Best Personal Loans in Spokane, WA: Top Lenders & Best Picks for You

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Spokane, WA

To help you determine the best personal loan lenders in Spokane, MoneyGeek evaluated more than 30 factors when comparing providers in the city. We assessed maximum loan amounts, gross minimum income, Better Business Bureau ratings, APR ranges, repayment terms, origination fees and more.

MoneyGeek found the ideal lenders for various borrower profiles since your unique needs will dictate the ideal lender for you. We evaluated lenders for good credit, bad credit, debt consolidation and more.

Best Overall Personal Loan Lender in Spokane: 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

    MoneyGeek selected LightStream as the best overall personal loan lender in Spokane. LightStream received an A+ rating from the Better Business Bureau, which means that the company effectively resolves customer concerns. The lender doesn’t charge prepayment penalty fees and has an autopay discount.

    With LightStream, you can borrow $5,000 to $100,000. Your final rate terms depend on factors such as your creditworthiness. To qualify for a LightStream personal loan, you must have a minimum credit score of 660. As a result, it might not suit every applicant.

    LightStream is the online lending arm of Truist and was launched in 2013.

    Pros

    • Loans up to $100,000
    • A+ rating from BBB
    • No prepayment, origination or late fees
    • Autopay discount

    Cons

    • Restricts usage of funds
    • Applicants with new or no credit can’t qualify
    • $5,000 minimum loan amount
    • No co-signers
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Spokane: 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

    MoneyGeek determined that Upstart is an ideal lender for individuals with bad credit. Borrowers looking for immediate money should consider Upstart since the lender releases funds immediately.

    However, if you need a higher loan amount, consider another personal loan company in Spokane. Upstart only loans of $1,000 to $50,000. Although you can apply online, Upstart doesn’t provide a mobile app for its borrowers.

    Upstart is an artificial intelligence (AI) online lending platform that was established in 2012. The lender has its headquarters in San Mateo, California.

    Pros

    • Doesn’t charge a prepayment penalty fee
    • Accepts joint loans
    • 300 minimum credit score
    • A+ BBB rating

    Cons

    • No co-signers
    • Low maximum loan amount
    • Origination fee
    • Late fee
    • Income requirements
    Upstart

Best Personal Loan Lender for Good Credit in Spokane: 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

    SoFi is MoneyGeek’s top pick for borrowers with a good credit standing. You can borrow $5,000 to $100,000 based on your financial profile and the lender’s discretion.

    To be eligible for a SoFi personal loan, you need a minimum credit score of 680, a debt-to-income ratio of 43% or less and a gross income of at least $50,000. If you aren’t able to meet these criteria, you can check out other personal loan lenders in Spokane.

    Since its launch in 2011, SoFi has funded more than $50 billion in loans.

    Pros

    • High maximum loan amount
    • Autopay discount
    • No late fees
    • A+ BBB rating
    • No origination fee

    Cons

    • 43% debt-to-income ratio limit
    • 680 credit score requirement
    • Income requirement
    • No co-signers
    • High minimum loan amount
    SoFi

Best Personal Loan Lender for Debt Consolidation in Spokane: 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

    MoneyGeek’s research found that Upgrade is an excellent lender for those who have outstanding payments, especially since it directly pays third-party creditors.

    Luckily, Upgrade has no prepayment penalty, offers joint loans and sends funds quickly. Borrowers will also be happy to know that Upgrade received the highest rating from the Better Business Bureau.

    However, Upgrade may not be the best lender for you if you need to borrow more than $50,000. Plus, you can also be charged $10 if you’re behind on monthly payments.

    Upgrade was launched in 2017, and its main office is in San Francisco.

    Pros

    • A+ BBB rating
    • 560 minimum credit score
    • No prepayment penalty
    • Autopay discount
    • Sends money directly to creditors

    Cons

    • Charges an origination fee
    • $10 late fee
    • Low maximum loan amount
    • No co-signers
    • Doesn’t accept people with new or no credit
    Upgrade

Best Personal Loan Lender for Home Improvement in Spokane: 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 want to renovate your home, MoneyGeek recommends Best Egg. The lender allows you to borrow $2,000 to $50,000.

    You can also receive funds the next day and repay your personal loan over 36 to 60 months. However, if you wish to pay off your loan earlier, there’s no need to worry about a prepayment penalty.

    Although Best Egg has no debt-to-income limits, one of its downsides is that you need a minimum credit score of 700. If you don’t have this high of a score, we suggest shopping around for other personal loan lenders.

    Best Egg was established in 2014 as the online lending arm of Marlette Funding.

