Updated: November 19, 2024
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Debt consolidation loans are a type of personal loan used to pay off multiple debts, including student loans, at a lower interest rate.
MoneyGeek analyzed 26 lenders and found PenFed to be the top choice for debt consolidation loans in Oregon, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Oregon State Credit Union and Oregon Community Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationOregonBest Debt Consolidation Loans in Oregon
PenFed is the best debt consolidation loan provider in Oregon, with a MoneyGeek score of 96 out of 100. An ideal debt consolidation lender has competitive rates, a substantial loan amount, quick fund disbursement, quality service and a strong reputation.
PenFed's APR range of 8.99% to 17.99% is lower than other lenders. Its loan amounts of up to $50,000 lets borrowers consolidate significant debt. With quick disbursement in one to two business days, borrowers can promptly manage and pay off their consolidated debt.
Alliant Credit Union is another solid option for a debt consolidation loan in Oregon, with a MoneyGeek score of 95 out of 100.
The lender's low APR can help reduce the overall interest paid on consolidated debt. Its high loan amount range allows borrowers to consolidate larger amounts of debt. Flexible repayment terms from 12 to 60 months can make monthly payments more manageable.
Wells Fargo offers the best debt consolidation loan in Oregon for borrowers prioritizing affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loans from $3,000 to $100,000 with repayment terms of 12 to 84 months.
Affordability isn't just about interest rates. Wells Fargo has no origination fees so that you won't pay extra costs upfront. It also offers rate discounts that can lower overall loan costs, making managing your debt consolidation easier.
PNC offers the best debt consolidation loan in Oregon for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. Its loan amounts range from $1,000 to $35,000, with repayment terms of six to 60 months.
Borrowers benefit from flexible repayment terms, letting them choose a plan that fits their budget. For example, someone consolidating high-interest debts can opt for a longer term to lower monthly payments. Large loan amounts also allow the consolidation of significant debts, like credit card balances and personal loans, into one manageable payment.
Rocket Loans offers the best debt consolidation loan in Oregon for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day funding, making it an excellent choice for meeting urgent financial needs.
Rocket Loans' fast approval process allows you to consolidate your debts promptly. Flexible loan terms enable you to choose a repayment plan that fits your financial situation.
Using a debt consolidation loan in Oregon can simplify your finances by merging multiple payments into one. But it's not always the best option. If the interest rate on the new loan is higher than your current debts, it might not make sense. Assess your situation before deciding.
Good Credit
Good credit can secure better interest rates and lower monthly payments on a debt consolidation loan in Oregon.
High-Interest Debt
Consolidating high-interest debt with a debt consolidation loan can lower your interest rates.
Multiple Payments
Combining multiple monthly payments into one with a debt consolidation loan is easier to manage.
Lower Monthly Payments
A debt consolidation loan can help you achieve lower monthly payments, easing your financial burden.
Oregon's average annual personal loan debt is $123,090, higher than the national average of $104,215. The monthly debt is around $10,258.
Using a personal loan to consolidate debt can simplify your payments and lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.
Evaluate your existing debts to see which ones to consolidate, especially credit card debt. Wrong choices can lead to higher costs. Check your credit score to gauge your chances of approval from lenders. To improve your credit score, pay bills on time and reduce outstanding balances.
Compare loan terms from multiple lenders. Confirm with them that you can use the loan for debt consolidation. Check the APRs, loan limits and how soon you can receive the funds.
Some lenders offer added features that could benefit you. In Oregon, Keybank and Lightstream offer rate discounts, saving you money over time.
Some lender features could be drawbacks. In Oregon, Happy Money charges an origination fee, and Discover charges a late fee. These fees can impact your short-term and long-term finances by increasing your overall debt.
Prequalification helps borrowers understand their loan eligibility without affecting their credit score. It uses a soft credit check, giving you a clearer picture of the loan terms you might receive.
Prepare the necessary documents, such as proof of income, ID and bank statements, to complete your loan application faster.
Lenders might deny your loan application for a poor credit score or a high debt-to-income ratio. Before applying for a consolidation loan in Oregon, consider improving your credit score by paying down existing debts and ensuring timely payments on all accounts.
Consider contacting credit counseling agencies like Urgent Credit Counseling, Inc. and Cricket Debt Counseling to help manage your debts better. Another option is a 0% APR balance transfer credit card, which gives you an interest-free period to pay down your debt without adding more interest.
MoneyGeek addresses common questions about debt consolidation loans in Oregon, helping you understand how debt consolidation can simplify your finances.
A debt consolidation loan is an unsecured personal loan used to pay off high-interest debt. Borrowers do this to simplify their payments and potentially secure a lower interest rate.
PenFed is the best overall debt consolidation loan lender in Oregon. However, the best lender for you might vary depending on your priorities, such as loan amount, affordability or quick fund access.
You can get a debt consolidation loan in Oregon even if you have bad credit. However, your options might be more limited.
A credit counseling agency in Oregon can help manage debt by providing financial advice and creating a debt management plan.
Consider a debt consolidation loan if you have good credit and can qualify for better terms or if your household budget can handle the new monthly payment without sacrificing essential expenses.
MoneyGeek analyzed 26 national lenders licensed in Oregon using a rubric that factors in APR ranges, loan amounts and repayment terms. We assign scores based on how well lenders meet key criteria. The scoring system varies for recommendations on affordability, loan amounts and fast funding.
We conducted our analysis in September 2024.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
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.
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