Best Debt Consolidation Loans in Fort Worth of 2024

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Fort Worth, TX

MoneyGeek identified the top debt consolidation loan lenders in Forth Worth after examining more than 30 data variables to help you make an informed decision. APR ranges, minimum credit score requirements, loan amount ranges, repayment terms, late penalties, BBB ratings and funding timelines are just a few examples of these variables.

According to MoneyGeek's metrics, Truist is Forth Worth's top-ranked provider for debt consolidation loans.

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Best Overall Debt Consolidation Loan in Fort Worth, 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’s pick for the top debt consolidation provider in Fort Worth is Truist. Truist offers a range of financial services, including banking, insurance, asset management and more. It is one of the top 10 U.S. commercial banks.

    Truist offers next-day access to funds for those looking to consolidate debt. Unlike other lenders, it has no minimum credit score requirement and offers competitive interest rates. In addition, Truist does not charge origination or prepayment fees, helping you save money.

    However, Truist may not be the best fit for those looking for a loan under $3,500. In addition, loan application materials may only be available in English for those who lack proficiency in this area. Lastly, Truist doesn't allow prequalification, which would let borrowers view their possible rate and monthly payments without affecting their credit score.

    Pros

    • Low interest rate minimum and maximum
    • No credit score requirement
    • Next-day funding
    • Flexible repayment terms
    • No origination fees

    Cons

    • High minimum loan amount
    • Limited support for non-English speakers
    Truist

Runner-Up for Best Debt Consolidation Loan in Fort Worth, 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

    SoFi was established in 2011 and offers a range of financial services. MoneyGeek determined that SoFi is a solid option for applicants with good credit because there are very few fees. You can also get discounts on your interest rate for using autopay. However, its minimum loan amount of $5,000 is quite high.

    One benefit is that SoFi does not charge prepayment fees, so borrowers are free to pay off their loans before the end of their loan term. SoFi also offers prequalification, which only involves a soft credit pull, so your credit score won't be affected if you're still comparing other options.

    However, keep in mind that personal loans from SoFi can't have co-signers apply. SoFi does allow co-borrowers, but they have to live at the same address as the main borrower. Finally, SoFi has a high minimum credit score of 680 and a steep minimum APR.

    Pros

    • Convenient loan calculator
    • No origination or early payment penalties
    • High loan limit of $100,000
    • Discounts for automatic payments

    Cons

    • No option for co-signed loans
    • $5,000 is the minimum loan amount
    • High credit score requirement
    • High minimum APR
    SoFi

Best Debt Consolidation Loan for Bad Credit in Fort Worth, 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

    Since it was founded in 2012, Upstart has been providing online financial services aimed at borrowers with poor credit. Due to its low credit score requirement, MoneyGeek picked Upstart as the best consolidation loan provider in Fort Worth for those with poor credit scores. Using its AI-powered algorithm, Upstart also considers education and employment, among other factors, during the loan approval process.

    For those with low credit, Upstart offers a soft credit check to help you compare rates online before conducting a hard check that can impact your score. Although the bottom range of Upstart’s interest rates is low, those with poor credit may only qualify for higher interest rates. In addition, Upstart only offers loans up to $50,000, which may be unsuitable for some borrowers.

    People who want greater flexibility may also be limited by Upstart’s two repayment terms as well as the lack of a mobile app to manage loans.

    Pros

    • Considers more than just credit scores
    • Low minimum loan amount of $1,000
    • Accepts applicants with low credit scores
    • Online prequalification
    • No penalty for paying off loans early

    Cons

    • No convenient mobile app
    • Only offers two repayment terms
    • Maximum APR is extremely high
    Upstart

Best Debt Consolidation Loan for Good Credit in Fort Worth, 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

    Upgrade was founded in 2017 in San Francisco, California. With its potentially low interest rates, Upgrade is MoneyGeek's top recommendation for Fort Worth residents with good credit who want to consolidate their debt. Though it accepts candidates with a minimum credit score of 560, only those with the highest credit scores may be eligible for the lowest interest rates.

    Borrowers should be aware that they can be penalized with ACH return and check refund costs in addition to late fees, and Upgrade also charges an origination fee of up to 8.99% for every personal loan.

