Best Personal Loans in San Jose, CA

Lightstream is the online lending platform of Truist bank, which was formed in 2019 after the merger of BB&T and SunTrust. Its personal loans can be used for various purposes, including debt consolidation, home improvement, weddings, recreation, etc. MoneyGeek’s analysis shows Lightstream is the best personal loan lender in San Jose because it offers same-day funding, low interest rates, high loan amounts and more.

The lender doesn’t charge borrowers any origination, prepayment or late fees, making it stand out from its competitors. Once the lender approves your loan, you can receive the funds in as little as one business day. It also provides a discount when you set up automatic payments.

However, Lightstream doesn’t provide online pre-qualification, making it difficult to know if you qualify for its loans. If you have bad credit scores, it’s best to look elsewhere for a loan — this lender’s minimum credit score requirement is relatively high at 660.

Pros

• Same-day funding available
• No origination, prepayment or late fees
• Low interest rates
• Maximum loan amount of $100,000
• Autopay discount

Upstart was founded in 2012 and is headquartered in San Mateo, California. In 2014, the company started offering personal loans. Through artificial intelligence (AI) technology, the lender assesses borrowers’ capacity to repay a loan. Besides credit score, the company also considers education and employment history when applying for a loan, making it the best option for borrowers with bad credit.

The company allows using loan funds for various purposes, including home improvement, debt consolidation, medical expenses, weddings and relocation. With Upstart, you can check your rate online without hurting your credit score. Once the lender approves your loan, receiving the funds in your account typically takes one business day. Upstart doesn’t charge borrowers a prepayment fee.

However, the lender will charge you higher interest rates with a bad credit score.

Pros

• Performs soft credit inquiry first
• Next-day funding available
• Flexible loan amounts
• No prepayment fees
• No restrictions on the use of loan funds

Social Finance, also called SoFi, was founded in 2011 by Stanford business school students. The company offers many financial products, including personal loans, auto and student loan refinancing, mortgages, credit cards and more. MoneyGeek’s research shows that SoFi is the ideal lender for those with a good credit history.

If you have a good credit score, SoFi will charge you lower interest rates and increase your loan limit. You can check if you qualify for its loans on its website without negatively affecting your credit score. If the lender approves your application, you might even receive funds on the same day. SoFi also offers unemployment protection to borrowers, which modifies your loan payments and helps you with job placement. If you want to pay off your loan early, the lender won’t charge you prepayment fees.

Pros

• No origination or prepayment fees
• Loan funded within two days
• Unemployment protection
• Conducts soft credit inquiry first
• Low interest rates

Upgrade's personal loans are the best option if you want a loan to consolidate high-interest debt at a lower interest rate. The company was launched in 2017 and has its headquarters in San Francisco, California.

The lender directly pays third-party creditors, making it the best option for borrowers seeking a loan for debt consolidation. Upgrade doesn't charge a prepayment fee if you pay off your loan early and has a low minimum credit score requirement.

However, Upgrade's maximum APR can exceed 35%. If you have a lower credit score, you may be able to qualify for a personal loan from a different lender at a lower interest rate.

To apply for an Upgrade personal loan, you’ll fill out an online pre-qualification form. The lender will then perform a soft credit inquiry that won't impact your credit score to assess your loan eligibility.

Pros

• No prepayment fees
• Conducts soft credit check first
• Same-day funding available
• Direct payment to third-party creditors in case of debt consolidation
• Low minimum loan amounts

Best Egg was founded in 2014 and has since provided over $6 billion of personal loans. Its flexible loan amounts, ranging from $2,000 to $50,000, and low restrictions on funds, make it the best option for funding home improvements and renovations.

You can use a Best Egg personal loan for various home-related expenses, including repairs or significant renovations. The lender doesn’t charge a prepayment penalty, which means you can pay off your loan early without paying a fee. Autopay discounts of 0.5% are also offered to borrowers that opt for auto payment.

While Best Egg offers a variety of interest rates, you may only qualify for a high rate if you have a poor credit score. Because of this, it may be best for borrowers with poor credit scores to explore other lenders that don’t weigh credit scores as heavily.

Pros

• No loan fund restrictions
• No prepayment penalty
• Flexible loan amounts
• Performs soft credit inquiry first
• Next-day funding available