Best Personal Loans in Eugene, OR: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

Getting a personal loan is a huge financial decision. On average it takes between two and four years to repay a loan, so before comparing personal loans in your city, it’s important to have answers to the following questions:

• How much funding do I need? It’s important to only borrow the loan amount that you need to avoid paying extra in interest or needing to take out a second loan. Accurately estimating your loan needs upfront can save you time and stress in the long run.
• What is my credit score? Most lenders have a minimum credit score requirement when accepting loan applications. Knowing your credit score can help you identify which lenders you’ll qualify for a loan with.
• Can I afford the monthly payment? One way to know if you can afford to pay the total amount of money you are borrowing is by calculating the monthly payments you are required to make.
• How much debt do I already have? Ensure that you aren’t accumulating too much debt. Calculate your debt-to-income ratio, taking into account your new potential loan amount. Consider an alternative source of funding by reviewing the pros and cons of taking out a personal loan.

Do Your Research

To find the best lender for your needs, you can compare lenders for their APR ranges, disbursement period and credit score requirements. While MoneyGeek’s review is a great place to start, our findings were based on what’s best for a generic borrower profile, rather than your unique situation. Because of this, you should complete your own research, searching for features and coverages that are important to you.

Wait

After you’ve researched different lenders and chosen the best one for your situation, you should wait a few days before submitting an application. During this time, you can think about if your lender is the best option for you and search for other ways to obtain funding.

Read the Fine Print

Often, borrowers forget to read the fine print of their loan agreement before applying. MoneyGeek strongly recommends reading and understanding the terms of your agreement to avoid unexpected charges, like those for loan origination, late payment and early repayment. If any of the terms aren’t clear, you can ask your lender to clarify.

Apply

Lenders require that borrowers provide documents like proof of identification, address verification and proof of income. Because document requirements vary between lenders, you should contact yours directly to find out what exactly is required. Online-only lenders typically approve loans faster than when you visit a lender’s office and submit your documents.