Best Debt Consolidation Loans in Omaha of 2024
Updated: December 28, 2023
Advertising & Editorial Disclosure
- Best Overall Debt Consolidation Loan Lender in Omaha
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Omaha
- Best Debt Consolidation Loan Lender for Bad Credit in Omaha
- Best Debt Consolidation Loan Lender for Good Credit in Omaha
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Omaha
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Omaha
Best Debt Consolidation Loan Lenders in Omaha, NE
MoneyGeek analyzed various debt consolidation loan lenders in Omaha to help you narrow down your options in the city. We used more than 30 data points to determine the companies that offer the best debt consolidation loans in Omaha for different borrower profiles. Factors included available loan amounts, repayment terms, APR ranges, associated fees and minimum requirements.
According to our analysis, the best overall debt consolidation loan lender in Omaha is LightStream. However, the best company for you may vary depending on your particular needs and circumstances.
Best Overall Debt Consolidation Loan in Omaha, NE: 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 is MoneyGeek's top pick for debt consolidation loans in Omaha. The company was founded in 2012 as the online lending arm of Truist. With LightStream, you can borrow up to $100,000.
You won't have to worry about paying fees for loan processing, late payments or prepaying your loan. LightStream is excellent for borrowers looking for a fast loan approval process. Setting up automatic payments can also earn you a 0.5% interest rate reduction. The lender has attractive features like the Rate Beat Program that offers to beat a competitor's rate by 0.1%.
That said, LightStream may not be ideal for every borrower. For example, those with a credit score below 660 may look to a different lender who can accommodate their needs. A hard credit inquiry affects your credit score.
Pros
- Loans up to $100,000
- Autopay discount available
- No prepayment penalty
- No origination fee
- Offers Rate Beat Program
Cons
- Restrictions on fund usage
- No co-signers
- Conducts hard credit pull
Runner-Up for Best Debt Consolidation Loan in Omaha, NE: 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
MoneyGeek's study found that SoFi ranks second-best for debt consolidation loans in Omaha. The company was formed in 2011 by Stanford business students, focusing on student loans before expanding its services to include other financial products like personal loans.
You can take out a SoFi debt consolidation loan from $5,000 to $100,000. This lender does not charge late, prepayment penalties or origination fees. SoFi also offers to pay creditors directly.
Keep in mind that this lender may not be a good option for you if you have a poor credit score or want a debt consolidation loan below $5,000. Borrowers who need a co-signer may have to look elsewhere.
Pros
- Pays creditors directly
- Has autopay discount
- No origination or late fees
- No prepayment penalty
- Joint loans allowed
Cons
- Funding on the same day of application
- Co-signers not allowed
- Requires a minimum credit score of 680
Best Debt Consolidation Loan for Bad Credit in Omaha, NE: 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
Those with bad credit may find Upstart as their best option for debt consolidation loans in Omaha. Founded in 2012, this company uses artificial intelligence (AI) for its loan evaluations, looking beyond credit scores to assess applicants. Thus, borrowers with a minimum credit score of 300 can qualify for an Upstart debt consolidation loan.
Upstart offers borrowers loans ranging from $1,000 to $50,000, which you can receive as early as the next day. Although there's no prepayment penalty, this lender imposes up to a 10% origination fee and a $15 late fee. Therefore, Upstart may not be your ideal lender if you need a bigger loan or want to avoid paying fees.
Pros
- Low credit score requirement
- No prepayment penalty
- Performs soft credit checks
- No restrictions on fund usage
- Next-day funding
Cons
- Has origination and late fees
- Low borrowing limits
- Co-signers not allowed
Best Debt Consolidation Loan for Good Credit in Omaha, NE: 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
Launched in 2017, Upgrade has the best debt consolidation loan in Omaha for individuals with good credit scores. You can borrow anywhere between $1,000 and $50,000.
With Upgrade, there's no penalty fee for repaying your loan early. You can receive your loan funds immediately. Upgrade also offers to make direct payments to third-party creditors, which is great if you're consolidating debt.
Although Upgrade is an attractive option for these reasons, the lender also has some drawbacks. For instance, you need a minimum credit score of 560 to qualify for a loan. In that case, you may have to find an alternative if you have poor credit.
Similarly, Upgrade is not ideal for borrowers who want to avoid fees. The lender charges a 1.85% to 8% origination fee (deducted from the total loan amount) and a $10 late fee.
Pros
- Can pay creditors directly
- No prepayment penalty
- Offers autopay discount
- A minimum credit score of 560
Cons
- Has origination fee
- Charges late fee
- Loans capped at $50,000
How to Choose the Best Debt Consolidation Loan in Omaha, NE, for You
On average, Nebraska residents owe $29,886 in combined credit card and personal loan debt. Taking out a debt consolidation loan can help you manage multiple debts and save money through a lower interest rate.
