Top Lenders & Best Picks for You

Best Personal Loans in San Diego, CA

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Lender in San Diego, CA: LightStream

San Diego is one of the most expensive cities in the United States to live in, with a cost of living that is almost 30% higher than the national average. This may be part of the reason why its residents apply for personal loans.

MoneyGeek combed through more than 30 lenders to find the best personal loan in San Diego. Along the way, we evaluated loan sizes, payback terms, interest rates and a few more things that could influence your approval. Furthermore, we investigated the convenience these lenders may provide you, such as an online application option and a mobile app for managing your transactions.

Best Overall Personal Loan Lender in San Diego: 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

    SunTrust Bank's online consumer lending branch, LightStream, was named the top personal loan provider in San Diego by MoneyGeek.

    LightStream is one of the top personal loan lenders online. It provides personal loans from $5,000 up to $100,000 for a variety of purposes. With its high loan amounts and short application and processing times, LightStream is an excellent option for prospective borrowers who require a large personal loan.

    LightStream, like several other online lenders, has some restrictions on how loan funds can be used. Borrowers are not permitted to utilize their loans to fund post-secondary education or business expenses. In addition, the company requires a credit score of at least 660 and conducts hard credit checks.

    That said, LightStream has many positives. It offers reasonable interest rates, an autopayment discount and same-day funding, and does not charge origination fees, late fees or prepayment penalties.

    Pros

    • No origination fees, late fees or prepayment penalties
    • No minimum income requirement
    • Loans of up to $100,000 offered
    • Same-day loan processing
    • Auto-pay discount of 0.5%

    Cons

    • Minimum credit score of 660
    • Conducts hard credit checks
    • Imposes restrictions on usage of funds
    • Debt consolidation loans will not be paid directly to the third-party lender
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same-day
    LightStream

Best Personal Loan Lender for Bad Credit in San Diego: 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 is a great loan platform for borrowers that are either new to credit or trying to restore their credit. MoneyGeek named Upstart the best personal loan lender in San Diego for bad credit. The platform's underwriting engine employs artificial intelligence to evaluate potential borrowers, with more than 1,600 data points taken into account.

    Upstart enables borrowers with poor credit access to personal loans by looking beyond credit history and assessing different, non-traditional credit indicators. As a result, its platform is a realistic option for folks who need money right away but are unlikely to get approved by other lenders.

    While we love Upstart’s low credit score and income requirements, there are some negatives of this platform as well. The lender’s debt-to-income limit of 45% will exclude potential borrowers who already have significant debt, and the company charges sky-high origination fees (up to 8%) and interest rates (up to 35.99%).

    Pros

    • Low minimum credit score requirement
    • Low minimum income requirement
    • Conducts soft credit inquiry
    • Funding in 1–2 days
    • No prepayment penalty

    Cons

    • Debt-to-income limit of 45%
    • Up to 8% origination fee
    • Up to 35.99% interest rate
    • Charges late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Upstart

Best Personal Loan Lender for Good Credit in San Diego: 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

    For an applicant with strong credit, getting a loan through SoFi can be a great option. SoFi is an online lending platform that offers unsecured personal loans from $5,000–$100,000 with terms ranging from one to five years.

    SoFi offers a convenient, straightforward application procedure as well as competitive interest rates, with an all-online approach and rate quotes available without a hard credit pull. A SoFi personal loan in San Diego is an excellent option for consumers with strong credit and a steady salary. There are no origination or late fees, and there are no penalties for paying off your loan early.

    Those applying with a co-borrower may have to wait up to two weeks for approval, and those borrowing more than $20,000 may expect delays as well. In addition to requiring high credit scores and income, SoFi’s other negatives include a debt-to-income limit of 43% and the fact that it can take a week to get your funds in certain circumstances.

    Pros

    • Up to $100,000 loans available
    • 0.3% autopayment discount rate
    • Conducts soft credit checks
    • No origination fees
    • No prepayment penalty

    Cons

    • Minimum gross income requirement of $50,000
    • Can take several business days to release funds
    • High credit score requirement
    • Debt-to-income limit of 43%
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

Best Personal Loan Lender for Debt Consolidation in San Diego: 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, established in 2016, is an online lending company that uses technology to assist borrowers in getting loans faster. MoneyGeek named Upgrade as the best personal loan lender in San Diego for debt consolidation, in part because it pays creditors directly.

    Upgrade personal loans are available in amounts ranging from $1,000–$50,000. A minimum credit score of 560 is required for personal loans, so even people with fair credit may be eligible. In addition, there are no income requirements or prepayment penalties, and Upgrade even offers a robust 1% discount for automatic payments.

    However, Upgrade has quite a few restrictions on how you can use the funds from your personal loan. Furthermore, the company’s interest rates can reach nearly 36%, and it also has origination fees of up to 8%, so the expenses can add up quickly.

    Pros

    • Pays creditors directly for debt consolidation
    • 1% autopayment discount rate
    • No prepayment penalty
    • No minimum income requirement
    • Reasonable minimum credit score requirement

    Cons

    • $50,000 loan limit
    • Up to 35.47% interest rate
    • Up to 8% origination fees
    • Has late fees
    • Many restrictions on fund usage
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same-day
    Upgrade

Best Personal Loan Lender for Home Improvement in San Diego: 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 rated Best Egg as the best personal loan lender in San Diego for home improvement. Best Egg personal loans are available to customers with a credit score of at least 700 and an annual income of at least $50,000.

