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Best Debt Consolidation Loans in Arkansas of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Arkansas

MoneyGeek analyzed the best lenders offering loans for debt consolidation in Arkansas based on 30+ data points, including APR ranges, minimum credit score, loan amounts, fees, funds disbursement time and other essential factors.

Based on our analysis, Upgrade offers the best debt consolidation loans in Arkansas, while LightStream is the second-best provider in the state. For borrowers with a bad credit history, Upstart is the best option. If you have a good credit score, SoFi will suit you best.

Best Overall Debt Consolidation Loan in Arkansas: 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

    MoneyGeek's analysis shows Upgrade is the best option for those looking for a debt consolidation loan in Arkansas. Since it was founded in 2017, it has served over 15 million customers. The lender's financial products include personal loans, credit cards, rewards checking accounts and more.

    The lender offers fast approval and funding, often disbursing the funds in one business day. With Upgrade, borrowers can check their rate online without it impacting their credit score. The lender also doesn't charge a prepayment penalty, making it easy to pay off your loan early.

    However, Upgrade has a high APR and charges an origination fee. Thus if you're looking for a lender with lower interest rates, it's best to explore other options.

    Pros

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

    Cons

    • High origination fees
    • High APRs
    • 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 Arkansas: 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

    LightStream is an online lending platform that is part of Truist bank. It offers loans for debt consolidation, recreation, home improvement and many other purposes. MoneyGeek picked the lender as a runner-up for debt consolidation loans in Arkansas.

    LightStream doesn’t charge prepayment, origination or late payment fees for its low-interest loans. The lender's varied loan amount, ranging from $5,000 to $100,000, is good for borrowers seeking a small or large loan. Borrowers can also receive same-day funding, which is ideal for those that need funds quickly.

    However, since the lender doesn’t offer online pre-qualification, it isn’t the best option for borrowers who want to check their rate before applying. The lender’s relatively high minimum credit score of 660, may also make it difficult for some borrowers to qualify.

    Pros

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

    Cons

    • Restrictions on the usage of funds
    • No online pre-qualification option
    • 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 Arkansas: 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 is MoneyGeek’s top pick for borrowers with a bad credit history looking to consolidate high-interest debt in Arkansas. The lender was established in 2012 and its headquarters are in San Mateo, California. The lender offers flexible loan amounts at low interest rates, with no prepayment fees.

    To easily check your rate, you can fill out the lender’s form online. Since it conducts a soft credit inquiry first, your credit score won’t be impacted. In addition to your credit score and income details, Upstart also considers your education and employment history when you apply for a loan. Once it approves your loan, you may receive the funds in one business day.

    Pros

    • Soft credit inquiry completed first
    • No prepayment fees
    • Funds disbursed in one business day
    • Flexible loan amounts available

    Cons

    • High origination fee
    • Limited loan repayment terms
    • 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 Arkansas: 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 in 2011 by Stanford business school students. The company initially only offered student loan refinancing, but it began offering personal loans in 2019. MoneyGeek found that SoFi is the best lender for borrowers with a good credit score in Arkansas.

    The lender offers direct payment to creditors, making it easy for borrowers to pay off their loans. SoFi doesn’t charge application, prepayment or origination fees and offers a discount for setting up automatic payments. To easily manage their loans, borrowers can use SoFi’s mobile app.

    However, the lender doesn’t allow co-signers, making it difficult for borrowers with bad credit scores to qualify for a loan.

    Pros

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

    Cons

    • Co-signers not allowed
    • High minimum loan amounts
    • 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 Arkansas for You

MoneyGeek's data shows that the average credit score in Arkansas is 690, so most people in the state will be able to qualify for a debt consolidation loan. While it's important to consider factors like your credit score and the lender's requirements, you should also know how much funding you'll need. A debt consolidation loan can help you lower your monthly payments and may also help you pay off your loan early. However, such a loan won't be beneficial if you don't qualify for a lower interest rate. If you've decided to apply for a debt consolidation loan, we recommend following these steps:

1
Ask Yourself the Important Questions

Before researching different lenders offering debt consolidation loans, it’s essential to consider your financial needs and the lender’s credit score requirements. 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’ve decided how much funds you need, you can start shopping around and comparing the rates of different lenders. Since a debt consolidation loan is a long-term commitment and involves hard credit checks, it’s important to do your research and explore all your options. MoneyGeek’s guide is a great place to start, but you should complete your own research to find the best lender for you.

3
Wait

After you’ve finalized a lender, it’s best to wait a few days before applying for a loan. During this period, you can research the lender’s customer service and general reputation. You can also explore other options to meet your financial needs.

4
Read the Fine Print

Reading the fine print of your loan agreement is very important because it could help you identify hidden fees like prepayment penalties, origination or those for late payments.

5
Apply

Once you’ve read the fine print and understand the lender’s fees, you can apply for a loan. At this stage, the lender may ask you for identification documents, income details and other financial and personal information. While it’s easy to apply online, you can also visit the lender to apply for a loan.

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

If your loan application is rejected, you should reach out to the lender to find out why it was denied. Lenders can reject loan applications for various reasons, including low credit scores, high debt-to-income ratios, unstable employment, insufficient income or an incomplete application.

After you find out why your application was rejected, you can work on improving your application prior to reapplying. For instance, if the lender did not approve your loan due to a low credit score, you can get a credit card to rebuild your credit history. While applying with a different lender may be tempting, you’re unlikely to get approval without improving the factor that caused you to be denied in the first place.

Some borrowers may think about opting for a payday loan. However, MoneyGeek strongly recommends against this as such loans have a very high APR and short repayment terms, resulting in more debt.

Calculate Your Monthly Payment

A personal loan is generally repaid in monthly installments, including interest. That’s why it’s essential to analyze your financial situation and estimate if you can afford the monthly payments. MoneyGeek’s personal loan calculator can help you determine your capacity to make monthly payments on a new 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 Arkansas

In Arkansas, the best debt consolidation loan will depend on your financial needs, credit score, income level and other important factors. MoneyGeek researched the following frequently asked questions to help you understand debt consolidation loans work in this state.

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

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