Best Debt Consolidation Loans in Anaheim of 2023

LightStream is an online lending platform that was formed from the merger of SunTrust and BB&T banks in 2019. It offers debt consolidation loans from $5,000 to $100,000 without any appraisals or origination fees, with the possibility of fund disbursal on the very same business day.

Borrowers may choose between a variety of repayment plans, ranging from 24 to 84 months. Those that sign up for automatic payments are also eligible for a 0.5% discount from LightStream. With no prepayment penalties, you won’t be negatively impacted by early repayment of your loan. LightStream has an A+ BBB rating, further solidifying its position as the best lender in the area.

However, only individuals with good-to-excellent credit scores will qualify for LightStream's debt consolidation loans since a minimum credit score of 660 is required. Furthermore, you cannot use a debt consolidation personal loan to consolidate an existing LightStream loan.

Pros

• No origination fee or prepayment penalty
• High maximum loan amount of $100,000
• Autopay discount
• Same-day funding
• Mobile application

SoFi, also known as Social Finance, is a corporation that provides a variety of loans and other services. MoneyGeek recommends SoFi as the second-best debt consolidation loan lender in Anaheim for unsecured personal loans between $5,000 and $100,000.

Your loan APRs can range between 5.74% to 20.28%, with no origination charge or late fee. If you select its Direct Pay option, SoFi will pay your lender upfront, and you may be eligible for 0.25% rate savings. SoFi's unemployment protection program provides an additional benefit: borrowers that unexpectedly lose their jobs can temporarily pause or reduce their loan payment.

However, be prepared for a reduction in your credit score if you apply, as loan applications feature a hard credit check. The lender also has a relatively high minimum credit score requirement of 680.

Pros

• High maximum loan amount of $100,000
• No origination fee or prepayment penalty
• Autopay discount of 0.25%
• Mobile application
• Unemployment protection

It's more challenging to get approved for a personal loan if you have a low credit score or a limited credit history. But with Upstart, those with a bad credit score as low as 300 can still qualify for a debt consolidation personal loan. The lender also delivers on customer service, receiving an A+ rating from the BBB.

Borrowers in California can obtain a debt consolidation loan between $1,000 and $50,000. Though the lender offers a minimum loan amount of $1,000 in most states, several states, such as Georgia, Hawaii, Massachusetts, New Mexico and Ohio, have a higher minimum loan amount.

Interest rates for this lender range from 3.22% to 35.99%, based on your creditworthiness. Although the lender’s low starting APR may persuade borrowers to apply, it should be noted that only applicants with the highest credit scores will receive the lowest advertised APR.

With the lender allowing joint loans, you can apply with a reliable spouse, relative or close friend to increase your chances of approval. However, the lender performs a hard credit check and charges origination fees.

Pros

• Low minimum credit score requirement of 300
• Soft credit inquiry
• Accepts full-time, part-time and self-employed individuals
• Zero prepayment penalty

Upgrade, a financial technology firm, was launched in 2016 with the goal of facilitating responsible financial behavior among its user base by providing easy access to complimentary credit health tools, in addition to financial products. The company was rated as the best for those with good credit looking to consolidate debt.

The BBB awarded the lender an A+, the highest rating available. Same-day funding is a bonus for borrowers looking to consolidate their debt now. Interest rates on its loan products are fixed, so you won’t have to worry about market rate fluctuations. Also, those wanting to pay off their loan early can do so without incurring additional fees.

However, the lender has some striking downsides. Depending on your credit score, you could receive the lender’s highest advertised APR of 35.47%. Furthermore, origination costs between 1.95% and 8% might make it unappealing to some.

Pros

• High maximum loan amount of $50,000
• No origination fee, no prepayment penalty
• Autopay discount of 0.25%
• Mobile application
• Unemployment protection available