Best Debt Consolidation Loans in Corpus Christi 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 Corpus Christi, TX

MoneyGeek gathered information about different lenders’ APR ranges, credit score requirements, loan amounts, repayment terms, funds disbursement time and 30+ other factors to determine the best lender offering debt consolidation loans in Corpus Christi.

Our research shows Truist provides the best debt consolidation loans in the city, whereas SoFi is the runner-up for such loans. Borrowers with bad credit may benefit the most from Upstart’s loans. If you have a good credit history, an Upgrade debt consolidation loan may be best.

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Best Overall Debt Consolidation Loan in Corpus Christi, TX: 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 selected Truist as the best lender for debt consolidation loans in Corpus Christi. The lender was formed in 2019 from the merger of SunTrust and BB&T. Besides personal loans, it offers various financial products, including credit cards, mortgages, checking and savings accounts and so on.

    You might qualify for a lower APR if you have a strong credit history. Truist's minimum loan amount is $3,500, making it a good option for borrowers who don’t have a lot of debt. Once Truist approves your loan, you may receive funds the following day.

    However, Truist doesn’t allow co-signers, making it challenging to get approval with a bad credit history. It also doesn’t permit borrowers to check their rate online and performs a hard credit inquiry first.

    Pros

    • Next-day funding
    • No origination fees
    • Low minimum loan amount
    • Fast loan approvals and funding
    • Autopay discount available

    Cons

    • Hard credit inquiry
    • Co-signers not allowed
    • Restrictions on the usage of funds
    Truist

Runner-Up for Best Debt Consolidation Loan in Corpus Christi, TX: 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 picked SoFi as the runner-up for debt consolidation loans in Corpus Christi. In addition to debt consolidation, you can also use a SoFi personal loan to finance weddings, vacations, home improvement and family planning.

    You can get a personal loan from SoFi to consolidate significant debts, as its maximum loan amount limit is $100,000. When you apply for a loan, it first performs a soft credit inquiry that doesn’t negatively affect your credit score. It also offers an autopay discount, helping you lower your rate.

    However, you should have a good credit score if you want to qualify for a SoFi debt consolidation loan. The lender doesn’t allow co-signers, which might affect your chances of approval if you have bad credit.

    Pros

    • Soft credit check
    • Direct payment to creditors
    • Autopay discount
    • No application, prepayment or origination fees
    • High maximum loan amount

    Cons

    • Co-signers not allowed
    • Good credit score requirement
    • High minimum loan amount
    SoFi

Best Debt Consolidation Loan for Bad Credit in Corpus Christi, TX: 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

    Qualifying for a personal loan with bad credit can be challenging. For borrowers with a bad credit history, MoneyGeek found that Upstart is the best option as the lender considers various factors, such as your education and employment history, besides your credit score to determine your creditworthiness. Though its advertised minimum loan amount is $1,000, this varies by state.

    Upstart’s use of artificial intelligence technology expedites the loan approval and disbursement process. After the lender approves the loan application, the borrower can receive loan funds on the next business day. If you pay off your loan early, you also won’t have to pay a prepayment penalty.

    However, Upstart charges origination fees and doesn’t offer a discount for automatic payments. It also won’t be a good option if you’re looking for a digital experience, as the lender doesn’t have a mobile application to manage loans.

    Pros

    • Soft credit inquiry
    • Flexible loan amounts
    • No prepayment penalty
    • Next-day funding
    • Low minimum credit score requirement

    Cons

    • Origination fees
    • Autopay discount
    • Co-signers not allowed
    Upstart

Best Debt Consolidation Loan for Good Credit in Corpus Christi, TX: 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 picked Upgrade as the best lender for borrowers with strong credit histories. The lender was founded in 2016 and offers its customers personal loans, Upgrade cards and rewards checking accounts.

    Since Upgrade performs soft credit inquiry first, your credit score won’t be negatively impacted when you check your rate online. It also provides an autopay discount, allowing you to lower your interest rate. Upgrade’s moderately high maximum loan of $50,000 can help you consolidate debts. Furthermore, the lender has no prepayment fees.

    Although Upgrade allows borrowers to submit joint applications, it doesn’t permit co-signers. It also charges origination and late payment fees, making it an unsuitable option for borrowers looking to avoid such fees.

    Pros

    • No prepayment fees
    • Soft credit check that doesn’t hurt credit score
    • Autopay discount
    • Joint loans available

    Cons

    • Late payment and origination fees
    • Co-signers not allowed
    • High APRs for borrowers with bad credit
    Upgrade

How to Choose the Best Debt Consolidation Loan in Corpus Christi, TX, for You

MoneyGeek's data shows that Texas's average personal loan debt is $15,505. Although a debt consolidation loan can help you save money by consolidating high-interest debt and lowering your monthly payments, it's essential to consider your previous debts and overall financial situation before applying for a loan.

