Top Lenders & Best Rates for You

Best Debt Consolidation Loan Lenders in Alaska

fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Alaska

MoneyGeek evaluated lenders offering debt consolidation loans in Alaska based on 30+ factors, including APR ranges, minimum credit score, fees, loan amounts, funds disbursement time and more.

Based on our research, Upgrade offers the best debt consolidation loans in Alaska. Lightstream was also ranked as the second-best lender for debt consolidation loans in the state. For borrowers with a bad credit score, Upstart offers the best rates, while those with a strong credit history will find the best deals with SoFi.

Best Overall Debt Consolidation Loan in Alaska: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade is MoneyGeek’s top pick for debt consolidation loans in Alaska. Established in 2017, the lender has served over 15 million customers. Besides personal loans, it offers other financial products, including credit cards, rewards checking accounts, etc.

    With Upgrade, borrowers can check their rate online by filling out a form. Since the lender performs a soft credit inquiry first, your credit score won’t be impacted. Once the lender approves your loan, borrowers receive funds in one business day. It also offers direct payment to creditors, allowing borrowers to save time.

    However, Upgrade has high origination fees and interest rates. If you’re looking to save money on interest and fees, a different lender may be better for you.

    Pros

    • No prepayment fees
    • Funds available within one business day
    • Direct payment to creditors
    • Soft credit inquiry completed first

    Cons

    • High origination fee of 2.9% to 8%
    • High APR
    • Late payment fees
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: One business day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Alaska: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek picked LightStream as the runner-up for debt consolidation loans in Alaska. LightStream is an online lending platform for Truist bank, which was formed after the merger of SunTrust and BB&T in 2019. In addition to debt consolidation loans, the lender also provides loans for home improvement, recreation and many other purposes.

    LightStream has one of the lowest interest rates and does not charge origination or late payment fees. The lender also does not charge a penalty if you pay off your loan early. It offers a maximum loan of $100,000, making it a good option for borrowers who want to consolidate large debts. After your loan is approved, you may be able to receive the funds on the same day.

    However, if you want to check your rate online without affecting your credit score, this lender won’t be a good option for you as it doesn’t offer online pre-qualification. Depending on your credit score, you may also receive a higher interest rate.

    Pros

    • No prepayment penalty
    • Low interest rates
    • Same-day funding available
    • No late payment or origination fees
    • High maximum loan amount

    Cons

    • Restrictions on the usage of funds
    • Online pre-qualification not available
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

Best Debt Consolidation Loan for Bad Credit in Alaska: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Upstart was founded in 2012 and its headquarters are in San Mateo, California. It uses an artificial intelligenceI-based software to evaluate a borrower’s ability to repay their loan. Besides your credit score and income details, Upstart also considers your education and employment history when you apply for a loan. As such, borrowers with poor credit scores can still qualify.

    The lender allows the borrowers to check their rates online without impacting their credit scores. It offers flexible loan amounts, ranging from $1,000 to $50,000. Once Upstart approves your loan, you’ll receive your funds in one business day. It also doesn’t charge a prepayment penalty if you decide to pay off your loan early.

    However, Upstart charges origination fees, so you’ll pay an added cost for your loan. Other lenders might also offer you better rates if you have a high credit score.

    Pros

    • Flexible loan amounts
    • No prepayment fees
    • Funding available in one business day
    • Soft credit check completed first

    Cons

    • Limited loan repayment terms available
    • Origination fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Alaska: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi, also known as Social Finance, was founded by Stanford business school students in 2011, but it only began offering personal loans in 2015. MoneyGeek’s research shows that SoFi is the best option for borrowers with a good credit history in Alaska looking to consolidate debt.

    The lender charges an APR between 5.74% and 20.28%, but only those with the highest credit scores will qualify for the best rates. It also offers a discount of 0.25% for setting up automatic payments, but this is already factored into the lender’s advertised APRs. Its mobile app can also help you manage your loan.

    Pros

    • Soft credit inquiry completed first
    • Direct payment to creditors
    • No application, origination or prepayment fees
    • Autopay discount of 0.25%
    • Mobile application available

    Cons

    • High minimum loan amount
    • Co-signers not allowed
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Alaska for You

In Alaska, the average credit card debt is $7,089. Before getting a debt consolidation loan, you must consider your credit score, income level and other important financial factors. While such a loan can help you combine multiple debts into a single loan, it’s not a good option if you don’t qualify for a lower interest rate.

If you’ve decided that a debt consolidation loan is the best option for you, we recommend that you follow these steps to find the best deal:

1
Ask Yourself the Important Questions

Before you shop around and compare lenders, you must assess how much funding you’ll need to consolidate your debt, as well as your current credit score. Lenders have different minimum and maximum loan amounts, as well as credit score requirements. You should also assess your capacity to repay the loan, as failure to make timely payments could cause you to accrue even more debt. MoneyGeek recommends asking yourself the following questions before proceeding:

  • 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?
2
Do Your Research

Once you know how much funding you’ll need, you can start researching different lenders. You should compare lenders’ rates, fees, terms and requirements to find the best debt consolidation loan in Alaska for you. A debt consolidation loan is a long-term commitment and most lenders perform hard credit checks when you apply, so doing more research upfront is best for your future financial situation. MoneyGeek identified the best debt consolidation lenders for certain borrower profiles, but the best one for you may be different.

3
Wait

After exploring other options and finalizing a lender, MoneyGeek recommends waiting a few days before applying for a debt consolidation loan. Since such a loan is a significant commitment, it’s essential to consider your decision to ensure that this lender is the most suitable option for you. During this time, you can also ask about their customer service and research their reputation.

4
Read the Fine Print

If you want to save a lot of money, it’s essential to read the fine print in your loan agreement to learn about any hidden fees. Consider the lender’s application and origination fees, as well as repayment terms — some lenders charge a fee for repaying your loan early. If you have any questions about the terms in your loan agreement, you should reach out to the lender directly.

5
Apply

After going through the lender’s fine print, you can apply for a debt consolidation loan. At this stage, the lender might ask you for identification documents, income level, employment history and other financial details. While it might be more convenient to apply online, you may also be able to apply in person, depending on the lender.

What to Do if You Can’t Get a Debt Consolidation Loan in Alaska

You might be rejected for a debt consolidation loan in Alaska. Lenders deny loan applications for various reasons, including a low credit score, insufficient income, unstable employment, incomplete application, etc.

If your loan application is rejected, you should ask the lender why they denied your loan. That way, you can modify or improve your application before reapplying or applying with a different lender. Simply changing your loan term or loan amount may be sufficient to have your application approved.

Some borrowers may also opt for a payday loan. However, MoneyGeek advises against this as these loans have very high interest rates and short repayment terms, often resulting in more debt.

Calculate Your Monthly Payment

Since a debt consolidation loan is repaid in monthly installments, including interest, it would be best to consider your financial situation first to estimate if you’ll be able to afford the monthly payment. You can use MoneyGeek’s loan calculator to know whether you can afford a debt consolidation loan.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Alaska

The best debt consolidation loan in Alaska will depend on your credit score, existing debt, income level and other essential factors. MoneyGeek researched the following frequently asked questions about debt consolidation in the state to help you understand how it works.

What is the best debt consolidation loan lender in Alaska?
Which lender in Alaska has the lowest interest rate for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Alaska?
How much debt can I consolidate in Alaska?
How long does it take to get a debt consolidation loan in Alaska?
Can I pay off my loan early in Alaska?
mglogo icon
METHODOLOGY

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 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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use