Before approving your loan application, lenders will assess your eligibility based on factors like credit score and debt-to-income ratio. MoneyGeek details important steps you can take when getting a debt consolidation loan in Omaha:
Ask Yourself the Important Questions
It’s important to assess your need for a debt consolidation loan before pursuing a loan application. Ask yourself the following questions:
- How much funding do you need? Because lenders have varying loan amounts, knowing how much money you need can help narrow down your options.
- What's your credit score? Your credit score plays a significant role in determining your loan eligibility. Some lenders don't accept borrowers with poor credit scores.
- Can you afford the monthly payments? Evaluate your source of income and determine if you are financially stable enough to afford regular monthly payments.
- Do you have existing debts? Adding another debt to your existing ones may put you in a tight spot.
- Is your debt manageable through other means? Explore other ways to manage your debt before deciding on a debt consolidation loan.
Do Your Research
There's value in thoroughly researching debt consolidation in Omaha. Although MoneyGeek created this guide to help you find the best option for your needs, our recommendations may not be enough to cover your unique situation. Pay attention to what each lender offers regarding loan amounts, interest rates and repayment terms. Look at the fees associated with each loan and how long it'll take to receive the funds. Lenders offering direct payments to third-party creditors can also be an advantage. These details can help you narrow down your options for debt consolidation loans in Omaha.
Wait
After choosing the desired lender, you should wait a day or two before moving forward. Give yourself breathing room to have a fresher perspective. A debt consolidation loan is a serious financial commitment, so it's important to determine if you're 100% sure about getting it before applying.
Read the Fine Print
It's possible to miss some details while researching your lender. Read the fine print to familiarize yourself with the fees associated with your loan. These include origination, late and prepayment penalty fees. You may also check if your lender offers interest rate reduction. Doing this can help you make savings in the long run.
Apply
Once you have everything you need to know about your chosen lender, it's time to start working on your loan application. Prepare the documents your lender may require, including identification, address verification and proof of income. You may submit your application online if your lender permits it. That said, there's no harm in calling or visiting your lender if the option is available.
What to Do if You Can’t Get a Debt Consolidation Loan in Omaha, NE
Getting your loan application denied does not mean the end of your debt consolidation loan journey. If this happens, you should contact your lender to find out why your application was rejected. You may have had a lower credit score or insufficient income. Try asking if it's possible to modify your application to get a positive result. For instance, decreasing the loan amount or shortening the repayment term.
Some lenders allow you to re-apply after a few weeks. But applying for a debt consolidation loan with a different lender is possible if absolutely necessary. MoneyGeek advises against this until you've worked on the reason that caused the rejection in the first place.
We also discourage you from getting payday loans as an alternative option for a debt consolidation loan. These tend to have higher interest rates and shorter payback periods, which can lose you more money than you gain.
Calculate Your Monthly Payment
Borrowers typically pay debt consolidation loans in monthly installments with interest. Use MoneyGeek's personal loan calculator below to estimate your monthly payment and determine if your budget can afford it.
Frequently Asked Questions About Debt Consolidation Loans in Omaha, NE
To help you understand more about the topic and make financially sound decisions, MoneyGeek answered some frequently asked questions about debt consolidation loans in Omaha.
MoneyGeek's research identified LightStream as Omaha's best debt consolidation loan provider. That said, the best option for you may vary based on your borrower profile. We discovered that Upstart is preferable for borrowers with bad credit.
Upstart offers the lowest interest rate among lenders in Omaha.
Restrictions on fund usage vary across lending companies. Some lenders impose them; others allow you to use your funds as you please.
In Omaha, you can consolidate debt up to $100,000, but this may vary per lender.
Depending on your loan lender, you can receive your funds on the same day you sign the loan agreement or in a few days.
Yes. However, some lenders charge a prepayment penalty, so check with your lender.
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 amount, minimum credit score, application fees, minimum income amount and disbursement time.
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. "Debt Consolidation." Accessed October 4, 2022.
- LightStream. "Frequently Asked Questions." Accessed October 4, 2022.
- SoFi. "About Us." Accessed October 4, 2022.
- SoFi. "Credit Card Debt Consolidation Loans." Accessed October 4, 2022.
- SoFi. "Frequently Asked Questions." Accessed October 4, 2022.
- Upstart. "Simplify Your Bills With a Debt Consolidation Loan." Accessed October 4, 2022.
- Upstart. "This Is Upstart." Accessed September 14, 2022.
- Upstart. "What Do You Need Help With?." Accessed October 4, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed October 4, 2022.
- Upgrade. "How Can We Help You?." Accessed October 4, 2022.
- Upgrade. "About Us." Accessed October 4, 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
our editorial policies and expert editorial team.