Best Low-Income Loans in Oregon: Top Lenders and Rates for 2024

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Low-Income Loan Lenders in Oregon

MoneyGeek reviewed over 30 personal loan lenders for more than 35 key data points. Data points like annual percentage rates (APRs), loan amounts, eligibility requirements, application fees and disbursement times have the most impact on a borrower’s choice of lender.

We ranked Upgrade as the best low-income loan lender in Oregon, with LendingClub taking the runner-up spot. Borrowers with poor credit may get the best low-income loan from Upstart, while those with good credit should consider Prosper for their lending needs.

Best Overall Low-Income 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

    Upgrade offers the best low-income loans in Oregon. Founded in 2016, the lender provides loans to borrowers with low credit scores — those with a minimum credit score of 560 can qualify.

    Upgrade’s personal loan products range in amount from $1,000 to $50,000, making it an ideal lender for those that need a small-to-moderate amount of funding. The lender offers more repayment term options than its competitors, allowing borrowers to choose a repayment plan that best fits their financial goals. Borrowers can also adjust their payment due date to reduce the possibility of defaulting on a loan.

    Depending on your credit score and borrower profile, you may pay a high APR of up to 35.47%. Origination fees of up to 8% can also significantly increase the cost of your loan. Those that submit a payment beyond the lender’s allowed 15-day grace period can expect to face a late fee of $10.

    Pros

    • Low minimum credit score requirement of 560
    • Offers smaller loans
    • Fast funding
    • Borrowers can change their payment due date
    • No prepayment penalties

    Cons

    • Origination fees of up to 8%
    • Late fee of $10
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Low-Income Loan in Oregon: LendingClub


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Add LendingClub to your shortlist of low-income loan lenders if you have a minimum credit score of 600 and require funding quickly. Established in 2006, LendingClub is the second-best provider of low-income loans in Oregon.

    LendingClub loans range in amount from $1,000 to $40,000 and feature repayment terms between 36 and 60 months. This lender may disburse funds within 24 hours of approving your application, making it a good choice for those that need funding quickly. Take note, however, that your funds will be subject to an origination fee of up to 6% of your loan amount.

    The lender also has relatively high APRs in comparison to other lenders. Depending on their credit score and financial profile, borrowers can receive an APR between 7.04% and 35.89%. Having an outstanding credit profile can help you avoid paying a potentially high APR. With this lender, you can also apply for a joint loan to possibly receive a lower APR.

    Pros

    • No application fees
    • Offers joint loans
    • No prepayment penalties
    • Allows borrowers to adjust their payment schedule once

    Cons

    • Origination fee of up to 6%
    • High maximum APR
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Within 24 hours
    LendingClub

Best Low-Income 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

    In Oregon, borrowers with poor credit can obtain the best low-income loan from Upstart, a company founded in 2012. Upstart is a pioneer in artificial intelligence (AI) lending. Through AI technology, Upstart evaluates borrowers for factors other than credit score, like employment history and DTI ratio.

    Depending on their profile and funding needs, borrowers can obtain between $1,000 and $50,000. Upstart borrowers are limited to two repayment term options — 36 or 60 months. After your application is approved, you can expect to receive your funds the next business day.

    While those with poor credit can qualify for a loan, they should be mindful of potentially paying a high interest rate in excess of 35%. Upstart loans are also subject to origination fees of up to 10% of the loan amount, which may significantly increase the cost of your loan. Furthermore, the lender charges a late fee of $15 or 5% of the past month’s payment balance, whichever is greater.

    Pros

    • Fast funding
    • Low minimum credit score requirement of 300
    • No prepayment penalty
    • No educational attainment requirement

    Cons

    • Origination fee of up to 10%
    • Late fees
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next business day
    Upstart

Best Low-Income Loan for Good Credit in Oregon: Prosper


  • Prosper
    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Prosper is MoneyGeek’s top recommendation for Oregon borrowers with good credit. Since 2005, Prosper has provided loans to consumers through its innovative peer-to-peering lending platform.

    The lender’s personal loans range from $2,000 to $40,000 and feature APRs between 7.95% and 35.99%. Because your APR depends partially on your credit score, only those with excellent credit scores will likely receive a low rate. You can apply with a co-borrower to boost your chances of being approved for a loan with a lower APR.

    Borrowers can expect to receive funds on the same day of their application clearing. There are no fees for early loan repayment, but the lender does charge a fee for late payments. This amounts to $15 or 5% of the unpaid monthly amount, whichever is greater. Its loans also feature origination fees between 1% and 5% of the loan amount.

