Loans from
$300 – $5,000

Repayment term
4 – 24 Months

Minimum credit score
No min. to apply

The figures provided are representative of a typical installment loan made or arranged by CreditNinja and are not guaranteed rates or terms that you may qualify for.

By CreditNinja
Modified on June 18, 2024

The city of Tacoma, Washington, is populated by approximately 217,827 people. Of that total population, about 49.6% of the people are male, while 50.6% of the people are female. When it comes to housing in Tacoma, the average house or condo value is about $344,500. Residents who rent their homes in Tacoma pay an average of $1,273 a month. Collectively, the median household income of Tacoma residents is about $70,411.

If you live in Tacoma, WA, and find yourself in a situation where you need cash now, don’t worry. With all the options available, residents with just about any financial situation have access to fast and affordable funding.

Some common reasons Tacoma, WA residents take out loans are for:

  • Credit card debt
  • General debt consolidation
  • Past due bills or payments
  • Medical bills
  • Car repairs
  • Home improvement projects
  • Unexpected expenses like funerals or travel costs

Learn more about your loan options here. Once you have more information, you will better be able to decide which type of funding is best for you!

Where Can I Find Personal Loans in Tacoma, WA?

Depending on what type of lender you go with for a personal loan, you may find your loan contract containing varying details. For example, some lenders charge an origination fee at the time of the loan contract signing. An origination fee is a small charge some lenders require in exchange for signing your loan contract and sending approved funds.

Since there is such variation, it is best to do research and look at the potential details of your funding before you sign any kind of loan agreement. Below is more information about the types of lenders you may receive financial aid from in Tacoma, Washington.

Private Direct Lender

A private direct lender is one of the most common places you may be able to find a personal loan in Tacoma, WA. Loan details like interest rates, payback terms, and the maximum loan amount all differ depending on which private lender you decide to work with. Some private lenders cater their products to people with low credit scores. In contrast, other lenders aim to work with individuals with established income and credit.

Traditional Bank

Similar to a private direct lender, a traditional bank may also be able to provide you with personal loans. With bank loans, the bank distributes funding directly to the approved applicant. One big difference between bank loans and loans through other private direct lenders is the qualification requirements. While most private lenders have different products for people with varying incomes, credit scores, and desired payback schedules, banks may not. Instead, most banks only offer loans to people with specific credit and income credentials.

Credit Union

If you are looking for a more local option, you may consider going to a credit union for a personal loan. Credit unions are financial institutions owned and operated by the institution’s borrowers. Because the borrowers own credit unions, they often offer niche benefits you may not be able to find anywhere else. But, since credit unions are often small localized businesses, they may only grant you funding if you live in a specific area or meet certain qualification requirements.


Lastly, a broker is an option you may consider as a last resort. Brokers are not lenders but financial institutions that connect applicants to other lenders. A broker will look at your information and then usually send you to a third party’s website to inquire about your funding officially. However, keep in mind that brokers are often associated with the lenders they recommend. So. they may be suggesting a lender in the hopes of receiving a commission, not to improve your financial situation.

What Types of Personal Loan Products Are Available for Tacoma, WA Residents?

When residents of Tacoma, WA, need fast cash, they have plenty of options. Depending on your budget and individual needs, you may find that a specific loan type is best suited for you. Here are some common loan products people may get in Tacoma, Washington.

Long Term vs. Short Term Loans

It is important to think about your payback schedule and desired loan term when getting a loan. If you are only looking for a small loan amount of a few hundred dollars, you may be okay with a short-term loan plan. Or, suppose you would like some breathing room to keep your payments low and manageable or are looking for a higher loan amount. In that case, a long-term loan plan may be best for your financial needs.

Unsecured vs. Secured Loans

Loans in Tacoma, WA, will come in the form of either unsecured or secured funding. Secured loans require collateral, and the equity is used to secure the funding. Borrowers who have a less than perfect credit history may turn to secured loans since lenders care more about the collateral value than a credit score.

Unsecured loans do not require the borrower to give up any collateral and instead use credit, income, and other financial factors to determine loan approval. Depending on the lender you go with, you may get approved for unsecured personal loans despite having poor or no credit!

Payday Loan

Washington payday loans are one option for people looking for small loan amounts and short payback terms. When you get payday loans, the lender will typically expect full payment at the time of your next paycheck. So, unless you think you can pay off your desired loan amount in about fourteen days or less, your payday loan may get quite expensive.

How can Washington payday loans get expensive? Suppose you get a payday loan for $1,000 but need more than two weeks to pay off your balance. Since interest rates for payday loans can reach into triple digits, your balance due may rise quickly the more time you take to pay off that loan. You may even find that your payday loan balance doubles in just a few short weeks. Because of the brief terms and high rates, payday loans are usually not good for people trying to get their finances back on track.

Car Title Loan

A car title loan is a funding type where the borrower puts up their vehicle title as collateral. This collateral aims to lessen the financial risk lenders take when extending loan offers. If, for some reason, someone defaults on their title loan, the lender would have the legal right to repossess the collateral. At that point, the lender may either auction off the collateral or send it to an impound lot.

Personal Installment Loan

Personal installment loans are a type of funding where the borrower pays back their balance in fixed monthly payments. As a versatile loan product, personal loans installment loans are usually available for people with any kind of credit score. Furthermore, most lenders for poor credit installment loans have flexible qualification requirements, so just about anybody is eligible!

Credit Card Cash Advance

If you don’t want to apply for a cash loan and have a credit card, you may consider taking out a cash advance on your card. Taking out a cash advance on your card? Instead of making regular purchases against your credit limit, you simply withdraw the amount of cash you need. Many ATMs have the ability to distribute credit card cash advances, so you don’t have to go to a bank or brick-and-mortar business.

