Top Lenders & Best Picks for You

Best Personal Loans in Portland, OR

fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Portland, OR

MoneyGeek analyzed different personal loan lenders for over 35 key features, like interest rates, origination fees and loan amount, to help you find the best personal loans in Portland. Using this data, we also selected the best lender for different borrower profiles, including those with poor and good credit history, borrowers who intend to use their personal loans for debt consolidation or those seeking a personal loan for home improvement.

In addition to detailing what each lender has on offer, our guide also outlines the factors that could determine your odds of getting approved, including your credit history, income, debt-to-income ratio, employment history and more.

Best Overall Personal Loan Lender in Portland: 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, which was founded in 2013, is Truist’s online consumer lending division. The lender is MoneyGeek’s top pick for the best overall personal loan in Portland.

    The lender’s variety of loan amounts and repayment terms gives borrowers the flexibility to choose the best option for their needs. LightStream offers personal loans ranging from $5,000 to $100,000 at an interest rate between 4.49% and 20.49%. Repayment terms also vary; borrowers can choose repayment terms from 24 to 84 months.

    Those that borrow from LightStream will save on hidden fees, as its loan policies don’t have origination fees, late fees or prepayment penalties. Borrowers can also save up to 0.5% on their rate by signing up for automatic payments.

    While LightStream is our top choice, only borrowers with a relatively high minimum credit score will qualify for its personal loans. Furthermore, this lender is not suited for those seeking a personal loan to fund post-secondary education, as it has restrictions on the uses of its loans.

    Pros

    • High loan limit available
    • Same-day funding
    • Offers competitive rate match
    • Relatively low interest rates
    • No origination fees, prepayment penalties or late fees

    Cons

    • Hard credit checks
    • High minimum credit score requirement
    • Restrictions on usage of funds
    • Co-signers not allowed
    • Lowest interest rates only available to those with excellent credit
    LightStream

Best Personal Loan Lender for Bad Credit in Portland: 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

    Upstart is an artificial intelligence-driven lending platform that was founded in 2012. The lender is best known for providing loans to those with poor credit, as you aren’t required to have any credit history to be eligible for a loan.

    Upstart offers personal loans ranging from $1,000 to $50,000 at interest rates between 3.22% and 35.99%. Although it’s possible to get a loan from Upstart with little or no credit history, only borrowers that have good credit will qualify for its higher loan amounts and lower interest rates.

    The lender may not be a suitable match for you if you have a history of bankruptcies and delinquencies on your credit report. Similarly, you may wish to consider other options if you don’t have proof of a regular income and have a DTI ratio above 45%.

    Pros

    • Relatively low minimum credit score requirement
    • Soft credit inquiry
    • No prepayment penalty
    • No restrictions on the usage of funds
    • Next-day funding available

    Cons

    • Potentially high interest rates
    • Late fees
    • Origination fees
    • Minimum income requirement
    • Requires a debt-to-income (DTI) ratio of 45% or less
    Upstart

Best Personal Loan Lender for Good Credit in Portland: 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

    MoneyGeek rated SoFi as the best lender in Portland for people with good credit. Established in 2011, Social Finance, Inc., or SoFi, began offering student loans and has since diversified its portfolio to include personal loans.

    SoFi offers a variety of loan amounts and repayment terms, providing borrowers with up to $100,000 in personal loans with flexible repayment terms of up to five years. The company conducts a soft credit check during the initial application process, which won’t affect your credit score. SoFi’s unemployment protection helps its clients deal with unexpected job losses by pausing their loan payments.

    However, to be eligible for a personal loan with SoFi, borrowers need a high minimum credit score of 680 and minimum gross income requirement of $50,000.

    Pros

    • No origination and prepayment fees
    • High loan amounts
    • Soft credit inquiry
    • Auto-pay discount
    • Unemployment protection

    Cons

    • High minimum credit score requirement
    • High minimum gross income requirement
    • Funding may take up to two days
    • Co-signers are not allowed
    • DTI limit of 43%
    SoFi

Best Personal Loan Lender for Debt Consolidation in Portland: 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 is MoneyGeek’s top pick for borrowers in Portland looking for a personal loan to consolidate their debts. Established in 2016, the company operates entirely online.

    The lender offers loans from $1,000 to $50,000 with interest rates between 5.94% and 35.47%. The interest rate you receive will depend on your credit score and financial history — those with poor credit may end up paying a high interest rate for their Upgrade personal loan. However, the lender’s fair minimum credit score requirement of 560 and availability in all 50 states make its loans accessible to most borrowers.

    Pros

    • Soft credit check
    • Pays third-party creditors directly for debt consolidation loans
    • No prepayment penalty
    • Flexible repayment terms
    • Auto-pay discounts

    Cons

    • Potentially high interest rates for borrowers with poor credit history
    • Restrictions on the usage of funds
    • Origination fee
    • Late fee
    • Employment requirements
    Upgrade

Best Personal Loan Lender for Home Improvement in Portland: 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

    If you need to finance your home improvement project in Portland, you might want to consider applying for a Best Egg personal loan. Best Egg was founded in 2014 as an online lending platform for personal loans and credit cards.

