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Best Personal Loans in Portland, OR

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Reviewed byMorgan Hull
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Updated: December 28, 2023

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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


Best Personal Loan Lender for Bad Credit in Portland: Upstart


Best Personal Loan Lender for Good Credit in Portland: SoFi


Best Personal Loan Lender for Debt Consolidation in Portland: Upgrade


Best Personal Loan Lender for Home Improvement in Portland: 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.


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.

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.



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.


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.



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.

Based on MoneyGeek’s research, LightStream is the best personal loan lender in Portland overall. That said, the best option for you may be different since it largely depends on your specific needs and financial profile.

Upstart has the lowest interest rate in Portland among the personal loan lenders that MoneyGeek studied. This lender offers rates as low as 3.22%.

Generally speaking, you can use a personal loan to fund vacations. But, it’s best to check with your lender first to see if there are any restrictions on the use of loan funds for vacation purposes.

Yes, you can typically use your personal loan for your home improvement in Portland. However, you should always check with your preferred lender to make sure it doesn’t restrict the usage of funds.

Depending on the lender, there may be restrictions on the usage of funds. For instance, Upgrade will not allow you to use your loan to fund post-secondary education. We recommend that you check with your lender to learn about any limitations on the use of loan funds.

This depends on your lender and your financial history. Some may let you borrow up to $100,000, while others have loan limits of $50,000 or lower.

The waiting period depends on your lender. Some offer same-day funding, while others may take up to a week to disburse your loan.

Yes, you can choose to prepay your personal loan in Portland, but some lenders may charge a prepayment fee. It is best to check with your lender if there are any penalties for paying off your loan early.

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.

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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.