Best Debt Consolidation Loans in Riverside of 2024

Updated: December 28, 2023

Advertising & Editorial Disclosure

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


  • 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 found that LightStream, which was founded in 2012, offers the best debt consolidation loans in Riverside. This lender is ideal for borrowers with multiple high-interest debts since it offers relatively low APR rates. LightStream is also low on fees — you will not incur any origination or early payment fees if you borrow from this lender.

    Borrowers looking for high loan limits will find LightStream ideal since you can borrow as much as $100,000. However, to qualify, you need a minimum credit score of 660. Also, only borrowers with excellent credit scores qualify for the lowest APR rates.

    LightStream disburses funds quickly, and in most cases, you can receive funds the same day you’re approved. However, there is no pre-approval feature, and you can only apply for a loan online.

    Pros

    • No origination fees
    • Reasonable APR rates
    • No prepayment penalties
    • Flexible loan limits
    • Quick funding

    Cons

    • No prequalification option
    • Conducts hard credit checks
    • High credit score requirement
    • High loan minimum of $5,000
    LightStream

Runner-Up for Best Debt Consolidation Loan in Riverside, 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 and is headquartered in San Francisco, California. For borrowers in Riverside looking for low APR rates and a lender with few fees, SoFi is a good option. This lender offers loan limits of up to $100,000. However, you cannot borrow less than $5,000.

    SoFi has a prequalification option, so you can check rates online with no commitment. Keep in mind that you need good credit to qualify. This lender allows co-applicants for debt consolidation loans.

    In case you lose your job, SoFi offers unemployment protection, which allows you to modify your payments temporarily. SoFi also does not charge any late, prepayment or origination fees.

    Pros

    • No origination fees
    • No prepayment fees
    • Prequalification option
    • Flexible limits of up to $100,000
    • Accepts co-applicants

    Cons

    • Requires good-to-excellent credit
    • Restrictions on usage of funds
    • Minimum loan of $5,000
    • High minimum APR
    SoFi

Best Debt Consolidation Loan for Bad Credit in Riverside, 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 found that Upstart, which was founded in 2012, is the best lender for debt consolidation loans in Riverside if you have bad credit. Upstart, which is headquartered in San Mateo, California, accepts borrowers with credit scores as low as 300. Loan limits are also flexible, and borrowers can take out loans of as little as $1,000.

    Upstart funds loans by the next day, so it is ideal if you need a loan quickly. However, keep in mind that APR rates can be high, depending on your creditworthiness. This lender has a prequalification option, so you can check your rates before applying without impacting your credit score.

    Upstart loans are only available in terms of three or five years, so borrowers looking for flexible payment terms may need to look elsewhere.

    Pros

    • Prequalification available
    • Low minimum credit score requirement
    • No early payment fees
    • Soft credit check

    Cons

    • Charges origination fees
    • Only two repayment term options
    • High maximum APR rate
    Upstart

Best Debt Consolidation Loan for Good Credit in Riverside, 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 found that, for Riverside borrowers with good credit, Upgrade is the best option for debt consolidation loans. Upgrade was founded in 2016 and offers personal loans that can be used to consolidate debt with the option to pay creditors directly.

    To be eligible for an Upgrade loan, you need a minimum credit score of 560. However, keep in mind that APR rates can be high, especially for borrowers with average credit. If you need to borrow small amounts, Upgrade is a good choice since loan limits range from $1,000 to $50,000. This lender also disburses funds fairly quickly.

    Upgrade charges origination and late fees, but you will not incur any charges for early payment. You can also check rates before applying without impacting your credit score.

    Pros

    • Prequalification with soft credit inquiry
    • Broad range of repayment terms
    • Reasonable minimum APR
    • Co-applicants allowed
    • Pays creditors directly

    Cons

    • High maximum APR rate
    • Charges origination fees
    • Charges late fees
    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.

1
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.
2
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.

3
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.

4
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.

5
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.

Loading...

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.

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

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.