Updated
May 09, 2023 Personal loans have become popular because of their flexibility and availability. Borrowers can use them for anything from vacation to home improvement, they’re easy to obtain relative to other forms of financing, and you can often receive funds quickly.
This guide will explain your options for personal loans in Washington state.
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Online personal loans in Washington state
Many Washington residents are better off seeking online personal loans than those from a local bank because of how simple the online application and lending process is. If you need a loan fast, this might be your best option.
Online lenders don’t ask many questions about how you’ll use the money, and they often let you apply entirely online and receive funds as soon as the same day you’re approved.
Here are some options for online loans in Washington state. All these lenders offer loans to Washington residents, whether you’re seeking personal loans in Spokane, Seattle, or anywhere else in the state.
| LightStream | Upgrade | Upstart | |
| Loan amount | $5,000 – $100,000 | $1,000 – $35,000 | $1,000 – $50,0002 |
| Term lengths | 24 – 144 months* | 36 or 60 months | 36 or 60 months |
| Fixed APRs | 3.49% – 19.99%** with AutoPay | 7.99% – 35.97% | 8.27% – 35.99%1 |
| Origination fees | 0% | 2.9% – 8% | 0% – 8% |
| Minimum credit score | 660+ | 620+ | 600+ |
| Visit lender | View Rates | View Rates | View Rates |
Local Washington state loans
Local lenders may also be a good choice for state residents. Some financial institutions take pride in doing local business and offer special deals or better rates to people who reside in-state.
Washington State Employees Credit Union (WSECU)
This credit union caters to people who work and reside in Washington, with 21 branches around the state. Anyone in the state can join and open a savings account online or in-person with just $5. Members have access to loans, investing, and credit cards through this credit union.
To learn more about WSECU personal loans, visit its website.
EvergreenDIRECT Credit Union
Just about anyone in Washington state can join EvergreenDIRECT. The union first opened its doors in 1953 for employees of the State Department of Public Assistance. In 2005, it began serving anybody who worships, lives, works, or attends school in the state of Washington.
EvergreenDIRECT offers personal loans, auto loans, home loans, student loans, and credit cards, as well as banking, for members. Check out its website to learn more.
Seattle Credit Union: Good for personal loans in Seattle, WA
For a personal loan from this credit union, you don’t even have to live in Seattle, though it’s headquartered there and originally catered to city employees. Members must simply work, live, worship, or go to school in Washington state.
You can choose from personal or home loans at this credit union. To learn more, visit its website.
People’s Community Federal Credit Union (PCFCU): Good for personal loans in Vancouver, WA
People’s Community Federal Credit Union dates back to 1952, when it was called Machinists No. 17 Federal Credit Union. Now, as PCFCU and headquartered in Vancouver, Washington, it’s open to anyone who lives, worships, or works in Cowlitz, Skamania, or Clark Counties.
PCFCU offers checking and savings accounts, auto loans, credit cards, and personal loans. To learn more, visit its website.
>>Read more: Personal loans by state
Pros & cons of personal loans
Pros
- They are funded quickly.
- You don’t have to put any collateral on the line for unsecured loans, as you would for a home equity loan.
- They are flexible, offering funding for many purposes.
- They typically come with lower interest rates than credit cards.
Cons
- They typically have higher interest rates than secured financing, including home equity lines of credit and home equity loans.
- They can come with fees and penalties, resulting in unexpected costs if you don’t evaluate carefully before borrowing.
- Interest rates can be high if you have a fair or lower credit score, increasing monthly payments and overall cost.
Watch out for payday loans
Beware online and local lenders that advertise predatory payday loans (sometimes called “cash advance”). Approach these short-term loans with caution—as a last resort.
Payday loans come with abnormally high interest and fees: The average payday loan has $520 in fees for borrowing $375, according to Consumer Financial Protection Bureau data.
A personal loan, line of credit, or a secured credit card could help you weather a financial need with lower overall costs.
Shop around to find the best personal loan for you
Before you apply, get pre-qualified quotes and compare rates from several of the best personal loan lenders. This will help you find the best loan terms and lowest interest rate, so you can choose a loan offer that lets you keep the most money in your pocket.
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
**Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.