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This national lender has locations in Seattle and allows applicants to see if they qualify for either an unsecured or secured personal loan. A secured loan may be a viable option for borrowers with a vehicle who can’t qualify for your typical personal loan, want a lower APR or need to borrow a large sum.
On top of a starting APR that’s much higher than those offered by the other lenders in this roundup, OneMain Financial’s personal loan comes with an origination fee, which varies depending on where you live. That fee is taken out of the total loan disbursement, so you would want to factor that in when deciding how large of a loan to take out.
However, this lender does offer a fast application process (though you’ll need to visit a branch to complete the application). But you could get loan funds as soon as the same day you’re approved, if you opt for the check option, which you would pick up from a local branch. If you opt for direct deposit, it’ll take about one to two business days for funds to hit your account.
OneMain Financial doesn’t make its specific requirements, like minimum credit score or debt-to-income ratio, available to the public. That can make it difficult to know if you’ll qualify for either their unsecured or secured personal loan option. But if you’re going to apply, you will have to provide the following information:
OneMain Financial will consider factors like financial and credit history, income and expenses, the purpose of the loan, past bankruptcies and state of residence. If approved, you would have to be able to visit their only Seattle branch in person in order to finalize your loan.
Seattle Credit Union offers the most city-centric option of the three lenders listed here. They have nine branches spread throughout Seattle, which makes it a solid option if you prefer an in-person lending experience.
When it comes to repayment terms and borrowing limits, the credit union is pretty much on par with OneMain Financial and WSECU. Notably, Seattle Credit Union doesn’t have an origination fee, unlike OneMain Financial.
It’s difficult to compare this personal loan’s APR with the others since their rate cap isn’t publicly shared, though it does have a significantly lower minimum APR than you would find with OneMain Financial. Another distinguishing feature to note: These Seattle loans come with a skip-a-pay option, which lets borrowers skip up to two payments every 12 months, for a fee. That can be useful for those who, for example, have a less predictable source of income.
Seattle Credit Union doesn’t go into detail about how long it takes to complete an application, how long approved applicants should expect to wait for funding or details on what they look for in applicants, like a minimum credit score. So it’s difficult to know if you’re a solid candidate.
One thing is clear, though: You’ll need to be a member to take a personal loan. This is a common requirement among credit unions. The membership requirements aren’t restrictive either.
You’d need to provide proof that you meet at least one of those requirements, as well as your Social Security number or individual tax identification number in order to become a member. You’d then be able to open an account in person, online or by phone, and subsequently apply for a personal loan.
Washington State Employees Credit Union is a nonprofit Washington-based credit union with 21 branches located throughout the state, including its two Seattle locations. Their personal loan has the most favorable APR range of the three lenders included, with both the lowest known minimum and maximum rates in this roundup.
WSECU’s personal loan also meets Seattle Credit Union’s $50,000 maximum loan amount while offering a more extended term option of 84 months. That makes it the most flexible loan option here.
Unfortunately, it’s unclear how long the application or approval process takes, though you can apply online if you’re a member. And the credit union doesn’t say how long approved applicants should expect to wait for funding, or what payment methods are at their disposal.
WSECU doesn’t provide details about their personal loan requirements, but since it’s a credit union, you would have to be a member to qualify. Membership is extremely easy, compared with more specialized credit unions that limit based on things like your employer or field. You only need to live or work in the state of Washington, visit a local branch or create an online account, and set up a savings account with $5. That’s all.
After you’re a member, you’d need to provide the following information on your loan application:
WSECU doesn’t specify what factors they consider for their personal loans.
If you’re interested in getting a personal loan, it’s important to shop around for your best loan terms. That’s where LendingTree can come in handy. As a lending marketplace, you can prequalify and see offers from up to five lenders, depending on your eligibility. (LendingTree doesn’t guarantee qualification.) Prequalification doesn’t affect your credit score.
If you have bad credit and need a loan, you may want to consider alternative lending options. Redmond-based organization Hopelink, for example, assists qualified individuals who live within Washington state in times of need by doing things like providing funds to avoid eviction or covering a low-income family’s first month’s rent.
Another option would be a secured loan, which requires you to put down collateral (such as OneMain Financial’s secured personal loan). However, you should be confident in your ability to repay the loan as falling behind on payments could mean losing your collateral.
You may also want to expand your search and consider other banks and online lenders. Prequalification is a tool you’ll want to utilize during your search. It will give you an idea of the kinds of lenders and types of offers you may be eligible for, if any, without affecting your credit. You can then use those offers to determine which lender may be your best option.
Whenever you’re considering a financial product, you need to run the numbers and do your research to make sure you select the product that works best for you. After all, the best option is relative; your unique financial situation should guide you in your search.
For example, let’s say you need money to consolidate the credit card debt you took on as an unpaid intern while studying at Seattle University. You might then value a low APR so that you can save money. On the other hand, a software developer who needs funds for a vital repair for their Waterfront condo would probably be more concerned with getting quick cash.
The state of Washington has usury laws that apply to consumer loans, including Seattle personal loans. According to those laws, lenders can charge a maximum of the greater of 12% per year or 4% over the federal reserve rate on 26-week Treasury bills. Due to historically lower federal reserve rates, the cap has generally been 12% statewide, but that could increase if the federal reserve rate increases to more than 8%.
Where can I find payday loans in Seattle?
You can find payday lenders throughout the city, as well as online. Payday loans are limited to the lesser of $700, or 30% of your monthly gross income within the state of Washington. And the maximum fee (not to be confused with the APR) is 15% on the first $500 and 10% thereafter. Even with those limitations, APRs can be in the triple digits, so it’s vital to use caution when considering these kinds of loans, no matter how convenient they may be.
Where else can I find quick loans in Seattle?
Payday loans can provide access to quick cash, but many online personal loan lenders can do so as well, and since they are subject to Washington’s usury laws, they can do it for less. Depending on the lender, you may even be able to apply and receive funds on the same day.
Can I find collateral loans in Seattle?
Yes. Both Seattle Credit Union and OneMain Financial offer secured personal loans, which require you to put up something of value as collateral. There are also title loan lenders located throughout the city, though the Consumer Financial Protection Bureau warns against the dangers of such loans, since, like payday loans, they can be dangerous for borrowers.
How can I find a list of banks in Seattle?
You can use the FDIC’s BankFind feature to find local banks in Seattle, including national and regional options. The database includes information like the bank’s FDIC status and number.
How can I find a list of credit unions in Seattle?
NCUA’s Credit Union Locator is a great place to start. You can view credit unions on a map of the area, and quickly see which ones offer things like member services, drive throughs and ATMs.
To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Seattle. We then researched the first 100 lenders that appeared in our results on March 11, 2020, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.