Updated: October 29, 2024
Advertising & Editorial Disclosure
To help you determine the best personal loan lenders in Spokane, MoneyGeek evaluated more than 30 factors when comparing providers in the city. We assessed maximum loan amounts, gross minimum income, Better Business Bureau ratings, APR ranges, repayment terms, origination fees and more.
MoneyGeek found the ideal lenders for various borrower profiles since your unique needs will dictate the ideal lender for you. We evaluated lenders for good credit, bad credit, debt consolidation and more.
MoneyGeek selected LightStream as the best overall personal loan lender in Spokane. LightStream received an A+ rating from the Better Business Bureau, which means that the company effectively resolves customer concerns. The lender doesn’t charge prepayment penalty fees and has an autopay discount.
With LightStream, you can borrow $5,000 to $100,000. Your final rate terms depend on factors such as your creditworthiness. To qualify for a LightStream personal loan, you must have a minimum credit score of 660. As a result, it might not suit every applicant.
LightStream is the online lending arm of Truist and was launched in 2013.
Pros
Cons
MoneyGeek determined that Upstart is an ideal lender for individuals with bad credit. Borrowers looking for immediate money should consider Upstart since the lender releases funds immediately.
However, if you need a higher loan amount, consider another personal loan company in Spokane. Upstart only loans of $1,000 to $50,000. Although you can apply online, Upstart doesn’t provide a mobile app for its borrowers.
Upstart is an artificial intelligence (AI) online lending platform that was established in 2012. The lender has its headquarters in San Mateo, California.
Pros
Cons
SoFi is MoneyGeek’s top pick for borrowers with a good credit standing. You can borrow $5,000 to $100,000 based on your financial profile and the lender’s discretion.
To be eligible for a SoFi personal loan, you need a minimum credit score of 680, a debt-to-income ratio of 43% or less and a gross income of at least $50,000. If you aren’t able to meet these criteria, you can check out other personal loan lenders in Spokane.
Since its launch in 2011, SoFi has funded more than $50 billion in loans.
Pros
Cons
MoneyGeek’s research found that Upgrade is an excellent lender for those who have outstanding payments, especially since it directly pays third-party creditors.
Luckily, Upgrade has no prepayment penalty, offers joint loans and sends funds quickly. Borrowers will also be happy to know that Upgrade received the highest rating from the Better Business Bureau.
However, Upgrade may not be the best lender for you if you need to borrow more than $50,000. Plus, you can also be charged $10 if you’re behind on monthly payments.
Upgrade was launched in 2017, and its main office is in San Francisco.
Pros
Cons
If you want to renovate your home, MoneyGeek recommends Best Egg. The lender allows you to borrow $2,000 to $50,000.
You can also receive funds the next day and repay your personal loan over 36 to 60 months. However, if you wish to pay off your loan earlier, there’s no need to worry about a prepayment penalty.
Although Best Egg has no debt-to-income limits, one of its downsides is that you need a minimum credit score of 700. If you don’t have this high of a score, we suggest shopping around for other personal loan lenders.
Best Egg was established in 2014 as the online lending arm of Marlette Funding.
Pros
Cons
In Washington, the average borrower has a personal loan debt of $14,822 with a 9.54% interest rate. Personal loans are commonly used to fund expensive medical bills, travel, renovation, debt consolidation or relocation. Personal loan lenders will assess your employment history, age, gross income, credit score and other financial factors.
If you need help starting your research process, MoneyGeek outlined a couple of steps to follow.
To arrive at a financially sound decision, evaluate your needs and goals. Take the time to ask yourself the following questions so you can choose the terms, rate and lender that is best for your unique situation:
Only borrow what you need. Before you consider lenders, knowing how much you need to borrow can already filter ideal lenders for you. You also need to account for your credit history and financial background so you can meet certain lender requirements.
