Best Debt Consolidation Loans in Anaheim of 2024

Banner image
Edited byMorgan Hull

Updated: December 28, 2023

Advertising & Editorial Disclosure

Best Debt Consolidation Loan Lenders in Anaheim, CA

After comparing over 30 lenders across more than 35 different data points, MoneyGeek determined which debt consolidation loan lender in Anaheim was the best. We based our selection on loan repayment terms, APR ranges, fees and costs, Better Business Bureau (BBB) ratings, funding limitations and other factors.

According to MoneyGeek’s analysis, LightStream is the top debt consolidation loan lender in Anaheim. However, the best lender will depend on the individual borrower's circumstances. Upgrade, for example, is recommended for borrowers with excellent credit.

To find the best debt consolidation personal loan for you, you can review the lenders included in MoneyGeek’s guide.

Loading...

Best Overall Debt Consolidation Loan in Anaheim, CA: LightStream

Loading...

Runner-Up for Best Debt Consolidation Loan in Anaheim, CA: SoFi

Loading...

Best Debt Consolidation Loan for Bad Credit in Anaheim, CA: Upstart

Loading...

Best Debt Consolidation Loan for Good Credit in Anaheim, CA: Upgrade

Loading...

How to Choose the Best Debt Consolidation Loan in Anaheim, CA, for You

Debt consolidation loans are popular because they allow borrowers to combine many debts into one manageable monthly payment, sometimes at a reduced interest rate. The average Californian, for example, owes a total of $16,790 in credit card and personal loan debts, the burden of which can be reduced using a debt consolidation loan.

When deciding if you should apply for a debt consolidation loan in Anaheim, we recommend following the steps below to see if it’s the right option for you.

1

Ask Yourself the Important Questions

Make a note of your financial situation and needs before applying for a debt consolidation loan.

  • How much funding do you need? Both underborrowing and overborrowing can become another source of stress. Find out how much you need to borrow by assessing your financial situation or speaking to a financial expert.
  • What’s your credit score? A lender's evaluation of your repaying ability typically includes a minimum credit criterion. In most cases, your eligibility is contingent upon your credit score.
  • Can you afford the monthly payments? Monthly payments are typical for debt consolidation loans, so review your finances and plan appropriately.
  • Do you have existing debts? The ratio of your monthly debt payments to your monthly income (debt-to-income ratio) is one metric that lenders may consider to determine your loan eligibility, so keeping it as low as possible is recommended.
  • Is your debt manageable through other means? Consider your other options. If your current loans feature a lower interest rate than your prospective debt consolidation loan, it isn’t practical to apply.
2

Do Your Research

By agreeing to repay a debt consolidation loan over a period of years, you are committing to a large quantity of money, which includes its interest and fees. Because of potential differences in rates and fees, loan quotes might vary widely from one loan company to the next. Also, some loan companies do "hard credit checks," which might lower your score.

That being the case, it's wise to shop around for your loan options before completing an application. MoneyGeek’s guide provides the foundational understanding for you to find the best loan for your specific situation.

3

Wait

A debt consolidation loan is a substantial investment, so it’s prudent to wait a few days before making a final decision. Before you apply, it's best to think through all your options and explore alternative solutions.

4

Read the Fine Print

Before signing a contract with a loan lender, research the fees, interest rates and penalties to see if you’re getting a fair deal. By reading the fine print in your loan agreement, you may save hundreds, if not thousands, of dollars over time.

5

Apply

Once you've settled on a lender, you may officially submit your application. You should be prepared to provide proof of your personal identity, address, employment history and income. Online applications are typically more convenient and processed faster than in-person applications.

What to Do if You Can’t Get a Debt Consolidation Loan in Anaheim, CA

Your application for a debt consolidation loan may be denied for several reasons. Some candidates are turned down due to poor credit, lack of income, existing debt or an incomplete application.

If your loan application is rejected, you should contact the lender to discuss the situation and determine your next steps. The lender may advise changes to your loan agreement, such as a shorter payback period or a lower loan amount, in order to increase your chances of approval. Other potential options may include adding a co-signer or collateral, as well as applying for a joint loan.

At all costs, you should avoid the use of alternative loans like payday loans. The repayment terms for these are often shorter, and their interest rates are on the higher side. Additionally, the timely repayment of a payday loan will not improve your credit score.

Calculate Your Monthly Payment

It's important to remember that debt consolidation loans have interest added on top and must be repaid as monthly payments. The debt consolidation loan calculator provided by MoneyGeek can be a helpful tool to determine your current financial preparedness in taking out a loan in Anaheim.

Loading...

Frequently Asked Questions About Debt Consolidation Loans in Anaheim, CA

Finding the ideal lender for your specific needs will depend on factors, including your credit score and history, monthly income, the size and purpose of your loan application and the interest rate you're willing to accept. In response to some of the common inquiries about debt consolidation loans in Anaheim, MoneyGeek compiled the answers to some commonly asked questions:

LightStream is MoneyGeek's top choice for debt consolidation loans in Anaheim. However, the best lender for you will be based on your needs and borrower profile. Upstart is a great choice for those with poor credit, whereas Upgrade is the better alternative for those with good credit.

Upstart has the lowest starting rate in Anaheim.

Restrictions on the usage of funds differ by lender. Although some lenders won’t allow you to use a loan for commercial or investment purposes, others may not have any restrictions.

You can combine as much debt as you want, up to a maximum of $100,000, but the limits vary from lender to lender.

Processing times can vary from one lending institution to the next, but typically, it takes one to two days.

Yes, you may pay off your debt early. Keep in mind that certain lenders charge prepayment penalties, so ask your lender for details.

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.