Whether you’re looking to consolidate debt, make home improvements, or cover unexpected expenses, personal loans are a great financial tool to help you achieve your goals. If you’re a California resident, you’re in luck. There are several personal loan options available to meet your needs. You can access through traditional banks, credit unions, and online lenders. These lenders usually loan from $1,000 to $50,000, with select lenders extending to $100,000.
Over 70% of Americans borrow amounts under $20,000, based on a Forbes Advisor survey. Many personal loans offer speedy funding, ensuring you receive the funds you need within a few business days — you don’t have to wait for financial assistance.
This comprehensive guide will explore the best personal loans in California, considering credit scores, purposes, and eligibility requirements. Whether your credit is excellent or challenged, this guide will help you make an informed decision and secure the best personal loan to achieve your financial goals. Check out Beem which helps you find the best personal loan offers for your financial needs.
Popular Personal Loans in California
Popular personal loans in California encompass a range of lenders catering to diverse financial needs. Residents of the Golden State often turn to popular options such as Happy Money, LendingPoint, and SoFi for their borrowing needs. These lenders offer competitive rates and flexible terms, making them trusted choices for debt consolidation, home improvements, and unexpected expenses.
1. Happy Money
Happy Money is not just a personal loan provider but a transformative finance force. With a mission to create happier, healthier finances for all, Happy Money offers a fresh and customer-centric approach to personal loans. Happy Money’s innovative mindset and commitment to financial wellness make it a standout choice for borrowers in California.
Accepted Credit Scores
Happy Money caters to borrowers with good to excellent credit scores, typically starting at 700 and above. The interest rates offered by Happy Money vary based on creditworthiness and loan terms. Borrowers can expect rates ranging from 4.99% to 24.99%, ensuring competitive options for those seeking personal loans in California.
2. LendingPoint
LendingPoint is a trusted personal loan provider in California, known for its commitment to helping individuals with less-than-perfect credit scores rebuild their financial stability. Explore how LendingPoint can be your path to a brighter financial future.
Accepted Credit Scores
LendingPoint specializes in assisting borrowers with credit scores starting at 600 and above. The personal loan interest rates typically range from 9.99% to 35.99%. It offers accessible financing solutions for individuals working towards improving their financial standing in California.
3. LendingClub
LendingClub is a leading peer-to-peer lending platform in California that connects borrowers with individual investors. Discover how this innovative approach can benefit your loan journey.
Accepted Credit Scores
LendingClub typically welcomes borrowers with credit scores of 600 and above. Interest rates for personal loans through LendingClub can vary, ranging from 7.04% to 35.89%, offering options for various credit profiles and financial needs in California.
4. Upgrade Personal Loan
Upgrade Personal Loan is a reliable choice for Californians looking to enhance their financial prospects. Dive into the world of Upgrade and discover how their personal loans can elevate your financial well-being.
Accepted Credit Scores
Upgrade Personal Loans generally consider applicants with credit scores starting at 620 and above. Interest rates on Upgrade loans can vary, typically ranging from 5.94% to 35.97%, offering options for borrowers with diverse credit profiles in California.
5. Universal Credit
Universal Credit is a California-based online lender offering personalized loan solutions. Discover how Universal Credit can tailor a loan to fit your financial needs.
Accepted Credit Scores
Universal Credit provides personal loans with varying credit score requirements, depending on the loan type. Interest rates are determined based on individual credit profiles, making them versatile for California borrowers with various credit scores.
6. Citi® Personal Loan
Citi® Personal Loan, offered by the renowned Citibank, symbolizes trust in personal finance. Explore how Citi® can be your reliable partner in achieving your financial goals in California.
Accepted Credit Scores
Citi® Personal Loan typically welcomes applicants with credit scores of 700 and above. Interest rates for these loans can vary from 6.49% to 23.49%, providing competitive options for California borrowers with solid credit histories.
7. SoFi
SoFi, short for Social Finance, has emerged as a leading online lender in California. Explore how SoFi is reshaping the lending landscape, offering innovative personal loan solutions focusing on financial wellness and community-building.
Accepted Credit Scores
SoFi typically extends personal loans to applicants with credit scores of 680 and above. Interest rates for SoFi loans vary based on creditworthiness and loan terms, generally ranging from 5.99% to 21.20%, offering competitive options for borrowers in California.
8. Axos
Axos Bank, a prominent financial institution, offers personal loans that empower Californians to achieve their financial goals. Explore how Axos brings flexibility and convenience to the lending experience.
Accepted Credit Scores
Axos Bank typically caters to applicants with credit scores starting at 680 and above. Interest rates for Axos personal loans can vary, usually within the range of 6.49% to 25.90%, offering flexible financing solutions for borrowers in California.