    Those who meet the criteria can borrow up to $50,000 for various purposes, including debt consolidation, credit card refinancing and paying off significant expenditures. Best Egg charges no prepayment penalties, offers a 0.5% automatic payment discount and funds loans quickly.

    However, Best Egg has some drawbacks as well. Its interest rates can get as high as 35.99%, and its origination fees can reach 6%. Furthermore, you’ll have to pay late fees if you miss any payment deadlines.

    Pros

    • No restrictions on fund usage
    • No prepayment penalty
    • 0.5% autopayment discount
    • Conducts soft credit pull
    • Loans often funded in one business day

    Cons

    • High credit score requirement
    • $50,000 minimum gross income requirement
    • Origination fees up to 6%
    • Interest rates up to 35.99%
    • Charges late fees
    • APR range: 4.99%–35.99%
    • Minimum/maximum loan amount: $2,000–$50,000
    • Minimum credit requirements: 700
    • Repayment terms: 36–60 months
    • Time to receive funds: Next-day
    Best Egg

How to Choose the Best Personal Loan Lender in San Diego For You

Consider how you will use a personal loan in San Diego by comparing interest rates, loan terms, loan amounts and any fees linked before applying. MoneyGeek's in-depth research laid out some of the most important points to consider when applying for a personal loan in San Diego. Before you apply for a personal loan, walk through the following steps to make sure you’re prepared.

1
Ask Yourself the Important Questions

Before you go ahead and apply for a personal loan in San Diego, there are a few things you should think about:

  • How much do I need? The loan amount you need should be your first consideration. Figure out how much you need and find a lender who offers that amount.
  • What is my credit score? Many lenders demand applicants to have a minimum credit score of roughly 600, while some will lend to people who have no credit history at all.
  • Can I afford the monthly payment? It's crucial to realize that loan costs include more than just interest payments. There are various fees, such as origination fees, late fees, prepayment penalties and more, that can all be added to the total cost.
  • How much debt do I already have? If you already have bills to pay off, adding another loan to the mix might not be the best idea.
2
Do Your Research

You will need to find a suitable lender who can offer you the best personal loan in San Diego. You'll be committing to the loan and the lender for a long time, so doing your homework before making a decision is important.

Banks will not lend you money if they think you are unable to repay it. As a result, when evaluating different loan providers, make sure the interest rate, processing costs and loan length are appropriate for your financial situation.

3
Wait

When you take your time and find a lender who can offer you precisely what you need, your chances of success increase. Keep in mind that you'll be repaying your personal loan for roughly 2–4 years on average. Applying for a personal loan necessitates careful consideration.

Take a day or two to think after you've gathered all of the information you'll need. You'll be able to weigh your options carefully and, as a result, acquire the best personal loan in San Diego.

4
Read the Fine Print

Before signing or purchasing anything, read the fine print to ensure that you understand all of the terms of your personal loan, making you a smarter, more informed consumer.

Taking out a personal loan is a serious choice that should not be handled lightly. Shopping around and reading the fine print before signing the dotted line helps you know precisely what you're getting into if you want to take out a loan.

5
Apply

Shopping around for the best rates and terms is always a good idea. If you’re ready to apply for a personal loan in San Diego, you'll be required to provide specific documents and information during the application process.

You can apply for your loan online, but you can often contact them via phone or visit their office if you prefer. Your lender will most likely seek further documentation once you submit your application.

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

If you've been denied a personal loan in San Diego, don't panic. Having your loan application turned down might feel like a personal rejection. But the truth is that it happens to a lot of people.

Lenders must establish minimum criteria for all loan approvals. If you fall slightly short of those requirements, you may be turned down. That is not to say you aren't financially savvy or responsible. It just implies you'll have to make a few financial adjustments to match their requirements.

You may need to ask for a loan from another company if you urgently need the money, but payday loans should be avoided because they're usually short-term loans with exorbitantly high interest rates.

The loan criteria and standards of all lenders are not the same. Rates, fees and terms might all differ significantly from one lender to the next. By shopping around and comparing different loan offers, you may be able to save hundreds, if not thousands, of dollars over the term of the loan.

Frequently Asked Questions About Personal Loans in San Diego

Although personal loan criteria differ by lender, there are a few factors that all financial institutions check when evaluating applications, such as credit scores and income. Applying for a loan can be overwhelming if you've never done it before.

That’s why MoneyGeek answers some of the most frequently asked questions about personal loans in San Diego to help you decide which choice is best for you.

What is the best personal loan lender in San Diego?
Which lender in San Diego has the lowest interest rate?
Can I use a personal loan for vacations in San Diego?
Can I use a personal loan for home improvement in San Diego?
What can I not use my personal loan for in San Diego?
How much can I borrow in San Diego?
How long does it take to get a personal loan in San Diego?
Can I pay off my loan early in San Diego?

Our Personal Loan Methodology

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are determined with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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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