Best Debt Consolidation Loans in Long Beach of 2024

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Edited byLilian Mironga
Edited byLilian Mironga

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Long Beach, CA

MoneyGeek assessed debt consolidation loan lenders in Long Beach using more than 30 data points. We considered interest rates, service quality, accessibility and other important factors.

Based on our research, the best debt consolidation loans in Long Beach are from LightStream and SoFi. Borrowers with bad credit may find the best deals with Upstart, whereas those with good credit may like Upgrade.

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Best Overall Debt Consolidation Loan in Long Beach, CA: LightStream


  • LightStream

    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    MoneyGeek's top choice for the best debt consolidation loan in Long Beach is LightStream, a division of Truist Bank established in 2019. LightStream's debt consolidation loan is best for borrowers who wish to consolidate large debts while avoiding high APRs.

    LightStream offers borrowers personal loans ranging from $5,000 to $100,000. In addition to having lower interest rates, LightStream doesn't charge origination, late or prepayment penalty fees. As a result, you can earn more savings while you inch closer to debt-free.

    If you're looking for a quick loan approval process, LightSteam disburses funds on the same day of application. Please note that the lender does not send money to a third-party creditor or business account. Funds go directly into the borrower's bank account.

    Pros

    • No prepayment penalties
    • No origination fees
    • No late fees
    • Relatively low APR
    • Same-day funding

    Cons

    • Requires good-to-excellent credit
    • No fund disbursement to a third party or a business account
    • Payment deadlines are permanent
    LightStream

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


  • SoFi

    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi was founded in 2011 to assist its clients in achieving their goals through improved financial management. Because of this, the lender offers loans with no fees. Borrowers don't incur prepayment penalties, application, late or origination fees.

    Borrowers can consolidate debts of up to $100,000. You need a relatively good credit profile to qualify for a loan. Along with income and employment requirements, the minimum credit score required is 680.

    You can receive your funds through a personal bank account. SoFi releases the money a few days after it approves your loan. Borrowers can also choose to have the funds sent directly to their creditors, but this can take around three days.

    Pros

    • No origination fees
    • No prepayment penalties
    • No late fees
    • Can send funds directly to your creditor

    Cons

    • High minimum credit score requirement of 680
    • Borrowers must meet employment and income requirements
    • Sending money to your creditor may take longer to process
    SoFi

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


  • Upstart

    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    MoneyGeek recommends Upstart for borrowers with bad credit in Long Beach. This company was founded in 2012 when it started using AI to make loans more accessible to people.

    Aside from having a low credit score requirement, Upstart also considers other factors in determining creditworthiness. For instance, your education will not affect your credit scores.

    Although Upstart suits those with bad credit, it's best to watch out for the maximum APR. Borrowers with poor credit profiles may likely receive this high APR. It's also best to be responsible when paying off the loan since Upstart's loans come with a late fee of 5% or $15.

    Pros

    • Low minimum credit score requirement
    • No educational attainment requirement
    • Receive funds the day after approval
    • No prepayment penalties
    • 15-day grace period

    Cons

    • Possibility of getting a high APR
    • Charges a late fee
    • Has an origination fee
    Upstart

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


  • Upgrade

    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    MoneyGeek's top pick for debt consolidation loans in Long Beach for borrowers with good credit is Upgrade. The company was founded in 2017.

    The minimum credit score required to qualify for Upgrade's debt consolidation loan is 560. Borrowers can consolidate loans from $1,000 to $50,000 with this lender. You can pay off the loan with Upgrade's flexible repayment terms.

    Upgrade typically disburses funds to a borrower's personal account in one business day. You can also choose to have the money sent to your creditors. However, it could take two weeks to clear.

    Pros

    • Directly send your funds to your creditor
    • Flexible repayment terms
    • No prepayment penalties
    • 15-day grace period

    Cons

    • Charges origination and late fees
    • High maximum APR
    • Funds sent to creditors may need two weeks to clear
    Upgrade

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

On average, a borrower in California has a personal loan debt of $16,790. Loans vary in terms of repayment periods, APRs, amounts and conditions. Therefore, finding the best option that fits your budget and preferences is crucial.

