Best Personal Loans in Bakersfield (CA)
We have found 122 personal loans to apply for in Bakersfield, CA. Add more criteria to compare personal loans and find the best one for you.
TOP 5 banks offering personal loans in Bakersfield
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Choosing the Best Personal Loan in Bakersfield, California: A Comprehensive Guide
Personal loans can serve as valuable tools to bridge financial gaps and enhance your overall financial well-being. However, it's crucial to select a loan that aligns with your specific financial requirements. In this comprehensive guide, we present strategies for comparing and choosing the best personal loan in Bakersfield, California.
Annual Percentage Rates (APR)
Comparing the APR, which includes both interest rates and fees, provides a more accurate representation of the total cost of a loan. In Bakersfield, APRs can range from 4.49% to 36%.
Loan Amount
Research loan options that offer a range of amounts to accommodate your financial needs. In Bakersfield, loans are available from $100 to $500,000. Flexible loan options that allow you to withdraw funds incrementally can be beneficial for projects with uncertain costs, such as home renovations or car repairs.
Monthly Payments
Ensure that the monthly payment amount fits comfortably within your budget. It's important to maintain your ability to cover essential expenses while repaying the loan and any associated interest.
Credit Requirements
Most lenders prefer borrowers with good to excellent credit (670 or higher). However, some lenders may consider those with poor to fair credit. While a higher credit score increases approval chances, it doesn't guarantee lower interest rates. In Bakersfield, the lowest acceptable credit score is Poor (300 - 579).
Collateral
While most personal loans are unsecured, some may require collateral. Secured loans generally offer lower interest rates due to reduced lender risk, whereas unsecured loans typically have higher interest rates. Opting for a secured personal loan can help avoid high interest rates, which can reach up to 36% in Bakersfield.
Origination Fee
Many lenders charge origination fees, typically a percentage of the loan amount. Comparing these fees is crucial as they contribute to the overall cost of the loan. Selecting a personal loan with lower origination fees can result in long-term savings.
Compare and choose the best personal loan in Bakersfield, California
Performing a side-by-side comparison of available loan options in Bakersfield enables you to select the loan with the most favorable terms for your financial situation. The table provided offers crucial loan characteristics for comparison, helping you make an informed decision.
Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Payoff® | 8.99 - 29.99% | $5,000 - $40,000 | 2 - 5 years | 5% | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Avant | 9.95 - 35.95% | $2,000 - $35,000 | 1 - 5 years | 4.75% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
OneMain Financial | 18 - 35.99% | $1,500 - $20,000 | 2 - 5 years | $25 - $500 | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Tips for Increasing Personal Loan Approval Odds
- Get Your Credit in Shape. Increasing your credit score is vital for improving loan approval odds. Timely debt payments, maintaining low credit utilization, minimizing new credit applications, and disputing errors in your credit report can help elevate your credit score.
- Increase Your Income. Enhancing your income lowers your debt-to-income ratio, increasing the likelihood of loan approval. Seek opportunities for salary increases or consider part-time work to supplement your income.
- Avoid Accumulating New Debt. While applying for a personal loan, refrain from acquiring new debt. Lenders view additional debt as a risk factor, potentially impacting your approval chances. Focus on paying off existing debts to reduce your overall debt burden.
- Be Realistic About Loan Amounts. Lenders may be hesitant to grant large loan amounts due to increased risk. To enhance approval odds, consider requesting smaller loan amounts. This reduces risk for the lender and makes loan repayment more manageable. Determine the precise amount needed and request the minimum required.
- Consider a Joint Applicant. Exploring the option of a joint applicant allows lenders to consider the combined credit scores and incomes of both applicants. Alternatively, a co-signer can provide added security for the lender. Choose a joint applicant or co-signer wisely, as your financial matters will be interconnected.
Conclusion
Obtaining a personal loan may become a necessary measure, so it's crucial to be prepared. Ensure you consider the factors mentioned, compare loan options, and follow the tips provided to maximize your personal loan approval odds in Bakersfield, California.