What is the best personal loan lender in Washington?

Overall, LightStream is the best personal loan lender in Washington, although the best option varies depending on your needs. If you have a poor credit score, Upstart is the best option, and SoFi is the best for those with good credit. Upgrade is the best for debt consolidation, and the top lender for home improvement is Best Egg.

Which lender in Washington has the lowest interest rate?

Upstart has the lowest interest rate among the best lenders in Washington. Your interest rate can be as little as 3.22% on your loan from Upstart.

Can I use a personal loan for vacations in Washington?

You can use your personal loan to fund almost anything, including vacations. However, a few lenders restrict how you can use the funds you borrow from them. Check your preferred lender for restrictions before completing the application process.

Can I use a personal loan for home improvement in Washington?

Yes, you can use a personal loan for home improvement in Washington. According to our research, Best Egg has the best loan offer in the state for this purpose.

What can I not use my personal loan for in Washington?

Most lenders allow you to use your personal loan to cover any expense. Others have restrictions that you must follow. For instance, LightStream personal loans should not be used to refinance existing LightStream loans, fund post-secondary education or purchase bonds and stocks. If you get your loan from Upgrade, you are not allowed to use the funds for post-secondary education expenses, investments, gambling and illegal activities.

How much can I borrow in Washington?

How much you can borrow in Washington depends on the lender. You can get as much as 100,000 or as little as $50,000 as the maximum loan amount from the top lenders.

How long does it take to get a personal loan in Washington?

Once your application is approved, how fast you get your money depends on the lender. Some, like LightStream, release funds on the day you’re approved, while others may take as long as seven days.

Can I pay off my loan early in Washington?

Yes, you can pay off your loan before the due date in Washington. However, some lenders will charge you for doing this. You can find out from your lender whether making early payments will attract any penalties.

Top Lenders & Best Picks for You

Best Personal Loans in Washington of 2023

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.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Washington
The Best Personal Loan Lender for Bad Credit in Washington
The Best Personal Loan Lender for Good Credit in Washington
The Best Personal Loan Lender for Debt Consolidation in Washington
The Best Personal Loan Lender for Home Improvements in Washington
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Washington
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Washington

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
Part of Truist, LightStream is an online consumer lender founded in 2012. It provides fixed-rate loans from $5,000 to $100,000. To obtain a personal loan from LightStream, your credit score must be at least 660, well below the average credit score in Washington of 730.
Potential customers can apply for loans through the lender’s website or mobile app and receive the funds as soon as the loan is approved. LightStream customers receive a 0.5% discount for setting up autopay. They also don’t have origination, prepayment or late fees.
LightStream may not be for you if you need a loan to refinance an existing LightStream loan, pay for college or contribute to any sort of retirement, life insurance or education savings plan.
Pros
High borrowing limits, to a maximum of $100,000
0.5% auto payment rate discount
No origination fee
No prepayment penalty or late fees
Same-day funding

Cons
Does not allow co-signers
No soft inquiry on credit rating before application processing
Restricted use of funds
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day

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
Based on MoneyGeek’s research, the AI lending platform Upstart, founded in 2012, is the best lender in the state if you have poor credit. The lender uses soft inquiry to determine your credit score, which does not affect your current rating. You need a score of 300 for your application to be processed successfully.
Once your application is approved, you will get funds the next day. You can choose a repayment term of between three to five years.
While Upstart is the best lender for borrowers with bad credit, it isn’t ideal if you need a loan higher than $50,000. Similarly, your application will not be considered if your debt-to-income ratio is more than 45%.
Pros
Minimum gross income required of $12,000
Low credit score requirement of 300
Conducts soft inquiry for credit checks
No prepayment penalty fees
Offers joint loans

Cons
Origination fee can be as much as 8%
No auto payment rate discount
Debt-to-income limit has to be 45% or less
$15 late fees
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next Day

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
Since 2011, SoFi has been offering various types of personal loans to borrowers with a minimum credit rating of 680. The lender allows you to borrow between $5,000 and $100,000 and repay at an interest of 5.74%-20.28% within one to five years.
SoFi carries out soft credit inquiries so that your score isn’t affected. You can apply to SoFi for unemployment protection, which allows you to postpone payments in three-month increments if you lose your job. By enrolling in the lender’s rewards program, you can redeem your points towards eligible SoFi loans.
However, you must have a gross income of at least $50,000 to qualify for a loan from this lender. Also, SoFi does not accept people with no or new credit and does not allow co-signers, although joint loans are available.
Pros
No origination fee
Customers can borrow as much as $100,000
No prepayment penalty or late fees
0.25% discount for automatic repayment

Cons
Borrowers must have good to excellent credit score
Minimum gross income requirement of $50,000
43% debt-to-income ratio requirement
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days

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
Founded in 2016 and launched the following year, Upgrade is MoneyGeek’s choice of best personal loan provider in Washington for debt consolidation. The lender provides up to $50,000 in personal loans to eligible customers. For your loan application to be considered, you will need a credit score of at least 560.
While the lender may be the best for those who wish to consolidate their debts, it may not be suitable for you if you need funding for post-secondary education or investments of any kind. Additionally, Upgrade does not accept people with new or no credit history and does not allow co-signers, although joint loans are available.
Pros
1% autopay discount
No prepayment penalty fee
Fair credit score requirement
Conducts soft credit inquiries

Cons
Usage restrictions on funds
$10 late fees
Origination fees between 3% and 8%
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day

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
If you need a personal loan in Washington for home improvement, Best Egg may be the best choice for your needs. Founded in 2013, the machine learning-powered online credit and financial wellness platform is owned and operated by Marlette Holdings.
The lender ranked first in MoneyGeek’s analysis. Borrowers can apply for as little as $2,000 or as much as $50,000 and repay within three to five years. Once your application has been approved, you should receive funds within three days.
Best Egg customers get a 0.5% auto payment discount and are not charged prepayment penalties. However, you will be charged $15 for late payments, and the interest rate on your loan can be as much as 35.99%.
If your credit score is below 700 or your income is less than $50,000, Best Egg may not be the best choice. Similarly, people with no or new credit are not accepted, with neither co-signers allowed nor joint loans offered.
Pros
0.5% auto payment discount rate
No prepayment penalty
Funds loan the next day
Soft credit inquiry

Cons
High credit score limit of 700
Up to 6% origination fee
$15 late fees
Minimum gross income of $50,000
No joint loans available
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day

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.

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.

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.

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.

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.

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.

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

LightStream. "About Us." Accessed March 7, 2022.
Upstart. "Personal Loans: Receive Funds as Fast as The Next Business Day." Accessed March 7, 2022.
SoFi. "Personal Loans - Apply Online, Same Day Funding." Accessed March 7, 2022.
SoFi. "SoFi Member Rewards." Accessed April 1, 2022.
Best Egg. "Personal Loans for Home Improvement | Apply Now at Best Egg." Accessed March 7, 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 our editorial policies and expert editorial team.