9. Upstart
Upstart, an online lending platform, redefines personal loans in California. Learn how Upstart leverages innovative underwriting methods to cater to borrowers, including those with limited credit histories, fostering financial empowerment and opportunity.
Accepted Credit Scores
Upstart takes a unique approach to personal loan approval, considering factors beyond traditional credit scores. Interest rates vary depending on individual profiles and loan types, offering flexible options for California borrowers with limited credit history.
The Best Personal Loan Lenders for Bad Credit in California
Upstart: Upstart appeals to California residents with credit challenges, requiring only a minimum credit score of 300. Utilizing innovative AI technology, Upstart evaluates applications based on a wider range of factors than traditional credit scores. Borrowers can access loans from $1,000 to $50,000, with APRs ranging from 3.22% to 35.99%. Repayment terms are flexible, with options of 36 or 60 months.
Upgrade: Upgrade is a standout choice among California’s bad-credit loan providers, with a minimum credit score requirement of 560. Borrowers can access loans ranging from $1,000 to $50,000, with competitive APRs spanning from 5.94% to 35.47%. What sets Upgrade apart is its flexibility in repayment terms, offering options from 36 to 60 months.
LendingPoint: LendingPoint specializes in assisting borrowers with credit scores as low as 600. They offer accessible loan options to help rebuild credit and improve financial stability.
LendingClub: With a minimum credit score requirement of 600, LendingClub is a feasible option for those with less-than-perfect credit. Their peer-to-peer lending platform connects borrowers with individual investors.
The Best Personal Loan Lenders for Good Credit in California
Happy Money: Happy Money offers competitive rates and flexible terms to borrowers with excellent credit scores, typically starting at 700 and above. They provide a range of loan options for various purposes.
Citi® Personal Loan: Citi® Personal Loan sets a high bar with a minimum credit score requirement of 700. They offer competitive interest rates and a well-established reputation as a trusted financial institution.
SoFi: SoFi typically welcomes borrowers with credit scores of 680 and above. They provide innovative financial services and unique perks for borrowers with strong credit histories, making them an attractive choice for Californians.
Axos: Axos Bank extends personal loans to applicants with credit scores starting at 680. Their competitive interest rates and flexible terms cater to borrowers with good credit profiles.
Universal Credit: Universal Credit offers personalized loan solutions for individuals with varying credit profiles, including those with good credit. They provide tailored financing options to meet specific needs.
Upgrade Personal Loan: While Upgrade Personal Loan considers applicants with credit scores starting at 620, they also offer competitive rates and flexible terms for borrowers with good credit, making it a versatile choice.
The Best Personal Loan Lenders for Debt Consolidation in California
LendingPoint: LendingPoint is a great choice for debt consolidation, particularly for borrowers with lower credit scores. They provide accessible loan options to help individuals regain control over their finances.
Upgrade Personal Loan: Upgrade Personal Loan offers competitive rates and flexible terms, making it a strong contender for consolidating various types of debt. Upgrade can solve credit card debt, medical bills, or other financial obligations.
LendingClub: LendingClub’s peer-to-peer lending platform connects borrowers with individual investors, offering a versatile approach to debt consolidation. With a minimum credit score requirement of 600, it’s accessible to many borrowers.
SoFi: SoFi is known for its innovative approach to personal finance, and it’s particularly advantageous for debt consolidation. They offer competitive rates, making consolidating high-interest debts into a single, more manageable loan easier.
Citi® Personal Loan: Citi® Personal Loan, backed by a well-established financial institution, provides a stable option for debt consolidation. With a minimum credit score requirement of 700, it’s suitable for borrowers with excellent credit who seek to streamline their debts.
These lenders offer various advantages for debt consolidation, including competitive rates, flexible terms, and the potential to simplify your financial life by combining multiple debts into one manageable loan.
The Best Personal Loan Lenders for Home Improvements in California
SoFi: SoFi stands out as an excellent choice for funding home improvement projects in California. They offer competitive interest rates and flexible terms, allowing homeowners to finance renovations or upgrades while maintaining financial flexibility.
LightStream: LightStream, a division of Trust, provides specifically tailored loans for home improvements. They offer low interest rates and don’t require collateral, making them an attractive option for financing your home renovation dreams.
Wells Fargo: Wells Fargo offers home improvement loans with the convenience of an established bank. They provide various loan options and competitive rates for Californians looking to enhance their homes.
Upgrade Personal Loan: Upgrade Personal Loan offers versatile financing options, making it suitable for home improvement projects. Their competitive rates and flexible loan terms can help homeowners realize their renovation visions.
