Best Personal Loans in Salinas, CA

Golden 1 Credit Union is the best personal loan lender in Salinas, California, earning a MoneyGeek score of 96 out of 100. It was established in 1933 by 11 state employees as California State Employees' Credit Union, which eventually became Golden 1. It is federally insured by the National Credit Union Administration (NCUA). Individuals considering this lender will appreciate that it charges no origination fee, which can save money upfront. Additionally, there is no prepayment penalty, allowing for more flexible repayment options. However, potential borrowers should note that the borrowing limit is $50,000, which might be insufficient for larger financial needs. Also, the late payment fee is 5% of the past due amount or $15, whichever is greater, which could add to costs if payments are missed.

Laurel Road is the best online lender for personal loans in Salinas, California, with a MoneyGeek score of 94 out of 100. It offers loans ranging from $5,000 to $45,000 with repayment terms between 36 and 60 months. When considering Laurel Road, borrowers appreciate that it provides a 0.25% autopay discount and does not charge origination fees, which can reduce the overall cost of the loan. However, it's necessary to be aware of its high minimum loan amount, which may not suit those needing smaller loans, and that a late payment could result in a fee of 5% or $28. These factors are key for borrowers to think about when choosing Laurel Road for their personal loan needs.

Bay Federal Credit Union is the runner-up for the best personal loans in Salinas, California, receiving a MoneyGeek score of 93 out of 100. It began as a teachers' credit union in 1957 and has grown into a robust financial institution that's federally insured by the National Credit Union Administration (NCUA). As a lender, it offers a loan calculator to help you estimate monthly payments, which can be a helpful tool in financial planning. Additionally, its APR starts as low as 9.99%. However, its borrowing limit is $50,000, which might be insufficient for larger financial needs. Furthermore, if you choose to utilize its skip-a-payment service, there is a $30 fee involved.

Wescom Credit Union is a reliable option for personal loans in Salinas, California, with a MoneyGeek score of 91 out of 100. It is a credit union founded in 1934 by telephone company employees, federally insured by the National Credit Union Administration (NCUA). Borrowers should consider that this lender offers no origination fee, which can reduce initial costs. Additionally, it does not charge a prepayment penalty, allowing borrowers to pay off their loans ahead of schedule without extra charges. However, you should be aware of the skip-a-payment fee of $25, which applies if you decide to defer a payment. There's also a late payment fee, which is calculated at 5% of the amount due, potentially increasing costs if payments are missed.