Best Debt Consolidation Loans in Portland of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Portland, OR

MoneyGeek identified the best debt consolidation loans in Portland to help you find an ideal lender for your needs and preferences. We compared lenders for over 30 factors, including APR ranges, Better Business Bureau (BBB) ratings, credit records and history, loanable amounts, late fees, origination fees, prepayment penalty fees and repayment periods.

Based on this analysis, MoneyGeek found that LightStream is the best overall debt consolidation loan lender in Portland. Still, the best lender for you will be based on your specific borrower profile. For example, if you have bad credit, you may fare best with Upstart.

Best Overall Debt Consolidation Loan in Portland, OR: LightStream


  • LightStream

    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream is a Truist online lending platform. This lender allows customers to conveniently apply through its mobile application and website. LightStream personal loans can be used for a variety of purposes, like weddings, vacations, home improvement and debt consolidation.

    Its debt consolidation loans range from $5,000 to $100,000. It should be noted that only applicants with the highest credit scores will receive the lender’s lowest APRs. As such, those with fair to poor credit may want to consider other lenders to avoid paying a high APR.

    LightStream offers same-day funding, which may be beneficial to borrowers that want to start consolidating their debt quickly. The lender’s maximum loan amount of $100,000 is also high relative to other lenders, which makes it a great option for those that need to consolidate a large amount of debt.

    Pros

    • A+ BBB rating
    • Autopay discount
    • Mobile application
    • Same-day funding
    • No prepayment penalty fees

    Cons

    • Hard credit inquiry that affects credit score
    • Co-signers not allowed
    • High minimum loan amount
    • Restrictions on the usage of funds
    LightStream

Runner-Up for Best Debt Consolidation Loan in Portland, OR: SoFi


  • SoFi

    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi, also known as Social Finance, was founded by Stanford business students in 2011. It earned an A+ BBB rating and achieved one million members in 2020. MoneyGeek identified this lender as one of the best debt consolidation loan lenders in Portland.

    The lender’s high minimum credit score requirement corresponds to a higher maximum allowable loan amount; borrowers that meet its minimum credit score of 680 may be eligible for up to $100,000. Its soft credit check also ensures that your credit score won’t be negatively impacted before you officially apply for a loan with the lender.

    Additionally, the lender offers one of the lowest interest rates. Plus, borrowers who set up autopayment receive a discount of 0.25%. Funds may be released a few days after your application has been approved.

    However, SoFi may not be your ideal lender if you plan on having a co-signer. This lender also requires that applicants have a high minimum credit score of 680 and minimum income of $50,000.

    Pros

    • A+ BBB rating
    • Autopay discount
    • High maximum loan amount
    • No late, origination or prepayment penalty fees
    • Soft credit inquiry that won’t affect your credit score

    Cons

    • High minimum credit score requirement
    • High minimum income requirement
    • Co-signers not permitted
    SoFi

Best Debt Consolidation Loan for Bad Credit in Portland, OR: Upstart


  • Upstart

    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Upstart is an artificial intelligence (AI) lending platform that was founded in 2012. According to our research, it’s the best debt consolidation lender in Portland for those with bad credit. To qualify for an Upstart debt consolidation loan, borrowers only need a minimum credit score of 300.

    Though the lender has low minimum credit score requirements, it should be noted that simply meeting these standards won’t get you the insurer’s lowest advertised interest rate. Those with poor credit scores may receive an extremely high APR, so it’s important to research other lenders to see if they offer better rates for your situation.

    Upstart also offers fewer repayment terms than other lenders. Borrowers can only choose between two repayment options, which limits the extent to which you can personalize your repayment strategy with the debt consolidation loan.

    However, Upstart conducts a soft credit inquiry that won’t affect your credit score. The lender also has a mobile application and website where you can conveniently apply for a loan and manage your account.

    Pros

    • Low minimum credit score requirement
    • No prepayment penalty fee
    • Next-day funding
    • Low minimum loan amount
    • Soft credit inquiry during prequalification

    Cons

    • Co-signers not allowed
    • Origination fee
    • Low maximum loan amount
    • Late fee
    Upstart

Best Debt Consolidation Loan for Good Credit in Portland, OR: Upgrade


  • Upgrade

    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade was founded by a team of fintech executives in 2017. Its fair minimum credit score of 560 makes its debt consolidation loans accessible to more borrowers. However, applicants that simply meet this credit minimum should expect to pay high interest rates. Only those with good credit will receive the lender’s lowest APR.