    Pros

    • No prepayment penalty
    • A+ BBB rating
    • Soft credit inquiry
    • Autopay discount
    • Joint loans available

    Cons

    • Origination fees
    • Late fees
    • 700 minimum credit score
    • Income requirements
    • No co-signers
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Spokane for You

In Washington, the average borrower has a personal loan debt of $14,822 with a 9.54% interest rate. Personal loans are commonly used to fund expensive medical bills, travel, renovation, debt consolidation or relocation. Personal loan lenders will assess your employment history, age, gross income, credit score and other financial factors.

If you need help starting your research process, MoneyGeek outlined a couple of steps to follow.

1
Ask Yourself the Important Questions

To arrive at a financially sound decision, evaluate your needs and goals. Take the time to ask yourself the following questions so you can choose the terms, rate and lender that is best for your unique situation:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?

Only borrow what you need. Before you consider lenders, knowing how much you need to borrow can already filter ideal lenders for you. You also need to account for your credit history and financial background so you can meet certain lender requirements.

2
Do Your Research

Each lender has different rates, quotes and terms. Some lenders have high loan amounts, but you might not meet their debt-to-income ratio limit or gross income requirement. Consequently, it’s beneficial for you to compare each one and determine the most suitable lender for you. Remember, personal loans are huge financial commitments. The average borrower takes two to four years to pay off their loan. Additionally, lenders typically perform hard credit checks that can negatively impact your credit score.

MoneyGeek offers its recommendations, but you’re free to explore other personal loan lenders in Spokane if you wish to do so.

3
Wait

When you’ve shortlisted lenders, wait for a day or two. You might end up making an objective decision once you’ve taken a couple of days off. Again, you’ll have to manage your funds to make sure your personal loan payments are covered for several years. Hence, you need to be absolutely confident in your decision. As you take your time to think through your decision, you might even find an alternate funding source that is a better solution for your financial needs.

4
Read the Fine Print

It’s common for borrowers to skip reading the fine print in their personal loan terms. However, MoneyGeek advises that you meticulously read the fine print so that you’re aware of potential fees and know what to expect throughout your loan term. For example, some lenders charge origination, late and prepayment penalty fees, whereas others don’t. Make sure that you understand your personal loan terms to avoid surprise costs. If there are some unfamiliar words or phrases, don’t be shy to reach out to your personal loan lender or speak with a financial adviser.

5
Apply

Once you’ve completed the previous steps and decided on a lender, you’re ready to apply for a personal loan. By now, you should have gone through your lender’s application requirements and gathered pertinent documents. This can make your application process easier. Lenders typically require address verification, identification and proof of income. Depending on which option is most convenient for you, it might be possible to apply either online, through the phone or by visiting the lender’s office.

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

If your personal loan application in Spokane is denied, it doesn’t mean that your personal loan journey is over. Although possibly discouraging, this setback shouldn’t stop you from applying again. Several reasons may have led to your application’s rejection, such as insufficient income, a high debt-to-income ratio, a low credit score or other factors.

MoneyGeek encourages you to talk to your lender and figure out why your application was rejected. You might be able to negotiate terms and adjust your application. For example, you can ask to shorten the loan term or decrease how much you borrow.

If this doesn’t work for you, try applying with another lender. However, you should only do this after you’ve worked on the factor that got your first application rejected.

There are times when borrowers believe they are left with no other choice, so they take out a payday loan. MoneyGeek highly discourages borrowers from doing so. Payday loans come with significantly high interest rates and incredibly short repayment terms.

Frequently Asked Questions About Personal Loans in Spokane

Personal loans can be an overwhelming topic for first-time borrowers. MoneyGeek answered a couple of commonly asked questions to help you through the process. The best personal loan in Spokane depends on your financial situation.

What is the best personal loan lender in Spokane?
Which lender in Spokane has the lowest interest rate?
Can I use a personal loan for vacations in Spokane?
Can I use a personal loan for home improvement in Spokane?
What can I not use my personal loan for in Spokane?
How much can I borrow in Spokane?
How long does it take to get a personal loan in Spokane?
Can I pay off my loan early in Spokane?

Our Personal Loan Methodology

METHODOLOGY

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

For each category, we considered several individual data points that we believe are important when choosing a suitable personal loan lender. These factors include minimum credit score, minimum income amount, APR ranges, available loan amount, application fees and disbursement time.

MoneyGeek values you, the consumer, so we also factor in each lender’s customer support, business ratings and extra features that could make your experience easier and more accessible, like prequalification, payment options and mobile applications.

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

sources
Shield Insurance

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.