    One of Upgrade's major strengths is that it pays third-party lenders directly, which is useful for those looking into debt consolidation. Upgrade also provides shared loans if you're having problems meeting the requirements on your own.

    Pros

    • Suitable for those looking for small loans
    • No prepayment fees
    • Long repayment terms available
    • Offers joint loans

    Cons

    • Fair credit score requirement
    • Potentially high APR for those with low credit scores
    • Charges origination fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Fort Worth, TX, for You

Many individuals who have multiple debts seek debt consolidation loans to lower the overall amount of interest they must pay and optimize the repayment process. In Texas, the average individual has personal loan debt of $15,505.

If you're considering obtaining a debt consolidation loan in Fort Worth, MoneyGeek has provided the following steps to help you make an informed decision:

1

Ask Yourself the Important Questions

Before filling out an application, ask yourself if you truly need a loan to consolidate your debt.

  • How much funding do you need? Most lenders have minimum and maximum loan amounts they are willing to lend you.
  • What’s your credit score? Only those with the highest credit scores can get the lowest rates.
  • Can you afford the monthly payments? You might have to pay late fees and penalties if you are unable to make payments on time.
  • Do you have existing debts? Lenders may reject candidates with large amounts of debt and low income.
  • Is your debt manageable through other means? Consider looking for easier alternatives to debt consolidation.
2

Do Your Research

Taking out a debt consolidation loan is a major commitment because it typically needs to be repaid over several years. Some lenders also perform hard credit checks that can temporarily reduce your credit score. In light of this, you should carry out an in-depth analysis and research a variety of lenders before choosing one.

If you have unique requirements, consider looking into other debt consolidation providers in Fort Worth besides the ones MoneyGeek has recommended.

3

Wait

It would be a good idea to spend a few days thinking it over before selecting your debt consolidation provider so that you can weigh any alternatives. Because debt consolidation loans can take years to repay, don't rush into anything.

4

Read the Fine Print

By ignoring the fine print, borrowers frequently miss important information, including origination, late, bounced check and prepayment penalties. Being aware of these fees is advisable if you'll need to pay them down the line.

You can also email or call a financial advisor or your preferred lender if you have any questions about the fine print.

5

Apply

Once you've researched and found a lender you're happy with, it's time to apply. To make the application procedure as straightforward as possible, gather all relevant paperwork in advance. In addition to the usual proof of identity, address and income, lenders may also ask for supporting credentials.

Despite the fact that you can apply for a loan online, it may be useful to contact or chat with your chosen lender directly if you have any questions about your loan.

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

If your loan application for debt consolidation is turned down, you don't have to give up. A number of factors can cause an application to be rejected, including bad credit, a lack of income, a high debt-to-income ratio and a lack of job experience. In order to resolve these concerns and improve your chances of being accepted in the future, you need to ask your lender why your application was denied.

Ask your lender if you might be eligible for a loan with a smaller amount, different interest rate or shorter repayment period. The lender may accept your loan's modified terms in certain circumstances. If not, once you've worked to strengthen your finances, you may decide to submit an application with a different lender.

Payday loans with simple application procedures could tempt some borrowers, but MoneyGeek strongly discourages it. Payday loans have incredibly high interest rates and fast repayment periods. Because of this, it is possible that you may end up in a cycle of debt that only gets worse.

Calculate Your Monthly Payment

Keep in mind that you need to pay back a personal loan in installments with interest, usually paid monthly. Calculate your monthly payment first to determine if your finances can cover it using MoneyGeek’s calculator.

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Frequently Asked Questions About Debt Consolidation Loans in Fort Worth, TX

Depending on your credit score and desired loan amount, you can find the best debt consolidation loan in Fort Worth for your needs. To help you choose a loan, MoneyGeek answers a few commonly asked questions.

According to MoneyGeek's research, Truist is the best company in Fort Worth for debt consolidation loans.

Upstart offers the lowest rate, but your specified interest rate will be determined by your credit score.

Each lender has a separate set of restrictions. You may not be able to combine debt for businesses or educational institutions, depending on the lender.

Debts up to $100,000 can often be consolidated, although the guidelines for each Fort Worth lender may be different.

Typically, receiving a loan takes up to two business days, though processing times can vary between lenders.

Although paying off your debt consolidation loan early is an option, it is a good idea to review the terms and conditions because some lenders charge prepayment fees.

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.