Best Personal Loans in Bakersfield, CA

Name: Best Personal Loans in Bakersfield, CA
Item: Best Personal Loans in Bakersfield, CA
Author: Zachary Romeo, CBCA

Chevron Federal Credit Union offers the best personal loans in Bakersfield, California, with a MoneyGeek score of 100 out of 100. It has excellent customer service, competitive interest rates and a straightforward application process with quick approval.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Denise Cristobal

Updated: October 29, 2024

Advertising & Editorial Disclosure

Chevron Federal Credit Union is the best personal loan lender in Bakersfield, California, with a MoneyGeek score of 100 out of 100. It has competitive interest rates, flexible repayment terms and a quick application and approval process. Laurel Road is the best lender for online personal loans. It has a MoneyGeek score of 93 out of 100 for its efficient application process, credibility and transparent loan terms.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks for the best personal loans in California.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Bakersfield, California. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Bakersfield, CA

Chevron Federal Credit Union

MoneyGeek Score100

APR RangeFrom 9.10%

Loan Amount Range$2,000 to $25,000

Repayment Terms1 to 60 months

Time to Receive FundsUndisclosed

Overview

Chevron Federal Credit Union is the best personal loan lender in Bakersfield, California, earning a MoneyGeek score of 100 out of 100. It has three branches in Bakersfield, California, and is federally insured by the NCUA, providing local accessibility and added security. However, it has a $25,000 maximum loan amount, which may limit those needing more significant funds. It also does not offer rate discounts for personal loans, potentially costing more over the life of the loan.

SEE THE BEST PERSONAL LOANS IN OTHER CITIES

Best Online Personal Loan in Bakersfield, CA

Laurel Road

MoneyGeek Score93

APR Range9.49% to 24.50%

Loan Amount Range$5,000 to $45,000

Repayment Terms36 to 60 months

Time to Receive FundsWithin 7 Days

Overview

Laurel Road is the best online lender for personal loans in Bakersfield, California, with a MoneyGeek score of 93 out of 100. It offers personal loans ranging from $5,000 to $45,000 with repayment terms between 36 and 60 months. It provides a 0.25% autopay discount and doesn't have origination fees. However, the higher minimum loan amount could be a hurdle for those needing smaller sums, and a late fee of 5% or $28 could be a setback if you miss a payment.

Calculate Your Monthly Payment in Bakersfield, CA

The United States Census Bureau reports that the median annual household income in Bakersfield, California, in 2022 is $72,017. Whether your actual income is above or below this median value, your ability to afford the monthly loan payments is what matters. Use our personal loan calculator to estimate your monthly loan payments and the total loan cost by entering the loan amount, rate and terms.

For example, a $10,000 personal loan with a 10% interest rate and three-year repayment term would result in monthly payments of $323, totaling $3,876 per year. This amount represents approximately 5% of the median annual household income in Bakersfield, California.

Personal Loan Calculator

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Updated: Nov 21, 2024

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Runner-Up for Best Personal Loan in Bakersfield, CA

Valley Strong Credit Union

MoneyGeek Score94

APR Range13.25% to 23.00%

Loan Amount RangeUp to $20,000

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

Valley Strong Credit Union is the runner-up for the best personal loans in Bakersfield, California, with a MoneyGeek score of 94 out of 100. It is federally insured by the NCUA, ensuring a level of deposit protection and reliability. Additionally, it boasts a BBB rating of A+, indicating high customer satisfaction and trustworthiness. However, the maximum loan amount is $20,000, which may not be sufficient for larger financial needs. It also doesn't have a prequalification option, making it harder for potential borrowers to gauge their chances of approval without a hard credit check.

Other Options for Personal Loans in Bakersfield, CA

Strata Credit Union

MoneyGeek Score87

APR Range12.20% to 18.00%

Loan Amount RangeUndisclosed

Repayment TermsUp to 60 months

Time to Receive FundsUndisclosed

Overview

Strata Credit Union is a solid choice for personal loans in Bakersfield, California, earning a MoneyGeek score of 87 out of 100. It has three branches in Bakersfield, California, making in-person interactions convenient. Additionally, its A+ BBB rating indicates a strong reputation for customer satisfaction. However, it charges a $20 loan application fee, and membership is required to apply.

National Lenders With Physical Locations in Bakersfield, CA

Borrowers in Bakersfield, California, seeking the best personal loans with in-person service from a nationally-recognized lender have a handful of reputable choices. Lenders include Wells Fargo, U.S. Bank and OneMain Financial, offering a range of loan products and personalized customer service.