    The lender offers standard loan amounts ranging from $1,000 to $50,000. Its same-day funding can help you start consolidating debt quickly. Most notably, the lender pays third-party lenders directly, allowing its customers to save time.

    Pros

    • A+ BBB rating
    • Low minimum loan amount
    • Autopay discount
    • Mobile application

    Cons

    • Origination fee
    • Co-signers not permitted
    • Late fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Portland, OR, for You

In Oregon, the average personal loan debt is $17,066, and the average credit card debt is $5,124. Through debt consolidation, borrowers can repay their existing debts faster and at a lower interest rate. Despite these benefits, a debt consolidation loan may not be the best decision for you depending on your situation.

MoneyGeek recommends taking the following steps to determine if a debt consolidation loan lender in Portland can help your financial situation:

1
Ask Yourself the Important Questions

Before researching different lenders and applying for a debt consolidation loan, it’s important to figure out if it’s the best option for you. At a minimum, you should ask yourself the following questions:

  • How much funding do you need? It’s important to accurately estimate your loan amount to avoid paying more in interest or having to apply for an additional debt consolidation loan.
  • What’s your credit score? Your credit score will impact your eligibility for a loan as well as the interest rates, loan amounts and repayment terms available to you. If you don’t need to start consolidating your debt now, consider improving your credit score first to get the best possible interest rate.
  • Can you afford the monthly payments? Debt consolidation requires monthly payments. Evaluate your budget and if you can manage your finances well.
  • Do you have existing debts? Lenders consider your debt-to-income ratio when assessing your eligibility and choosing your loan terms. Additionally certain types of debt, like those for post-secondary education, aren’t eligible for debt consolidation.
  • Is your debt manageable through other means? Although debt consolidation may help you streamline your loans, it’s a serious commitment. Ensure that it’s the best option for you by comparing the interest rates of your current loan to that of the debt consolidation loans available to you.
2
Do Your Research

As previously mentioned, debt consolidation is a long-term commitment; repayment typically takes between two and four years. Some lenders conduct hard credit inquiries that can affect your credit score, so you want to limit the amount of lenders that you apply to.

It’s best to shop around and compare quotes from different lenders to see which lender suits you best. MoneyGeek’s review provides a good starting point to find the best lenders for debt consolidation in Portland, but no one knows your specific needs better than you.

3
Wait

After you’ve researched and selected your ideal lender, you should still wait a day or two before applying. This will give you the time to think through if this lender is truly the best option for you, as well as allow you the space to consider possible alternatives.

4
Read the Fine Print

Borrowers may skim through their loan agreement and miss important details. To save money and avoid unexpected costs, we highly recommend reviewing the fine print for any hidden fees, like late fees, origination fees or prepayment penalties. If there are any terms that confuse you, it’s best to consult a financial expert or someone from your chosen lender for clarification.

5
Apply

Once you feel confident with a specific lender, it’s time to gather all the required documents. Some lenders may require documents to verify your identification, address and employment status. To save time, you can prepare these documents in advance before starting your application. Applications can typically be completed online or in person, but this varies by lender.

What to Do if You Can’t Get a Debt Consolidation Loan in Portland, OR

Your application for a debt consolidation loan may be denied for several reasons, like an insufficient credit score, low income, high debt-to-income ratio or incomplete application. If your application is rejected, you should reach out to the lender directly to find out why you weren’t approved.

Your next step could be re-negotiating terms of your loan, like lowering the loan amount or modifying the repayment term. Simple changes like this could lead to your application being approved. If you were rejected due to a low credit score, you should work to improve this score first before reapplying, that way your credit score won’t be negatively impacted.

MoneyGeek highly advises against taking out payday loans, as these feature high interest rates and short repayment periods, which end up costing borrowers a significant amount of money.

Calculate Your Monthly Payment

Debt consolidation in Portland is paid through monthly premiums with interest. MoneyGeek provided a debt consolidation loan calculator to help you gauge your finances before starting your application.

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Frequently Asked Questions About Debt Consolidation Loans in Portland, OR

The best debt consolidation loan in Portland depends on your preferences. MoneyGeek answered the most commonly asked questions to help you make a well-informed decision.

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

Methodology

METHODOLOGY

MoneyGeek reviewed more than 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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.