Best Loans for Bad Credit in Oregon for 2024
Updated: April 25, 2024
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Happy Money, with a MoneyGeek score of 94 out of 100, is the best personal loan lender for bad credit in Oregon. It provides credible and transparent loan terms, competitive interest rates and quality service. As the runner-up, Avant has a MoneyGeek score of 92 out of 100 and stands out for its broad payment options, quick application and approval process, and strong customer service.
MoneyGeek reviewed four personal loan lenders in Oregon that have set and disclosed their minimum credit score requirements between 580 and 640, aiming to identify the best personal loans for individuals with less-than-perfect credit. Other lenders not highlighted but offer impactful services include Oregon State Credit Union, Oregon Community Credit Union, and Oregonians Credit Union, which offer valuable localized services.
- Happy Money
- 94MoneyGeek Score
- 11.72% to 17.99%APR Range
- 640Minimum Credit Score
- $5,000 to $40,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
Happy Money is MoneyGeek's pick as the best personal loan lender for bad credit in Oregon with a MoneyGeek score of 94 out of 100. Happy Money is not a lender but a fintech company that partners with federally insured lending partners by the NCUA to originate personal loans. It offers loans ranging from $5,000 to $40,000 for those with a minimum credit score of 640, with funds available as soon as the next day. It doesn't charge late payments or early loan repayment fees and provides flexible repayment terms, benefitting borrowers with lower credit scores. However, applicants should note that it only offers loans for debt consolidation and charges an origination fee.
Pros
- Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
- Flexible repayment terms from 24 to 60 months
- Lower maximum APR than competitors
Cons
- Only offers loans for debt consolidation
- Charges an origination fee
- No co-signers or co-borrowers
Overall Best Bad Credit Loan Lender in Oregon
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is the runner-up for the best bad credit loan lender in Oregon with a MoneyGeek score of 92 out of 100. This lender collaborates with WebBank, a state-chartered, member FDIC bank, to originate personal loans. It requires a minimum credit score of 580, with loan amounts ranging from $2,000 to $35,000, and provides quick access to funds, typically by the next day. Avant offers flexible repayment terms from 12 to 60 months and doesn't penalize for early loan payoff. However, applicants should consider that it charges an administration fee of up to 9.99% and that low borrowing limits could restrict the loan amount to $35,000.
Pros
- Doesn't charge a prepayment penalty
- Offers next-day funding
- Flexible repayment terms between 12 to 60 months
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Low borrowing limits at $35,000
Runner-Up for Best Bad Credit Loan Lender in Oregon
Calculate Your Monthly Loan Payment in Oregon
In Oregon, the average new account balance for personal loans, as outlined in TransUnion's Credit Industry Snapshot, stands at $9,231. This figure can serve as a benchmark when evaluating loan offers or understanding the lending market in the state.
Repayment of personal loans typically happens in fixed monthly installments over a set loan term. Lenders calculate these payments based on the principal amount, interest rate, and loan duration. Knowing your monthly payment before taking out a loan is beneficial, especially for those with bad credit. It allows you to budget accordingly and ensures you can meet the repayment obligations without straining your finances.
To conveniently estimate your loan payments, consider using the personal loan calculator provided by MoneyGeek. This tool offers a quick way to understand your potential monthly outlay before committing to a loan.
Best Bad Credit Loans by Credit Score in Oregon
In Oregon, the average credit score is 732, which is above the national average of 715 according to Experian data.
Even with a bad credit score, obtaining a personal loan is still possible. Some lenders in Oregon are willing to work with bad credit borrowers, though the terms might include higher interest rates and less favorable conditions. Please refer to the table below to identify personal loan lenders in Oregon that align with your credit score.
What to Do if Your Loan Application Is Denied in Oregon
It's not uncommon to face a personal loan application denial in Oregon, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.
Find out the reason for the denial
If a lender denies your application, review the reasons to rectify any issues. A low credit score, a high debt-to-income ratio, insufficient income or errors on your form could be factors. Understanding these reasons helps you address them before reapplying.
Modify your loan terms
Discuss with your lender the possibility of altering the loan amount or repayment terms to enhance the chances of approval.
Find another lender
Lender criteria differ, so it's beneficial to compare. Key factors include:
- Eligibility requirements: Credit score, income, debt-to-income ratio and employment history vary across lenders. Research these to align with your profile.
- Interest rates: Look for competitive rates, as they can impact your repayments, more so with bad credit.
- Additional fees: Some charge fees like origination, late, or prepayment fees. Others may not - a crucial consideration for those with bad credit.
- Loan terms: Available repayment terms vary. Short or long terms each have implications for your financial planning.
- Customer service and reputation: Gauge a lender's service and reputation. This is key when selecting a lender suited to individuals with bad credit.
Look for alternatives
Beyond personal loans, there might be other options more suitable for individuals with bad credit. Explore alternatives like secured loans, credit builder loans, or borrowing from friends and family.
Improve your credit score
Elevating your credit score is achievable over time and can increase your loan approval odds. Ways to enhance your credit score include paying bills on time, reducing outstanding debts and maintaining low credit card balances.
Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:
- Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
- Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.
—Alvin Yam, CFP
FAQ About Bad Credit Loans in Oregon
When shopping for personal loans in Oregon, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.
The best personal loan lender for bad credit in Oregon is Happy Money with a MoneyGeek score of 94 out of 100.
The lender in Oregon with the lowest minimum credit score requirement is Avant, with a minimum credit score of 580.
The time it takes to get a bad credit loan in Oregon varies by lender. Some lenders may offer same-day funding, while others could take up to one business week to process the funds.
Yes, you can pay off your loan early in Oregon. Be sure to check with your lender for any possible prepayment penalties.
Sources
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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