Best Debt Consolidation Loans in Santa Ana of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Santa Ana
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Santa Ana
- Best Debt Consolidation Loan Lender for Bad Credit in Santa Ana
- Best Debt Consolidation Loan Lender for Good Credit in Santa Ana
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Santa Ana
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Santa Ana
Best Debt Consolidation Loan Lenders in Santa Ana, CA
To help you choose the best debt consolidation loan in Santa Ana, MoneyGeek examined more than 30 data points, including Better Business Bureau (BBB) ratings, loan terms, APR ranges and other associated fees.
Our study revealed LightStream as the best overall debt consolidation loan lender in Santa Ana. The best lender for you may differ, depending on your profile. For example, the best lender for those with bad credit is Upstart.
Best Overall Debt Consolidation Loan in Santa Ana, 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
MoneyGeek ranked LightStream as the best option for a debt consolidation loan in Santa Ana. The lender does not charge origination fees, late fees or prepayment penalties. If your loan is approved on a banking business day, you can receive the funds the same day.
Established in 2013, LightStream is SunTrust Banks' online consumer lending subsidiary. It offers personal loans around the country, which can be used for debt consolidation. It is ideal for customers who urgently require a sizable loan. However, those with credit scores below 660 or with new credit histories are not eligible.
Pros
- A+ BBB ratings
- No late and origination fees
- No prepayment penalty
- No employment requirement
- Quick disbursement of funds
Cons
- Conducts hard credit inquiry
- Not for new credit or no credit borrowers
- Restrictive fund usage
- Doesn’t allow co-signers
- No online prequalification
Runner-Up for Best Debt Consolidation Loan in Santa Ana, 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
The second-best lender for debt consolidation loans in Santa Ana, according to MoneyGeek, is SoFi. It requires a minimum credit score of 680. You can save money with a SoFi debt consolidation loan because the lender does not charge origination, late or prepayment penalty fees.
If you require a sizable loan, SoFi can let you borrow up to $100,000. SoFi's quick funding may also be advantageous to you. However, borrowers with poor to fair credit scores might not be good candidates for the lender. The company also requires employment and a $50,000 minimum gross revenue.
Pros
- A+ BBB rating
- Conducts soft credit inquiry
- No prepayment penalty
- No late fees
Cons
- Exclusive to employed borrowers
- Requires good-to-excellent credit score
- Not offered to new borrowers
- No autopay discount
Best Debt Consolidation Loan for Bad Credit in Santa Ana, 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
According to MoneyGeek's analysis, the best consolidation loan lender in Santa Ana for those with bad credit is Upstart. With Upstart, you only need a credit score of 300 and can acquire funds the following day. The company employs an AI algorithm to evaluate candidates and considers factors, such as income, employment history and existing debt.
Additionally, to avoid affecting your credit report, the company performs a soft inquiry first. Once the borrower accepts the rate and continues with the application, it won't conduct a hard inquiry. Although rates can be high, the better your creditworthiness, the lower your rate.
Pros
- A+ BBB rating
- No prepayment penalty
- Offers joint loans
- Low credit score requirement
- Conducts soft credit inquiry
Cons
- Origination fees of up to 8%
- Low borrowing limits
- Debt-to-income limit of 45%
- Minimum gross salary requirement
- No autopay discount
Best Debt Consolidation Loan for Good Credit in Santa Ana, 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 the best debt consolidation loan in Santa Ana for people with good credit. However, even people with fair credit can qualify for Upgrade's debt consolidation loans, as the minimum credit score requirement is 560.
Founded in 2017, Upgrade offers loans ranging from $1,000 to $50,000, with funding available the next day. There is no minimum required gross income. Upgrade accepts online and in-person loan applications compared with other lenders.
