Best Debt Consolidation Loans in Irvine of 2024
Updated: September 18, 2024
Advertising & Editorial Disclosure
We analyzed over 30 data points to help you find a debt consolidation loan lender that fits your personal needs. Our review includes APRs, loan amounts and repayment terms for debt consolidation loans in Irvine.
Based on this analysis, MoneyGeek found that LightStream offers the best debt consolidation loan in Irvine. However, those with bad and good credit will get the best debt consolidation loans from Upstart and Upgrade, respectively.
LightStream was ranked as the best lender for debt consolidation loans in Irvine. This online lending platform, operated through Truist Financial, allows qualified borrowers to repay their loans with less interest. Although it doesn’t offer the lowest APR rates in the industry, its financing options are designed to help you get out of debt quickly. It charges no origination fees or prepayment fees to borrowers, allowing them to save money.
Although the lender has a low starting APR, this is only available to applicants with the highest credit scores. However, by signing up for automatic payments, borrowers can receive a discount on their APR.
First-time borrowers and those with credit scores below 660 are not eligible to apply. Borrowers should also note the high minimum loan amount of $5,000, which may exceed their financial needs.
Pros
Cons
SoFi offers a suite of financial products to help you get your finances back on track. For borrowers with good credit, this lender offers solid advantages, including zero fees and a mobile app, which helps you easily manage and track your payments. Repayment term lengths also vary.
A unique feature of this lender’s debt consolidation loans is unemployment protection. The lender allows borrowers to put their loan in forbearance in three-month increments for up to 12 months, if they lose their job. Another great feature offered by SoFi is direct payment to creditors. For transactions completed before 7 pm EST, the lender will also provide quick funding.
Pros
Cons
Of the lenders evaluated, Upstart is the best option for those with bad credit scores or first-time borrowers. Although the lender accepts applicants with low credit scores, those with bad credit should be mindful that they may receive a high interest rate, exceeding 35%. To check what rate you qualify for, you can submit your information for pre-approval to the lender, without your credit score being impacted.
This AI-lending platform offers loans from $1,000 to $50,000, which is a great starting point for new borrowers. However, $50,000 may not be enough for you if you’re looking to consolidate a large amount of debt. The lender also charges origination fees, which could add to the cost of your loan.
Pros
Cons
Upgrade provides a customizable loan solution to borrowers by allowing them to pick a rate and term that matches their financial needs. Loan amounts vary widely from $1,000 to $50,000, making it a good option for those that need to consolidate a low or moderate amount of loans.
Although its starting APR is relatively low, those that simply meet the lender’s minimum credit score requirement may receive a high interest rate. Another important thing borrowers should consider is this lender’s origination fees, which can be up to 8% of your loan amount. To help you get the best deal for your situation, you should compare rates and fees from different lenders.
Pros
Cons
In California, the average personal loan debt and interest rate are $22,425 and 10.21%, respectively. With a debt consolidation loan, you can combine your debts into a single monthly payment with a lower interest rate. However, depending on your circumstances, a debt consolidation loan may not be the best option for you.
We recommend taking the following steps to decide if a debt consolidation loan in Irvine is the best option for you:
Before you apply for a loan, you should evaluate your financial objectives and repayment goals.
It may be tempting to apply for the first loan you see, but comparing lenders’ repayment terms, rates and eligibility requirements can help you find the best loan terms for you. Although MoneyGeek’s guide is a great starting point, our research was based on generic buyer profiles, which may not specifically fit your situation or needs.
After you’ve completed your research and have selected a lender, you should wait a few days before applying. This will give you time to carefully think through your decision to ensure it’s the best option for you.
It’s essential to read the fine print in your loan agreement to avoid hidden costs, such as origination, prepayment or late payment fees. Although these fees may seem trivial now, they can add up over the life of your loan. If you have any questions about the terms of your loan, you can always clarify these with your lender.
Before you apply for a loan, make sure that you have all of the paperwork ready in order to expedite the loan process. It’s a good idea to call your lender ahead of time, so it can tell you exactly what documents it requires, but in general, lenders request proof of identification, address and income.
Online applications make it easy for people to apply for a loan from the comfort of their homes. However, if you prefer to apply in person, there are still lenders who have brick-and-mortar locations where you can have a representative walk you through the process.
If you've been turned down for a debt consolidation loan, don't lose hope. There are several reasons that could have caused your application to be rejected, including a poor credit history, insufficient income and high debt-to-income ratio. If your application is rejected, you should contact your lender directly, via phone or email, to find out why it was denied.
Sometimes, simply modifying the terms of your loan agreement can lead to its approval. However, if your application was rejected due to an insufficient credit score, this may take time to improve. MoneyGeek recommends waiting to reapply until you’ve improved your loan application, based on the factor(s) that caused it to be initially rejected.
MoneyGeek strongly advises against payday loans. These loans can be expensive, as they feature high interest rates and short repayment terms.
To calculate your approximate monthly payment, including interest, you can use MoneyGeek’s calculator. This will help you more easily budget for your debt consolidation loan.
MoneyGeek answered commonly asked questions about debt consolidation loans in Irvine to help you choose the best lender for your needs.
Although Lightstream is our top choice for debt consolidation in Irvine, the best lender for you will vary based on your borrower profile. For example, Upstart and Upgrade provide the best debt consolidation loans for those with poor and good credit, respectively.
Upstart offers the lowest starting interest rate, but those with poor credit scores may be subject to extremely high APRs.
Some private lenders won't fund debt consolidation for business or investment purposes, whereas others don't have any restrictions on the usage of funds.
Borrowers in Irvine can receive a debt consolidation loan for up to $100,000. However, the loan amount available to you will vary based on your credit score and income.
This varies by lender, but in general, it takes anywhere from one business day to up to a week.
Some lenders may charge fees for early repayment, so it’s important that you check with your lender to learn about any fees.
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.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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.
