What is the best personal loan lender in Oregon?

Our research finds that LightStream is the best personal loan lender in Oregon. Of course, the best option for you will depend on your specific circumstances. For instance, if you have a bad credit history, Upstart might be your top choice, and if you are looking to consolidate your debt, Upgrade could be more suited for you.

Which lender in Oregon has the lowest interest rate?

Upstart offers the lowest interest rates for personal loans in Oregon. Depending on the loan and the borrower, the interest rate could be as low as 3.22%.

Can I use a personal loan for vacations in Oregon?

Check with the lender before you apply to see if there are any restrictions on using your loan funds for vacation purposes.

Can I use a personal loan for home improvement in Oregon?

Yes, you can use your personal loan for home improvement. MoneyGeek found that Best Egg is the best lender for this purpose.

What can I not use my personal loan for in Oregon?

The restrictions on the usage of funds tend to vary per lender. Some lenders like Upgrade will not allow you to use your loan to fund post-secondary education, investments and gambling activities.

How much can I borrow in Oregon?

Your lender sets the maximum amount of money that you can borrow. Some may let you borrow up to $100,000, while others could cap it at $50,000 or lower.

How long does it take to get a personal loan in Oregon?

This depends on your lender. For instance, with LightStream, you can receive your loan funds on the same day as your application is approved, while with SoFi the waiting time could be a week.

Can I pay off my loan early in Oregon?

Yes, you can choose to prepay your personal loan in Oregon. But check with your lender if there are any penalties for paying off your loan early.

Top Lenders & Best Picks for You

Best Personal Loans in Oregon

According to MoneyGeek, LightStream provides the best personal loans in Oregon. LightStream offers a high maximum loan limit, same-day funding and no late fees.

We also found that Upstart is the best option for borrowers with poor credit, while SoFi is our top choice for those with good credit. Upgrade is best for debt consolidation and Best Egg is ideal for home improvement projects.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Oregon
The Best Personal Loan Lender for Bad Credit in Oregon
The Best Personal Loan Lender for Good Credit in Oregon
The Best Personal Loan Lender for Debt Consolidation in Oregon
The Best Personal Loan Lender for Home Improvements in Oregon
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Oregon
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Oregon

MoneyGeek’s Pick for Best Personal Loan Lender in Oregon: LightStream

MoneyGeek evaluated more than 30 data points to come up with our top picks per borrower profile, which will guide you in identifying the best personal loan for you in Oregon. These factors include the lenders’ BBB ratings, interest rates, credit and income requirements, how much you can borrow, repayment terms as well as penalties and fees.

We also considered whether there are restrictions on using the funds, and whether you can apply online or must do so in person.

Best Overall Personal Loan Lender 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 is the online consumer lending division of Truist and was established in 2013.
The company offers personal loans for virtually every consumer need, including a home renovation, a recreational purchase or consolidating your credit card debt. Loans as low as $5,000 to $100,000 are available to borrowers with a credit score of at least 660.
This is much lower than the average credit score in Oregon of 731, which means that most Oregonians will have no difficulty meeting this requirement.
However, borrowers are restricted as to how they may use the loan funds, so a LightStream loan may not be for everyone. You can’t use the money to refinance an existing loan from this lender, nor can you pay for post-secondary education expenses, purchase bonds or stock or use the money for your business.
Pros
Loans as high as $100,000
Same day funding
Offers competitive rate match and joint loans
Low minimum APR
No origination fees, prepayment penalties or late fees

Cons
Conducts hard credit checks
Does not accept people with new or no credit history
Restrictions on usage of funds
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
on LightStream Website