Pros
- A+ BBB rating
- Fair minimum credit score requirement
- No minimum gross income requirement
- Conducts soft credit check
- No prepayment penalty
Cons
- Origination fees from 2.9% to 8%
- Charges $10 late fee
- Restrictive fund usage
- Does not accept those with new or no credit
- Low loan limit up to $50,000
How to Choose the Best Debt Consolidation Loan in Santa Ana, CA, for You
Since the average personal loan debt in California is $16,790, consider all your options before applying for a debt consolidation loan in Santa Ana.
Evaluate interest rates, loan amounts, repayment plans and other necessary expenses. MoneyGeek recommends taking the following steps before applying for a debt consolidation loan in Santa Ana.
Ask Yourself the Important Questions
Before determining which lenders' eligibility requirements you meet, consider the following questions:
- How much money do you need? Estimate how much money you'll need, then choose a lender that can provide you with that amount.
- What is your credit score? Your credit score impacts your ability to obtain loans and the interest rates lenders will charge.
- Are the monthly payments within your means? Avoid late penalties at all costs because missed payments could damage your credit.
- Do you currently owe any money? Lenders consider whether you have a high debt-to-income ratio when reviewing your application.
- Can you pay off your debt in other ways? You might not need a loan if there’s an alternate way to consolidate your debts.
Do Your Research
Do your research before applying for a debt consolidation loan in Santa Ana. Compare interest rates and terms from various lenders. Remember, some lenders limit how you may utilize your loan. Regardless of your situation, MoneyGeek keeps you updated and provides suggestions for the top debt consolidation providers.
Wait
After gathering all the necessary information, take some time to think. Ensure you can meet all of the loan's requirements. Keep in mind that you will be liable for paying back your debt consolidation loan for two or more years.
Read the Fine Print
Before submitting your loan application, read the fine print. Learn about any fees, penalties and restrictions.
Apply
Once you’re ready to apply, you’ll need to provide a predetermined set of documents and supportive evidence, such as identification, proof of income and employment history.
What to Do if You Can’t Get a Debt Consolidation Loan in Santa Ana, CA
Lenders reject applications for various reasons, including insufficient income, a high debt-to-income ratio, lack of job experience and poor credit ratings. Even if your initial application for a debt consolidation loan is turned down, you shouldn't give up. Ask your lender why it denied your application. You may bargain for a smaller loan or a shorter repayment period. You can also consider applying to another lender.
In the meantime, MoneyGeek strongly warns against taking out payday loans. These loans come with exorbitantly high interest rates and short repayment periods.
Calculate Your Monthly Payment
You can quickly determine your monthly loan payments using MoneyGeek’s debt consolidation loan calculator to ensure they fit within your budget.
Frequently Asked Questions About Debt Consolidation Loans in Santa Ana, CA
MoneyGeek has answered frequently asked questions about Santa Ana debt consolidation loans to help you search for the best lender.
Santa Ana residents can get the best debt consolidation loan from LightStream, according to MoneyGeek's analysis of various lenders. However, you might be better off with a different lender based on your particular needs.
Upstart has the lowest interest rate in Santa Ana.
Each lender has different restrictions. For instance, some lenders don’t allow you to use a debt consolidation loan for business purposes.
You can consolidate as much as $100,000, but individual lenders may have different maximums.
Depending on the lender, applying for a debt consolidation loan in Santa Ana could take up to two days.
Some lenders might charge you a prepayment penalty if you pay off your loan early, though most don't.
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
- LightStream. "About Us." Accessed October 3, 2022.
- LightStream. "Rates and Terms." Accessed October 3, 2022.
- Social Finance. "Credit Card Debt Consolidation Loans." Accessed October 3, 2022.
- Social Finance. "Low Rates. No Fees. Personal Loans Made Easy." Accessed October 3, 2022.
- Upgrade. "Upgrade Triple Cash Rewards." Accessed October 3, 2022.
- Upstart Network. "This Is Upstart." Accessed October 3, 2022.
- Upstart Network. "What Are the Minimum Credit Requirements to Receive a Loan?." Accessed October 3, 2022.
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
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