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Best Debt Consolidation Loans in South Dakota of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in South Dakota
- Runner-Up for Best Overall Debt Consolidation Loan Lender in South Dakota
- Best Debt Consolidation Loan Lender for Bad Credit in South Dakota
- Best Debt Consolidation Loan Lender for Good Credit in South Dakota
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in South Dakota
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in South Dakota
Best Debt Consolidation Loan Lenders in South Dakota
MoneyGeek studied more than 30 data points to determine the best debt consolidation loan lenders in South Dakota. The research included APR ranges, disbursement times, minimum credit score requirements, origination and late fees, repayment terms, loan amounts, Better Business Bureau ratings and more.
The best debt consolidation loan lender depends on your financial needs and goals. Overall, MoneyGeek’s top choice for South Dakota debt consolidation loan lender is Upgrade. However, Upstart may be a good option if you incur bad credit, while SoFi is ideal if you have good credit.
Best Overall Debt Consolidation Loan in South Dakota: Upgrade
Runner-Up for Best Debt Consolidation Loan in SD: LightStream
Best Debt Consolidation Loan for Bad Credit in South Dakota: Upstart
Best Debt Consolidation Loan for Good Credit in South Dakota: SoFi
How to Choose the Best Debt Consolidation Loan in South Dakota for You
On average, South Dakota residents have $15,272 in personal loan debt and pay interest rates of around 9.53%. Debt consolidation merges your outstanding debts to make paying more accessible and help you get a lower interest rate.
If you're interested in debt consolidation loans in South Dakota, know that lenders review your credit score, current debts, employment, proof of income and more. MoneyGeek outlines how to find debt consolidation lenders in South Dakota below.
Ask Yourself the Important Questions
The first step is to check your current financial standing and ensure that a debt consolidation loan is right for you. Answering the following questions can help you determine the best debt consolidation lender for your specific needs:
- How much funding do you need?
- What’s your credit score?
- Can you afford the monthly payments?
- Do you have existing debts?
- Is your debt manageable through other means?
Do Your Research
It’s smart to shop around before applying with a specific lender. Remember that debt consolidation loans are long-term financial commitments. It takes about two to five years for borrowers to repay these loans completely. In addition, some lenders conduct hard credit checks that may negatively affect your credit score. As a result, you may want to think about your lender before applying. MoneyGeek made this guide to help borrowers choose the best debt consolidation lender in South Dakota for them. However, every borrower has different needs and goals, so you should review other options in South Dakota to find the best option for your situation.
Wait
After choosing a debt consolidation lender, try waiting a few days before starting your application. Taking out a debt consolidation loan is a big commitment, so you need to be totally confident about your desired lender. Waiting gives you time to make an objective decision.
Read the Fine Print
Borrowers often miss crucial information about their debt consolidation loan before applying. MoneyGeek highly recommends reading the fine print to ensure you are aware of important details like fees. Prepayment penalties, origination fees and late fees might leave you in deeper debt if you’re not careful. Reading the fine print saves you money in the long run.
Apply
Once you’re sure about your chosen lender and you know that you meet their requirements, you’re ready to submit your application. During this process, lenders often ask for your information like identification, address and proof of income. Additionally, there are different ways to apply for a loan. You could apply through their website, via phone call or by visiting the branch. If possible, choose the option that’s the most convenient for you.
What to Do if You Can’t Get a Debt Consolidation Loan in South Dakota
If a lender denies your application, it doesn't mean you won't get approved by other lenders. The next step you need to take is asking the lender why your application was denied. There could be several factors, including insufficient income, a low credit score, a high debt-to-income ratio and no employment history.
Borrowers could try modifying the loan and asking for a smaller loan amount or a shorter repayment term. The lender may consider the revised application.
You can also apply with another lender. However, it’s better to fix the issues that caused your initial application to be rejected so that you don’t get denied again.
Some borrowers consider payday loans. MoneyGeek strongly advises against these. Payday loans are dangerous due to short repayment terms and high interest rates.
Calculate Your Monthly Payment
Borrowers usually pay off debt consolidation loans in monthly installments with interest. Use MoneyGeek’s debt consolidation loan calculator below to help you know if you’re financially capable of covering this expense each month.
FAQs About Debt Consolidation Loans in South Dakota
When it comes to debt consolidation, it’s important to review your financial situation before applying. MoneyGeek answered some of the most commonly asked questions about debt consolidation loans in South Dakota to help you find the right option for you.
In South Dakota, Upgrade is the best overall option for debt consolidation. But, your ideal lender depends on your needs and background. For example, SoFi is a good choice for individuals with good credit.
For debt consolidation in South Dakota, Upstart offers the lowest starting interest rate at 3.22%.
It depends on the lender. Some have no restrictions, while others don’t allow debt consolidation for things like post-secondary education. We advise asking your lender if they have any conditions before you apply.
You can borrow up to $100,000 to consolidate debt in South Dakota, but the amount can vary depending on the lender.
It can take anywhere from a day to a week. Various lenders have different processing times, especially if you need to provide additional documents.
Yes. However, some lenders charge prepayment penalties. Check with your lender if they charge fees for early repayments.
MoneyGeek reviewed over 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, minimum income amount, application fees 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, our picks are chosen in your best interests. Our loan recommendations and expert tips help you make smart financial decisions when choosing a lender that meets your needs.
sources
- Better Business Bureau. "LightStream." Accessed June 30, 2022.
- Better Business Bureau. "SoFi." Accessed June 30, 2022.
- Better Business Bureau. "Upgrade, Inc." Accessed June 30, 2022.
- Better Business Bureau. "Upstart." Accessed June 30, 2022.
- SoFi. "About Us." Accessed June 30, 2022.
- Upgrade. "About Us." Accessed June 30, 2022.
- Upstart. "Overview." Accessed June 30, 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.
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