Saving for a rainy day can take on new meaning when you live in the Pacific Northwest, which sees the most precipitation in the mainland United States. We found the best personal loans in Oregon for those times when your piggy bank stash doesn’t quite meet up with your financial needs.
Best Personal Loans in Oregon
- Best for Little to No Credit: NetCredit
- Best for Easy Online Application: Credible
- Best for Wide Range of Financial Services: SoFi
- Best for Home Improvement Loans: Upgrade
- Best for Comparing Lenders: LendingClub
You know the benefits of digital banking solutions — they let you conduct transitions remotely. Online lenders can also make your borrowing experience painless. You can look at options that are good for Oregonians, and you can avoid visits to the bank or paper applications that often slow down the process.
Best for Little to No Credit: NetCredit
NetCredit is a good place to turn when you have no credit or, perhaps, you’ve experienced some struggles like a bankruptcy. You can get approved in funded in just a few days, and there are no prepayment fees.
NetCredit is available to Oregonians, but remember that it’s not in other places. Because you have this unique opportunity, you should strongly consider this platform.
Oregonians can check their chances of pre-approval with a soft credit pull, but interest rates could be high depending on their credit score. You may even want to try working with a cosigner. The firm also offers:
- Low origination fees
- Nominal late fees
- A wide range of loan terms and values
Consider NetCredit when you want to get going in the right direction after a bankruptcy and you’re trying to build your credit, access some cash and regain some semblance of financial independence. This is a good place to look for funding if you don’t prefer traditional banks, and it might also help those who live off the beaten path and can’t drop into an office to learn more about a personal loan.
Pros
- This platform is known for working with those who have experienced financial trauma in the past
- Low fees can help you ensure that you’re not borrowing too much or saddling yourself with higher payments
Cons
- This platform may take you outside of traditional banks, but you also can’t get the brick and mortar service that some expect
Best for Easy Online Application: Credible
Credible is a great online lender whether you’re tech-savvy or not. If you're tech-savvy, you'll appreciate the site’s modern design. If you're a bit challenged in that department, Credible makes the loan application process simple.
Credible offers a great personal loan options from 6.99% to 35.99% APR. Its easily navigable website and app can guide you through flexible terms that range from 1 to 10 years. You can choose loan amounts anywhere from $1,000 to $200,000, a higher limit than many personal loans.
This flexibility combined with the ease and transparency that marks the loan application process gives Credible an edge in the online lending game.
Pros
- The massive range of loan values serves a wide range of customers
- The site is much easier to navigate than some of its competitors
Cons
- Though you can borrow quite a lot of money, the interest rates on this platform can get very high, very fast
Best for Wide Range of Financial Services: SoFi
- Best For:No origination feesVIEW PROS & CONS:securely through SoFi Personal Loans's website
SoFi is an online lender that offers unsecured personal loans and wants to rescue you from high-interest credit card debt. SoFi's personal loan options could help you save thousands, according to its website.
SoFi's low personal loan interest rates and fixed monthly payment means you can get loans to pay off credit cards, pay off high-interest debt or make a large purchase.
The application only takes minutes and you're not required to pay origination, late or prepayment fees. Terms are 2 to 7 years at a fixed rate of 5.99% to 18.82% APR. Loan amounts start at $5,000 and go up to $100,000.
Pros
- You can borrow more money here than in most other places
- The high end of the interest rates on this site is lower than the competition
Cons
- SoFi has a rather extensive site and app that might be difficult for some users to navigate
- 1-year loans are not available
Best Home Improvement Loans: Upgrade
Upgrade is a great place for Oregonians to get a fast approval as it markets your loan to its many partners. You can choose from a wide range of terms and values, but you will notice that the loans you’re offered could be quite diverse depending on how much the lender wants to charge.
Even though Upgrade doesn’t lend to you directly, it ensures that you have the best experience and find the funding you’ve been looking for. This is a good place to market your loan to as many lenders as possible, especially if you’ve had troubles with credit or simply don’t have the time to hunt down all the loans yourself.
Because you’re trying to take control of your finances, you can use the funds you borrow for any purpose, and you can work out repayment, refinancing and other issues with your lender. If you need additional support, however, you can always reach back out to Upgrade for help.
Pros
- Faster approvals give you the confidence you need when you’re concerned about finding the cash you need
- The platform has a track record of working with those who have little to no credit
Cons
- This platform does not lend directly, which may be an issue for some users
Best for Comparing Lenders: LendingClub
LendingClub is a unique lending platform that allows you to check your eligibility without impacting your credit, complete the process entirely online and get funded in around 24 hours. You will see a range of loan offers that will help you choose the best program for the situation, and you can proceed with the loan as needed.
LendingClub also makes it clear that you may want to apply with a cosigner to improve your chances of being approved. With this type of customer support and information, it’s much easier to make the most of your finances, especially because you may not precisely how much you qualify for. This is an especially good choice for Oregonians who live in rural areas where they can’t simply drop into a bank or loan office and ask questions.
Pros
- Because you can have a cosigner, this makes the loan process much easier, especially for students or those with little to no credit
- Faster funding makes it easier for you to deal with emergencies or unexpected expenses in a timely fashion
Cons
- Though you can connect with a wide range of lenders, there’s no way to know if your preferred lender will be included
Personal Loan Considerations
Explore personal loans to get a handle on blooming debt or to pay for a large expense over a structured time period. Make sure a loan offer makes sense for your unique financial situation and make sure the rates and terms you qualify for are manageable. Educate yourself on potential fees and penalties so you don't face unexpected costs.
Personal Loans vs. Credit Cards
A credit card is an example of a revolving line of credit. A personal loan, on the other hand, stipulates that you’ll pay the loan down to $0 with structured monthly payments over a set period.
A personal loan may offer lower interest rates than a credit card, saving you money over time if your credit is decent and you need a lump sum loan or want to consolidate debt. If you need a consistent line of credit or need more flexible repayment terms, a credit card is your best bet.
Get the Right Personal Loan for Your Needs
Look into a personal loan if you need cash quickly or want to consolidate debt. You can find a lender that will offer you a better rate than a credit card and can adhere to strict terms. Use this list to find one that matches your needs.
Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
Some creditors may offer relief if you face unexpected hardship. Generally, missing payments, defaulting or even paying off your loan too early may have negative consequences. These can include lowering your credit score or seizing your collateral if you chose a secured loan. Make sure the personal loan terms work for you before you accept.
Can a personal loan help my credit?
Yes. You can use a personal loan to consolidate your debt and lower your overall out-of-pocket costs if you choose a loan that offers a lower interest rate than your current credit line. You can also lower your debt-to-income (DTI) ratio by paying your personal loan on time, paying off your personal loan and not taking on more debt.
Can you use personal loans for investments?
You could use personal loans to invest in property or collectibles, but if you want to borrow to invest in stocks, ETFs, bonds, etc, you should consider opening a margin account with your broker.