Best Personal Loans in San Francisco, CA

LightStream, a division of Truist Financial Corporation, is an online lender offering a wide range of personal loans for various purposes, in all 50 states. The company offers loans with no hidden costs and joint loans are available without a minimum income requirement. Most applications are also processed in a single day and those who set up automatic payments are also offered discounted rates. Another reason why LightStream is the best overall lender in San Francisco is its A+ rating with the Better Business Bureau (BBB).

However, the lender is restricted to people with credit scores above 660. It is also a viable option if you're considering a loan with a cosigner. The lender does not accept applications from those wanting to repay an existing LightStream loan, pay for college tuition or post-secondary education expenses, make investments or pay for company acquisitions.

Pros

• No origination fee, late fee or prepayment penalty
• No minimum income requirement
• Maximum loan of $100,000
• Same-day loan processing
• Auto-pay discount

Upstart is a lending company founded in 2012 and has an A+ rating with the BBB. It’s MoneyGeek’s choice as the best lender for people with bad credit because it aims to improve access to affordable credit and offers loans to borrowers with credit scores as low as 300. The company often disburses funds the following business day.

To verify your eligibility, Upstart does a soft credit check; however, throughout the application process, the company performs a hard credit check, which can negatively impact your credit score.

Borrowers can get loans up to $50,000, but depending on your credit score, your interest rate can be as high as 35.99%. To avoid potentially high interest rates or if you need a larger loan, you should explore other lenders.

Pros

• Loans of up to $50,000
• Minimum credit score of 300
• Loans offered to full-time, part-time and self-employed individuals
• No prepayment penalty

SoFi, formerly known as Social Finance, offers customers a range of loans and other financial solutions. MoneyGeek chose it as the best lender for people with excellent credit in San Francisco for several reasons, including its A+ BBB rating. Customers with a credit score of at least 680 may borrow up to $100,000 at a low interest rate and get money the same day. If you lose your job suddenly, SoFi's unemployment protection program can help you put your loan payment on hold or lower your monthly loan payments.

When determining eligibility, the bank will conduct a soft credit check, which won’t impact your credit score. Nevertheless, if you apply for a loan, SoFi will perform a hard credit check, which can cause your score to drop. Consequently, borrowers whose credit scores are lower than 680 are not good candidates for financing with this lender.

Pros

• Loans of up to $100,000
• No origination fee or prepayment penalty
• Soft credit pull to check eligibility
• Unemployment protection

Upgrade, a relatively new business that offers personal loans up to $50,000, was formed in 2016. The company comes with an A+ rating from BBB. It often funds its loans on the same day, allowing you to begin debt consolidation immediately. Upgrade's debt consolidation loans have a fixed rate, so borrowers can stop worrying about credit card rate swings. If you choose to prepay your loan, you may do so without incurring a penalty. These features contribute to the company's excellent rating for those who want to consolidate debts.

However, depending on the borrower’s creditworthiness (the minimum credit score is 560), interest rates can be as high as 35.47%. Additionally, the lender does not suit debt consolidation needs above $50,000. Those not wishing to pay an origination charge must also choose another lender.

Pros

• Loans of up to $50,000
• No prepayment penalty
• Fixed-rate loans
• Same-day funding

Best Egg is an online lending platform formed in 2014 that has funded over one million personal loans (worth $14 billion) through Cross River Bank and Blue Ridge Bank. Notable is its A+ rating from the BBB. Unlike most other lenders, Best Egg offers no-collateral loans for home repairs, which is one of the reasons MoneyGeek ranked it as the best personal loan lender in San Francisco for home remodeling. You can view your rates within minutes and receive your funds the following day. You won’t incur penalties for loan prepayment, either.

The company's use of soft credit checks guarantees its eligibility evaluation will not negatively impact your credit score. However, processing your loan will require a hard credit check, which will have a negative influence on your credit score. In addition, Best Egg charges an origination fee of up to 5.99% of the loan amount. The lender requires a minimum credit score of 700, restricting applications to individuals with excellent credit. Best Egg is also not ideal for anyone who needs to borrow more than $50,000.

Pros

• Soft credit check to verify eligibility
• Fixed APR
• Loans of up to $50,000
• No prepayment penalty
• No collateral required