Best Personal Loans in Moreno Valley, CA: Top Lenders & Best Picks for You

Updated: November 1, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Moreno Valley, CA

MoneyGeek evaluated over 30 data points to get our rankings and find the best lender for personal loans in Moreno Valley. APR ranges, loan payback terms, minimum credit score, income criteria, loan accessibility, disbursement times, fees and penalties and more were among the data factors taken into account. The borrower's financial profile and funding request also decide which lender works best for them.

We analyzed several variables to find the top lenders for consumers with good credit history and bad credit history as well as for those needing funds for debt consolidation and home improvement.

Best Overall Personal Loan Lender in Moreno Valley: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    SunTrust and BB&T merged to become Truist Financial Corporation, which includes its online lender subsidiary, LightStream. The company provides loans from $5,000 to $100,000 with no prepayment penalties or origination fee.

    Flexible payment terms are available, along with a discount for borrowers who sign up for automatic payments. LightStream's A+ rating with the Better Business Bureau also contributes to it becoming the city's best overall lender.

    Credit scores of 660 or higher are required to apply for a loan from LightStream. Those seeking funds for purposes like consolidating or repaying an existing LightStream debt, funding a college education or acquiring companies will not be considered by this lender. Also, the lender may not be a good fit for you if you need a loan amount of less than $5,000.

    Pros

    • No origination fee
    • No prepayment penalty
    • Loans of up to $100,000
    • Autopay discount
    • A+ BBB rating

    Cons

    • Minimum loan of $5,000
    • Restrictions on loan usage
    • Conducts a hard credit inquiry
    • Requires good-to-excellent FICO score
    • No co-signers
    LightStream

Best Personal Loan Lender for Bad Credit in Moreno Valley: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Having a poor credit score or insufficient credit history reduces your chances of being accepted for a personal loan. Launched in 2012, Upstart is an online marketplace with an A+ rating from the Better Business Bureau and connects borrowers (including first-time borrowers and individuals with less-than-perfect credit) and lenders using artificial intelligence. The lender accepts loan applications from those meeting a minimum credit score of 300, making it the best option for those with bad credit scores.

    Upstart loan amounts range from $1,000 up to $50,000, determined based on credit scores. Also, an origination fee is applicable for the personal loan you take out.

    Although a soft credit check is performed to determine your eligibility for Upstart personal loans, a hard credit check is carried out while applying, which potentially reduces your credit score.

    Pros

    • A+ BBB rating
    • Minimum credit score of 300
    • Soft credit inquiry to check eligibility
    • Part-time, full-time and self-employed individuals are accepted
    • No prepayment penalty

    Cons

    • Potentially high interest rates
    • Maximum loan amount of $50,000
    • Origination fee
    • Late fees
    • No co-signers
    Upstart

Best Personal Loan Lender for Good Credit in Moreno Valley: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    Loans and financial products are available through SoFi (previously Social Finance). For reasons such as SoFi's A+ BBB rating, MoneyGeek has chosen it as Moreno Valley’s best lender for those with good credit. A credit score of 680 or above can get you a SoFi personal loan of up to $100,000. Initiating automatic payments on your loan may help you obtain discounted rates.

    Interestingly, people losing their job abruptly can benefit from SoFi's unemployment protection program, which enables them to postpone or reduce monthly loan payments. The company conducts a soft credit check, which won't affect your credit, to verify your eligibility. However, if you apply for a loan, a hard inquiry follows, thereby lowering your score.

    Additionally, the lender accepts co-applicants, which could boost your likelihood of approval.

    Pros

    • Loans of up to $100,000
    • No origination fee or prepayment penalty
    • Soft credit pull to check eligibility
    • Autopay discount
    • A+ BBB rating

    Cons

    • Hard credit inquiry during the application phase
    • High minimum credit score requirement
    • No co-signers
    • Income requirements
    • Minimum loan amount of $5,000
    SoFi

Best Personal Loan Lender for Debt Consolidation in Moreno Valley: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade was launched in 2016 as a financial technology company that provides potential borrowers with access to personal loans, credit cards and free credit health tools to encourage financial responsibility. The BBB has given the business an A+ rating. Its loans are typically funded on the same business day, enabling you to start consolidating your debt right away.

    Loans obtained through Upgrade have a fixed interest rate, relieving borrowers of the stress associated with the potential APR swings. You will not be charged a penalty if you decide to prepay your loan. Because of these factors, the lender is a good fit for individuals in need of debt consolidation loans.

    That said, the APR for an Upgrade personal loan may increase if the borrower has a credit score in the lower spectrum. All loans are furthermore subject to an origination fee of up to 8%.

    Pros

    • A+ BBB rating
    • No prepayment penalty
    • Joint loans available
    • Soft credit check

    Cons

    • Origination fee
    • Late payment fee
    • Potentially high APR
    • No co-signers
    • Maximum loan amount of $50,000
    Upgrade

Best Personal Loan Lender for Home Improvement in Moreno Valley: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Since its founding in 2014, Best Egg, powered by Marlette Funding, has partnered with Cross River Bank to fund unsecured personal loans. Particularly notable is the A+ rating it has received from the Better Business Bureau. The company provides personal loans between $2,000 and $50,000 for home improvements, including kitchen remodeling and patio additions, without the need for collateral for approval. The interest rates can, however, go up depending on your creditworthiness.

