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Best Debt Consolidation Loan Lenders in Alaska

A debt consolidation loan can help borrowers roll their multiple high-interest loans into one fixed payment. It can streamline your finances and also lower your monthly payment. You may also qualify for a lower interest rate if you have a good credit score. In Alaska, the average personal loan debt is $19,188, while lenders charge an average interest rate of 11.36%.

When you apply for a loan, lenders consider your credit score, income details and other important factors. MoneyGeek researched different lenders to help you find the best debt consolidation loan in Alaska for you.

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Last Updated: 9/9/2022
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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

    on Upgrade Website

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

    on LightStream Website

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

    on Upstart Website

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

    on SoFi Website

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.

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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

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.