Best Debt Consolidation Loans in Tampa of 2024

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Tampa, FL

To find the best debt consolidation loan lenders in Tampa, MoneyGeek analyzed over 30 unique data points, including Better Business Bureau (BBB) ratings, loan terms, funding limitations, APR ranges and more. This information can help you select the most suitable Tampa debt consolidation loan.

Although Truist is the best overall debt consolidation loan lender in Tampa, our recommendations are based on a general borrower profile. Keep in mind that each borrower will have a different ideal lender based on their unique financial profile.

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Best Overall Debt Consolidation Loan in Tampa, 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

    MoneyGeek determined that Truist offers the best overall debt consolidation loans in Tampa. It first opened its doors in 1872. Truist provides prospective clients with a wide range of services, including debt consolidation loans. There is a range of borrowing amounts accessible, from $3,500 to $50,000. In addition, borrowers may choose to make repayments over a term of six to 60 months.

    Truist is the ideal choice for people who need a loan of up to $50,000 within the next day. The lender also does not have a minimum credit score requirement.

    Since Truist does not charge origination fees for debt consolidation loans, prospective borrowers do not need to be concerned about the charges associated with the processing of their application.

    Pros

    • A+ BBB rating
    • Next-day financing
    • No late, origination or prepayment fees
    • Autopay discount
    • Flexible repayment terms

    Cons

    • Low maximum loan amount
    • Conducts a hard credit check
    • Not offered to new borrowers
    Truist

Runner-Up for Best Debt Consolidation Loan in Tampa, 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

    According to MoneyGeek, SoFi is the second-best provider of debt consolidation loans in Tampa. SoFi, an online lending company, provides loans of up to $100,000. If you require the funds immediately, SoFi's quick financing can be helpful. There are no origination, late or prepayment penalties associated with SoFi's debt consolidation loan, allowing you to save money.

    However, a credit score of at least 680 is necessary to qualify for SoFi’s loans. Consequently, individuals with bad to fair credit may not be the most desirable prospects for the lender. Additionally, the lender has employment requirements to qualify for its loans.

    Pros

    • A+ BBB rating
    • Performs a soft credit check
    • No prepayment, late or origination fees
    • Unemployment protection

    Cons

    • No co-signers
    • Income requirements
    • Won’t accept borrowers with new or no credit
    SoFi

Best Debt Consolidation Loan for Bad Credit in Tampa, 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

    As per MoneyGeek's assessment, Upstart is the best provider of debt consolidation loans in Tampa for borrowers with bad credit. Upstart, which was founded in 2012, employs artificial intelligence (AI) to finance loans. In addition, to protect the borrowers’ credit reports from being negatively impacted, the company will first do a "soft inquiry."

    With Upstart, potential borrowers can obtain financing the following business day with a credit score as low as 300. Although many lenders place a strong emphasis on credit ratings, Upstart takes into account borrowers’ employment status and gross income.

    Pros

    • A+ BBB rating
    • No prepayment fee
    • A+ BBB rating
    • Low minimum credit score
    • Performs a soft credit check

    Cons

    • Low borrowing limits
    • Minimum gross income requirement
    • No autopay discount
    Upstart

Best Debt Consolidation Loan for Good Credit in Tampa, 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

    MoneyGeek determined that Upgrade is the best debt consolidation loan provider in Tampa for individuals with good credit. Even individuals with average credit may qualify for Upgrade's debt consolidation loans because the lender requires a minimum credit rating of 560.

    Since 2017, Upgrade has been providing customers with personal loans. The lender provides loans between $1,000 to $50,000, with financing accessible on the same day. There is no minimum gross income requirement for Upgrade debt consolidation loans with flexible repayment terms.

    Pros

    • A+ BBB rating
    • Autopay discount
    • Low minimum loan amount
    • Performs a soft credit check
    • No prepayment fee

    Cons

    • Origination fees
    • Imposes a $10 late fee
    • Low maximum loan amount
    Upgrade

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

Since the average amount owed on personal loans in Florida is $10,400, you should explore all of your options before applying for a debt consolidation loan in Tampa.

