Best Debt Consolidation Loans in Cleveland 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 Cleveland, OH

To help you find the best debt consolidation loans in Cleveland, MoneyGeek analyzed lenders in the city based on 30+ data points. In our analysis, we considered lenders’ APR rates, loan limits, loan repayment lengths, minimum requirements, customer service ratings and more.

For the average borrower, MoneyGeek found that Truist offers the best loans for debt consolidation in Cleveland. However, the best lender for you may vary based on individual factors like your credit score and income. For instance, MoneyGeek also found that Upstart and Upgrade are the best for those with bad and good credit, respectively.

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Best Overall Debt Consolidation Loan in Cleveland, OH: 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

    For the average borrower, Truist offers the best debt consolidation loans in Cleveland. This lender was established in 2019 from the merger of BB&T and SunTrust Banks.

    For borrowers looking to reduce the overall cost of their loan, Truist offers extremely low interest rates relative to its competitors. However, only applicants with excellent credit scores will qualify for the lowest rates. Truist is also a good choice if you need funds urgently since most funds are disbursed the next day.

    This lender has no early payment or origination fees. However, since there is no pre-approval option, you cannot check rates and terms before applying.

    Pros

    • No origination fees
    • Low APR rates
    • Next-day funding
    • No prepayment fees
    • Autopay discount of 0.5%

    Cons

    • No prequalification option
    • Maximum loan limit is $50,000
    • Restrictions on the usage of funds
    Truist

Runner-Up for Best Debt Consolidation Loan in Cleveland, OH: 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 is MoneyGeek’s runner-up pick for the best debt consolidation loans in Cleveland. SoFi was founded in 2011 and offers debt consolidation personal loans to borrowers who have good to excellent credit.

    If you are looking for a low-cost lender, SoFi is a good choice since it does not charge any origination or prepayment fees. APR rates are also relatively low and vary depending on your creditworthiness. However, keep in mind that you need a minimum credit score of at least 680 to qualify for a SoFi personal loan.

    This lender allows borrowers to check rates beforehand so you can see if you prequalify without negatively impacting your credit score. SoFi also stands out for offering borrowers unemployment protection, which means that you can adjust your payments temporarily if you lose your job.

    Pros

    • No origination fees
    • No prepayment fees
    • Soft credit check
    • High maximum loan limit up to $100,000
    • Unemployment protection available

    Cons

    • Slow processing time
    • Good-to-excellent credit score requirement
    SoFi

Best Debt Consolidation Loan for Bad Credit in Cleveland, OH: 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

    If you have bad credit and need a loan for debt consolidation in Cleveland, Upstart is the best lender for you. Upstart was founded in 2012 and offers personal loans for debt consolidation to borrowers with credit scores starting at 300.

    Upstart offers a minimum loan amount of $1,000 in most states, whereas the minimum loan amount for borrowers in Ohio is higher at $6,000. Those with extremely poor credit scores may receive high interest rates, so it’s always best to compare lenders’ APRs to find the best rate for you. Through Upstart’s website, you can check your rates online without impacting your credit score.

    If you need funds quickly, Upstart offers next-day disbursement but you only have two options when it comes to repayment terms — three or five years. There are no fees charged for early repayment but origination fees apply.

    Pros

    • Low minimum credit score requirement
    • No prepayment fees
    • Prequalification option
    • Quick disbursement of funds
    • Soft credit check

    Cons

    • Only two repayment term options
    • Relatively high APR rates
    • Origination fee
    Upstart

Best Debt Consolidation Loan for Good Credit in Cleveland, OH: 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 was founded in 2016 and offers the best debt consolidation loans in Cleveland for those with good credit. This lender pays creditors directly, making it easy to streamline your payments. Although borrowers only need a minimum credit score of 560 to be eligible for an Upgrade loan, those with the lowest credit score may receive an APR higher than 35%.

    For borrowers who need funds quickly, Upgrade disburses funds the same day. This lender is also ideal if you need flexible loan limits since you can borrow amounts from $1,000 to $50,000. However, keep in mind that you will incur an origination fee, and late payments may increase the cost of your loan.

    If you want to check your rate, Upgrade has a prequalification option so you can find out rates before applying without impacting your credit score.

    Pros

    • Prequalification with soft credit check
    • No prepayment fees
    • Flexible limits
    • Direct payment to creditors

    Cons

    • Origination fees
    • Relatively high APR rates
    • Late fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Cleveland, OH, for You

The average personal loan debt in Ohio is $24,808. People take out personal loans for various reasons, including debt consolidation. If you need a debt consolidation loan in Cleveland, there are several lenders to choose from, but the best for you will depend on your profile and needs.

To get you started, MoneyGeek broke down some simple steps you should follow to find the best debt consolidation loan for your needs.

