Best Debt Consolidation Loans in Irvine of 2024

Banner image
Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

Advertising & Editorial Disclosure

On This Page:
WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Irvine, CA

We analyzed over 30 data points to help you find a debt consolidation loan lender that fits your personal needs. Our review includes APRs, loan amounts and repayment terms for debt consolidation loans in Irvine.

Based on this analysis, MoneyGeek found that LightStream offers the best debt consolidation loan in Irvine. However, those with bad and good credit will get the best debt consolidation loans from Upstart and Upgrade, respectively.

Loading...

Best Overall Debt Consolidation Loan in Irvine, CA: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream was ranked as the best lender for debt consolidation loans in Irvine. This online lending platform, operated through Truist Financial, allows qualified borrowers to repay their loans with less interest. Although it doesn’t offer the lowest APR rates in the industry, its financing options are designed to help you get out of debt quickly. It charges no origination fees or prepayment fees to borrowers, allowing them to save money.

    Although the lender has a low starting APR, this is only available to applicants with the highest credit scores. However, by signing up for automatic payments, borrowers can receive a discount on their APR.

    First-time borrowers and those with credit scores below 660 are not eligible to apply. Borrowers should also note the high minimum loan amount of $5,000, which may exceed their financial needs.

    Pros

    • Discounts available
    • Same-day funding
    • No origination fees
    • Mobile application
    • High maximum loan amount available

    Cons

    • High minimum credit score requirement
    • Potentially high APR based on credit score
    • No prequalification option
    LightStream

Runner-Up for Best Debt Consolidation Loan in Irvine, CA: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi offers a suite of financial products to help you get your finances back on track. For borrowers with good credit, this lender offers solid advantages, including zero fees and a mobile app, which helps you easily manage and track your payments. Repayment term lengths also vary.

    A unique feature of this lender’s debt consolidation loans is unemployment protection. The lender allows borrowers to put their loan in forbearance in three-month increments for up to 12 months, if they lose their job. Another great feature offered by SoFi is direct payment to creditors. For transactions completed before 7 pm EST, the lender will also provide quick funding.

    Pros

    • Direct payment to lenders
    • No fees
    • Soft credit check
    • Unemployment protection available
    • Mobile application

    Cons

    • Co-signers not permitted
    • Relatively high APR rates
    • High credit score requirement
    SoFi

Best Debt Consolidation Loan for Bad Credit in Irvine, CA: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Of the lenders evaluated, Upstart is the best option for those with bad credit scores or first-time borrowers. Although the lender accepts applicants with low credit scores, those with bad credit should be mindful that they may receive a high interest rate, exceeding 35%. To check what rate you qualify for, you can submit your information for pre-approval to the lender, without your credit score being impacted.

    This AI-lending platform offers loans from $1,000 to $50,000, which is a great starting point for new borrowers. However, $50,000 may not be enough for you if you’re looking to consolidate a large amount of debt. The lender also charges origination fees, which could add to the cost of your loan.

    Pros

    • Low minimum credit score requirement
    • Accepts first-time borrowers
    • No prepayment penalty
    • Low minimum loan amount of $1,000
    • AI-powered platform

    Cons

    • Potentially high APR
    • Origination fees
    Upstart

Best Debt Consolidation Loan for Good Credit in Irvine, CA: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade provides a customizable loan solution to borrowers by allowing them to pick a rate and term that matches their financial needs. Loan amounts vary widely from $1,000 to $50,000, making it a good option for those that need to consolidate a low or moderate amount of loans.

    Although its starting APR is relatively low, those that simply meet the lender’s minimum credit score requirement may receive a high interest rate. Another important thing borrowers should consider is this lender’s origination fees, which can be up to 8% of your loan amount. To help you get the best deal for your situation, you should compare rates and fees from different lenders.

    Pros

    • Online loan application
    • Fair minimum credit score requirement
    • Low starting APR
    • Soft credit check
    • Discount opportunities

    Cons

    • Late payment fee
    • Potentially high fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Irvine, CA, for You

In California, the average personal loan debt and interest rate are $22,425 and 10.21%, respectively. With a debt consolidation loan, you can combine your debts into a single monthly payment with a lower interest rate. However, depending on your circumstances, a debt consolidation loan may not be the best option for you.

