Best Debt Consolidation Loans in San Francisco of 2024

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Edited byMorgan Hull

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in San Francisco, CA

The best debt consolidation loan in San Francisco depends on your borrower profile. According to MoneyGeek’s findings, LightStream is the best lender for debt consolidation loans, whereas SoFi is the second-best lender. Upgrade and Upstart were also ranked highest for those with good and bad credit, respectively.

MoneyGeek ranked companies for over 30 data points, including the lender’s loan limits, repayment and disbursement durations, interest rates, Better Business Bureau (BBB) ratings and credit score requirements. With this analysis, borrowers can compare rates and features between lenders and select the best option for their needs.


Best Overall Debt Consolidation Loan in San Francisco, CA: LightStream


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


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


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


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

The average personal loan debt in San Francisco is $16,790, with an average interest rate of 10.21%. You may consider applying for a debt consolidation loan if you wish to combine your debts into one monthly payment at a significantly lower interest rate.

Before applying for a debt consolidation loan in San Francisco, you should take the following steps:


Ask Yourself the Important Questions

There are several questions you should ask yourself to determine if a debt consolidation loan is the best option for you.

  • How much funding do you need? Accurately estimating the amount of money you need to consolidate your debt will help you save on interest.
  • What’s your credit score? Because your credit score will impact your eligibility for a loan, as well as the loan terms that you’ll receive, it’s essential to know where your credit score falls relative to other providers.
  • Can you afford the monthly payments? It’s important to repay your debt consolidation loan, but you should only make a monthly payment that fits within your budget. Attempting to repay your loan too quickly through a high monthly payment may cause you to fall short of your other financial goals.
  • Do you have existing debts? The amount of debt you wish to consolidate will impact the lender that’s best for you.
  • Is your debt manageable through other means? Typically, the interest rate you’ll receive on a debt consolidation loan is lower than those for your individual loans. However, there are rare cases in which the interest rate on your individual loans may actually be lower. In this case, it may not make sense to use a debt consolidation loan.

Do Your Research

It’s important to thoroughly research each provider to find the best debt consolidation lender for your needs. You should compare providers for the terms in their loan agreements, such as repayment terms, loan amounts, interest rates and their eligibility requirements, like credit score and income level.



After choosing the best lender for your needs, you should wait a few days before applying. During this time, you can think about if a debt consolidation loan will help you meet your financial goals, or if this lender in particular will help you achieve them.


Read the Fine Print

Lenders will provide a loan agreement that outlines the terms of your loan, including fees for early repayment, loan origination and late payments. Prior to signing your agreement, you should make sure that you’re aware of and understand these terms. Taking the time to thoroughly read your loan agreement upfront can save you a significant amount of money in unplanned costs.



After you’ve read through the fine print of your loan agreement and are confident in your lender choice, it’s time to submit your application. To save time on your application, you should gather all pertinent documents, like proof of identification, address, income and employment, in advance. Often, you can apply online, in person or over the phone.

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

If your application is rejected, you shouldn’t be alarmed. Loan applications are often rejected for several reasons, including a low credit score, insufficient income or incomplete application. To find out why your application was rejected and request changes to your application, you should contact your lender.

Sometimes, simply modifying the terms of your loan agreement, like increasing the repayment period or reducing the loan amount, can lead to your application’s approval. However, if the lender cites an issue with your credit score, you may need to consider other lenders, submit a joint application or focus on improving your credit score altogether before reapplying.

Although you may be tempted to apply for short-term loans, like a payday loan, MoneyGeek strongly advises against this. These loans feature extremely high interest rates and short repayment periods that could cost you a significant amount of money.

Calculate Your Monthly Payment

Once you receive your loan, you will commit to making monthly payments for the lifetime of the loan. Note that these repayments comprise the premium amount plus interest. You can use MoneyGeek’s debt consolidation loan calculator to estimate how much you will need to pay per month for your type of profile.


Frequently Asked Questions About Debt Consolidation Loans in San Francisco, CA

Although there are several debt consolidation loan lenders in San Francisco, the best option for you will be based on your financial goals. To help you identify the best lender for you, MoneyGeek answered the following most frequently asked questions:

Based on MoneyGeek’s research, LightStream provides the best debt consolidation loans in San Francisco. However, the top lender for your needs varies depending on your profile. For instance, Upstart is excellent for those with bad credit, whereas Upgrade is the best for those with good credit scores.

According to our analysis, Upstart offers the lowest starting interest rate for borrowers in San Francisco. However, the lender’s maximum APR is extremely high.

Although your debt consolidation loan will cover most loans, like credit card debts, some lenders may place restrictions on the usage of your funds. To find out if your lender has any limitations, you should contact them directly.

The amount of debt you can consolidate in San Francisco varies based on your preferred lender and credit score. Based on this, you could receive funds ranging from $1,000 to $100,000.

The disbursement period also varies based on the lender. For instance, some lenders may credit your account the same day that your application is approved; others may take several days to up to a week.

Depending on your lender, you may be able to pay off your loan early without being subject to an early repayment fee.



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.


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.