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

To identify the top personal loan providers in Salem, Oregon, MoneyGeek examined more than 35 different types of data. The elements considered include APR ranges, fees, loan terms, credit and income requirements, loan accessibility and Better Business Bureau (BBB) ratings.

As each borrower will have a unique financial profile and needs, the optimal lender for each borrower can be different. MoneyGeek evaluated the best personal loans in Salem for individuals with good and bad credit, as well as those in need of debt consolidation and home improvement loans.

Best Overall Personal Loan Lender in Salem: 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


    on LightStream Website

Best Personal Loan Lender for Bad Credit in Salem: 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


    on Upstart Website

Best Personal Loan Lender for Good Credit in Salem: 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


    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Salem: 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


    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Salem: 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

    Best Egg

    on Best Egg Website

Where to Start: How to Choose the Best Personal Loan Lender in Salem for You

Personal loans are often taken out to pay for expenses like debt consolidation, home improvements, medical expenses, vacations and more. A variety of factors, including income, debt-to-income ratio, credit history and credit score, are considered by lenders who determine your loan eligibility. In Oregon, the typical borrower has a personal loan balance of $17,066 with a 9.84% interest rate.

To select the best personal loan providers in Salem, MoneyGeek advises following these steps:


Ask Yourself the Important Questions

Before deciding on a lender and filling out a personal loan application, consider the following questions.

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?

Do Your Research

A personal loan entails a commitment to repay a substantial sum of money for a specific term, along with any applicable interest rates and fees. Hence, it is necessary to examine potential lenders to choose the best match for your needs. Keep in mind that MoneyGeek only provides general advice, so you should still do your own research to ensure the loan and lender suit your unique needs as a borrower.



Since the personal loan process can take a while, it's smart to give yourself some time to gather your thoughts before applying. Remember that certain lenders do hard credit checks that can lower your score, so make your choice wisely. Taking a couple of days to make sure you’re making a smart decision is always advisable.


Read the Fine Print

Be aware of the fees, interest rates and penalties that are applicable for the loan before signing with a lender. It is essential to study the terms of the loan carefully so you won't be startled by any hidden costs or fees in the future.



Your lender will need to know your identity, address and financial details. Typically, applications are accepted in person, via phone or online. Choose whichever option makes you the most comfortable.

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

Lenders may turn down a loan application for a number of reasons, including but not limited to low credit scores, insufficient income, high debt-to-income ratio and a lack of supporting paperwork.

However, don't allow an application rejection to dampen your enthusiasm. If you want to know why you were rejected, you should talk to your lender. They may suggest a shorter term or a lower loan amount as a possible option to get accepted. If you are unsure about your eligibility for a loan, you may choose to apply with a cosigner or secure your loan with collateral.

If you can avoid it, steer clear of taking a payday loan at all costs. These loans typically come with hefty interest rates and extremely short payback periods. Payday loan repayments have no bearing on a borrower's credit score, so these loans are much more likely to hurt your financial standing than help it.

Frequently Asked Questions About Personal Loans in Salem

By looking at your credit history, income, intended use for the loan and required loan amount, it might become easier to find a suitable lender. For more help with your research, MoneyGeek offers responses to frequently asked questions about personal loans in Salem, Oregon.

Our Personal Loan Methodology

By collecting and examining more than 35 data points in six main categories — affordability, loan accessibility, user friendliness, customer service, lender transparency and flexibility — we evaluated 30+ personal loan providers.

When choosing a personal loan lender under each rating category, we considered a variety of different data components that we feel are most crucial. The APR ranges, maximum loan amounts, required credit scores, minimum income levels, application fees and disbursement periods are some of these factors.

Because we at MoneyGeek value you, the consumer, we also consider additional factors like customer service reputations, business ratings and any supplementary features that might make your experience easier and more accessible, like their prequalification requirements, payment options and mobile apps.

We make our decisions after careful consideration and analysis, with your best interests in mind. Our personal loan recommendations and expert guidance are intended to help you choose a lender that meets your unique 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.