Each lender has different rates, quotes and terms. Some lenders have high loan amounts, but you might not meet their debt-to-income ratio limit or gross income requirement. Consequently, it’s beneficial for you to compare each one and determine the most suitable lender for you. Remember, personal loans are huge financial commitments. The average borrower takes two to four years to pay off their loan. Additionally, lenders typically perform hard credit checks that can negatively impact your credit score.
MoneyGeek offers its recommendations, but you’re free to explore other personal loan lenders in Spokane if you wish to do so.
When you’ve shortlisted lenders, wait for a day or two. You might end up making an objective decision once you’ve taken a couple of days off. Again, you’ll have to manage your funds to make sure your personal loan payments are covered for several years. Hence, you need to be absolutely confident in your decision. As you take your time to think through your decision, you might even find an alternate funding source that is a better solution for your financial needs.
It’s common for borrowers to skip reading the fine print in their personal loan terms. However, MoneyGeek advises that you meticulously read the fine print so that you’re aware of potential fees and know what to expect throughout your loan term. For example, some lenders charge origination, late and prepayment penalty fees, whereas others don’t. Make sure that you understand your personal loan terms to avoid surprise costs. If there are some unfamiliar words or phrases, don’t be shy to reach out to your personal loan lender or speak with a financial adviser.
Once you’ve completed the previous steps and decided on a lender, you’re ready to apply for a personal loan. By now, you should have gone through your lender’s application requirements and gathered pertinent documents. This can make your application process easier. Lenders typically require address verification, identification and proof of income. Depending on which option is most convenient for you, it might be possible to apply either online, through the phone or by visiting the lender’s office.
If your personal loan application in Spokane is denied, it doesn’t mean that your personal loan journey is over. Although possibly discouraging, this setback shouldn’t stop you from applying again. Several reasons may have led to your application’s rejection, such as insufficient income, a high debt-to-income ratio, a low credit score or other factors.
MoneyGeek encourages you to talk to your lender and figure out why your application was rejected. You might be able to negotiate terms and adjust your application. For example, you can ask to shorten the loan term or decrease how much you borrow.
If this doesn’t work for you, try applying with another lender. However, you should only do this after you’ve worked on the factor that got your first application rejected.
There are times when borrowers believe they are left with no other choice, so they take out a payday loan. MoneyGeek highly discourages borrowers from doing so. Payday loans come with significantly high interest rates and incredibly short repayment terms.
Personal loans can be an overwhelming topic for first-time borrowers. MoneyGeek answered a couple of commonly asked questions to help you through the process. The best personal loan in Spokane depends on your financial situation.
LightStream is the best overall personal loan lender in Spokane. However, the most suitable lender for you depends on what you need. For example, Upstart is ideal for those with bad credit.
LightStream offers the lowest starting interest rate. Keep in mind that your rate depends on your creditworthiness.
Yes, it’s possible to use your personal loan for vacations. That said, it can be beneficial to ask your lender if there are any funding restrictions.
Yes, many borrowers use personal loans for home renovations. MoneyGeek’s top pick is Best Egg.
It depends on the lender. Some companies don’t allow funds to be used for business; others don’t have any restrictions. Check with your lender about their specific restrictions.
The typical loan amount ranges from $1,000 to $100,000. Your lender will inform you how much you can borrow.
Getting a personal loan can be as quick as the same day or as long as two days.
Yes. Although certain lenders have no prepayment penalty fees, others might. Ask your lender beforehand to avoid paying this fee.
We analyzed more than 30 personal loan lenders using 35+ individual data points across six key categories, including consumer friendliness, loan affordability, accessibility, customer service, flexibility and lender transparency.
For each category, we considered several individual data points that we believe are important when choosing a suitable personal loan lender. These factors include minimum credit score, minimum income amount, APR ranges, available loan amount, application fees and disbursement time.
MoneyGeek values you, the consumer, so we also factor in each lender’s customer support, business ratings and extra features that could make your experience easier and more accessible, like prequalification, payment options and mobile applications.
After careful consideration and calculation, our picks are selected with your best interest in mind. MoneyGeek’s personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your financial needs.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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.
