Best Personal Loans in Riverside, CA

Schools First Federal Credit Union is the best personal loan lender in Riverside, California, with a MoneyGeek score of 99 out of 100. It excels in providing quality service, offers competitive interest rates, and ensures a quick application and approval process. Laurel Road, on the other hand, is the best lender for online personal loans, with a MoneyGeek score of 94 out of 100. It offers a quick application and approval process, transparent loan terms and process and broad repayment terms.

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 compiled 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 Riverside, California. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Riverside, CA

Company logo for Schools First Federal Credit Union
Schools First Federal Credit Union
MoneyGeek Score:
99/ of 100

APR Range9.99% to 18.00%
Loan Amount Range$100 to $50,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Schools First Federal Credit Union is the best personal loan lender in Riverside, California, with a MoneyGeek score of 99 out of 100. Federally insured by the National Credit Union Administration (NCUA), it has been serving members since 1934. It has no origination or prepayment fees, which can save you money over the life of your loan. Additionally, it allows the option to skip up to three payments, providing some flexibility if you encounter financial difficulties. However, it does not offer a prequalification option on its website, meaning you may have to go through a more formal loan application process to know your potential interest rate. Also, it does not disclose all repayment term details upfront, which may require further inquiry to fully understand the loan conditions.

Best Online Personal Loan in Riverside, 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 is the best online lender for personal loans in Riverside, California, with a MoneyGeek score of 94 out of 100. It offers loans ranging from $5,000 to $45,000 with repayment terms between 36 to 60 months. One thing to consider about Laurel Road is that it provides a 0.25% discount on interest rates for autopayments, helping you reduce the overall cost. Additionally, borrowers won't face origination fees, further cutting down on the expenses tied to securing a personal loan. However, it has a relatively high minimum loan amount, which might not suit those looking for smaller loans. Also, it imposes a late fee of 5% or $28.

Calculate Your Monthly Payment in Riverside, CA

The United States Census Bureau reports that the median annual household income in Riverside, California, in 2022 was $81,228. Whether your income is above or below this median figure, the key factor to consider is whether you can manage the monthly payments for a personal loan. To better understand these potential payments, use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan, based on the loan amount, rate and terms.

For example, if you take out a $10,000 personal loan at a 10% interest rate with a repayment term of three years, your monthly payment would be $323, totaling $3,876 annually. This annual payment represents approximately 5% of the median annual household income in Riverside, CA.

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Updated: Dec 7, 2024

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Runner-Up for Best Personal Loan in Riverside, CA

Company logo for Bourns Employees Federal Credit Union
Bourns Employees Federal Credit Union
MoneyGeek Score:
95/ of 100

APR Range8% to 17.50%
Loan Amount RangeUp to $15,000
Repayment Terms24 to 60 months
Time to Receive FundsUndisclosed
Overview

Bourns Employees Federal Credit Union is the runner-up for the best personal loans in Riverside, California, with a MoneyGeek score of 95 out of 100. As a member-owned, full-service financial cooperative, it's federally insured by the National Credit Union Administration (NCUA). It accepts joint applications, which can be beneficial if you're applying with a co-borrower. Additionally, its APR can be as low as 8%, providing potential savings on interest. However, it does not offer rate discounts, which may be a consideration for borrowers seeking reduced costs. And its borrowing limit is capped at $15,000, which could be restrictive for those needing larger sums.

Other Options for Personal Loans in Riverside, CA

Company logo for Credit Union of Southern California
Credit Union of Southern California
MoneyGeek Score:
93/ of 100

MoneyGeek Score93
APR Range10.99% to 18.99%
Loan Amount Range$500 to $30,000
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

Credit Union of Southern California is a suitable choice for personal loans in Riverside, California, with a MoneyGeek score of 93 out of 100. Federally insured by the National Credit Union Administration (NCUA), it has been serving members since 1954. It offers a minimum loan amount of $500, which can be helpful for those seeking smaller loan amounts. Additionally, there are no application or prepayment fees, allowing for flexible repayment without added costs. However, you can only borrow up to $30,000, which might be limiting for those needing larger amounts. It also doesn't allow prequalification, which might make it harder for you to gauge eligibility before applying.

Company logo for Altura Credit Union
Altura Credit Union
MoneyGeek Score:
91/ of 100

MoneyGeek Score91
APR Range11.99% to 15.49%
Loan Amount RangeUp to $30,000
Repayment Terms24 to 60 months
Time to Receive FundsUndisclosed
Overview

Altura Credit is another good choice for personal loans in Riverside, California, with a MoneyGeek Score of 91 out of 100. Altura was originally founded in 1957 as Riverside Schools Credit Union. It is federally insured by the National Credit Union Administration (NCUA). It provides a wide range of term options, like skip-a-payment, which can be beneficial for borrowers looking for flexible repayment schedules. However, its website offers very little information about personal loans, which may require additional effort to gather necessary details. There is also a $3.95 fee for online payments via Express Pay, which could affect your overall loan cost.

National Lenders With Physical Locations in Riverside, CA

In Riverside, California, borrowers in search of the best personal loans have the advantage of choosing from a range of national lenders known for their in-person customer service. These established lenders include OneMain Financial, U.S. Bank and Wells Fargo, each with a presence in the city to cater to your personal loan needs.

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 Riverside, CA

Loan applications in Riverside, California, may be denied due to reasons like a low credit score, negative financial history or an unfavorable debt-to-income ratio. Should this occur, taking specific steps can help you move forward effectively.

  1. 1
    Find out the reason for the denial

    If your loan application gets denied, this could be due to issues such as a low credit score, high debt-to-income ratio, insufficient income or mistakes on the application. Reviewing these reasons will help you address weaknesses and avoid future rejections.

  2. 2
    Modify your loan terms

    Try asking your lender if you can adjust the loan amount or repayment terms to secure approval. Adjustments could make the loan more manageable for you and meet the lender's approval criteria.

  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. The Department of Financial Protection and Innovation's published list of nonprofit credit counseling agencies provides credit counseling resources. Alternatively, the Department of Justice's list of approved credit counseling agencies is another valuable resource.

FAQ About Personal Loans in Riverside, CA

We addressed common questions about personal loans in Riverside, offering insights to support your informed decisions.

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

What are personal loans used for in Riverside, CA?

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

What are the benefits and drawbacks of personal loans?

What are some personal loan red flags to look out for?

How to apply for a personal loan online?

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

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

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

Is there a difference between credit union loans and bank loans in Riverside, 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.