Top Lenders & Best Picks for You
Best Personal Loans in Seattle, WA
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Seattle
- The Best Personal Loan Lender for Bad Credit in Seattle
- The Best Personal Loan Lender for Good Credit in Seattle
- The Best Personal Loan Lender for Debt Consolidation in Seattle
- The Best Personal Loan Lender for Home Improvements in Seattle
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Seattle
MoneyGeek's Picks for Best Personal Loan Lenders in Seattle, WA
To analyze the strengths and weaknesses of personal loan lenders in Seattle, MoneyGeek factors in more than 30 data points, including interest rates, availability, auxiliary fees, loan terms, borrowing limits, disbursement periods, credit score requirements, perks and usage restrictions.
Our study concludes that the overall best personal loan lender in the city is LightStream, for its excellent ratings in most of our ranking criteria. However, your personal requirements, as well as your financial profile (income, credit score, etc.), can change your definition of the best lender. For instance, individuals with good and bad credit will find that SoFi and Upstart, respectively, are your best bets. Meanwhile, Upgrade is the best lender for debt consolidation, while Best Egg is our top pick for home improvement personal loans.
Best Personal Loan Lender Overall in Seattle: LightStream
Best Personal Loan Lender for Bad Credit in Seattle: Upstart
Best Personal Loan Lender for Good Credit in Seattle: SoFi
Best Personal Loan Lender for Debt Consolidation in Seattle: Upgrade
Best Personal Loan Lender for Home Improvement in Seattle: Best Egg
How to Choose the Best Personal Loan Lender in Seattle for You
Personal loans are taken out for a variety of reasons, including home upgrades, debt consolidation, vehicle financing, moving expenditures, medical bills and college tuition. To determine your eligibility for a personal loan, examine your credit score, monthly income and debt-to-income ratio. In Washington, the average personal loan debt is $14,822, with a typical interest rate of 9.54%.
MoneyGeek recommends the following steps to help make the application process smoother:
Ask Yourself the Important Questions
First, determine whether a personal loan is your best option at the moment. After that, figure out which of the lenders' qualifications you meet. Think hard about whether the personal loan you're seeking is appropriate for you. Sometimes, asking yourself the right questions can go a long way. Consider the following:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
Lenders operate differently and their rates and fees may vary. Before filing a loan application, you should evaluate multiple companies to see which one is best for you.
Taking out a personal loan is a significant commitment, as you will be responsible for repaying it for two to four years, and maybe longer. Before you act, make sure it's the best decision for you. Also, bear in mind that our recommendations are mostly general ideas; thus, you should do your own research.
Wait
You should think over your alternatives for a few days once you've investigated different lenders' features, offers, rates and costs. Take a step back and consider your financial obligations to determine which lender would be the best fit for you. Because taking out a personal loan is such a huge financial commitment, it's important to think about whether it's the right option for you.
Read the Fine Print
The next step is to read the fine print that comes with the personal loan's terms and conditions. Pay attention to the things that might save you money or drive you to spend more. Origination fees and prepayment expenses are examples of these. Late fees are imposed by most lenders, although some are lower than others and some offer grace periods.
Apply
You can apply once you've chosen a lender and studied all of the information you need. During the application process, lenders are required to seek proof of identification, residence verification and proof of income. If an online application is available, it is usually more convenient, but an in-person visit or phone contact allows you to clarify more details.
What to Do if You Can’t Get a Personal Loan in Seattle
If your application was initially turned down, you should contact the lender to find out why and ask whether modifications are possible. You could make your application more acceptable by shortening the loan terms or lowering the loan amount, for example. If you're having problems getting approved, a cosigner or collateral-based loan may be a good alternative for you. You may apply for a loan with a new lender if it's necessary. This option, however, should be avoided until you've addressed whatever issue caused your application to be rejected in the first place.
Some people may be tempted to seek payday loans with exceptionally high interest rates after being rejected, but we caution against it. Your credit score will not improve even if you pay on time and in full. And if you don't pay on time, you may be accountable for any unpaid interest as well as the remaining sum. If you continuously pay late, a collection agency may get involved, potentially damaging your credit.
Frequently Asked Questions About Personal Loans in Seattle
Several factors will influence which lender will provide you with the best personal loan in Seattle. These include individual needs, credit and income requirements, loan terms, maximum loan amounts and other lender features. These are the answers to some of the most frequently asked questions that might assist you in making better judgments.
Overall, the best personal loan lender in Seattle is LightStream. However, your specific needs could easily change what’s the ideal option for you. SoFi offers the best deals if you have good credit and Upstart will be your best choice if you have a bad credit score. Upgrade is a good option for debt consolidation and for home improvement purposes, Best Egg provides excellent loan terms.
In Seattle, Upstart offers the lowest potential interest rate on personal loans. Those who are well qualified can get a personal loan with an APR of as low as 3.22%.
Generally, personal loans in Seattle can be used for funding vacations. That’s not the case for every company, however, so make sure to check with your lender before going through your application.
The majority of personal loans are suitable for home improvements. If you're unsure, check with your lender to determine if there are any limits.
In general, all personal loan lenders prohibit the borrower from using the money they funded for illegal and gambling-related activities. Some lenders also impose restrictions such as forbidding personal loans to be used for funding secondary education or as a home down payment.
Each lender has a different maximum amount you can borrow in a personal loan. Depending on the company, you may be eligible for a loan ranging from $1,000 to $100,000.
Sometimes, you can receive your borrowed money on the same day that it got approved. With other companies, you may have to wait several business days to get your funding. This usually depends on the lender.
A prepayment penalty may be charged if you pay off a personal loan before the end of the term. Some lenders, on the other hand, do not impose a penalty for submitting early payments. You should call the lender or read the details of the lender's loan agreement for further information.
Our Personal Loan Methodology
We looked at 35+ unique data points from more than 30 personal loan providers in six major categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
We analyzed many unique data factors under each ranking criteria category that we believe hold the most weight when choosing a personal loan provider. APR ranges, available loan amount, minimum credit score, minimum income amount, application costs and disbursement time are all aspects to consider.
We appreciate you, the consumer, so we consider each lender's customer service, company ratings and additional services like prequalification, payment alternatives and mobile applications that might make your experience easier and more accessible.
Our recommendations are made with your best interests in mind after rigorous analysis and assessment. Our personal loan suggestions and professional advice are intended to assist you in selecting the right lender for your circumstances.
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.