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Updated on Monday, October 15, 2018
Here’s a roundup of places where you can get personal loans in Portland, Ore.
Advantis Credit Union
The Advantis Credit Union offers an online application process and quick funding. You can use personal loans for many reasons: paying wedding expenses, paying medical bills, covering a tax bill and more. Loans have fixed interest rates and there are no origination, application, or annual fees. There’s also no prepayment penalty.
Advantis Credit Union is a not-for-profit that has served Portland since 1928. The credit union has more than 73,000 members. Membership is open to residents of Portland and several counties of central and western Oregon, plus people who live, work, worship, or attend school in the state of Washington.
Unitus Community Credit Union
Unitus Community Credit Union offers personal loans with fixed rates to borrowers. One perk of this credit union is that it clearly lays out what credit score you need to qualify for certain interest rates (although other conditions may apply). For example, a credit score of 740 or higher may get you a 9.99% APR interest rate, the very lowest available. Getting approved for a personal loan qualifies you for free FICO® score monitoring from Equifax; scores are updated monthly.
Unitus Community Credit Union has around 90,000 members. You can join the credit union if you live or work in certain Oregon counties or the state of Washington.
OnPoint Community Credit Union
OnPoint Community Credit Union lets you borrow up to $25,000. Interest rates are fixed and you can apply for the loan online. Onpoint has more than 345,000 members and has served its members for almost 90 years. Membership to OnPoint Community Credit Union is open to people who work or live in specific cities and counties within Oregon and Washington state.
Oregon Community Credit Union
The Oregon Community Credit Union offers a personal credit line of up to $50,000 to borrowers who qualify. There’s a key difference between a personal line of credit and a personal loan.
A personal line of credit gives you an amount you can use and pay back when you need it almost like a credit card. Each month you have a minimum payment that’s due. Alternately, a personal loan usually has a fixed interest rate for a fixed term and you make the same payment each month. This credit union does have an option where you can choose to make a portion of your credit line a fixed interest rate for a fixed term.
Membership to the Oregon Community Credit Union is open to residents of 28 counties in Oregon, state employees, employees or members of local retailer Bi-Mart, students or employees of the University of Oregon, and relatives of current members.
Comparing personal loans online
The personal loans in Portland, Ore., to make our list are ones to consider if you’re looking for a lender in the neighborhood — but you also have many more options than solely credit unions, banks, or finance companies in your surrounding area.
Borrowing money online may give you access to better interest rates and more flexible loan terms than you’ll find at a local loan company in Portland. You can check out some of the best personal loans available online here in our roundup.
Another thing to mention is that the Portland-based loans featured in this post are all from credit unions. These credit unions have membership requirements even if you’re applying online. With most online lenders, you won’t have to jump through the hoop of applying to become a member.
The online application process
Borrowing money from online lenders is usually simple and convenient. Many online lenders let you fill out a prequalification form to check interest rates with only a soft inquiry. You can head to this page to compare loan products directly on MagnifyMoney.
The stages of the online application are pretty standard across the board. You fill out a form with your personal information, choose between offers, and then you go through credit review. At this point, lenders may ask for verification documents, such as pay stubs or W-2s, to prove you have sufficient income. Once approved, funds will likely be deposited into a bank account of your choosing. Funding can happen within just a few business days or even sooner depending on the online lender you select.
If you’re worried about safety, online lenders usually have privacy policies you can dig through to see what actions they take to protect your personal information. You should also research any lender you do business with through third-party reviews and customer reviews to make sure they’re trustworthy.
Benefits of shopping online for a personal loan
Besides the perk of quick applications, online personal loans offer products for various credit profiles. Good to excellent credit will get you the best personal loans at the best price. Having less-than-stellar credit doesn’t mean you can’t get in on the action. Online is somewhere you may be able to get approved for a loan if you can’t find bad credit loans in Portland.
An easy way to compare personal loans online
LendingTree, which owns MagnifyMoney, is an online loan marketplace that helps consumers compare loan products. You complete an online form to get personalized offers from up to five different lenders based on your creditworthiness.
Get started shopping for your next loan with LendingTree here.