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Best Debt Consolidation Loan Lenders in Oregon

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Oregon

MoneyGeek compiled over 30 data points to determine which Oregon debt consolidation loan lenders offer the best rates, terms and conditions. The data included APR ranges, minimum credit score requirements, origination fees, late fees, repayment terms, loan amounts and more.

Your specific financial goals play a significant factor in choosing a lender. MoneyGeek's top picks for Oregon residents are Upgrade and Lightstream. The average credit score in the state is 690, and both lenders work with customers who have credit scores that fall a bit below this average.

Best Overall Debt Consolidation Loan in Oregon: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    With headquarters in San Francisco, California, Upgrade was established in 2017. If you need to consolidate debt that is less than $50,000 and have a credit score of 560 or higher, Upgrade might be the best lender for you.

    Customer testimonials for this lender are excellent, and it has an A+ rating from the Better Business Bureau (BBB). These factors make it the top debt consolidation lender in Oregon, according to data from MoneyGeek.

    While there is an origination fee charged by this lender, the cost is deducted from the loan's total amount, and there are no penalties for paying off your loan early. You can get your funds on the same day and take advantage of autopay discounts with this lender.

    Pros

    • Autopay discount
    • A+ BBB rating
    • Money can be received the same day
    • No prepayment penalty
    • Soft credit inquiry

    Cons

    • Maximum loanable amount is $50,000
    • Limits on fund usage
    • Loans come with origination fee
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Oregon: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream was established in 2012. It does not impose prepayment penalties if you can repay your loan early. It also offers high loan limits of $100,000 and provides funding on the same day of approval.

    Additionally, there are no origination or late fees with this loan. The lender also has a high BBB rating and allows borrowers to repay their loans for up to 84 months.

    A drawback of LightStream is that during rate checks, a hard credit pull is made. This has an adverse impact on your credit score. Additionally, LightStream does not accept co-signers and does not pay creditors directly.

    LightStream does limit how you can use your funds, so you will want to check with the lender before applying to ensure you can use your loan as needed to consolidate your debt.

    Pros

    • BBB rating of A+
    • Loan amount of up to $100,000
    • No origination fees
    • Doesn’t charge late fees
    • No prepayment penalty

    Cons

    • No co-signers
    • Limitations on fund usage
    • Hard credit inquiry
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

Best Debt Consolidation Loan for Bad Credit in Oregon: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart is an artificial intelligence (AI) lending platform. By utilizing AI, Upstart streamlines the process of getting personal loans with no human involvement.

    Founded in 2012 and headquartered in San Mateo, California, Upstart earned an A+ rating from the BB. Their soft credit inquiry helps you avoid a ding to your credit score. Plus, no prepayment fees mean that you are not charged fees if you pay off a portion of the entire loan at any time.

    You only need to have a credit score of 300 to be able to get a loan at Upstart. Furthermore, Upstart provides personal loans for amounts ranging from $1,000 to $50,000 for repayment terms of three to five years.

    Depending on the loan amount and your credit score, origination fees typically range from 0-8%.

    Pros

    • A+ BBB rating
    • Offers joint loans
    • No prepayment penalties
    • Low credit score requirement
    • Soft credit check for applicants

    Cons

    • Loan amount limited to $50,000
    • No co-signers
    • Origination and late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Oregon: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    In as little as two days, SoFi can offer up to a $100,000 debt consolidation loan. Consolidating federal and private student loans into a single bundle is a fantastic SoFi feature.

    Additionally, you can borrow the entire amount of your eligible student loan debt. With a high loan amount allowed, SoFi has a top BBB rating.

    SoFi deserves recognition because it provides help to people who are experiencing job loss by putting their payments on hold and by helping them find a new job.

    Established in 2011, SoFi totally has no origination fees and rate reductions for automatic payments. Also, it is important to note that co-signers are not allowed with SoFi.

    Pros

    • A+ BBB rating
    • Offers high loan amounts
    • Autopay discount
    • No origination fees
    • Soft credit inquiry

    Cons

    • Limits on fund usage
    • High credit score requirement
    • No co-signers
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Oregon for You

Oregon residents have an average of $17,066 in personal loan debt. By consolidating your outstanding debts into a single loan, you can reduce monthly payments and save money by obtaining a lower interest rate.

Debt consolidation loans in Oregon might be available to consumers who can prove they have a steady income, a good credit score and more. MoneyGeek outlined steps you can take to find a lender for your financial needs:

1
Ask Yourself the Important Questions

The first step in consolidating your debts is to assess your current financial standing and decide whether a debt consolidation loan is right for you. To help you make this decision, ask yourself the following questions:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

Borrowers looking to consolidate their debt may want to shop around before applying with a lender. Consolidation loans are long-term financial commitments, lasting two to four years or more. Some lenders also perform hard credit checks that can negatively impact your credit score, so it’s a good idea to research potential lenders before applying. Although MoneyGeek’s list of the best debt consolidation lenders in Oregon helps many consumers, these recommendations may not be perfect for each individual. As a result, it’s still in your best interest to explore other options.

3
Wait

After you’ve selected a debt consolidation lender, wait a few days before applying. Debt consolidation is a major commitment and should not be entered into lightly. Be sure to make an informed and well-considered choice about the lender before submitting your application.

4
Read the Fine Print

When taking out a debt consolidation loan, it is crucial for borrowers to read the terms carefully to ensure they catch important information like fees and charges. Prepayment penalties, origination fees and late fees are just a few examples of fees that may reduce your monthly savings if you are not careful. Reading the fine print can save you money in the long run.

5
Apply

Once you’ve chosen the lender you’d like to work with and you are sure that you meet the requirements for getting a loan, it’s time to apply. Most lenders ask for basic identification, proof of residence and documentation of your income, such as pay stubs or a letter from your employer. Also, while applying for a loan online can be more convenient, contacting or visiting the lender in person might be better if your chosen lender offers those options.

What to Do if You Can’t Get a Debt Consolidation Loan in Oregon

When a lender denies your application for debt consolidation, do not be discouraged. Instead, ask for an explanation. Just as there are many reasons you may have been turned down, there are just as many ways to correct issues and improve your chances of being approved in the future.

Possible reasons for a rejection include insufficient income, low credit score, high debt-to-income ratio and more.

You may want to negotiate with your desired lender and ask for a smaller loan amount or shorter repayment term. If this fails, try applying with another lender. Just make sure to correct whatever caused the rejection of your first application to ensure you have a good chance of a second application getting approved.

Borrowers are often attracted to the convenience of payday loans, but MoneyGeek strongly advises against them for several reasons. Payday loans have short repayment terms and extremely high-interest rates, which can cause borrowers to fall into a cycle of debt.

Calculate Your Monthly Payment

Borrowers generally make monthly payments on debt consolidation loans, which typically have interest rates. If you'd like to see how much a debt consolidation loan might cost you each month, use MoneyGeek’s calculator below.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Oregon

When it comes to debt consolidation, the best loan lender depends on your financial circumstances and credit factors. The most frequent questions about debt consolidation loans in Oregon are listed and answered below.

What is the best debt consolidation loan lender in Oregon?
Which lender in Oregon has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Oregon?
How much debt can I consolidate in Oregon?
How long does it take to get a debt consolidation loan in Oregon?
Can I pay off my loan early in Oregon?
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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
Shield Insurance

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 our editorial policies and expert editorial team.

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