Best Personal Loans in Washington for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byDenise Cristobal
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Updated: April 24, 2024

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First Tech and PenFed are MoneyGeek's top picks for personal loans in Washington. With a MoneyGeek score of 98 out of 100, First Tech stands out for its great customer service and clear information. PenFed follows closely with a score of 96, and it is known for its flexibility and understandable loan options. MoneyGeek's rankings take into account things like customer care, interest rates, how easy it is to get a loan, and an honest business style.

According to Experian data from 2023, the average Washingtonian has a credit score of 735. This is good news because it means you may find it easier to get a loan with good terms. Lenders also check your income and debt-to-income ratio to decide if they can trust you to repay the loan.

MoneyGeek Logo IconBest PersonalLoan LendersWashington

Best Personal Loan Lenders in Washington

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in Washington as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Washington

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's pick for the best personal loan lender in Washington, achieving a 98 out of 100 score. The lender offers competitive APRs ranging from 8.94% to 18.00%. Its loan repayment terms are diverse, extending up to 84 months. It facilitates an exceptional borrowing experience by providing comprehensive customer service and offering competitive rates with no extensive fees.


    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty
    • Provides granular APR data for a variety of loan terms


    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Washington

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is the runner-up lender for personal loans in Washington, with a MoneyGeek score of 96 out of 100. Its rates are competitive, with an APR range of 7.99% to 17.99%. PenFed stands out for its repayment terms, accommodating up to 60 months. It also excels in customer service and transparency, ensuring borrowers are well-informed and supported throughout the loan process.


    • Offers some of the lowest APRs available
    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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Your amount of debt relative to your monthly gross income is called your debt-to-income ratio, or DTI. Debt includes items like mortgages, car loans, credit cards and existing personal loans.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.


    Best Personal Loan Lender in Washington for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider in Washington for borrowers with low credit is Happy Money, with a MoneyGeek score of 94 out of 100. Happy Money is not a lender itself but partners with multiple federally insured financial institutions to offer loans. Boasting an APR range of 11.72% to 17.99%, its rates are competitive, considering the higher averages for similar poor credit loans. The minimum credit score required is 640, which is lower than many competitors. It is most notable for customer service and reputation transparency, reflecting exceptional support and upfront information for borrowers.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders it works with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How does MoneyGeek score lenders for bad credit loans?

    Best Personal Loan Lender in Ohio for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is MoneyGeek's pick for the best personal loan option for debt consolidation in Washington. To qualify for a personal loan, you must be a member in good standing of the online-only bank for at least 90 days. Its 96 out of 100 score reflects its competitive interest rates, which range from 10.99% to 13.99%. Exemplary areas include transparent upfront information and competitive fees.


    • Among the highest loan limits available in our analysis
    • No prepayment penalties
    • Wide variety of loan types available


    • An online-only credit union with no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Washington

When shopping for a personal loan in Washington, lenders will consider your credit score and history, income and debt-to-income ratio. Improving your credit score is beneficial as it's a key factor influencing loan terms; a higher credit score can unlock lower APRs, potentially leading to significant savings over the loan's lifetime.

Refer to the table below to see how your credit score might affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Washington

Personal loans can be a financially savvy option, offering lower interest rates for borrowers with good credit and the convenience of consolidating multiple debts into one payment. They also provide the flexibility to use funds for a variety of needs, whether it's an unexpected expense or a planned home renovation. However, it's important to be cautious as personal loans can come with drawbacks like origination fees and the risk of asset loss in secured loans.

For a thorough understanding of personal loan pros and cons, it's beneficial to consider all aspects before proceeding.

The pros and cons of personal loans

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  • Competitive interest rates for qualified borrowers
  • Simplifies finances with debt consolidation
  • Rapid approval and fund disbursement
  • Enhanced terms with a creditworthy co-signer
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  • Higher overall loan cost due to origination fees
  • Potential penalties for early loan repayment
  • Risk of asset loss with secured personal loans
  • Risk of accumulating unnecessary debt

FAQ About Personal Loans in Washington

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Washington for personal loans?
Where is the best place to get a personal loan in Washington?
Who has the best personal loan interest rates in Washington?
What can I use a personal loan for in Washington?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.