    Because the lender's minimum credit score requirement is 700, only those with stellar credit scores will be considered. Borrowers will also be impressed with the ease of applying online and the speed with which their loans are dispersed (often the next day). You also won't be subject to any prepayment penalties for the loan.

    Pros

    • Soft credit check to verify eligibility
    • Autopay discount
    • No prepayment penalty
    • A+ rating from BBB
    • Low minimum loan amount option

    Cons

    • High minimum credit score requirement
    • Potentially high APR
    • Hard credit inquiry to process application
    • Origination fees
    • No co-signers
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Moreno Valley for You

Your credit history, credit score, monthly income, debt-to-income ratio and other factors are evaluated by lenders to determine your eligibility for a personal loan from them. The average interest rate for personal loans in California is 10.21%, with borrowers averaging a personal loan debt load of $16,790.

Listed below are some of the measures MoneyGeek suggests taking to find a reputable lender and the best personal loans in Moreno Valley:

  1. 1
    Ask Yourself the Important Questions

    You need to have the answers to the following questions before deciding on a lender and completing an application for a personal loan:

    • How much funding do I need? Understanding how much funding you need can help you narrow down the lenders you want to consider since certain lenders have funding minimums and maximums.
    • What is my credit score? As certain lenders have specific minimum credit score requirements, knowing what your credit score is can help you determine which lenders might approve your application.
    • Can I afford the monthly payment? Ensure you aren’t taking out a loan you can’t repay. Otherwise, you may fall deeper into debt.
    • How much debt do I already have? Making sure you are not overextending yourself with more debt is important since it could be disastrous to your finances.
  2. 2
    Do Your Research

    Rates and fees on personal loans may be different between lenders, which results in significantly different quotes. It's a good idea to shop around for a suitable loan provider before applying for one. By taking out a personal loan, you are committing to paying back a huge amount of money, including the rates and fees. Repaying a personal loan might take several years depending on the loan term and size. As a result, before deciding on a loan or a lender, be sure the company is a good fit for your situation.

    Remember that MoneyGeek's recommendations are general, so you'll need to do some further reading and research before making a final decision.

  3. 3
    Wait

    It's normal to feel overwhelmed when each lender offers you a variety of options, features, rates and fees to compare. Personal loans are a significant financial commitment, so it may be prudent to wait a few days before finalizing a contract. Take some time to evaluate your alternatives after you've finished your research but before you submit an application. You may find that a different option for financing is a better fit for your situation.

  4. 4
    Read the Fine Print

    It's natural to miss important details when shopping around for personal loans. Before committing to a lender, find out what fees, interest rates and penalties will be charged. Take note of the payment terms and interest rates. You can save hundreds of dollars or more in the long run by paying close attention to each tiny detail.

  5. 5
    Apply

    Once you've decided on a lender, it’s time to submit your application. You'll be required to produce proof of your identity, address and income. It’s best to keep all the necessary documents ready in order to avoid delays and rejections. Generally, you can apply in person, though doing online can be quick and convenient.

What to Do if You Can’t Get a Personal Loan in Moreno Valley

There are several reasons why a borrower may have their application for a personal loan rejected. Some borrowers are turned down because they have poor credit scores, insufficient income, a large amount of outstanding debt or inadequate paperwork. However, don't give up if your application is turned down.

Find out the reasons for the rejection by contacting the lender. Then, assess what you can do about it. To improve your prospects, your lender may propose solutions like going for a shorter-term loan or smaller amount. If you still face difficulties getting approved, you may want to look into getting a co-applicant or securing your loan with collateral.

Even if you are in dire need of funds, you should avoid taking out risky alternatives like payday loans. These have shorter payback durations and higher interest rates than the other options. Note that paying a payday loan promptly will not improve your credit score. However, not paying it back promptly can hurt your credit score.

Frequently Asked Questions About Personal Loans in Moreno Valley

The ideal lender for you will be based on a number of factors, including the loan type and size, your income and your financial profile. These are answers to frequently asked questions regarding personal loans in Moreno Valley.

What is the best personal loan lender in Moreno Valley?
Which lender in Moreno Valley has the lowest interest rate?
Can I use a personal loan for vacations in Moreno Valley?
Can I use a personal loan for home improvement in Moreno Valley?
What can I not use my personal loan for in Moreno Valley?
How much can I borrow in Moreno Valley?
How long does it take to get a personal loan in Moreno Valley?
Can I pay off my loan early in Moreno Valley?

Our Personal Loan Methodology

METHODOLOGY

MoneyGeek’s recommendations are the result of thorough investigation and deliberation, tailored to suit your interests and needs. Our recommendations and expert guidance are intended to aid you in choosing the best suitable lender for your circumstances.

Within each category of ranking criteria, we analyzed various data points to determine which lender was the best, according to our calculations. These variables include the APR ranges, application cost, the maximum loan amount, minimum credit score and income requirements and the disbursement period.

MoneyGeek values consumers, which is why we take into account each lender's company ratings, customer service reputation and other features that might make your experience simpler and more accessible, such as available payment alternatives, prequalification requirements and mobile applications.

Our selections are made after thorough deliberation and calculation, always keeping your best interests in mind.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

Read Full Bio »
sources
Shield Insurance

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.

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