California personal loans

California personal loans details

California personal loans are unsecured, fixed-rate loans that do not require collateral and are typically paid on a monthly basis over two to five years. These loan are available to residents of California. These loans are often used for debt consolidation or to cover a larger expense. Many lenders are able to get cash into your bank account overnight.

A listing in our ratings table is not an endorsement. This table includes all lenders we have reviewed who offer loans to California residents.

What do California personal loans cost

The interest rates on California personal loans vary by lender and your predicted ability to pay back the loan (credit score, credit history, other debts, income, etc.). The monthly payment amount will vary based on the interest rate, the time period, and the amount of the loan. The total amount of interest paid over the life of the loan will vary based on all of the above. Generally, borrowers with better credit scores will get the better rates and qualify for larger loan amounts. Typically, FICO® credit scores above 600 are required for larger sized loans with the lowest rates only available to those with credit scores above 720.

A rough guide to rates based on credit history is below. This is just a rough guide as the actual rate will vary by lender, loan amount, payback period, and other factors.

Who makes California personal loans

Traditionally, only banks and credit unions made California personal loans but in the past few years, new players have been entering the space. Improvements in data capture, access, and technology has driven many of these changes. Some of these lenders are focused on specific credit profiles, others are focused on online lending, and others are focused on process efficiencies. The increased competition brings borrowers more options and possibly more better rates.

When considering California personal loans

Determine if you really need a loan. These loans typically make sense only as part of a balanced personal finance plan and can be a valuable tool to consolidate debt helping to bring down total interest payments. If instead, they increase financial strain it is generally worth considering other options to borrowing money.

If a personal loan is right for you it is a good idea to shop around. Rates and payments can vary by lender. Once you get a feel for rates and payments it makes sense to see how these additional payments fit into your budget. You may also consider other borrowing options like getting a secured loan like a home equity loan. These loans are often significantly cheaper but can be more complicated to get because there is collateral involved.