Getting a great small personal loan puts unnecessary worries away. Here we have filtered unwanted features to bring you loan companies with the best loan terms.
Top Five Small Personal Loan Companies in California: What You Need to Know
Personal loan companies make it easier and faster for borrowers to have cash advances anytime we find ourselves in a financial dip. Before now, borrowers would have to approach banks, and other lending institutions, who often set a limit on how much money they could borrow.
However, since the advent of same-day personal loan companies, you can now access smaller loans with favourable terms and interest rates. What is more, most of your application process is largely online-based. Given his experience in same-day personal loan processing and finance, Nick Wilson, CEO of Advance SOS in California and an accomplished loan officer, has shared with us personal loan companies that he thinks are worth your consideration.
Once you earn at least $1,500, you have access to the seamless payday loans and other personal loan packages that AdvanceSOS offers. In addition, AdvanceSOS has a high caliber of finance experts who will work with you and match you up with lenders favorable to your monthly income and repayment plans.
TOP Five Personal Loan Companies in California
These five recommendations are based most importantly on the flexibility of their payment and their annual percentage rates, which range from 6% to 36%. We’ve also considered other key features such as no fees and loan consolidation options for some of our five recommendations, which are:
Upstart has some of the best features you can use to your advantage when seeking personal loans. They have a seamless online application process that takes less than ten minutes to complete. Also, you get to enjoy their fair annual percentage rate, which ranges between 5.31% and 35.99%.
They offer up to $50,000 in personal loans with a starting limit of $1000. While they encourage you to have a credit score of over 600, you still get a chance with a lower credit score. They also offer other financial services such as loan consolidation, credit card payoff, home improvement loans, car refinancing, and much more.
If you do not mind paying the originating fee, usually not more than 8%, for a flexible personal loan service, then you may consider Upgrade. Although they are not direct lenders, they facilitate pleasant loans ranging from $1000 to as high as $50,000, and they do not specify any required credit score to access these facilities. If you are super conscious of annual percentage rates (APR), upgrade charges from 5.94% to 35.97% as APR.
The highlight of Upgrade is the flexibility of its repayment timelines. You can have up to sixty months to repay your loan. In addition, aside from unsecured personal loans, they offer mild secured loan services and other financial assistance such as debt consolidation, medical expenses, and home refurbishment.
Advancesos have specifically designed packages to cater to short-term loan borrowers. From payday loan packages to medium-term installment cash advance services, they match you up with lenders with the most favorable terms, ready to give you a cash advance of up to $5,000.
Their application process is free and seamless, taking only ten minutes. Furthermore, your loan is given to you in less than twenty-four hours once it matches. Also, Advancesos don’t run soft credit checks on you. It doesn’t matter, as they will get you an appropriate cash advance that fits your application with them.
Avant is unapologetic with their credit score requirement, pegged at a fair score of 580, a fair requirement for what they offer. Their loan facilities range from $2,000 to $35,000. However, they offer a very flexible repayment time frame, ranging from twenty-four to sixty months.
In running their credit check on you, they conduct themselves in ways that don’t hurt your credit score. Although their originating fee is high at 4.75%, their funds transfer after approval is incredibly fast. You get the approved sum in less than one business day. Furthermore, they also offer loan consolidation services and provide loans for medical expenses, mortgages, emergency loans, and even weddings.
PenFed Credit Union
They offer one of the lowest loan limits among most personal loan companies. With a flexible repayment time frame, you can secure anywhere from $600 to $50,000 in loans from PenFed. You often have between twelve and sixty months to fully service your loan. They do not have any specific credit score requirement, but it is safe to say they run a soft credit check before advancing you any loan.
Most of their loan facilities come with an annual rate of 4.99% to 17.99%, which is equally very fair compared with other companies’ APR rates. However, you will need to be a member of the credit union before you can access their loan facilities. Interestingly, you wouldn’t need to pay any originating fees once you have a membership, which seems like a fair deal.
Small Personal Loans versus Payday Loans
Payday loans appear as viable cash advance options for most borrowers because lenders don’t typically check the applicants’ credit scores, and getting the loans is instantaneous. However, they do attract high-interest rates, resulting in borrowers paying more than the cash advances they got. Aside from this, unlike personal loans, borrowers often have a shorter time frame to repay their loans.
It is also most likely to get more than $5,000 in payday loans. However, lenders are willing to advance larger sums as loans to you for personal loans, although they come with loan limits that make them less desirable when you are seeking a smaller loan sum.
Therefore, the amount you need and your credit score may determine whether a payday or small personal loan will adequately cater to your needs. Also, the flexibility of payment sets these two loans apart.
Payday loans are automatically due on your paydays, and you will have to cough out the sum or attract default payment rates, which, if accumulated, may lead to you paying more than the loan you took. On the other hand, personal loans give you up to five years to make repayments.
About the Author
Amanda Girard leads the copywriting of the best articles in AdvanceSOS. Her invaluable input translates into works posted throughout our website and other channels. She has continued to write the most comprehensive yet exciting pieces for us since our founding in 2019 and remains a valuable person in the company.