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

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Edited byAshley Jacobs

Updated: December 28, 2023

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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.

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Best Overall Personal Loan Lender in Santa Clarita: LightStream

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Best Personal Loan Lender for Bad Credit in Santa Clarita: Upstart

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Best Personal Loan Lender for Good Credit in Santa Clarita: SoFi

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Best Personal Loan Lender for Debt Consolidation in Santa Clarita: Upgrade

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Best Personal Loan Lender for Home Improvement in Santa Clarita: Best Egg

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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.

The best overall personal loan in Santa Clarita is from LightStream. However, the ideal lender for you may vary based on your unique circumstances.

LightStream offers the lowest interest rate in Santa Clarita. Your rates will depend on your credit profile since rates are lower for those with excellent credit scores.

Generally, vacations can be paid for with personal loans. To learn more about how and where you can utilize your funds, it’s important to study your loan agreement or talk to your lender.

Yes, you can use a personal loan to pay for your home upgrades in Santa Clarita. Best Egg is the leading provider of home improvement loans in Santa Clarita.

Each lender has a unique set of guidelines that must be followed when using funds. Lenders typically don’t allow borrowers to use their funds for illegal purposes, business ventures, stock investments or education funding. It is best to speak with your lender to learn more about any limitations that they may have.

You can borrow as much as $100,000 in Santa Clarita. Ultimately, the maximum amount that you can borrow depends on your lender. Not every lender allows personal loans of up to $100,000 as most of them offer smaller loans. Nevertheless, it’s important to know how much money you need before applying for a loan.

Depending on your lender, it can take a day or weeks for your loan to be approved and your money to be released. Every lender has a different application process.

Debt can generally be paid off early. However, certain lenders could charge for early payments. To find out if there are any prepayment penalties charged by the lender, carefully read the loan's fine print. If your loan does not charge prepayment penalties, you can prepay your debt without paying any further fees.

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.

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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.