Following these steps will help you analyze different lenders and choose the one that's the best fit for your needs.

1

Ask Yourself the Important Questions

Prior to applying for a loan, you should carefully consider the loan amount you should take out based on your needs and capacity for repayment. During this brainstorming process, you may realize that a debt consolidation loan isn’t the best option for you. At a minimum, we recommend asking yourself the following questions:

  • How much funding do you need? Prior to applying for a loan, estimate your financial needs. It’s important to take out just what you need. That way, you can avoid paying additional money in interest or taking out a second loan.
  • What’s your credit score? Every lender has a different minimum credit score requirement, so this will affect the loans available to you. Your credit score also impacts the repayment terms and loan amount a lender will offer you. If your credit score is low, consider improving it first before applying for a loan.
  • Can you afford the monthly payments? Ensure that you can make the monthly payments for at least two to four years, the average duration of a personal loan.
  • Do you have existing debts? Review your existing debts to ensure that they’re eligible for a debt consolidation loan. You can consolidate credit card debt, but other sources of debt, such as post-secondary education, are ineligible.
  • Is your debt manageable through other means? A debt consolidation loan may not benefit you if its interest rate is higher than your individual loans’ rates.
2

Do Your Research

Prior to applying for a loan, you should research and compare different lenders and their rates. A loan is a long-term commitment and involves monthly payments for a few years, so it’s essential that you review each lender in depth. MoneyGeek’s personal loan guide can help you understand what to look for in a lender; however, there’s no substitute for your personal research.

3

Wait

After you’ve found the best lender, MoneyGeek recommends waiting a few days before applying for a loan. A debt consolidation loan is a significant commitment, so it’s important to think through if it’s the best decision for your financial future. During this time, you can also explore other ways to repay your existing debt more efficiently.

4

Read the Fine Print

Taking a look at the fine print of the lender’s loan agreement can help you understand the fees and additional expenses associated with a loan. Some key factors to look for include prepayment, origination or late payment fees. You can save a lot of money in the long run by taking a few minutes upfront to thoroughly vet your loan agreement.

5

Apply

Once you have analyzed all essential factors, you can apply for a debt consolidation loan with your chosen lender. You might have to provide identification details, address verification and financial information. Though many lenders only have online applications, several lenders also offer in-person options.

What to Do if You Can’t Get a Debt Consolidation Loan in Corpus Christi, TX

You might feel distressed if your loan application is rejected, but it’s important to remember that this happens all the time. Lenders take into account different factors like credit score, debt-to-income ratio, employment and income when evaluating borrowers. If you don’t meet the lender’s criteria for one of these factors, your application will likely be rejected.

If your loan application is rejected, you should first reach out to the lender to ask why it was denied. Then, you can begin working to improve that factor, which can increase your chances of being approved. For instance, if you have a bad credit history, you can improve it by getting a credit card to rebuild your credit score. Although you can always apply with a different lender, it’s unlikely that your loan will be approved if you haven’t improved the factor that caused it to be initially rejected.

We also strongly advise against payday loans. These loans have significant interest rates and short repayment terms. Most borrowers fail to repay these loans, further hurting their credit score.

Calculate Your Monthly Payment

Paying back your debt consolidation loan usually involves monthly payments, including interest. Before applying for a loan, you should estimate how much you will have to pay monthly to understand if you can afford a new loan. MoneyGeek’s personal loan calculator can help you figure out your loan’s monthly payment.

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Frequently Asked Questions About Debt Consolidation Loans in Corpus Christi, TX

The best debt consolidation lender in Corpus Christi will depend on your financial needs and situation. MoneyGeek researched the following commonly asked questions about debt consolidation loans to help you decide which lender would be ideal for you.

MoneyGeek’s analysis shows Truist provides the best debt consolidation loans in the city. It offers fast approvals, next-day funding and doesn’t charge origination fees.

Based on MoneyGeek’s research, Upstart has the lowest starting interest rate for debt consolidation loans in Corpus Christi.

The lenders generally do not allow the use of debt consolidation loans for paying off business loans. However, such restrictions vary by lender.

The maximum loan limit changes depending on the lender. In Corpus Christi, SoFi permits borrowers to get a maximum loan of $100,000.

Each lender has a different fund disbursement time. It usually takes up to a week to receive funds in your account after loan approval.

Yes, lenders allow borrowers to pay off their loan early. However, some lenders might charge a prepayment penalty for early repayment.

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.