Axos: Axos Bank offers personal loans with favorable terms for homeowners looking to invest in their properties. With competitive interest rates and a straightforward application process, it’s a reliable option for financing home improvements.
These lenders cater to the diverse home improvement needs of California residents. Whether you’re planning a major renovation or a smaller project, these options provide the financial support necessary to enhance your living space and increase the value of your home.
Where to Get Personal Loans in California
You can obtain personal loans in California from traditional banks, online lenders, credit unions, and peer-to-peer lending platforms, each offering unique advantages and lending experiences.
Traditional Banks
Traditional banks such as Wells Fargo, Bank of America, and Citibank have a long-standing presence in California and offer personal loans to residents. They provide the stability and security of well-established financial institutions. Borrowers can visit local branches to discuss their loan options, and these banks often have a wide range of loan products. However, traditional banks may have stricter lending criteria and longer approval processes than online lenders.
Online Lenders
Online lenders such as SoFi, LendingClub, and Upstart have become increasingly popular in California due to their convenience and competitive rates. They offer a user-friendly online application process, quick approval, and often provide lower interest rates than traditional banks. Online lenders are known for their flexibility in catering to various credit profiles, making them an attractive choice for borrowers with diverse financial backgrounds.
Credit Unions
California boasts a multitude of credit unions, including Golden 1 Credit Union and SchoolsFirst Federal Credit Union. These member-owned institutions often offer personalized service and competitive rates. Credit unions may be more willing to work with borrowers with less-than-perfect credit scores, making them an excellent choice for those seeking a personal loan with more flexible eligibility requirements.
Peer-to-Peer Lending
Platforms like Prosper and Funding Circle connect borrowers directly with individual investors. These platforms provide an alternative to traditional banking and may offer competitive rates. Borrowers can create loan listings, and investors can choose to fund them. Peer-to-peer lending can be a viable option for those looking for a unique approach to personal loans in California.
Banks Offering Personal Loans in California
Wells Fargo: A renowned institution, Wells Fargo provides competitive rates and various loan amounts for personal financing needs.
Bank of America: Bank of America offers personalized lending solutions and the convenience of accessing a vast ATM network.
Citibank: With a global presence, Citibank provides a range of personal loan products tailored to California residents.
Chase Bank: Chase, known for its nationwide presence, offers accessibility and financial expertise for borrowers seeking personal loans.
Local and Regional Banks: Beyond the major players, California is home to numerous local and regional banks, each offering unique personal loan options and personalized services to cater to the diverse financial needs of its residents.
Best Personal Loans in California
SoFi: SoFi is a top choice for personal loans in California, known for its innovative approach to lending. They offer competitive rates, flexible terms, and a focus on financial wellness, making them an attractive option for various borrowers.
LightStream: LightStream, a division of Trust, stands out for its low-interest, unsecured personal loans designed for many purposes. With a reputation for competitive rates and no fees, they are an appealing option for those seeking financing.
LendingPoint: LendingPoint specializes in providing accessible loans for individuals with lower credit scores. They take a holistic approach to underwriting, considering factors beyond credit scores, making them a valuable option for borrowers who may not qualify with traditional lenders.
Wells Fargo: As a well-established bank, Wells Fargo offers stability and a diverse range of personal loan options to California residents. Borrowers can benefit from the convenience of a familiar institution and a vast branch network.
Upstart: Upstart utilizes artificial intelligence (AI) to make lending decisions, allowing it to cater to a diverse range of credit profiles. Their unique approach makes them an excellent choice for borrowers with various financial backgrounds.
Citi® Personal Loan: With its global presence, Citibank offers competitive rates and the backing of a renowned financial institution. Borrowers can access personal loans with favorable terms and benefits.
LendingClub: LendingClub operates as a peer-to-peer lending platform, connecting borrowers with individual investors. This unique approach can provide competitive rates and a straightforward online lending experience.
Axos: Axos Bank offers flexible personal loan solutions for California residents. With competitive interest rates and an efficient application process, they are a reliable option for borrowers seeking financing.
