Best Debt Consolidation Loans in Riverside of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Riverside
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Riverside
- Best Debt Consolidation Loan Lender for Bad Credit in Riverside
- Best Debt Consolidation Loan Lender for Good Credit in Riverside
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Riverside
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Riverside
Best Debt Consolidation Loan Lenders in Riverside, CA
MoneyGeek analyzed various lenders to help you find the best companies for debt consolidation loans in Riverside. We reviewed more than 30 data points to rank the best debt consolidation loan lenders based on factors such as minimum requirements, loan limits, interest rates and user experience.
MoneyGeek also considered different borrower profiles to help you find the best rates and terms for your unique profile. Our analysis found that LightStream offers the best overall debt consolidation loans in Riverside for most borrowers.
Best Overall Debt Consolidation Loan in Riverside, CA: LightStream
Runner-Up for Best Debt Consolidation Loan in Riverside, CA: SoFi
Best Debt Consolidation Loan for Bad Credit in Riverside, CA: Upstart
Best Debt Consolidation Loan for Good Credit in Riverside, CA: Upgrade
How to Choose the Best Debt Consolidation Loan in Riverside, CA, for You
In California, the average personal loan debt is $16,790. So, if you are in debt, you are not alone. A debt consolidation loan can help you manage your debt payments by combining them into a single payment with a lower interest rate. However, before applying for debt consolidation loans in Riverside, it's important to consider your debt-to-income ratio, income and credit score. These factors will help you determine the best lender for your profile.
MoneyGeek outlined steps to guide you in identifying the best debt consolidation loans for your needs.
Ask Yourself the Important Questions
Make sure that a debt consolidation loan is a good option for your situation by asking yourself the following questions:
- How much funding do you need? Figure out how much you need to borrow and if you can afford the monthly payments before considering applying for a debt consolidation loan.
- What is your credit score? Lenders will assess your eligibility for a loan based on your credit score, so it is important to find out if your FICO score meets the minimum requirements before applying.
- Can you afford the monthly payment? Figure out how the monthly payments will affect your income. Keep in mind that the more you borrow, the higher your monthly payments become.
- How much debt do you already have? Avoid taking on more debt than you can handle. If your debt-to-income ratio is already high, it may be best to put off taking another loan.
Do Your Research
Lenders' minimum requirements, terms and rates can vary widely, so doing your own research is the best way to find the right lender for your unique needs. It pays to compare lenders’ rates and other fees by finding out what multiple lenders have to offer. Debt consolidation loans are a long-term commitment, so taking time to identify the best options can help you make significant savings on the overall cost of your loan.
MoneyGeek’s recommendations are a great starting point but keep in mind that your individual profile may differ from the ones highlighted. Do your own research based on your unique needs to find the best debt consolidation loans for you.
Wait
It’s important to wait a day or two before you apply for a loan. This will give you time to ensure that you are not making an impulsive decision and that you have weighed all other financing options that are available to you.
A debt consolidation loan can have a long-term effect on your finances, so it is best to only apply once you are sure that it is the best financial decision for your situation. Take a day or two to consider the commitment you are about to make, and only apply if you are sure that you can handle it.
Read the Fine Print
Hidden charges and penalties are easy to miss if you do not read the fine print properly. Make sure that you understand all the rates, terms and penalties that apply to your debt consolidation loan beforehand. Late fees and similar penalties can rack up over time, making your loan more costly. Make sure you read and understand the fine print before signing a personal loan agreement.
If there are details in the fine print that you do not understand, ask the lender for clarification before signing. It is best to be fully aware of what you are signing up for to avoid costly surprises down the road.
Apply
Once you are confident that a debt consolidation loan is a good choice for you and fully understand the terms of the loan, you can proceed to apply. Most lenders will require your personal identification and financial information. In most cases, you can complete the application online in just a few minutes and then wait for the lender’s decision. Some lenders also have the option to apply in person, so check with your preferred lender for the specific application procedure.
Be sure to submit all the information and supporting documents required by the lender to avoid being declined for an incomplete application. Most lenders offer support in case you need help with your application.
What to Do if You Can’t Get a Debt Consolidation Loan in Riverside, CA
If your application for a debt consolidation loan is declined, you do not need to fret. Lenders frequently decline applications for various reasons. In some cases, your application may be declined for not meeting the lender’s minimum requirements for credit score, gross income or debt-to-income ratio. You may also be declined if your application was incomplete or did not include the required documentation.
It is best to always find out from the lender the exact reason why your loan application was declined. This will help you figure out what your next steps should be. Factors like your credit score and debt-to-income ratio can be improved over time to ensure future applications are successful. In case you were declined for an incomplete application, you may be able to re-apply and get approved.
MoneyGeek recommends that you avoid re-applying until you have verified why you were declined and improved that factor. This will ensure that your credit score is not impacted negatively. Avoid turning to payday loans as an alternative if you are declined. These types of loans have extremely high interest rates, and repayment periods can be very short, potentially making your financial situation much worse.
Calculate Your Monthly Payment
Knowing how much your debt consolidation loan will cost you in monthly payments can help you plan better. Use MoneyGeek’s personal loan calculator to get an estimate of your monthly payments.
Frequently Asked Questions About Debt Consolidation Loans in Riverside, CA
The best lender for debt consolidation in Riverside will depend on individual factors like your credit score and income. MoneyGeek answered commonly asked questions to help you learn more about debt consolidation loans in Riverside.
LightStream is the best lender for debt consolidation loans in Riverside for most borrowers. However, if you have bad credit, Upstart may be the best option for you, whereas Upgrade is ideal for those with good credit.
Upstart offers the lowest APR rates for debt consolidation personal loans in Riverside.
Some lenders will restrict the use of debt consolidation loans for purposes like post-secondary education expenses, but restrictions vary depending on the individual lender.
In Riverside, you can consolidate debts ranging from $1,000 to $100,000, depending on the lender. Keep in mind that individual factors like your credit score and income will impact how much you are eligible to borrow.
You can get a debt consolidation loan in Riverside within a day or two, depending on the lender. Some lenders offer same-day funding, whereas others may take two or more days to disburse funds.
You can pay off your loan early in Riverside. Most lenders do not charge prepayment fees, but this can vary, so check with your preferred lender for their specific terms on early payment.
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
- LightStream. "Debt Consolidation." Accessed October 3, 2022.
- LightStream. "Frequently Asked Questions." Accessed October 3, 2022.
- SoFi. "Personal Loans." Accessed October 3, 2022.
- Upgrade. "Consolidate Your Debt." Accessed October 3, 2022.
- Upgrade. "Personal Loans." Accessed October 3, 2022.
- Upstart. "Personal Loans." Accessed October 3, 2022.
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
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