Best Personal Loans in Downey (CA)
We have found 122 personal loans to apply for in Downey, 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 Downey
- Bank name
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How to choose the Ideal Personal Loan in Downey, California
Personal loans offer a valuable solution to bridge financial gaps and improve one's financial well-being. When choosing a personal loan, it is crucial to find one that suits your specific financial needs. In this comprehensive guide, we provide strategies for comparing and selecting the best personal loan in Downey, California.
Annual Percentage Rates (APR)
The Annual Percentage Rate (APR) plays a vital role in evaluating the total cost of a loan, as it incorporates both the interest rate and associated fees. Comparing APRs enables a more accurate assessment of long-term expenses.
In Downey, APRs range from 4.49% to 36%.
Loan Amount
Research loan options to find a lender offering a substantial loan amount. In Downey, loans are available from $100 to $500,000. Consider lenders who allow partial loan withdrawals, enabling you to pay interest solely on the amount utilized. This flexibility proves beneficial for projects with varying expenses, such as home renovations or car repairs.
Monthly Payments
Ensure that the monthly payment comfortably fits within your budget, allowing you to fulfill other financial obligations while repaying the loan and interest.
Credit Requirements
While lenders generally prefer borrowers with good to excellent credit scores (670 or higher), some lenders accept individuals with poor to fair credit. Note that a high credit score does not guarantee a lower interest rate, but it increases your chances of loan approval. In Downey, the minimum acceptable credit score is Poor (300 - 579). Tailor your search to lenders offering favorable terms based on your credit score.
Collateral
Most personal loans in Downey are unsecured, meaning no collateral is required. However, some loans may necessitate collateral. Secured loans often offer lower interest rates since lenders face reduced risk with collateral. Unsecured loans, on the other hand, typically carry higher interest rates. If you wish to avoid high interest rates (which can reach 36% in Downey), consider a secured personal loan.
Origination Fee
In addition to interest charges, many lenders impose processing fees, also known as loan origination fees. These fees are typically a percentage of the total loan amount. While the common loan origination fee falls between 0.5% to 1%, the specific amounts vary among lenders. Opting for a personal loan with low processing fees can save you money in the long run.
Comparing and Choosing the Best Personal Loan in Downey, California
Conduct a side-by-side comparison of available loan options in Downey to make an informed decision. Evaluate the key loan characteristics provided in the table to effectively compare personal loans.
| 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 Simple Tips to Increase Personal Loan Approval Odds in Downey, California
- Enhance Your Credit Score. Improving your credit score is the most effective way to increase your odds of loan approval. Although the minimum credit score requirement in Downey is Poor (300 - 579), a higher credit score improves your chances. Take these steps to enhance your credit score:
- Ensure timely debt payments to maintain a positive payment history.
- Keep your total credit utilization low by utilizing a small portion of your total credit limit.
- Avoid excessive applications for new credit, as hard inquiries can impact your credit score.
- Dispute any errors in your credit reports, as inaccuracies can be rectified to boost your credit score.
- Increase Your Income. Lenders consider your debt-to-income ratio when evaluating loan applications. Increasing your income enhances your approval prospects. Explore avenues such as negotiating a raise at your current job or taking up a part-time job to supplement your earnings. A higher income lowers your debt-to-income ratio, improving your odds.
- Minimize New Debt. Avoid acquiring new debt while applying for a personal loan, as lenders view additional debt as a risk. Focus on paying off existing debts and refrain from taking on new financial obligations. The lower your debt burden, the easier it becomes to repay the personal loan.
- Be Realistic with Loan Amounts. Keep in mind that lenders are cautious when granting larger loan amounts due to increased risk. While the maximum loan amount available in Downey is $500,000, it may be more challenging to secure such sums. Requesting smaller loan amounts improves your chances of approval, as small loans pose less risk to lenders. Evaluate your precise financial needs and request the minimum required amount. The minimum loan amount offered by lenders in Downey is $100.
- Consider a Joint Applicant. Exploring the option of a joint applicant can enhance your loan approval prospects. When applying with a joint applicant, lenders consider both credit scores and incomes. Alternatively, you may seek a co-signer who agrees to assume responsibility for loan repayment in case of default. Choose your joint applicant or co-signer carefully, as your financial situations will be intertwined.
Conclusion
Securing a personal loan in Downey requires careful consideration and preparation. By following the strategies outlined in this guide and taking proactive steps today, you can significantly increase your chances of loan approval and obtain a personal loan tailored to your financial needs.