Best Debt Consolidation Loans in Portland of 2023

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

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

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

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