Best Debt Consolidation Loans in Jacksonville of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Jacksonville, FL

MoneyGeek analyzed over 30 data points to help you choose the best debt consolidation loan lender in Jacksonville for your situation. We examined each lender’s prepayment penalty fees, funding limits, Better Business Bureau (BBB) ratings, maximum loan amounts, APR ranges, repayment terms and more to rank the best lenders for different borrower profiles.

Overall, the best debt consolidation loan lender in Jacksonville is Truist. However, the best lender for you will vary based on your needs. For instance, Upstart is a great option for individuals with bad credit.

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Best Overall Debt Consolidation Loan in Jacksonville, FL: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist is MoneyGeek’s top debt consolidation lender in Jacksonville, earning an A+ rating from the BBB. Receiving this award shows that Truist effectively resolves customer complaints.

    Jacksonville borrowers with a limited credit history will be happy to learn that Truist doesn’t require a minimum credit score. The company evaluates other factors, such as a borrower’s debt-to-income ratio or education history, to assess their ability to repay their debt consolidation loan. Truist also doesn’t charge late or origination fees.

    The lender offers a range of loan amounts from $3,500 to $50,000 with repayment terms between six and 60 months. In comparison with other lenders, its APR range is extremely low.

    Although Truist is an outstanding option, it might not fit every borrower’s situation. Truist doesn’t offer direct payment to third-party creditors, which typically helps borrowers save time.

    Pros

    • A+ BBB rating
    • Mobile application
    • No prepayment penalty
    • No minimum credit score

    Cons

    • Direct payment to creditors not offered
    • Low maximum loan amount
    Truist

Runner-Up for Best Debt Consolidation Loan in Jacksonville, FL: 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

    Since SoFi was established in 2011, it has funded over $50 billion in personal loans and is MoneyGeek’s runner-up debt consolidation lender in Jacksonville.

    If you need to consolidate a large amount of debt, SoFi might be a good choice for you. The lender offers loan amounts up to $100,000. Relative to other lenders, the insurer offers reasonable interest rates.

    To qualify for a SoFi debt consolidation loan, borrowers need a relatively high credit score of 680. Additionally, SoFi doesn’t allow applicants to take out a loan with a co-signer.

    Pros


    Cons

    • Co-signers not allowed
    • Relatively high minimum credit score requirement
    SoFi

Best Debt Consolidation Loan for Bad Credit in Jacksonville, FL: 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

    Upstart is an ideal lender for Jacksonville borrowers with bad credit, since it only requires that applicants have a credit score of 300.

    With Upstart, borrowers don’t need to worry about prepayment penalty fees for repaying their loan ahead of time. If you urgently need funds to pay for an expensive medical emergency, for instance, Upstart may be a suitable lender. It releases funds the next day.

    Keep in mind that Upstart has a relatively low borrowing limit of $50,000 and a high potential APR for those with poor credit scores.

    Pros

    • No prepayment penalty
    • Online application
    • Next-day funding
    • A+ BBB rating
    • Low minimum credit score requirement of 300

    Cons

    • Relatively low borrowing limit
    • Late fee
    • Potentially high APR
    Upstart

Best Debt Consolidation Loan for Good Credit in Jacksonville, FL: 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 is MoneyGeek’s top pick for Jacksonville residents with good credit histories. It requires applicants to have a fair credit score of 560, which is still relatively low in comparison to other lender’s requirements.

    Upgrade is also an outstanding option for debt consolidation because it sends funds directly to third-party creditors. This can help borrowers save time and avoid the hassle of dealing with multiple lending companies. With Upgrade, your funds may be disbursed immediately, allowing you to start consolidating debt quickly.

    However, failure to make timely payments will result in a late fee of $10. Its loans are also subject to an origination fee between 3% and 8% of the loan amount. Only applicants with the highest credit scores will receive the lender’s lowest interest rates.

    Pros

    • Direct payment to creditors
    • Same-day funding
    • Mobile application
    • Fair minimum credit score requirement
    • No prepayment penalties

    Cons

    • Potentially high origination fee (up to 8%)
    • Late fee
    • Potentially high APRs
    Upgrade

How to Choose the Best Debt Consolidation Loan in Jacksonville, FL, for You

The average Florida resident has $16,148 in personal loan and credit card debt. Debt consolidation loans are an efficient way to combine multiple debt streams into a single monthly payment at a lower interest rate.

Before you apply for a debt consolidation loan in Jacksonville, MoneyGeek outlined a step-by-step guide that can help you navigate the process.

