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

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


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

  • SoFi

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


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

  • Upstart

    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds


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

  • Upgrade

    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds


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:


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.

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.



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.


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.



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.



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.


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.