But, to avoid accumulating credit card debt, you should only utilize a credit card cash advance for financial emergencies when no other options are available.

What Kind of Interest Rate Will I Get on a Personal Loan in Tacoma?

The interest rate of a personal loan heavily dictates how much the loan applicant will end up paying overall. Interest on loans can accrue yearly, monthly, or even daily. Depending on the funding type, loan amount, and how long you would like to take to pay back your loan, you may find interest rates that fall into the following categories:

Let’s dive a little deeper into each interest type so you can decide which one is right for you.

Annual Percentage Rate

The annual percentage rate, also called the APR of a loan, is the amount of interest a lender will charge over a year. When paying an annual percentage rate, the amount due is often broken down and paid on a monthly basis.

Fixed Interest

Fixed interest on a loan means that the rates stay steady while the borrower pays back their loan. Fixed interest can be quite convenient since the charges result in fixed monthly payments. When payments remain the same throughout the life of a loan, borrowers can easily schedule and plan out their finances.

Variable Interest

When a loan has variable interest rates, the changes may change from month to month. Variable rates are calculated based on the financial market and fluctuate to reflect the current market. While variable rates may be convenient and help borrowers save money some months, they must also be prepared to pay more with little to no notice.

Simple Interest

Loans that have simple interest are calculated based on the current balance. For example, let’s say you have a $1,000 loan with a 10% simple interest rate. If you pay $200 for your first loan payment, $100 of that payment would go towards interest while the other went towards the balance. Then, the amount of interest due on your next payment would be $90 since the current balance would have been $900.

Compound Interest

If you borrow funds with compound rates, then the interest would be calculated based on the balance as well as accumulated interest. Loans with compound interest can get expensive quickly, so make sure you are financially stable and prepared before you agree to this kind of funding.

What Affects My Interest Rate for Personal Loans?

Along with the loan type, a few other factors contribute to the interest rate borrowers may receive on personal loans in Tacoma, Washington. Here is what many lenders look at regarding interest on your personal loan.

Credit Score

One of the most significant factors that help determine interest rates is your credit score, also known as your Fico score. Unfortunately, people who need to borrow money and have a bad credit history are often paired with higher interest rates. However, many personal lenders are willing to work with people with various credit histories. For instance, there are many personal installment loan options for people with high and low credit scores.


Lenders want to make sure you have a stable source of income to pay for your loan, which is why they ask how much you get paid on a yearly basis. You can use a pay stub from your current employer or other documents that show your incoming cash flow to prove your income. Some other documents applicants may use to prove income for a personal loan are:

  • Worker’s compensation
  • Unemployment benefits
  • Certain tax documents
  • Bank account statements
  • More!

When going through the funding process, please talk with your lender to confirm they accept the form of income you intend to use for your loan.

Payment History

Lenders also care about how on time you’ve been with making your due payments in the past. Late or missed payments on your credit check history may act as a red flag for lenders, signaling that you may not be reliable with paying back your loan. To make sure your payment history is always in tip-top shape, try to always make payments for bills and other expenses on or before the designated due date.

Online Payday Loans in Tacoma vs. Personal Installment Loans

Two of the most popular types of funding available in Tacoma, WA, are online payday loans and personal installment loans. While both of these loan products are often available to people who have a poor credit score, there are some major differences between installment loans and payday loans that all borrowers should be aware of.

To start, the typical interest rates on an installment loan vs. a payday loan are vastly different. Payday loans have notoriously high-interest rates that often reach into the triple digits. Alternatively, installment loans have industry-wide competitive rates that are based on current market research.

Another significant difference between installment and payday loans is the payback terms. Loan terms are brief and designed to last about two weeks or less for payday loans. Installment loans, on the other hand, can offer personalized terms. Applicants can work with their lenders to develop a convenient payback plan that fits their unique budget.

Lastly, payday loans and installment loans differ when it comes to maximum loan amounts.

Since the turnaround time for a payday loan is so short, loan amounts usually stay small. If you need more than a few hundred dollars, payday loans may not be able to meet your financial needs adequately. Comparatively, installment loans can come with high or low loan amounts. Approved amounts for installment loans range from a few hundred dollars to a few thousand dollars.

Bad Credit Score Personal Loans in Tacoma, Washington With CreditNinja!

If you are going through a financial emergency, CreditNinja wants to help you out with a personal installment loan. Specializing in personal online loans, CreditNinja is proud to have years of experience helping people throughout the United States get their finances organized and back on track.

Check out some of the benefits available in Tacoma, WA, when you borrow with the help of CreditNinja!

  • Free resources – check out the helpful CreditNinja blog for more information about finances, or use tools like the free debt repayment calculator!
  • Application available 24/7 – reach the online application any time of the day or night. Even if you don’t keep a regular schedule, you have access to the CreditNinja loan inquiry form at whatever time is convenient for you.
  • Bad credit score OK – CreditNinja has loan types available for people with a wide variety of credit, so don’t be discouraged from applying just because you have a low credit score!
  • Secure process – When you give personal information like your social security number or home address, rest assured that your data is safe within the encrypted CreditNinja network.
  • Get your approved cash fast – After signing your contract, you can expect your loan proceeds in your bank account as soon as the same or the next business day!
  • Refinancing options – if you are looking for additional money or to consolidate several forms of debt, a CreditNinja personal installment loan may be the perfect financial solution.

Fill out a loan request to apply online and find out how much you are pre-approved for!

What our borrowers are saying

  1. Tacoma, Washington

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.