Best Personal Loans in Santa Clarita, CA: Top Lenders & Best Picks for You

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

MoneyGeek looked at more than 30 different data points to determine the best personal loan in Santa Clarita. Aside from choosing our overall best pick for personal loans, we included lenders for those with bad credit and good credit. We also listed our top-ranking companies for home improvement and debt consolidation loans.

In order to rank these lenders, we used average customer profiles. You can use our suggestions as a starting point for your decision-making process since the best personal loan for you depends on your individual circumstances.

Best Overall Personal Loan Lender in Santa Clarita: 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

    In 2013, LightStream was founded as a part of Truist Bank. LightStream offers personal loans with no fees and no prepayment penalties. Borrowers can apply conveniently online. If approved, they can have their money the same day.

    LightStream personal loans can range from $5,000 to $100,000, making it a flexible option for almost every consumer. This company is best for borrowers with good-to-excellent credit who are looking for low APRs and quick funding. They can also save money since LightStream helps them avoid fees on their loans.

    Pros

    • A+ BBB rating
    • Doesn’t have prepayment penalties
    • No late or origination fees
    • Autopay discount

    Cons

    • Higher minimum loan amount of $5,000
    • No co-signers
    • Hard credit inquiry
    • Restrictions on fund usage
    • Won’t accept people with new or no credit
    LightStream

Best Personal Loan Lender for Bad Credit in Santa Clarita: 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

    MoneyGeek recommends Upstart as the ideal lender for borrowers with poor credit. Established in 2013, Upstart is a lending company that makes use of artificial intelligence to speed up the financing process.

    Its application process allows you to check your rates in a matter of minutes without affecting your credit score. Once your application is approved, you can get your funds on the following business day.

    Borrowers need to have a credit score of at least 300 to qualify for a loan. Depending on your credit score, you may be able to borrow $1,000 up to $50,000. You can choose a repayment term of either three years or five years.

    Pros

    • Credit score requirement of 300
    • Does not have prepayment penalties
    • Checking your rates won’t affect your credit score
    • A+ BBB rating

    Cons

    • High maximum APR
    • No co-signers
    • Potential origination fee
    • Employment requirements
    • Low maximum loan amount
    Upstart

Best Personal Loan Lender for Good Credit in Santa Clarita: 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

    Since its founding in 2011, SoFi has earned the trust of its four million members as a reliable lender. Borrowers with good credit can enjoy personal loans without origination fees, prepayment penalties or late fees.

    Aside from the lack of fees, MoneyGeek chose SoFi as its best choice for those with good credit because of its borrower requirements. To be approved for a loan, you need to have a minimum credit score of 680. You also need to be employed or have a source of sufficient income.

    Personal loans range in size from $5,000 to $100,000. Borrowers also enjoy unemployment protection, which helps them with their monthly dues in case they lose their job while repaying the loan.

    Pros

    • Borrowers have unemployment protection
    • No origination fees
    • No prepayment penalties
    • No late fees
    • A+ BBB rating

    Cons

    • No co-signers
    • Employment requirements
    • Requires a credit score of 680 or higher
    • High minimum loan amount
    SoFi

Best Personal Loan Lender for Debt Consolidation in Santa Clarita: 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

    A debt consolidation loan makes paying off your debts much simpler, with lower rates that remain consistent. It also helps you repay your debts faster and for a more definite term. If you want to consolidate your debt, MoneyGeek found that Upgrade, a company founded in 2017, offers the best personal loan for this purpose.

    Borrowers can get a loan of $1,000 to $50,000. The minimum credit score requirement to get an Upgrade personal loan is 560.

    The release of funds can happen on the same day if you want to receive them personally. Upgrade can also pay it directly to your creditors, though it will take longer to clear.

    Pros

    • No prepayment penalty
    • Minimum credit score requirement of 560
    • Funds can be sent directly to your creditors
    • A+ BBB rating

    Cons

    • Charges late fees
    • Has an origination fee
    • Employment requirements
    • No co-signers
    • Low maximum loan amount
    Upgrade

Best Personal Loan Lender for Home Improvement in Santa Clarita: 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 recommends Best Egg for home improvement loans in Santa Clarita. Personal loans from Best Egg can range from $2,000 to $50,000. Funds can be released on the business day after the loan has been approved.

    The lowest APR can be given to borrowers who meet the minimum credit score and income requirements. Otherwise, borrowers might pay the highest APR.

    Best Egg has been around since 2014, and it provides home improvement personal loans to help homeowners save money through lower rates. Personal loans are a convenient option if you’re looking to receive your funds quickly.