Prosper: Prosper operates as a peer-to-peer lending platform, connecting borrowers with individual investors. They offer a unique lending experience and competitive rates for personal loans.
| Lender | Loan Amount | Months | EST. PAYMENT* | EST. APR* | EST. FEE* |
| Happy Money | $5,000 | 60 Months | $130/mo | 11.25% – 24.50% | $125 |
| LendingPoint | $5,000 | 60 Months | $142/mo | 7.99% – 35.99% | $150 |
| LendingClub | $5,000 | 60 Months | $145/mo | 9.57% – 35.99% | $150 |
| Upgrade Personal Loan | $5,000 | 60 Months | $146/mo | 8.49% – 35.99% | $275 |
| Citi® Personal Loan | $5,000 | 60 Months | $120/mo | 11.49% – 19.49% | $0 |
| SoFi | $5,000 | 60 Months | $125/mo | 8.99% – 25.81%with autopay | $0 |
| Axos | $5,000 | 60 Months | $131/mo | 7.15% – 29.99% | $100 |
| Upstart | $5,000 | 60 Months | $139/mo | 4.60% – 35.99% | $200 |
California Credit Unions to Consider for Personal Loans
Golden 1 Credit Union: Golden 1 is renowned for its personalized service and competitive rates. Serving a wide membership base, they offer various personal loan options to meet diverse financial needs.
SchoolsFirst Federal Credit Union: SchoolsFirst primarily caters to educators, providing tailored personal loan products. Their commitment to the education community extends to offering benefits such as lower rates and flexible terms.
Patelco Credit Union: Patelco stands out for its extensive lending product offerings and flexibility in loan terms. They provide a variety of personal loan options to suit different borrowing needs.
San Diego County Credit Union: Serving the San Diego area, this credit union offers personal loans with attractive rates and focuses on member-centric services. Their commitment to the local community sets them apart.
The Police Credit Union: Specializing in serving law enforcement professionals and their families, this credit union offers personalized personal loan solutions. They understand the unique financial needs of their members.
SF Fire Credit Union: SF Fire Credit Union provides personalized financial services and flexible personal loan options. Their focus on member satisfaction makes them a valuable resource for loans.
Meriwest Credit Union: Meriwest offers competitive rates and benefits to its members, making personal loans accessible and appealing.
Addison Avenue Federal Credit Union: This credit union is dedicated to member satisfaction and offers personalized lending solutions for various borrowing needs.
Premier America Credit Union: Premier America offers members various personal loan options with competitive rates, emphasizing financial flexibility.
Orange County’s Credit Union: Serving the Orange County community, this credit union offers personal loans with competitive rates and a commitment to community service.
Compare Personal Loans in California
When evaluating personal loans in California, several factors should be considered to make an informed choice:
Interest Rates: Start by comparing interest rates (APR) across lenders. Lower rates can save you money over the life of the loan.
Credit Score Requirements: Assess the minimum credit score required by each lender. Some lenders specialize in serving borrowers with lower credit scores.
Loan Amounts: Determine the loan amounts offered by each lender. Ensure they can cover your financial needs.
Repayment Terms: Examine the available repayment terms. Shorter terms may have higher monthly payments but lower overall interest costs.
Fees: Be aware of origination fees, late payment penalties, or prepayment charges. These can significantly impact the cost of your loan.
Application Process: Consider the ease and speed of the application process. Online lenders often offer a streamlined experience.
Funding Time: Review how quickly funds will be disbursed upon approval. Some lenders provide same-day funding, while others may take longer.
Flexibility: Assess the flexibility of the loan. Some lenders allow you to check rates without affecting your credit score, providing transparency.
Customer Service: Research customer reviews and the quality of each lender’s customer service.
Additional Benefits: Some lenders offer job loss protection or financial wellness resources.
Tips for Getting a Personal Loan in California
- Review your credit report and score before applying to identify any errors and work on improving your creditworthiness.
- Shop around and compare interest rates and terms from different lenders to secure the most favorable deal.
- Only borrow what you need to avoid unnecessary debt and interest costs.
- Gather essential documents such as proof of income, identification, and financial statements to streamline the application process.
- Lenders prefer borrowers with a steady job history, so avoid job changes before applying if possible.
- Keep your debt-to-income ratio in check, as a lower ratio improves your chances of loan approval.
- Review the loan agreement, including fees, terms, and repayment conditions, to avoid surprises and ensure you’re comfortable with the terms.
Personal Loan Eligibility Requirements in California
Minimum Age: You must be 18 to qualify for a personal loan.
US Citizenship or Residency: Lenders typically require borrowers to be US citizens or legal residents.
Valid Social Security Number: A valid Social Security Number (SSN) is usually necessary to apply for a personal loan.
Steady Income: Most lenders require proof of a steady source of income, whether from employment, self-employment, or another source.
Credit History: Your credit history and credit score play a significant role. Lenders prefer borrowers with good credit, but some specialize in serving those with lower scores.
Debt-to-income Ratio: Lenders evaluate your debt-to-income ratio, which should typically be below 40%. This ratio reflects your ability to manage additional debt.
Residency in California: To apply for a personal loan in California, you must be a state resident.