1

Ask Yourself the Important Questions

A debt consolidation loan can help you manage your debt payments, but it will impact your finances in the long term. This makes it crucial to first figure out if this type of loan is the best decision for your finances and whether you can afford it. Keep in mind that most debt consolidation loans require a two- to four-year commitment, so your finances will be impacted in the long term.

Start by asking yourself the following questions to see how much you can afford to borrow based on your profile and existing debt:

  • How much funding do you need? Accurately assessing the loan amount you need before you apply can prevent you from taking out too much money and owing more in interest, or too little money and having to apply for a second loan.
  • What is your credit score? Your credit score impacts your eligibility for a loan and the loan terms, like APR, repayment period and loan amount, available to you. You can receive a free credit report every 12 months from one of the three major credit reporting agencies.
  • Can you afford the monthly payment? Ensure that you can commit to making monthly payments for at least two to four years. If you can afford to make a higher payment each month, you’ll pay less overall in interest.
  • How much debt do you already have? Evaluate your current sources of debt. Some types of debt, such as credit card debt, are eligible for debt consolidation loans, whereas others, such as those for post-secondary education, are not.
2

Do Your Research

Comparing lenders will help you find the most favorable APR rates, repayment terms and loan limits for your particular situation. It’s also recommended that you review each lender for their customer service reputation because you’ll be working with this lender for a long time.

You can use MoneyGeek’s recommendations to help you find the best debt consolidation lenders in Cleveland for general borrower profiles. However, since your financial situation will vary, it’s important that you also do your own research.

3

Wait

To avoid making a hasty decision, take a day or two before applying for a debt consolidation loan. This will give you time to carefully consider your options and understand the financial commitment you are about to take on.

Take time to understand the long-term impact a loan will have on your finances and how it will affect your debt-to-income ratio. This will ensure that you only sign on the dotted line when you are certain that a debt consolidation loan is the best solution for your financial situation.

4

Read the Fine Print

To avoid the common pitfall of incurring hidden fees or penalties, make sure that you read and understand the fine print. If you simply skim through the terms of the loan, you may miss important cost-saving details. Take time to understand all the rates and fees in your loan agreement, as well as payment due dates. If you are unsure of what any of the terms or rates mean, it’s best to clarify these with the lender.

5

Apply

Once you fully understand the terms of the loan and are confident it’s a good choice, you can submit your application. As part of your application, lenders will require you to provide your proof of identification, address or income, in the form of a government-issued ID, mailing documents and financial statements. Additional supporting documentation may also be required depending on the lender.

Most lenders have a simple online application process that you can complete in minutes. In other cases, you may be able to apply in person. Once your application is submitted, the lender will review it and get back to you within a day or two depending on their processing time.

What to Do if You Can’t Get a Debt Consolidation Loan in Cleveland, OH

It’s normal for loan applications to be denied, so don’t worry if your application wasn’t approved. Lenders may deny a loan application if the borrower failed to meet their minimum requirements for factors like credit score or income. However, keep in mind that these are factors you can work on and improve over time so you may be eligible for a loan in the future.

If your loan application is rejected, you should contact the lender to find out why it was declined. In some cases, you may be able to simply modify your repayment terms or loan amount to have it approved. If a low credit score caused your application to be denied, you should improve your credit score before reapplying for a loan. Most of the time, when you apply for a loan, your credit score goes down because the lender completes a hard credit check. As such, you should avoid applying for a loan until you’re fairly certain that you’ll be approved.

In the event you’re denied a loan, you may be tempted to turn to payday loans as an alternative. MoneyGeek strongly cautions against this. These loans feature high interest rates and short repayment periods that can get borrowers into trouble.

Calculate Your Monthly Payment

Before taking out a debt consolidation loan, it’s important to calculate the monthly payment you can afford, including interest. You can use MoneyGeek’s personal loan calculator to estimate your monthly payments.

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Frequently Asked Questions About Debt Consolidation Loans in Cleveland, OH

If you’re looking for the best lender for debt consolidation loans in Cleveland, you should consider individual factors like your credit score and debt-to-income ratio. To help you learn more about debt consolidation loans, MoneyGeek answered the frequently asked questions below.

Truist is the best lender for debt consolidation loans in Cleveland for the average borrower. However, if you have bad credit, Upstart is the best lender, whereas Upgrade is the best option for borrowers with good credit.

Truist offers the lowest interest rates for debt consolidation loans in Cleveland, depending on your creditworthiness.

Restrictions on usage of funds for debt consolidation loans vary depending on the lender, but common restrictions include post-secondary education expenses and investments.

In Cleveland, you can consolidate debts ranging from $1,000 to $100,000 depending on the lender. Lenders will evaluate how much you can borrow based on factors like your credit score, income and debt-to-income ratio.

It takes between one to two days to get a debt consolidation loan in Cleveland. Processing times vary depending on the lender, so check with your preferred lender for their specific terms.

You can pay off your loan early in Cleveland, but some lenders will charge a fee for early prepayment.

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.