OneMain Financial	18.00% to 35.99%	$1,500 to $20,000	24 to 60 months
U.S. Bank	8.74% to 24.99%	$1,000 to $50,000	12 to 84 months
Wells Fargo	7.49% to 23.24%	$3,000 to $100,000	12 to 84 months

What to Do if You Can't Get a Personal Loan in Los Angeles, CA

Your personal loan application in Bakersfield, California, can get denied due to various reasons, like a low credit score, negative financial history or an unfavorable debt-to-income ratio. If this happens, there are some steps you can take to navigate this setback.

1
Find out the reason for the denial
Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons can help you improve weak areas and avoid future denials.
2
Modify your loan terms
You can ask your lender if you can adjust the loan amount or repayment terms to get approved.
3
Look for another lender
Different lenders have varying eligibility criteria for personal loan approval. It's important to shop around and consider factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service to find the best lender for your needs.
4
Explore credit counseling services
Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to manage your credit card debt better and develop your budget. You can check the Department of Financial Protection and Innovation's published list of nonprofit credit counseling agencies to get started. The Department of Justice's list of approved credit counseling agencies is also another resource to find credit counseling services.

FAQ About Personal Loans in Bakersfield, CA

We addressed common questions about the top personal loans in Bakersfield, California, to offer helpful insights for your informed decision-making.

Who is the best overall personal loan lender in Bakersfield, California?

Chevron Federal Credit Union is the best overall personal loan lender in Bakersfield, California. It offers loans with an APR range from 9.10%, loan amounts from $2,000 to $25,000 and flexible repayment terms of one to 60 months.

What are personal loans used for in Bakersfield, California?

In Bakersfield, California, you can typically use personal loans for various needs, including home improvements, emergency circumstances and vacations. However, some lenders may limit the ability to use funds for college tuition or gambling.

What are the interest rates on personal loans in Bakersfield, California?

Personal loans in Bakersfield, California, have APRs ranging from 9.10% to 23%, based on the lenders included in our database. To find the best option, always compare personal loan rates.

What are the benefits and drawbacks of personal loans?

Personal loans offer lower interest rates than most credit cards. They can streamline debt consolidations and provide swift access to funds. Conversely, personal loans can come with origination fees and may involve asset risk when secured, such as the potential loss of property.

What are some personal loan red flags to look out for?

When considering personal loans, be wary of extremely high APRs, a lack of transparency about the loan's origin and a high number of negative consumer reviews. You should also be cautious of lenders that don't require identity or income verification. Always carefully assess your financial situation before considering personal loans.

How to apply for a personal loan online?

Many lenders now offer simple online applications for personal loans that you can complete quickly on their websites, streamlining the loan application process.

Can I get a personal loan with bad credit in Bakersfield, California?

Getting a personal loan with bad credit in Bakersfield, California, is possible but challenging. To find suitable options, start by reviewing our recommendations for the best loans for bad credit and the best loans for bad credit in California.

What are the best low-interest personal loans in Bakersfield, California?

To simplify your search, we've compiled some of the best low-interest personal loans available in Bakersfield, California.

What is an installment loan? Is there a difference between personal loans and installment loans in Bakersfield, California?

Personal loans are a type of installment loan, which refers to loans with a set schedule of payments. There is no difference between personal loans and installment loans in Bakersfield, California.

Is there a difference between credit union loans and bank loans in Bakersfield, California?

In Bakersfield, California, personal loans from credit unions and banks may differ in interest rates and application requirements. When you apply for a loan, consider whether you have a bank account or checking account with the institution, as this can impact loan terms.

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Best Personal Loans in California

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

Read Full Bio »

sources

Department of Financial Protection and Innovation. "Check Out Your Credit Counseling Agency." Accessed October 10, 2024.
U.S. Department of Justice. "Credit Counseling Agencies - California." Accessed October 10, 2024.
United States Census Bureau. "Bakersfield City, California." Accessed October 10, 2024.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

Best Personal Loans in Bakersfield, CA

Overall Best Personal Loan in Bakersfield, CA

Best Online Personal Loan in Bakersfield, CA

Calculate Your Monthly Payment in Bakersfield, CA

Personal Loan Calculator

Runner-Up for Best Personal Loan in Bakersfield, CA

Other Options for Personal Loans in Bakersfield, CA

National Lenders With Physical Locations in Bakersfield, CA

What to Do if You Can't Get a Personal Loan in Los Angeles, CA

Find out the reason for the denial

Modify your loan terms

Look for another lender

Explore credit counseling services

FAQ About Personal Loans in Bakersfield, CA

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