Best Personal Loan Lender 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
Having a low credit score can make it challenging to get a loan because it sends a signal to the lender that the borrower has been plagued by money problems in the past and may be unable to pay back the loan.
The good news is that companies such as Upstart give people with less than stellar credit histories a chance to get a loan and hopefully improve their credit scores in the process. Borrowers can be granted loans from $1,000 to $50,000 with fixed rates from 3.22%-35.99%, without any restriction on the usage of funds.
However, the downside is that there are employment requirements that you need to meet, co-signers are not allowed and applicants with bankruptcies or delinquencies on their credit report will be denied. Additionally, the highest interest rate of 35.99% should be avoided if possible.
Founded by former Google employees in 2012, Upstart is an online lending platform that partners with banks and credit unions to expand access to affordable credit. It serves borrowers in 48 states, including Oregon.
Pros
Low credit score requirement of 300
Low minimum gross income requirement of $12,000
Offers joint loans
Has a 10-day grace period before charging fees for late payment
No prepayment penalties

Cons
Origination fee of up to 8%
Requires a debt-to-income limit of 45% or less
Not available to people with new or no credit
Has a late fee of $15
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
on Upstart Website

Best Personal Loan Lender 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
Based on MoneyGeek’s analysis, SoFi is the best option for borrowers with good credit. Established in 2011, the lender serves 49 states, including Oregon.
To qualify for a loan, you must have an annual gross salary of at least $50,000, a debt-to-income limit of 43% and a minimum credit score of 680. This means that the lender caters mainly to people with good to excellent credit ratings.
Borrowers can get loans of up to $100,000 without charges for origination, prepayment penalties or late fees. There are also no restrictions on how you can use the funds. By signing up for SoFi’s autopay, you receive a 0.25% discount.
SoFi might not be the best option for those without good credit, income and employment history. This lender also doesn’t accept people with new or no credit and they don’t allow co-signers on personal loan applications.
Pros
A+ rating from the BBB
Can borrow up to $100,000
Offers 0.25% discount for automatic repayment
Does not charge origination fees, prepayment penalties or late fees
Offers competitive rate match and joint loans

Cons
Requires a gross income of $50,000
No co-signers
Requires a debt-to-income limit of 43%
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
on SoFi Website

Best Personal Loan Lender for Debt Consolidation 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
Founded in 2016, Upgrade is a lender that operates entirely online. Despite being a relatively new player in the financial lending industry, it has gained a solid reputation allowing it to earn an A+ rating from BBB.
Ohio residents looking to refinance may wish to consider our top pick, Upgrade, for their personal loan. Its minimum required credit score is 560, much less than the state average of 690, so even those with fair credit ratings might qualify.
Keep in mind that this lender imposes certain restrictions on the use of funds. You cannot use your loan to fund your post-secondary education, investments or gambling activities. It also charges high origination fees of up to 8%. This means that for a loan of $10,000, you will only receive $9,200 because of the one-time origination fee of $800.
Pros
Offers a 1% auto payment discount
No minimum income requirement
Moderate credit score requirement
No prepayment penalty
Conducts soft credit inquiries

Cons
Potentially very high APR of up to 35.47%
3%-8% origination fees
Restrictions on the use of loan funds
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
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Oregon: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Would-be borrowers in Oregon who are planning to get a loan for a home renovation should consider applying for a Best Egg personal loan. It is MoneyGeek’s top pick among lenders for funding home improvements.
Best Egg was started in 2014 and has since funded over $14 billion in loans. Its personal loan offerings are available to borrowers in 47 states, including Oregon. Among its advantages are the quick funding turnaround time, a small discount when you sign up for auto payments and a soft credit inquiry.
You may wish to reconsider a loan from Best Egg if you are being charged its highest interest rate of 35.99%. The lender also charges an origination fee which could eat up a significant portion of your loan disbursement. In addition to high credit requirements and a minimum income of $50,000, Best Egg does not allow co-signers or offer joint loans. However, there are no restrictions on how you use the loan.
Pros
0.5% discount for auto payments
Conducts a soft credit inquiry
Next-day funding
No prepayment penalty

Cons
Requires a minimum credit score of 700
The highest interest rate possible is 35.99%
Charges up to 6% origination fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How To Choose The Best Personal Loan Lender In Oregon For You

The average borrower in Oregon has a personal loan of $17,066 at an interest rate of 9.84%. Personal loans are popular because they don’t require collateral as security and can generally be used for a variety of purposes, including large purchases and debt consolidation.