Examine the interest rates, loan amounts, fund usage limits, repayment schedules and other important aspects. Before submitting an application for a debt consolidation loan, you should consider the following steps:

1

Ask Yourself the Important Questions

Before evaluating if you meet a lender's eligibility conditions, you must determine whether obtaining a debt consolidation loan is a good choice. Think about the following questions to select the debt consolidation loan in Tampa that is most suitable for your needs:

  • How much funding do you need? First, come up with a rough estimate of how much money you'll require, and then look for a provider who can provide that amount.
  • What’s your credit score? Your credit score influences your chances of securing loans and the interest rates you will be paying.
  • Can you afford the monthly payments? Late fees should be avoided at all costs because missing payments can have a negative impact on your credit score.
  • Do you have existing debts? Avoid having a debt-to-income ratio that is too high because lenders may take that into consideration when deciding whether or not you are qualified.
  • Is your debt manageable through other means? You may not need a loan if you can achieve your debt consolidation objectives through alternative means.
2

Do Your Research

Before applying for a debt consolidation loan in Tampa, you should make sure you have done all of the necessary research first. On average, you’ll be paying this loan off for two to four years, which is a big commitment. You can evaluate the interest rates and loan terms of multiple lenders to determine which one offers the most favorable terms, considering your unique preferences.

Due to the fact that certain loan providers place restrictions on how a loan may be utilized, you must be aware of how the funds can be spent. MoneyGeek ensures that you are always up to date and offers suggestions for the best debt consolidation loan providers. However, our recommendations are based on a general borrower profile, so you’ll need to do your own research to make the best decision for your needs.

3

Wait

After acquiring all of the necessary information about different lenders, give some thought to your decision. Before moving to the next step, wait until you are absolutely certain that you will be able to fulfill all of the conditions of the loan. Remember that you will be responsible for the repayment of your debt consolidation loan for a period ranging from two to four years. During this time, you might decide that a different funding option is better for your needs.

4

Read the Fine Print

Read every single detail of the fine print before you send in your application for a debt consolidation loan in Tampa. It is possible that you will incur fees and penalties if you choose not to read it. Do not assume you are familiar with every aspect of the loan terms. To completely comprehend everything, be sure to read all parts of the terms completely.

5

Apply

As soon as you have finished all of these steps, you will proceed to the next and most significant step, which is the application process. During the application process, you will be expected to provide documents and supporting information. In addition to submitting a loan application online, you may also contact or visit the lender personally if the option is available.

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

Numerous factors, such as insufficient income, a high debt-to-income ratio, a lack of work experience or bad credit scores, can cause a loan application to be rejected. You shouldn't give up on obtaining a loan to consolidate your debts, even if your initial application is denied. The most effective way to proceed would be to inquire precisely from your lender about the reasons why it did not approve your application.

If you are aware of the reasons, you might be able to negotiate better terms with your lender, such as a lower interest rate, a shorter repayment time or something else to get approved. If this is not the case, you may want to consider submitting an application for a debt consolidation loan to a different lender once you fix the initial issues with your application.

MoneyGeek strongly discourages the use of payday loans. There are excessively high interest rates and short repayment terms associated with payday loans, and you risk ending up in deeper debt.

Calculate Your Monthly Payment

Remember that the interest on debt consolidation loans increases the monthly payments. With the help of MoneyGeek’s debt consolidation loan calculator, you can quickly evaluate whether or not you can afford a loan.

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Frequently Asked Questions About Debt Consolidation Loans in Tampa, FL

The best Tampa debt consolidation loans will vary based on your unique financial needs. MoneyGeek has provided answers to frequently asked questions about debt consolidation loans to assist you with your decision-making process.

MoneyGeek's assessment of numerous lenders indicates that Truist offers the best debt consolidation loans in Tampa. However, depending on your specific financial profile, you may fare better with a different lender.

In Tampa, Truist offers rates the lowest compared with other lenders in the city.

Each lender has its own set of limitations. For example, you cannot consolidate debt for commercial purposes with certain lenders. Check with your potential lender for any restrictions before applying.

The maximum debt consolidation amount allowed by most lenders in the city of Tampa is $100,000. However, individual lenders may have varying maximums.

The application process for a debt consolidation loan in Tampa could take up to two days, depending on the lender.

You have the opportunity to pay your debt in full before it is due. Although the majority of lenders don't, some may impose a prepayment penalty if you repay your loan early.

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.