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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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%.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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.
- Minimum credit: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).
- Minimum credit: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.
TOP 5 banks offering personal loans in Berkeley
- Bank name
- Total Assets
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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.
| 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 |
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.
- 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.
- 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.
- 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.
- 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.
- 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.