shop around and compare quotes from several lenders, you may qualify for lower interest rates.

    Pros

    • Directly pays creditors in case of debt consolidation
    • Soft credit check
    • A+ rating from BBB
    • Autopay discount
    • No prepayment penalty fee

    Cons

    • High origination fee
    • High APR
    • Restrictions on the usage of funds
    • Maximum payout is capped at $50,000
    • No co-signers
    Upgrade

Best Personal Loan Lender for Home Improvement in Riverside: 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 researched the best lender for Riverside homeowners who need a loan for home improvements. Best Egg was identified as the best home improvement loan company in Riverside. The lender offers interest ranging from 4.99% to 35.99% and a 0.5% discount for automatic payments. The Better Business Bureau gave the lender an A+ rating.

    Best Egg launched in 2014 and has funded more than a million loans. It's a good option for people who don't need more than $50,000 or who might pay back their loan early because there are no prepayment fees.

    That said, Best Egg's high credit score limits make it unsuitable for people with bad credit.

    Pros

    • No prepayment penalty
    • Direct payments for debt consolidation
    • Autopay discount
    • Conduct soft inquiries
    • A+ rating from BBB

    Cons

    • High interest rates
    • Requires $50,000 gross income
    • High minimum credit score
    • No co-signers
    • Charges origination fees
    Best Egg

How to Choose the Best Personal Loan Lender in Riverside for You

The average personal loan debt in California is $16,790. While taking out a loan to pay any anticipated or unexpected bill is fine, you should always assess your needs and financial status first to choose the best lender. The process of applying for personal loans relies heavily on key factors, ranging from your credit score to your income to the amount of money you want to borrow, among other things.

When searching for a personal loan provider, MoneyGeek recommends that you follow the steps outlined below.

1
Ask Yourself the Important Questions

Before applying for a personal loan, you should ask yourself a few questions. Consider the following:

  1. How much funding do I need? Think about your current financial health and how much money you really need. The amount you apply for will impact your repayment period and how long it takes for your loan to be funded.
  2. What is my credit score? Lenders take into consideration your credit score when reviewing your application. Having a poor credit score may limit your options. By knowing your score, you can apply with lenders who are more likely to approve your application.
  3. Can I afford the monthly payment? Make sure that you can afford the monthly payments on your loan. Otherwise, you may end up in deep financial trouble.
  4. How much debt do I already have? If you already have debt, applying for a personal loan may not be the wisest choice.
2
Do Your Research

As with any financial decision, research is key. You should look for the lowest interest rate and ensure you can afford monthly payments for two to four years. Search online for lenders with average or good credit, then compare interest rates and terms.

MoneyGeek's guide recommends the best personal loans in Riverside. We developed recommendations after weighing key factors. However, we recommend that you do your own research to ensure you find the right option for your unique situation.

3
Wait

One of the most important parts of the lending process is giving yourself enough time to consider your options. If you need money quickly, rushing into a loan is tempting, but waiting a day or two may help you avoid a bad decision. This provides you with time to think through all your options. It may turn out that another option to get funding is a better fit for your needs.

4
Read the Fine Print

It's important to understand how loans work before borrowing money. Know the interest rates and costs before signing. Understand fee schedules. Don't accept ambiguous terms.

If you're confused, ask questions. A financial expert could analyze your loan before you sign it. Also, be sure to check for discounts. New customers may get discounts on origination fees from several personal lenders (fees tied directly to issuing you a loan).

5
Apply

Once you’ve chosen a lender, you can apply. Before approving your loan, many lenders want a lot of information, so be prepared. Also, be sure to question anything strange or unclear. A quick phone call or visit to the lender may clarify issues that might delay approval. Lenders generally want identification, address verification and proof of income during the application process.

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

Not all personal loan applications are approved. If your application is rejected, it could be because your credit score may not be high enough. Alternately, you may not have had a steady source of income for a sufficient period of time. If your application for a personal loan is denied, you can contact the lender to learn why.

If required, you may apply for a loan with a different lender. However, you should wait until you have resolved whatever issue caused your previous loan application to be denied. Finding an alternative lender may mean filling out applications with many lenders or determining which lenders have eligibility standards that your present financial condition allows you to satisfy.

Remember that while payday loans may appear appealing if you need money quickly, they are not the best option. These loans are often linked with high interest rates and short repayment timeframes.

Frequently Asked Questions About Personal Loans in Riverside

The perfect personal loan lender for you will depend on your particular needs and financial situation. The following are the questions most often asked about personal loans in Riverside.

What is the best personal loan lender in Riverside?

LightStream is Riverside's best personal loan lender, according to MoneyGeek. However, your ideal personal loan provider depends on your requirements and financial profile.

Which lender in Riverside has the lowest interest rate?

Upstart offers the lowest interest rate in Riverside, starting at 3.22%.

Can I use a personal loan for vacations in Riverside?

Personal loans may be used to finance various expenses, including vacations. However, checking with your lender to see whether there are any restrictions on utilizing a personal loan to fund a vacation is essential.

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

Yes, a personal loan can be used to renovate your Riverside home. MoneyGeek identified Best Egg as the best lender for home improvement loans in Riverside.

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

Your lender sets limitations on a Riverside personal loan. Some lenders may not allow you to use your loan to further your studies or invest.

How much can I borrow in Riverside?

The amount of the loan varies depending on the lender. Some lenders only lend $50,000, while others lend up to $100,000.

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

How long it takes to get the funds is up to the lender. Sometimes you can get funding on the same day. Other times, it may take a couple of days.

Can I pay off my loan early in Riverside?

Yes, it is possible to pay off your debts early. Just make sure to ask your lender if you'll be charged an early payment fee if you pay off your loan early.

Our Personal Loan Methodology

We evaluated over 30 personal loan companies based on more than 35 distinct data points in six primary categories, including loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We analyzed several data points for each ranking factor that, in our opinion, have the most impact when choosing a personal loan provider. These factors include APR ranges, loan amounts, minimum credit score, income, application fees and disbursement time.

MoneyGeek values you as a consumer. Therefore, we evaluate each lender's customer service, company ratings and additional services that may make your experience smoother and more accessible, such as prequalification, alternative payment options and mobile apps.

With your best interests in mind, we make our decisions after careful analysis and assessment. Our personal loan recommendations and expert guidance are meant to assist you in selecting the most suitable lender for your needs.

sources
  • Best Egg. "Best Egg." Accessed June 16, 2022.
  • Lightstream. "LightStream." Accessed June 16, 2022.
  • SoFi. "SoFi." Accessed June 16, 2022.
  • Upgrade. "Upgrade." Accessed June 16, 2022.
  • Upstart. "Upstart." Accessed June 16, 2022.
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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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