    Pros

    • Allows co-borrowers
    • Mobile application available
    • No prepayment penalties
    • Borrowers can change their payment due date once every 365 days

    Cons

    • Origination fee of up to 5%
    • Late fees
    • Check payment fees
    • Potentially high APR
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Prosper

How to Choose the Best Low-Income Loan in Oregon for You

In Oregon, the average debt on personal loans is $17,066 with an interest rate of 9.84%. Though it appears relatively common to take out a personal loan in the state, it may not be the best financial decision for you. Below are a few steps you should take to make a well-informed decision about applying for a low-income loan in Oregon.

1
Ask Yourself the Important Questions

To save time, money and undue stress, ask yourself the following questions before researching different lenders.

  • How much funding do you need? Knowing the amount that you need can give you an idea of how much your monthly payments will cost, as well as the potential lenders available to you.
  • What’s your credit score? Your credit score impacts your eligibility with lenders, as well as the loan terms (APRs, loan amounts, repayment terms, etc.) available to you. If your credit score is low, consider improving it before applying for a loan.
  • Can you afford the monthly payments? Missing payments can cost you money, as some lenders charge late fees. Calculate a payment amount that fits within your current budget.
  • Do you have existing debts? Consider repaying your existing debt first before taking on more debt.
  • Is your debt manageable through other means? Explore alternative funding options, like borrowing from friends and family or 0% APR credit cards.
2
Do Your Research

Because a loan is a long-term commitment that takes between two and four years to repay, it’s important to thoroughly vet lenders. MoneyGeek recommends comparing lenders for their APRs, repayment terms, eligibility requirements, loan amounts and fees to find the best option for your needs. Our recommendations can help you get started, but only you know your specific financial goals.

3
Wait

After researching lenders, it’s important to wait a day or two before choosing your preferred lender. Take a step back from the situation and consider your options. You can use this time to research other lenders or search for alternative funding options. Because a loan takes years to repay, it’s important that you don’t rush into a decision.

4
Read the Fine Print

The fine print of a loan agreement outlines fees, like those for prepayment, late payments and loan origination. It’s important to be aware of these ahead of time to avoid unexpected costs. If you have any questions about the fine print of your loan agreement, you can contact your lender for clarification.

5
Apply

If you’re absolutely sure about your decision, you can start the application process. Lenders can have a fully online application process through their official website and mobile app. Some lenders may also allow over-the-phone or in-person applications. As part of the process, you may need to submit documents for identification, address verification, proof of income and employment.

What to Do if You Can’t Get a Low-Income Loan in Oregon

Lenders commonly reject loan applications due to credit score issues, high DTI ratios and application form errors. If your application for a low-income loan in Oregon is rejected, you should do a few things.

First, contact your lender and ask them why your application was denied. Sometimes, modifying the terms of your loan can lead to your application's approval. You can choose a longer repayment period or reduce your loan amount to lower the cost of your monthly payments. This way, your installments can fit your income and budget better.

If your application was rejected due to a low credit score or high DTI ratio, you should improve these factors first before submitting another application. You may consider applying with a different lender, but be aware that your credit score may dip; every loan application is subject to a hard credit check that lowers your credit score.

We strongly caution against payday loans. These feature short repayment terms and high interest rates that can cost borrowers more money in the long term. Additionally, repaying your loan on time won’t improve your credit score.

Calculate Your Monthly Payment

When you take out a personal loan, you commit to making monthly payments, including interest. Knowing your approximate monthly payment ahead of time can help you budget accordingly. Use MoneyGeek’s personal loan calculator to estimate your monthly payment amount.

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

FAQs About Low-Income Loans in Oregon

To help you find the best lender for your needs and financial circumstances, MoneyGeek answered the most frequently asked questions about low-income loans in Oregon.

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

Methodology

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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders for more than 35 data points across six categories. These categories include lender transparency, consumer friendliness, affordability and accessibility.

Within each category, we emphasized key data points that we felt had the greatest impact on a borrower’s choice of lender, like APRs, loan amounts, credit score requirements, income requirements, application costs and fund disbursement times.

Because MoneyGeek values you, the consumer, we also took into account factors that impact the overall consumer experience, like lenders’ customer service and business ratings, as well as their availability of convenience features, like mobile applications, payment methods and prequalification.

Our recommendations were made after considerable deliberation with your best interests in mind. At MoneyGeek, we strive to provide you with the knowledge, up-to-date information and expert tips to make well-informed financial decisions.

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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