5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Berkeley (CA)

We have found 122 personal loans to apply for in Berkeley, CA. Add more criteria to compare personal loans and find the best one for you.

By Myfin Team
Updated December 03, 2024
Showing 122 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$3,000 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
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Showing 122 personal loans
Amount
$
Credit Score
City, state or Zip
  • Berkeley, CA
  • Alabama
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  • Arkansas
  • California
  • Colorado
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  • District of Columbia
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  • Texas
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  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming
Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Berkeley

Showing 5 banks
Sort by: Branches
Branches 4 bank branches
Total Assets (US$M)2,440,022,000
Branches 4 bank branches
Total Assets (US$M)3,380,824,000
Solano
Tuesday: 9:00 AM - 5:00 PM
Shattuck
Tuesday: 9:00 AM - 5:00 PM
Shattuck And Channing
Tuesday: 9:00 AM - 5:00 PM
Show all departments
Branches 4 bank branches
Total Assets (US$M)1,712,535,000
Elmwood
Tuesday: 9:00 AM - 5:00 PM
Berkeley Main
Tuesday: 9:00 AM - 5:00 PM
West Berkeley
Tuesday: 9:00 AM - 5:00 PM
Show all departments
Branches 3 bank branches
Total Assets (US$M)18,616,778
North Berkeley Branch
1801 Solano Avenue, Berkeley, CA, 94707
West Berkeley Office
755 Hearst Avenue, Berkeley, CA, 94710
Berkeley Office
2301 Shattuck Avenue, Berkeley, CA, 94704
Branches 2 bank branches
Total Assets (US$M)94,491,881
Berkeley Branch
1480 Shattuck Avenue, Berkeley, CA, 94709
U.c. Berkeley Branch
2495 Bancroft Way, Berkeley, CA, 94704

How to choose the best personal loan in Berkeley, California?

Personal loans can serve as valuable financial tools for managing budgets and improving overall financial well-being, provided they are used wisely. To ensure that you find a loan that meets your specific financial needs, it is crucial to carefully consider various factors. In this comprehensive guide, we will present strategies for effectively comparing and selecting the best personal loan available in Berkeley, California.

Annual Percentage Rates (APR)

When evaluating different loan options, it is essential to closely examine the Annual Percentage Rate (APR), which provides a more accurate representation of the total cost of the loan, inclusive of fees. By comparing APRs instead of just interest rates, you can gain insights into the long-term expenses associated with each loan.

Loan Amount

Conduct thorough research to identify lenders that offer loan amounts that align with your specific financial requirements. In Berkeley, loans ranging from $100 to $500,000 are available. Consider lenders that provide flexible loan options, enabling you to withdraw funds incrementally and pay interest solely on the amount used. This flexibility is particularly advantageous for projects with fluctuating costs, such as home renovations or car repairs.

Monthly Payments

Ensure that the monthly payment amount comfortably fits within your budget. It is crucial to strike a balance between meeting your other financial obligations while also repaying the loan and managing interest charges.

Credit Requirements

While most lenders prefer borrowers with good to excellent credit scores (670 or higher), some may consider those with poor to fair credit. However, having a higher credit score does not guarantee lower interest rates. In Berkeley, the minimum acceptable credit score is Poor (300 - 579). Tailor your search to lenders who offer favorable loan terms based on your specific credit score.

Collateral

Personal loans can either be secured or unsecured. Secured loans require collateral, while unsecured loans do not. Secured loans often come with lower interest rates as the collateral reduces the lender's risk. Unsecured loans generally carry higher interest rates. If you are concerned about high interest rates, which can reach up to 36% in Berkeley, a secured personal loan might be a suitable option.

Origination Fee

Pay attention to any origination fees charged by lenders in addition to the interest rate. Origination fees typically represent a percentage of the total loan amount. It is crucial to compare these fees, 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

Conduct a side-by-side comparison of available loan options to make an informed decision. The provided table presents essential loan characteristics for easy comparison, enabling you to choose the loan that offers the most favorable terms for your unique financial situation.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo 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 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

5 Essential Tips to Increase Your Personal Loan Approval Odds in Berkeley, California

Nobody wants to go through the loan process only to be denied. It's crucial to invest time and effort to maximize your chances of getting approved for a personal loan, as it will benefit you in the long run. If you are considering a loan in Berkeley, here are five steps to enhance your personal loan approval odds.

  1. Improve Your Credit Score. Increasing your credit score is the most effective way to enhance your loan approval odds. While the minimum credit score requirements in Berkeley range from Poor (300 - 579), having a higher credit score significantly improves your chances of approval. Consider the following tips to boost your credit score:
  • Ensure timely payment of debts to maintain a positive payment history, which is a key factor in determining your credit score.
  • Keep your overall credit utilization low by using a smaller portion of your total credit limit.
  • Avoid applying for new credit frequently, as hard inquiries can negatively impact your credit score.
  • Dispute any errors in your credit reports, as they can be common. Removing these errors can increase your credit score.
  1. Increase Your Income. Lenders evaluate your debt-to-income ratio when assessing your loan application. Increasing your income can improve your chances of approval. Although it may be challenging, consider the following options to boost your income:
  • Request a raise at your current job.
  • Take up a part-time job or gig to earn additional income.
  • Increasing your income reduces your debt-to-income ratio and enhances your approval odds.
  1. Minimize Debt. Avoid acquiring new debt while applying for a personal loan, as lenders consider it a risk. Pay off existing debts and refrain from taking on new financial obligations. The less debt you have, the higher your chances of loan approval, as it demonstrates financial stability and the ability to repay the loan.
  2. Set Realistic Loan Amounts. Lenders are cautious when granting large loan amounts due to the associated risk. In Berkeley, the maximum loan amount available is $500,000, but obtaining this amount is challenging. Consider the following advice for setting realistic loan amounts:
  • Request the minimum amount required based on your needs.
  • Smaller loan amounts have a higher likelihood of approval as they pose less risk to lenders.
  • Analyze your financial situation and determine the exact amount you need to avoid unnecessary borrowing.
  1. Consider a Joint Applicant or Co-Signer. A joint applicant or co-signer can bolster your loan application. When you apply with a joint applicant, lenders consider both credit scores and incomes. Alternatively, a co-signer agrees to repay the loan if you default. However, ensure you trust your joint applicant or co-signer, as your financial responsibilities will be interconnected.

Conclusion

Getting a personal loan can be a valuable solution, but it requires careful preparation. By following the strategies outlined in this guide, you can maximize your chances of being approved for the best personal loan in Berkeley, California. Start taking steps today to increase your odds of obtaining a loan that suits your needs and financial goals.

FAQ

What is the highest interest rate on a personal loan in Berkeley, California?

The highest interest rate on personal loan in Berkeley is 36%.

What is the biggest loan amount in Berkeley, California?

The biggest personal loan amount in Berkeley is $500,000.

What credit score do I need to have to get a personal loan in Berkeley, California?

To get approved for a personal loan in Berkeley you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

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