Best Personal Loans in Portland, OR

Ask Yourself the Important Questions

Before applying for a personal loan, you should consider your current finances, capacity to make payments and funding needs before applying for a loan. We recommend that you answer the following questions to ensure that a personal loan will set you up for financial success in the future:

1. How much funding do you need? – This largely depends on the intended use of the loan. If you need a small amount, it might be best to save money over time or borrow from family or friends to cover small emergency expenses.
2. What is your credit score? – Most lenders will use your credit score as one of the main factors to measure your creditworthiness. To narrow down your provider search, you should only apply for a loan if you meet the lender’s minimum credit score requirement.
3. Can you afford the monthly payment? – To make the monthly payments, you should have a sufficient and steady form of income. A personal loan typically requires monthly payments for two to four years, on average. Because of this, it’s best to be in a financially stable situation before taking on this long-term financial responsibility.
4. What is your current debt-to-income ratio? – Consider forgoing a personal loan if you’re already overburdened by existing debt.

Do Your Research

We recommend that you complete your own research and compare terms and rates from multiple lenders to find the best lender for your needs. MoneyGeek’s guide is a good place to start to find the best personal loans in Portland. But, our recommendations are generalizations for the average borrower and you might have more specific needs that warrant additional attention.

Wait

Once you’ve completed your research and finalized your choice, it’s best to wait for a day or two before handing in your loan application. A personal loan is a huge commitment that will take years to pay off, so you need to be absolutely certain that a personal loan with a specific lender is the right choice.

Read the Fine Print

To avoid paying hidden charges later on, you should carefully read the fine print included in your loan agreement. Your loan may feature late fees, origination fees and prepayment penalties that could cost you more over the course of your loan’s life. Knowing exactly what you are signing up for will save you from paying unplanned expenses in the long term. If you have any questions about the terms included in your loan, you should reach out to your lender for clarification.

Apply

Now that you’ve selected your preferred lender and have carefully read over the terms of your loan agreement, it’s time to submit your application. You’ll need identification, proof of income and address verification. Nowadays, most lenders have a quick and convenient online application process. But, if you prefer a more personalized customer service experience or have other concerns that you wish to discuss directly with a representative, don’t hesitate to call or visit the lending company’s office.