Bank Account: Many lenders require an active bank account to facilitate fund disbursement and repayments.
Valid ID: You’ll need a valid government-issued ID, such as a driver’s license or passport.
Employment History: Lenders often prefer borrowers with a stable employment history. Some may require you to have been employed for a minimum duration.
No Recent Bankruptcy: Some lenders may have restrictions or higher requirements if you’ve recently declared bankruptcy.
No Outstanding Personal Loans: You may be ineligible if you have outstanding personal loans with the same lender or too much existing debt.
Meeting these eligibility requirements increases your chances of loan approval in California. However, remember that each lender may have specific criteria, so checking with the chosen lender for their exact requirements is essential.
California Personal Loan Laws and Regulations
Interest Rate Caps: California sets interest rate limits on personal loans to protect borrowers. These limits vary depending on the loan amount and term.
Maximum Loan Amount: State law imposes maximum loan amounts for personal loans, which lenders must adhere to.
Loan Term Restrictions: Personal loans in California are subject to term restrictions, ensuring borrowers have reasonable repayment periods.
Prepayment Penalties: State law regulates prepayment penalties, limiting the fees lenders can charge for early repayment of personal loans.
Fee Disclosure: Lenders must disclose all fees associated with personal loans, promoting transparency.
Licensed Lenders: Personal loan lenders in California must be licensed and adhere to state regulations. Borrowers should verify a lender’s license before obtaining a loan.
Usury Laws: California has usury laws that prevent excessive interest rates on loans, protecting borrowers from predatory lending practices.
Cooling-Off Periods: Some personal loans may come with cooling-off periods, during which borrowers can cancel the loan without penalty.
Protections Against Harassment: Borrowers are protected against harassment and abusive collection practices by lenders.
Privacy Laws: Personal loan lenders in California must comply with strict privacy laws safeguarding borrowers’ personal and financial information.
Online Lending Regulations: Online lenders operating in California must also adhere to state regulations, ensuring consistency in consumer protection.
These laws and regulations are designed to create a fair lending environment, protect borrowers from exploitation, and promote responsible lending practices within California.
Also Know About: Payday Loan vs Installment Loan
How to Choose the Right Personal Loan for You
Determine Your Needs: Assess the purpose of the loan, whether it’s for debt consolidation, home improvement, or other expenses.
Check Your Credit: Know your credit score and history to understand which loans you’re eligible for and the interest rates you can expect.
Compare Interest Rates: Shop for lenders offering competitive interest rates and APRs that suit your financial situation.
Loan Term: Consider the loan term that aligns with your repayment ability and financial goals, whether short-term or long-term.
Fees and Charges: Review all fees associated with the loan, including origination fees, late payment fees, and prepayment penalties.
Repayment Flexibility: Determine if the lender offers flexible repayment options, such as bi-weekly payments or no prepayment penalties.
Read Reviews: Research lenders and read customer reviews to gauge their reputation for customer service and reliability.
Check for Prequalification: Some lenders offer prequalification, which allows you to see estimated rates and terms without affecting your credit score.
Consider Additional Benefits: Some lenders provide perks like job loss protection, financial counseling, or direct payment to creditors for debt consolidation.
Loan Processing Time: If you need funds quickly, opt for a lender with a fast approval and disbursement process.
Choosing the right personal loan involves considering your specific needs, financial situation, and the terms offered by various lenders. Opt for Beem which provides the opportunity to check personalized rates and multiple personal loan options ranging from $500 to $100,000.
Discover Other States and Cities Best Personal Loans in USA
Personal Loans in California FAQ
Q1: What are the best short-term loans in California?
The best short-term loans in California include options like SoFi, Upstart, and credit unions such as Golden 1 and SchoolsFirst for competitive rates and terms.
Q2: What are the best credit-builder loans in California?
For credit-builder loans in California, consider Patelco Credit Union, San Diego County Credit Union, Self, and Chime to help improve your credit score with responsible borrowing.
Q3: Where can I get a debt consolidation loan in California?
You can obtain a debt consolidation loan in California from LightStream, LendingClub, Wells Fargo, Citibank, Golden 1 Credit Union, and SchoolsFirst Federal Credit Union.
Q4: What are the best emergency loans in California?
For emergency loans in California, consider Upgrade, Avant, The Police Credit Union, SF Fire Credit Union, and traditional banks like Chase for quick access to funds.
Q5: Where can I get a home improvement loan in California?
You can secure a home improvement loan in California from lenders like LightStream, Wells Fargo, Patelco Credit Union, and Premier America Credit Union or explore government-backed programs like FHA Title 1.
