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

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.

Pros

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

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.

Pros

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

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.

Pros

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

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.

Pros

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

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.

Pros

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