Best Personal Loans in Salem, OR: Top Lenders & Best Picks for You
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Salem
- The Best Personal Loan Lender for Bad Credit in Salem
- The Best Personal Loan Lender for Good Credit in Salem
- The Best Personal Loan Lender for Debt Consolidation in Salem
- The Best Personal Loan Lender for Home Improvements in Salem
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Salem
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
Best Personal Loan Lender for Bad Credit in Salem: Upstart
Best Personal Loan Lender for Good Credit in Salem: SoFi
Best Personal Loan Lender for Debt Consolidation in Salem: Upgrade
Best Personal Loan Lender for Home Improvement in Salem: 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.
Wait
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.
Apply
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.
Overall, LightStream is the top provider of personal loans in Salem. For those with poor credit, Upstart is the best choice, while SoFi is ideal for borrowers with strong credit. Upgrade and Best Egg are the leading lenders for debt consolidation and home upgrades, respectively.
The personal loan with the lowest APR in Salem is offered by Upstart.
This is dependent on the lender. Some lenders impose limits on the use of borrowed funds. You can find this out by contacting the lender. Most lenders do allow borrowers to use their funds to pay for vacations.
In Salem, using personal loans for home upgrades is usually not an issue. However, you should always check to see whether there are any restrictions on how you may use the lender's money.
Some loan providers have restrictions regarding how you can spend the borrowed money. Some disallow using it for funding education, illegal activities, making investments or refinancing an existing loan. Check with your lender to see if they have any restrictions.
In Salem, you may typically borrow between $1,000 and $100,000 on a personal loan, depending on the lender.
It depends. LightStream and Upgrade, for example, provide same-day funding. Other lenders may take up to a week to disburse payments.
Yes. However, some lenders could impose a prepayment fee if you repay your personal loan prematurely. For further information, speak with your lender or see the fine print of the loan for terms and conditions.
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.
sources
- Best Egg. "About Us." Accessed November 10, 2022.
- Best Egg. "Frequently Asked Questions." Accessed November 10, 2022.
- Best Egg. "Home Improvement." Accessed November 10, 2022.
- Best Egg. "Personal Loan Application Requirements." Accessed November 10, 2022.
- SoFi. "Personal Loans." Accessed November 10, 2022.
- Upgrade. "Are There Any Fees?." Accessed November 10, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed November 10, 2022.
- Upstart. "Acceptable Use Policy." Accessed November 10, 2022.
- Upstart. "Am I Eligible to Apply for a Loan?." Accessed November 10, 2022.
- Upstart. "Personal Loans." Accessed November 10, 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
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