    Pros

    • A+ BBB rating
    • No prepayment penalty
    • Soft credit inquiry
    • Autopay discount

    Cons

    • Minimum credit score requirement of 700
    • Has a minimum income requirement
    • Charges an origination fee
    • No co-signers
    • Late fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Santa Clarita for You

The average personal loan debt in California is $16,790 with an average APR of 10.21%. In California, borrowers use personal loans for a variety of purposes. As you apply, take into consideration things like your credit score, current debts and more.

MoneyGeek created a guide to assist you in beginning the application process. The steps below will help you find the best personal loan in Santa Clarita.

1
Ask Yourself the Important Questions

To start the process, you must first understand why you’re taking out a loan. Then, you can consider all the other factors, like your loan amount, credit score, income, budget, existing debts and more. Before submitting a loan application, ask yourself the following questions:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?

These factors help you narrow down your options as lenders take them into account when evaluating your application. Lenders can either approve or reject your application based on these questions. They also use this information to determine your loan amount and interest rates.

2
Do Your Research

When you have a loan, you'll typically need to pay in monthly installments over a period of two to four years. Loan applications also impact your credit score because many lenders conduct a hard pull as part of the process. Therefore, taking out a loan requires a huge commitment, and it comes with its own set of responsibilities.

MoneyGeek has identified our top selections for various customer types to assist you in the process of selecting a loan. These recommendations are based on an average borrower profile. Your circumstances may differ from our average borrower. The best lender for you may also vary depending on your financial situation and personal needs. Make sure to do your own research.

3
Wait

Remember that taking out a personal loan is a commitment, so you have to be deliberate with your decision. Wait a day or two if, after doing your research and weighing your options, you're still unsure about your lender.

Give yourself some time to consider your options and to ensure that you’re making the right decision. You will have more opportunities to consider the benefits and drawbacks of the loan.

You can also try to forget about it for a while and then review your decision after a couple of days. This way, it will be like looking at your lender with fresh eyes.

4
Read the Fine Print

When you're taking in a lot of information, it's easy to ignore some important details. Take your time to read the fine print to ensure that you know every detail of your personal loan.

On the loan agreement, you will find the different fees attached to your loan. Take note of fees, like prepayment fees, late fees, origination fees and more. Being aware of these fees helps you avoid them altogether, resulting in major savings in the long run.

Thoroughly reading through the fine print also prevents you from getting into a borrowing trap. Some lenders have hidden and unwanted fees that often go unnoticed by borrowers.

5
Apply

If you are satisfied with your choice of lender, you can submit your application. Lenders have different application processes. You may apply for a personal loan online since this is the most convenient option. However, if you’re not comfortable with applying online, you can go to your lender’s office or call them.

Identification, address confirmation and income documentation are usually required, regardless of your lender or mode of application. Additional documentation to support your application may also be required. Make sure that your information is accurate when completing the application to prevent any errors that can cause delays.

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

Many loan applications are turned down due to a variety of factors, such as bad credit, a lack of income, inaccurate information or missing information. A denied application may feel disheartening. However, you shouldn’t worry. Lenders can still review your application.

Right after a rejection, ask your lender about the reason for the rejection. It gives you the chance to modify your application to make it more appealing to the lender. You can reduce the loan amount, change your repayment term or correct information.

Before submitting an application to a different lender, you need to address the reasons why your application was rejected. It’s best to work on that area because it's possible that other lenders will reject you for the same reason.

Payday loans are not recommended by MoneyGeek. Although these loans are much easier to get and offer immediate funding, their high interest rates make them too much of a burden for borrowers. As a result, borrowers may have to go over their budget to pay these loans or have their dues pile up over time.

Frequently Asked Questions About Personal Loans in Santa Clarita

Your preferred choice for a personal loan lender may be influenced by personal and economic circumstances. Factors such as your credit profile, income and needs affect your decision. MoneyGeek has answered frequently asked questions to help you find the best personal loan in Santa Clarita.

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

Our Personal Loan Methodology

METHODOLOGY

Using more than 35 individual data points, MoneyGeek reviewed more than 30 personal loan lenders. We used six key categories, including consumer friendliness, customer service, flexibility, lender transparency, loan affordability and accessibility.

Under each category, we looked into individual data points that we believe are the most important when choosing a personal loan lender. These data points include APRs, loan amounts, credit score and income requirements, application fees and disbursement time.

MoneyGeek puts you, the consumer, first. Because of this, consider customer service and reviews as well as supplementary features that enhance usability and accessibility. Prequalification, payment methods and mobile applications are a few examples of these characteristics.

We always keep your best interests in mind as we select our top lenders. Our goal is to assist you in choosing the best lender to suit your needs. As a result, MoneyGeek is able to create guides that combine our suggestions and advice from industry experts.

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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