We recommend taking the following steps to decide if a debt consolidation loan in Irvine is the best option for you:

1

Ask Yourself the Important Questions

Before you apply for a loan, you should evaluate your financial objectives and repayment goals.

  • How much funding do you need? It’s important to accurately approximate your loan amount to avoid taking out too much or too little money. This can help you avoid paying more in interest and reduce the likelihood that you’ll need to take out another loan.
  • What’s your credit score? Your credit score will impact your eligibility for a loan as well as the loan terms available to you.
  • Can you afford the monthly payments? Ensure that you’re financially able to make your monthly payment. Although a higher monthly payment will reduce the amount you’ll pay in interest, you should be able to repay your debt without compromising your present circumstances.
  • Do you have existing debts? This will help you assess your loan amount and calculate your debt-to-income ratio, which will be used by lenders to evaluate your application.
  • Is your debt manageable through other means? Research alternative options to a debt consolidation loan. You may find that the interest rate that you’re quoted for your debt consolidation loan is higher than your individual loans.
2

Do Your Research

It may be tempting to apply for the first loan you see, but comparing lenders’ repayment terms, rates and eligibility requirements can help you find the best loan terms for you. Although MoneyGeek’s guide is a great starting point, our research was based on generic buyer profiles, which may not specifically fit your situation or needs.

3

Wait

After you’ve completed your research and have selected a lender, you should wait a few days before applying. This will give you time to carefully think through your decision to ensure it’s the best option for you.

4

Read the Fine Print

It’s essential to read the fine print in your loan agreement to avoid hidden costs, such as origination, prepayment or late payment fees. Although these fees may seem trivial now, they can add up over the life of your loan. If you have any questions about the terms of your loan, you can always clarify these with your lender.

5

Apply

Before you apply for a loan, make sure that you have all of the paperwork ready in order to expedite the loan process. It’s a good idea to call your lender ahead of time, so it can tell you exactly what documents it requires, but in general, lenders request proof of identification, address and income.

Online applications make it easy for people to apply for a loan from the comfort of their homes. However, if you prefer to apply in person, there are still lenders who have brick-and-mortar locations where you can have a representative walk you through the process.

What to Do if You Can’t Get a Debt Consolidation Loan in Irvine, CA

If you've been turned down for a debt consolidation loan, don't lose hope. There are several reasons that could have caused your application to be rejected, including a poor credit history, insufficient income and high debt-to-income ratio. If your application is rejected, you should contact your lender directly, via phone or email, to find out why it was denied.

Sometimes, simply modifying the terms of your loan agreement can lead to its approval. However, if your application was rejected due to an insufficient credit score, this may take time to improve. MoneyGeek recommends waiting to reapply until you’ve improved your loan application, based on the factor(s) that caused it to be initially rejected.

MoneyGeek strongly advises against payday loans. These loans can be expensive, as they feature high interest rates and short repayment terms.

Calculate Your Monthly Payment

To calculate your approximate monthly payment, including interest, you can use MoneyGeek’s calculator. This will help you more easily budget for your debt consolidation loan.

Loading...

Frequently Asked Questions About Debt Consolidation Loans in Irvine, CA

MoneyGeek answered commonly asked questions about debt consolidation loans in Irvine to help you choose the best lender for your needs.

Although Lightstream is our top choice for debt consolidation in Irvine, the best lender for you will vary based on your borrower profile. For example, Upstart and Upgrade provide the best debt consolidation loans for those with poor and good credit, respectively.

Upstart offers the lowest starting interest rate, but those with poor credit scores may be subject to extremely high APRs.

Some private lenders won't fund debt consolidation for business or investment purposes, whereas others don't have any restrictions on the usage of funds.

Borrowers in Irvine can receive a debt consolidation loan for up to $100,000. However, the loan amount available to you will vary based on your credit score and income.

This varies by lender, but in general, it takes anywhere from one business day to up to a week.

Some lenders may charge fees for early repayment, so it’s important that you check with your lender to learn about any fees.

Methodology

METHODOLOGY

MoneyGeek reviewed more than 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, we make our picks with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
Shield Insurance

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.