1

Ask Yourself the Important Questions

To figure out if a debt consolidation loan is the best decision for you, you reflect on the following questions:

  • How much funding do you need? It’s important to carefully assess your financial needs so that you take out exactly what you need. This can help you avoid paying additional money in interest and ensure you don’t need to take out an additional loan.
  • What’s your credit score? Your credit score is one of the primary factors that lenders evaluate when determining your eligibility for a loan. It’s also used to select the loan terms available to you.
  • Can you afford the monthly payments? Debt consolidation loans are usually paid on a monthly basis. Typically, we recommend making the highest payment possible to reduce the amount you’ll pay in interest, but you should carefully assess your financial goals to calculate the monthly payment that you’re comfortable making.
  • Do you have existing debts? Lenders will often consider your debt-to-income ratio since a ratio may indicate an inability to make payments. Knowing what types of existing debt you have can also help you determine if a debt consolidation loan is right for you, as some loans, such as those for post-secondary education, aren’t eligible.
  • Is your debt manageable through other means? You might not need to take out a debt consolidation loan if your debt is already relatively manageable.
2

Do Your Research

A debt consolidation loan is a huge financial commitment; on average, it takes between two and four years for borrowers to repay their loans. Some lenders sometimes perform hard credit checks that can negatively affect borrowers’ credit scores, so it's best to thoroughly vet each lender before you apply.

MoneyGeek’s guide is a great starting point, but our review is based on generic borrower profiles that may not match your specific situation. To find the best lender for you, compare lenders’ loan terms and requirements with your financial needs.

3

Wait

After you’ve chosen a lender, we recommend waiting a day or two before you apply. This gives you the opportunity to research other lenders and evaluate if a debt consolidation loan is the best option to set you up for financial success.

4

Read the Fine Print

Although it’s easy to skim through the fine print on your loan agreement, taking the time to read and understand the details of your loan can help you save money. Hidden in plain sight are extra costs, such as origination fees, prepayment penalties and late fees. Understanding all of your financial obligations upfront will help you avoid surprise costs over the life of your loan.

The fine print can sometimes have terms or phrases that are new or unfamiliar. In this case, you might want to talk to a representative with your lender or consult a financial expert.

5

Apply

If you have completed the above steps and are confident in your decision, you’re ready to apply! To speed up your application process, you can prepare the required documents ahead of time. Lenders will typically request your identification, address verification and proof of income. Although these are the usual requirements, your lender may ask for supplementary documentation.

The actual application process for a debt consolidation loan in Jacksonville is quite easy. Depending on the lender, you may be able to apply online, over the phone or in person at a physical branch.

What to Do if You Can’t Get a Debt Consolidation Loan in Jacksonville, FL

Several factors, such as a low credit score, high debt-to-income ratio or insufficient income, can cause your application to be denied. After your application is rejected, you should contact the lender directly to find out why it wasn’t accepted.

Sometimes, simply modifying the terms of your loan agreement can lead to your application being approved. For instance, you can request a shorter repayment term or a lower loan amount. Before you reapply or apply with a different lender, make sure you’ve improved the factor that caused your first application to be rejected.

If your application is rejected, you may be tempted to opt for a payday loan. These “loans” feature extremely high interest rates and short repayment terms. MoneyGeek strongly advises against doing this, as most borrowers who take out this loan end up owing significantly more than the original amount of the loan.

Calculate Your Monthly Payment

Remember, debt consolidation loans are usually repaid in monthly installments, plus interest. To help you approximate your total monthly payment, MoneyGeek provided a debt consolidation loan calculator below.

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Frequently Asked Questions About Debt Consolidation Loans in Jacksonville, FL

If you need a debt consolidation loan in Jacksonville, MoneyGeek answered the most commonly asked questions to help you find a lender for your specific needs.

In Jacksonville, Truist is the best debt consolidation loan lender. However, the best lender for you will ultimately be based on your specific borrower profile. For instance, Upstart is an excellent option for individuals with bad credit.

Your final rate depends on your lender and borrower profile. However, in general, Upstart offers the lowest starting interest rates in Jacksonville.

Certain lenders don’t allow borrowers to use their debt consolidation loans for business or investments.

You can usually borrow between $1,000 and $100,000 depending on your lender’s loan terms and your financial profile.

In general, it can take anywhere from one business day to up to a week to receive a debt consolidation loan in Jacksonville. If you need to start consolidating your debt quickly, look for lenders that provide same-day or next-day funding.

Yes, but please note that some lenders will charge prepayment penalty fees. It’s best to ask your lender so you can avoid any unexpected costs.

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.