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Best Personal Loans in Washington

LightStream provides the best personal loans in Washington. Its highlights include high loan limits, an autopay discount, no origination and late fee, no prepayment penalties and same-day funds.

MoneyGeek also analyzed the best lender for various borrower categories. That said, Upstart works best for those with bad credit and SoFi works best for good credit borrowers. Upgrade is the best for debt consolidation loans and Best Egg offers the best home improvement loans.

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Last Updated: 11/22/2022
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MoneyGeek’s Best Personal Loan Lender in Washington: LightStream

MoneyGeek analyzed the best personal loans in Washington, including the amounts offered by each lender, interest rates charged, and the repayment periods. We found LightStream to be the best lender overall. SoFi is the best for borrowers with good credit, while Upstart ranked best for those with poor credit. Upgrade came in first for debt consolidation, and Best Egg is the top option for borrowers who need loans for home improvement.

This guide will also help you determine the steps you should take before submitting your application to a lender. MoneyGeek also reviewed the features of lenders offering the best personal loans in Washington.

Best Overall Personal Loan Lender in Washington: 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 Washington: 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 Washington: 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 Loan Lender for Debt Consolidation in Washington: 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 Washington: 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

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Washington for You

Personal loans provide financial flexibility because you can use them for everything from home renovations or to pay emergency expenses to consolidating existing debt. In fact, the average personal loan debt in Washington is $14,822. However, some lenders have various restrictions on how the funds you borrow may be used. That’s why you need to understand the conditions of a loan before submitting your application.

Getting your application approved depends on several factors, including your credit score, income level and repayment history. MoneyGeek recommends that you take the following steps while applying for a personal loan in Washington.

1

Ask Yourself the Important Questions

Before applying for a personal loan of any amount, you first need to determine whether it is necessary to get one and if you meet the lender’s requirements. Some of the vital questions to ask yourself are:

  • What is the purpose of the loan, and how much do I need? Personal loans provide financing for emergency expenses such as medical costs and home renovations. If you need money for any other reason, for instance, investing in a business, you should consider alternative loan options.
  • What’s your credit score? It’ll be more difficult to get approved for a personal loan if you have a low credit score. Check your preferred lender’s credit score requirements before applying for a loan.
  • What’s the proposed monthly payment for the loan? Once you get the loan, you will need to start making monthly payments to repay it. Can you afford the monthly payment? If not, you may wish to extend the length of your repayment term, which will lower your payment but increase the overall interest. If you think you’ll miss payments, be aware that your credit rating will suffer as a result.
  • How much existing debt do you have? If you already have existing debt, you need to understand how adding a personal loan will impact your financial position.
2

Do Your Research

Doing some research about personal loans in Washington before applying for one can help you learn more about what lenders have to offer in terms of various fees, repayment terms and interest rates. Comparing several lenders allows you to choose the best option in the state for your needs. Each lender offers different terms, including loan limits, repayment periods, APRs, origination fees and prepayment penalties.

MoneyGeek’s analysis can help you compare the best lenders in Washington across various categories. However, conducting your own research can help you find better options for your unique needs.

3

Wait

Once you get all the information you need, it is advisable to wait for one or two days before completing the application process. Getting a personal loan is a big commitment, and you want to make sure you’re comfortable with your decision. Waiting a day or two before revisiting the possibility of getting a loan increases the likelihood that you’ll look at it with more objectivity.

You might even decide to put off getting a loan and committing to monthly payments for the next few years. That’s especially true if you’re financing the purchase of an expensive item you don’t actually need.

4

Read the Fine Print

After selecting your preferred lender, read through the fine print of the loan offer to ensure you understand the terms and conditions. Find out what fees and penalties are associated with the loan.

For instance, some lenders will charge you a percentage of your loan if you make any early payments, while others will penalize you for making late payments. Look for fees other than origination, too, such as administration or processing fees. This information will help you narrow down your options to one with the terms that fit your circumstance.

5

Apply

The last step is to submit your application for processing. Most lenders allow you to apply online through their website, although some require you to visit their office in person. You will be required to provide your personal details, income and contact information to complete your application. Be sure to specify the correct information as requested. Your application may be accepted or rejected (or at the very least delayed) depending on how accurate your information is.

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

Lenders may agree or decline to give you a personal loan in Washington for various reasons. If your credit score is lower than stated in the loan requirements, for example, your application will likely be declined.

It is important to find out why your application wasn't approved. Ask the lender to provide specific reasons for the rejection. Propose to make amends to your application if the cause is something you can rectify, such as proof of income.

If the issue is your credit score or a factor that cannot be changed, you may need to consider other lenders within the state. However, ensure you rectify the issue at hand before submitting your application elsewhere. Although you may consider a payday loan to meet an urgent need for funds, note that it comes with usurious interest rates and extremely short repayment times.

Frequently Asked Questions About Personal Loans in Washington

The providers of the best personal loans in Washington may vary across different borrowers’ profiles. MoneyGeek answered the commonly asked questions about Washington personal loans to ensure you find the right option for your circumstance.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

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.