To help you find the ideal loan that caters to your needs, MoneyGeek advises that you consider following these steps:

1
Ask Yourself the Important Questions

Looking for the best debt consolidation loan in Long Beach means considering various factors. These questions can help you figure out what you really want in a debt consolidation loan:

  • How much funding do you need? Knowing how much debt you have to consolidate will determine the loan amount you need.
  • What's your credit score? Lenders base your interest rate, period and loan amount on your credit score.
  • Are the monthly payments within your means? A loan is a financial commitment, including committing to your monthly installments.
  • Do you currently owe any money? If you have existing debt from different creditors, then you might need a debt consolidation loan.
  • Can you pay off your debt in other ways? Although debt consolidation loans can help you manage your debt, you still need to consider other options.
2
Do Your Research

Borrowers often have two to four years to repay their loans. They are subject to a hard credit check, which affects their credit score over the long run. A debt consolidation loan comes with financial responsibilities. It's a significant commitment that you can't easily get rid of.

Therefore, you must thoroughly research lender offers before starting the application process. You might find several similarities between lenders, so you want to make sure you're going with the one that best suits your situation. Your desired lender should check all the boxes that cover your needs.

You should consider your needs and other personal circumstances when looking for the ideal lender. MoneyGeek can recommend particular lenders based on your consumer profile. However, doing your own research allows you to find the one that perfectly suits you.

3
Wait

Taking out a loan is a long-term commitment that will impact your finances. You have to be completely sure about every decision you're about to make. At this point, waiting is the key.

Give yourself time to think about what you want to do to make a more accurate decision. Wait for a day or two before finalizing your decision. Use this time to re-evaluate your decision and look further into the details. You might also spot things that you overlooked before.

It's okay to delay your application for a little while. These next few days could be critical for you as they give you the peace of mind that you've really thought this through. It's crucial to be patient at this point, especially when trying to ensure that you're making the right decision.

4
Read the Fine Print

There are many things to keep track of when looking for a debt consolidation loan. Because of this, it's easy not to notice certain details, like fees and other conditions attached to your loan.

To avoid missing these details — even down to the smallest one — take your time reading the fine print. Review your loan agreements and look for origination fees, prepayment penalties, late fees and other expenses associated with your loan.

The fine print shows the true cost of your loan. So, if you've overlooked a particular detail, you might end up paying more for your loan. This part of the process helps you save money in the future by avoiding unexpected fees and possible hidden charges. Besides, it's always better to know what you're paying for.

5
Apply

If you are confident with your chosen lender, it's time to apply for the loan. Debt consolidation loan lenders have different application procedures. You can apply personally or via your lender's hotline or official website. It's important to choose the one you're most comfortable with.

Going to your lender's office may require more work, but it can give you better means to communicate. You can also apply by calling your lender and speaking with a representative. Online applications are the most convenient and can be done within a few minutes.

Lenders often require documents for confirmation of your identity, address and income. Some lenders may also request additional paperwork, especially if they encounter problems and inconsistencies in your form. To make your transactions faster and hassle-free, prepare your documents ahead of time and fill out your application with accurate information.

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

It's normal to experience rejection when applying for debt consolidation loans. Some common causes for a loan denial are low credit scores, insufficient income, not meeting the eligibility requirements and inaccurate information. You shouldn't lose hope if your lender has denied your application.

Reach out to your lender to ask the exact reason. Then, focus on this reason. If it's a personal factor, such as a low credit score, it's best to improve your credit profile before going to another lender.

You can also alter some details in your application. If it's because of inaccurate information on your form, try correcting it and resubmitting your application. You can also change some details, like your loan amount or repayment terms, to reduce your monthly dues.

MoneyGeek recommends that you steer clear of payday loans. Payday loans might provide you with an immediate source of funds but come with incredibly higher interest rates.

Calculate Your Monthly Payment

Part of your commitment as a borrower is to pay your monthly installments and interest. Use the MoneyGeek personal loan calculator to estimate your monthly installment amount. It can help you determine if a loan can fit your monthly budget.

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Frequently Asked Questions About Debt Consolidation Loans in Long Beach, CA

MoneyGeek answered some frequently asked questions about debt consolidation loans in Long Beach to help you know which lender is right for you.

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

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, application fees, minimum income amounts and disbursement times.

Here at MoneyGeek, we value you, the consumer. Therefore, we also factor in each lender’s customer support, business ratings and additional features — like prequalification, payment options and mobile apps — that could make your experience easier and more accessible.

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.