Where Can You Get a Personal Loan in San Francisco?

Where Can You Get a Personal Loan in San Francisco?

To obtain a personal loan, you have multiple avenues to explore. There are the traditional methods of using banks, online lenders, or payday loan lenders. But being a member of a credit union means you can access a personal loan as well as many more benefits. 

Keep reading to find out the best place to get a personal loan in San Francisco.

What Is a Personal Loan?

First things first: what is a personal loan?

A personal loan is a kind of unsecured loan that requires no security or collateral. These loans offer fixed interest rates and terms, which allow you to have a consistent monthly payment throughout the life of your loan. 

Personal loans are popular because you can use the funds for almost anything. Whether you plan to use a personal loan to pay off debt, plan a vacation, or take in a local sporting event, knowing your options can make a big difference in your loan experience.

Lenders will review your application and consider things such as credit score, credit history, debt-to-income ratio, and income. Once approved, you can sometimes get your money the very same day!

Personal Loans: Online Lenders, Traditional Banks, Payday Loans Lenders

When you think of personal loans, you may first think of traditional banks and online lenders – and you might even be tempted to get a payday personal loan. 

There are pros and cons to getting a personal loan from each of these places and you’ll likely find a credit union is the one with more advantages than disadvantages! 

Traditional Banks

Stringent criteria and the possibility of extra fees might mean a big bank is more trouble than it’s worth.


  • Many banks require an in-person application process through one of their branches, which can be beneficial if this is your first time applying for a personal loan. 
  • If your credit is good enough, you might get a competitive annual percentage rate (APR). 


  • Traditional banks often have the most stringent requirements when it comes to qualifying for a personal loan. 
  • Current bank customers can sometimes find offers or deals to soften those requirements but you may need to open a checking account with a monthly fee.

Online Lenders

The internet can be like the Wild West so be sure you read the fine print and choose an online lender wisely.


  • Online lenders can often get a personal loan finalized and completed within 1 to 2 business days. 
  • These lenders may not follow traditional approving methods, so you may be in luck if your credit score is lower.  


  • Different online lenders offer various APRs for their personal loans and the rates are often very high, so be sure to read the fine print.
  • A high APR results in you paying more interest over time.

Payday Loan Lenders

Short-term gain could lead to long-term pain when it comes to payday loans, so make sure you know what it’s going to cost you.


  • You can get money right away with just an ID and proof of your paycheck.


  • Payday loans are short-term, high-cost loans and full payment is often due on your next paycheck.
  • So once you pay back the loan, you will have less money available until the following paycheck – and this can put you in a negative borrowing cycle.
  • Rather than an APR, these loans charge a percentage fee of the amount you borrow.
  • Even though these fees may seem minimal at first, they often add up to an annual interest rate that is much higher than a traditional personal loan APR. 
  • This means the total cost for your payday loan could be far higher than for a personal loan.  

Credit Unions for Personal Loans

Credit unions are a great resource for obtaining a personal loan! 

Credit unions like San Francisco Federal Credit Union offer competitive rates, flexible terms, and exceptional service. You don’t need to be an account holder to be interested or apply, but if you are approved, you must complete our quick and convenient application and meet our membership requirements. Our MyPath program makes it easy to open an account without necessarily needing to live or work in the Bay Area!  

Take a look at this list of pros, then compare it to other types of lenders and you’ll see why a credit union is an excellent choice. 

Pros of San Francisco Federal Credit Union’s personal loans: 

  • We offer competitive rates as low as 2.99% APR.*
  • You can get a loan amount as low as $500 – or as high as $50,000.
  • You don’t need to pay loan origination fees.
  • Your loan term can be as short as 61 days or up to 84 months.
  • Often, you can get the cash the same day as you apply
  • We offer a Skip-A-Pay Program to help you out those months you’re short on cash.
  • We even have Lend a Paw Personal Loans for unexpected pet expenses!

Pros of credit unions:

  • Credit unions are not-for-profit institutions that put you, the member, first. 
  • Credit union board members are volunteers so we don’t have to work with stockholders and we can return our earnings to members like you.
  • We want to work with you to reach your individual financial goals.

Choosing Your Lender

While it may seem like you have a plethora of options for getting a personal loan, you will want to narrow down your choices based on these factors:

  • Whether your credit score makes you eligible for the loan 
  • The ideal length of your loan (loan term)
  • What monthly payment you can comfortably afford
  • The penalty for late payments and whether your due date has flexibility 

With this in mind, make sure you carefully read the terms and conditions of any personal loan and compare your options before you sign on the dotted line. 

Personal Loans With San Francisco Federal Credit Union

At SFFedCU, we are ready to work with you in every type of situation to take care of all your financial needs and wants. We offer competitive rates, friendly, personalized service, and tons of benefits for account holders! 

Learn more about our personal loans today!

*Annual Percentage Rates. For all loans, the actual annual percentage rate is determined at the time a credit decision is rendered and may be higher than the lowest rates available. Credit history, loan terms, and the amount borrowed are all factors that determine the rate. Not all borrowers will qualify for the lowest rate. There are NEVER any prepayment penalties for repaying your loan early. All loans are subject to credit approval. As of the date of this disclosure, the Prime Rate is 3.25%.

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