    Best Egg’s most noteworthy features include its auto-pay discount of 0.5%, lack of a prepayment penalty and soft credit inquiry. The lender’s personal loan products range from $2,000 to $50,000 at interest rates between 4.99% and 35.99%.

    However, only those with a high minimum credit score of 700 and minimum income of $50,000 are eligible for its loan products. Borrowers will also pay origination and late fees, potentially increasing the cost of their loans.

    Pros

    • Soft credit checks
    • No restrictions on the usage of funds
    • No prepayment penalty
    • Auto-pay discount
    • Relatively short fund disbursement time

    Cons

    • Potentially high APRs for borrowers with poor credit history
    • Late fee
    • Origination fee
    • High minimum credit requirement
    • High minimum income requirement
    Best Egg

How to Choose the Best Personal Loan Lender in Portland for You

Personal loans are becoming more popular to fund expenses — in Oregon alone, the average personal loan debt is $17,066 and the average interest rate is 9.84%. This type of loan has gained popularity among consumers because it doesn’t require collateral and many lenders have no restrictions on how you can use the loan.

While it’s relatively common to take out a personal loan, you should assess your current financial situation to see if it’s the right option for you. MoneyGeek outlined the steps you should take to apply for a personal loan in Portland.

1
Ask Yourself the Important Questions

Before applying for a personal loan, you should consider your current finances, capacity to make payments and funding needs before applying for a loan. We recommend that you answer the following questions to ensure that a personal loan will set you up for financial success in the future:

  1. How much funding do you need? – This largely depends on the intended use of the loan. If you need a small amount, it might be best to save money over time or borrow from family or friends to cover small emergency expenses.
  2. What is your credit score? – Most lenders will use your credit score as one of the main factors to measure your creditworthiness. To narrow down your provider search, you should only apply for a loan if you meet the lender’s minimum credit score requirement.
  3. Can you afford the monthly payment? – To make the monthly payments, you should have a sufficient and steady form of income. A personal loan typically requires monthly payments for two to four years, on average. Because of this, it’s best to be in a financially stable situation before taking on this long-term financial responsibility.
  4. What is your current debt-to-income ratio? – Consider forgoing a personal loan if you’re already overburdened by existing debt.
2
Do Your Research

We recommend that you complete your own research and compare terms and rates from multiple lenders to find the best lender for your needs. MoneyGeek’s guide is a good place to start to find the best personal loans in Portland. But, our recommendations are generalizations for the average borrower and you might have more specific needs that warrant additional attention.

3
Wait

Once you’ve completed your research and finalized your choice, it’s best to wait for a day or two before handing in your loan application. A personal loan is a huge commitment that will take years to pay off, so you need to be absolutely certain that a personal loan with a specific lender is the right choice.

4
Read the Fine Print

To avoid paying hidden charges later on, you should carefully read the fine print included in your loan agreement. Your loan may feature late fees, origination fees and prepayment penalties that could cost you more over the course of your loan’s life. Knowing exactly what you are signing up for will save you from paying unplanned expenses in the long term. If you have any questions about the terms included in your loan, you should reach out to your lender for clarification.

5
Apply

Now that you’ve selected your preferred lender and have carefully read over the terms of your loan agreement, it’s time to submit your application. You’ll need identification, proof of income and address verification. Nowadays, most lenders have a quick and convenient online application process. But, if you prefer a more personalized customer service experience or have other concerns that you wish to discuss directly with a representative, don’t hesitate to call or visit the lending company’s office.

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

There are a few things that you should do if your application for a personal loan in Portland is denied. First, we suggest that you find out the reason for the loan denial. Generally, loan applications are rejected due to a low credit score, insufficient income or a debt-to-income ratio — all of which signal to a lender that may be a high-risk borrower. Once you learn the reason for your loan rejection, you may be able to modify your application to gain approval. Often, you only need to decrease the loan amount or shorten the repayment term for approval.

If the lender is still unable to approve your personal loan application, you might want to check other options such as applying for another type of loan like a personal line of credit or getting a loan from another lender that has less stringent terms and requirements. But before exploring these other options, we strongly advise that you improve your credit score or increase your income to increase the chances of your loan application being approved.

We strongly caution against applying for a payday loan. These loans come with extremely high interest rates and short repayment terms that may harm your credit score.

Frequently Asked Questions About Personal Loans in Portland

The best personal loan in Portland will depend on your financial profile which includes your personal needs as well as credit and income factors. This search can be an overwhelming process, so MoneyGeek has provided answers to some of the most commonly asked questions to facilitate this process for you.

What is the best personal loan lender in Portland?
Which lender in Portland has the lowest interest rate?
Can I use a personal loan for vacations in Portland?
Can I use a personal loan for home improvement in Portland?
What can I not use my personal loan for in Portland?
How much can I borrow in Portland?
How long does it take to get a personal loan in Portland?
Can I pay off my loan early in Portland?

Our Personal Loan Methodology

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

For every category included in this guide, we measured several individual data points that we considered as being the most important 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.

We put the highest value on you, the consumer, so we also factored 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.

Our picks are determined with your best interest in mind and after a thorough analysis and careful deliberation. These personal loan recommendations and expert tips are meant to help you make the best decision when choosing the best personal loan lender in Portland 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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use