Before applying for a personal loan, there are several factors to consider, such as your credit score and debt-to-income ratio. MoneyGeek’s guide has summarized the steps you need to take to find the best personal loans in Oregon.

Ask Yourself the Important Questions

Personal loans have increasingly become accessible largely due to fintech companies such as online lenders. But just because they are a popular form of consumer debt doesn’t mean that it is the right fit for everyone. Our advice is for you to examine your reason for getting a loan and check whether you can afford the monthly payments.

To ensure a personal loan is a perfect match for you and your needs, answer these few simple questions before applying.

How much funding do you need, and for what purpose? You need to make sure that your personal loan is useful for its purpose and affordable for your budget. A small loan amount might not be sufficient, but you could dig yourself into a financial hole with a large loan at a high interest rate.
Does your credit score meet the minimum requirement? One of the main requirements personal loan lenders have is a good credit score. If you’ve been plagued by bad credit history, consider getting a personal loan from lenders that cater to borrowers with poor credit, such as Upstart.
Can you afford the monthly payment? Make sure that your income can easily cover the monthly payments on your personal loan. You don’t want to stretch yourself too thin and risk missing payments or defaulting.
Do you have any outstanding debt, like credit card debts and mortgages? Examine your existing financial obligations vis-a-vis your income to check if you can still add another personal loan to the mix.

Do Your Research

Committing to a personal loan is a big step. It can take 2-4 years on average for you to pay it back. Although MoneyGeek has developed this guide to help you, our recommendations might not suit your unique needs and situation. Conduct your own research, shop around, compare and understand your options because you are in the best position to identify which lender and loan are right for you.

Wait

Once you have the information and narrowed your options, it’s time to take a breath. It can be very tempting to immediately sign up with a lender and get that big purchase. A little time to reflect on committing to years of monthly payments may change your mind about going forward.

Read the Fine Print

Once you’ve chosen your preferred lender, look at the details so you’re not blindsided by hidden charges. Double-check the fine print to see if there are any origination or administration fees, late fees or early payment penalties not mentioned upfront. These extra charges might seem small at first but can quickly snowball over the term of your loan.

Apply

Now that you’ve got your bases covered, it is time to prepare the required documents and submit your personal loan application. Typically, lenders will ask for identification, proof of income and address verification. You can usually apply online, although some lenders require that you call to apply. If you’re more comfortable with submitting your application personally, you may also choose to call or visit their office.

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

Not all personal loans in Oregon get approved. Many would-be borrowers get denied for various reasons, such as having a bad credit history, insufficient income, high outstanding debt or even something as simple as an incomplete application form.

If your application is rejected, take heart. You can still reapply either with the same lending company or with one where you have better odds of getting approved.

But before you do that, it is important to learn why your application was denied. This will allow you to modify your application and will show you areas where you tend to have shortfalls. Call or email the lender to ask for a more in-depth discussion of the factors that influenced their decision. You might even be able to get accepted if you shorten the loan term or decrease the amount.

While you are actively searching for a personal loan, try not to be lured by alternative loans such as payday loans that exploit your financial need through their exorbitant interest rates.

Frequently Asked Questions About Personal Loans in Oregon

There are several personal loan lenders in Oregon, and the best one for you will depend on your personal needs and financial profile. MoneyGeek answered some of the most common questions to help you make an informed decision.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Chamber of Commerce. "Personal Loan Statistics." Accessed March 7, 2022.
BestEgg. "Hassle-Free Personal Loans." Accessed March 7, 2022.
LightStream. "Lending Uncomplicated." Accessed March 7, 2022.
SoFi. "Personal Loans." Accessed March 7, 2022.
Upgrade. "Personal Loans." Accessed March 7, 2022.
Upstart. "Get a Smarter Loan." Accessed March 7, 2022.
Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 5, 2022.

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.