In 2022, many California residents are struggling to pay the bills. Costs have shot up over the past year, with inflation hitting 30-year highs. That is in addition to the fact that many people were out of jobs for months at a time during the pandemic. People are still trying to get back to their old status quo.
As always, California is one of the most expensive states to live in. That is unlikely to change, especially with cities like San Francisco being among the most expensive to live in throughout the world. If you are looking for ways to get back on your feet or fund your lifestyle, you are not alone. Personal loans are one option.
Where can you get a personal loan in California? You’ll find that the best providers facilitate the entire process online. Click through to compare top personal loans in California and take the following into account.
Private Lenders: Pros and Cons
The first thing you will learn is that you’re unlikely to get a personal loan from your bank. Unless you have an incredible relationship with your bank and impeccable credit record (or a rich benefactor to act as guarantor), banks are not going to give out risky loans. You will have to turn to private lenders.
In some ways, private lenders are far better than banks. They offer many more loan products than banks do, and allow you to do the entire application online. You will get your funds far more quickly than you would from a bank.
But you also need to be careful with private lenders. Private lenders are not regulated to the same extent as the traditional financial institutions. They can offer loans that are not in your best interest, with exorbitant interest rates that you are unlikely to be able to afford. If you are not careful in your choice of lender, you could find yourself in a cycle of debt before long.
So, how do you find a good lender you can trust in California?
Finding Personal Loans in California
There are some excellent lenders, as well as services which facilitate lending, that cater to California. One of the best platforms to use is Credible. Credible compares rates from multiple lenders, providing you with the information you need to decide whether their loans are worth it. They have a strong reputation in the financial services industry, and are likely to find you a loan that will suit your circumstances.
Another great option is PenFed. PenFed is a credit union that has been around since 1935. They are known for taking care of their members, providing loans that are most likely to help get them on their feet. They offer loans of all types, and you will likely find relatively low interest rates on their personal loans.
The caveat is that you need a credit score of at least 700 to apply. If you have struggled with debt in the past and are not yet a PenFed member, you are going to struggle to get a loan from them.
Getting a personal loan in California is easy, but you should be careful with the lender you choose. There are some companies providing loans in bad faith. Using services like Credible or credit unions like PenFed is recommended.