Best Personal Loans in Salem, OR: Top Lenders & Best Picks for You

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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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

    The A+ rating from the Better Business Bureau enhances LightStream's status as the best personal loan provider in the city. This online lender is a subsidiary of Truist Financial Corporation, formed after SunTrust and BB&T merged in 2019. Qualified borrowers get access to loans between $5,000 and $100,000 with same-day financing without having to pay an origination fee.

    The lender provides payment plans with terms ranging from 24 to 84 months. Setting up automatic payments will make you eligible for discounts. Furthermore, prepayment of the loan is not subject to any fees.

    However, LightStream loans are offered only to individuals with good financial standing, as a minimum credit score of 660 is required. The lender also prohibits utilizing the money for purposes like paying off an existing LightStream loan, funding postsecondary education, paying for business expenses or purchasing bonds and stocks.


    • No origination fee or prepayment penalty
    • Maximum loan of $100,000
    • Autopay discount
    • Quick funding
    • Broad range of repayment term options


    • Requires 660 credit score
    • Minimum loan of $5,000
    • Loan usage restrictions
    • Hard credit inquiry
    • Potentially high APR

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

    It might be challenging to get a personal loan if you have a poor credit score or haven't started your financial journey yet. Upstart is a web-based company with an A+ rating from the BBB that uses artificial intelligence to match low-credit and first-time borrowers with suitable lenders.

    According to MoneyGeek's analysis, the company is the best option for people in need of a loan with little to no credit history because it accepts applicants with scores as low as 300. Unfortunately, Upstart adds a one-time origination fee of up to 10% to all of its loans.

    Upstart only offers two repayment term options of 36 or 60 months. Additionally, those unable to prove stable income may not qualify for an Upstart loan.


    • Minimum credit score of 300
    • Low minimum APR
    • Soft credit inquiry
    • Accepts part-time, full-time and self-employed individuals
    • No prepayment penalty


    • Potentially high interest rates
    • $50,000 maximum loan
    • Origination fees
    • Has usage restrictions
    • Only two repayment term options

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

    SoFi, formerly known as Social Finance, offers a range of lending products and other financial services. According to MoneyGeek, it is Salem's top lender for those with good credit.

    Borrowers with credit scores of 680 or higher may apply for personal loans of up to $100,000 from SoFi. Discounts on interest rates are offered to customers who choose the convenience of automated payments.

    Borrowers with SoFi loans are eligible for the company's unemployment protection program, which enables customers to defer or lower their monthly loan payments in the case of an unexpected job loss.

    SoFi offers a generous range of repayment terms, from 12 to 60 months. Those who are unsure about their loan application's chances of success can improve those odds by applying with a co-applicant.


    • Loans up to $100,000
    • No origination fee or prepayment penalty
    • Autopay discount of 0.25%
    • Offers unemployment protection
    • Reasonable maximum APR


    • Hard credit inquiry during the application phase
    • High minimum credit score requirement
    • $5,000 minimum loan
    • High minimum APR

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

    Upgrade is a financial technology company launched in 2016 that encourages its customers to engage in responsible financial behavior by giving them access to free credit health tools. The company has an A+ rating from the BBB, and MoneyGeek’s data shows that it is the top choice for Salem borrowers in need of a loan for debt consolidation.

    Upgrade typically provides same-day funding for its personal loans. You won't pay a fee if you prepay your loan early. We also appreciate the company’s range of repayment options, from 36 to 60 months.

    With that said, if your credit score is bad, the APR on an Upgrade personal loan might be high. There is also an origination fee added to every loan that may go as high as 8.99%. On the other hand, Upgrade’s minimum APR is among the lowest for personal loans in Salem, Oregon.


    • No prepayment penalty
    • Low minimum APR
    • Broad range of repayment terms
    • Mobile app


    • Potentially high APR
    • Origination fee of 1.85%–8.99%
    • Late payment fee

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 has processed more than 1 million loans since its inception in 2014. It has an A+ rating with the Better Business Bureau and is managed by Marlette Funding, an online lending platform.

    Best Egg offers loans starting at $2,000 and going up to $50,000. The APR will depend on your creditworthiness.

    Only borrowers with good credit are approved by Best Egg, which requires a minimum score of 700 to be eligible. Loan applications can be submitted online, and approval and funding can happen as quickly as the following business day.

    Furthermore, this loan does not include a prepayment penalty. Keep in mind, however, that Best Egg loans carry origination fees. In addition, its repayment terms are quite limited and only available from 36 to 60 months.


    • Soft credit check
    • No prepayment penalty
    • A+ BBB rating
    • Quick funding


    • Minimum credit score of 700
    • Potentially high APR
    • Origination fees
    • Limited repayment term options
    • $50,000 loan maximum
    Best Egg

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.

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

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.

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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.