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Best Debt Consolidation Loans in Connecticut of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Connecticut

MoneyGeek compared lenders offering debt consolidation loans in Connecticut based on 30+ data points including: average APR rates, minimum credit score requirements, loan limits, disbursement time, applicable fees and other factors to identify the best providers.

Upgrade is MoneyGeek’s top pick for the best debt consolidation lender in Connecticut. In addition to its flexible repayment terms, Upgrade offers quick disbursement of funds and the option to pay creditors directly. However, the best lender for you may vary depending on your specific needs and profile.

Best Overall Debt Consolidation Loan in Connecticut: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    MoneyGeek’s analysis found that Upgrade is the best lender for debt consolidation loans in Connecticut. Upgrade was launched in 2017 and is headquartered in San Francisco. This lender has an A+ Better Business Bureau (BBB) rating.

    Upgrade offers borrowers flexible loan limits ranging from $1,000 to $50,000 with the option for direct payment to third-party creditors. However, this lender has relatively high APR rates ranging from 5.94% to 35.47%, depending on your creditworthiness. You will also incur origination fees on your loan, but there are no charges for making early payments.

    Upgrade disburses funds quickly, which means you can get your loan the same day if you are approved. However, you will need a minimum credit score of 560 to qualify. You can check rates online before applying using the prequalification option, which will not affect your credit score.

    Pros

    • Quick funding
    • No minimum gross income requirement
    • No early payment fees
    • Option to pay third party creditors directly
    • Pre-qualification option with soft credit inquiry

    Cons

    • Charges origination fees
    • Relatively high APR rates
    • Does not allow co-signers
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Connecticut: Lightstream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream is our runner-up pick for best debt consolidation loan lender in Connecticut. LightStream was started in 2012 and is headquartered in San Diego, California. LightStream stands out for offering competitive APR rates and having relatively low fees, including having no origination or early payment fees.

    LightStream offers high loan limits of up to $100,000, so borrowers who have high amounts of debt to consolidate will find this lender ideal. Funds are disbursed within the same day, so this lender is a good option if you need funds urgently.

    To qualify for a LightStream loan, you need to have a minimum credit score of at least 660 which can disqualify borrowers with poor to average credit. You will alsobe unable to check rates online beforehand because LightStream does not have a prequalification option.

    Pros

    • Quick funding
    • Flexible repayment terms of up to 84 months
    • Loan limits of up to $100,000
    • No origination fees
    • No early payment fees

    Cons

    • High minimum credit score requirement
    • No prequalification option
    • No option to pay third-party creditors directly
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

Best Debt Consolidation Loan for Bad Credit in Connecticut: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    If you have a poor credit score, Upstart is the best option for debt consolidation loans in Connecticut.

    Upstart began in 2012 and is headquartered in San Mateo, California. It uses AI technology to qualify borrowers, so you may still qualify for a loan even if you don’t have a lengthy credit history. Upstart has a low credit score requirement of 300, making it ideal for those with poor to average credit. Upstart does require borrowers to be employed with a gross income of at least $12,000.

    Upstart loans range from $1,000 to $50,000, which is ideal if you need to consolidate small amounts of debt. However, since this lender has relatively high APR rates, you may be better off looking elsewhere if you want a low-cost debt consolidation loan. You can discover rates before applying using the prequalification option available on the Upstart website.

    Pros

    • Flexible loan limits
    • Prequalification with soft credit check
    • Quick disbursement of funds
    • Low minimum credit score requirement
    • No prepayment fees

    Cons

    • High APR rates
    • Charges origination fees
    • Charges late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Connecticut: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi was founded in 2011 and is headquartered in San Francisco. If you have good credit, SoFi offers the best debt consolidation loans in Connecticut.

    If you have a large amount of debt to consolidate, SoFi is ideal since they offer loan limits of up to $100,000. This lender has competitive APR rates that can range from 5.74% to 20.28%, depending on your creditworthiness. You will also not incur any origination or prepayment fees.

    In case you lose your job, SoFi offers employment protection which means you can modify your monthly payments until you find another job. However, since you need a credit score of at least 680 to be approved, those with poor to average credit may not qualify.

    You can check rates online without impacting your credit score negatively because SoFi offers a prequalification option.

    Pros

    • Flexible loan limits of up to $100,000
    • Loss of Employment protection
    • No origination fees
    • No prepayment charges
    • Low APR rates

    Cons

    • High minimum credit score requirement
    • Restrictions on usage of funds
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Connecticut for You

The average personal loan amount in Connecticut is $14,038, but individual factors like your credit score, gross income and existing debt will impact how much you qualify for and the APR rates.

Analyzing factors like your credit score, debt-to-income ratio and income can guide you in identifying the best lender for your needs. The following steps can guide you before you apply for a debt consolidation loan in Connecticut.

1
Ask Yourself the Important Questions

Before taking out a personal loan, it’s important to assess your financial situation. This will help you determine if you can repay the loan and how the loan will impact your finances. MoneyGeek recommends asking yourself the following questions before applying for a debt consolidation loan.

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

To find the best lender in Connecticut for your needs, you should research different lenders and compare their minimum requirements, APR rates and terms. This will help you identify a lender that best suits your financial goals and profile.

MoneyGeek’s recommendations highlight the best lenders for debt consolidation loans based on different profiles but we also recommend that you do your own research based on your unique needs and financial situation.

3
Wait

It’s important to wait a day or two before submitting your loan application. This will give you sufficient time to consider all your options, including other financing alternatives. A debt consolidation loan can help to make your debt payments easier, but this will depend on the rates and terms of the loan. It pays to weigh all the pros and cons before you apply.

4
Read the Fine Print

Before signing up for a loan, it is important to read the fine print and understand all the fees, rates and terms. In addition to interest, debt consolidation loans may incur other charges such as origination, prepayment fees and others. Make sure you are aware of all the fees and seek clarification from the lender for any terms that you do not understand.

5
Apply

Once you’ve selected the best lender for your needs, you can submit your personal loan application. The lender will typically request that you provide personal information, including proof of income, financial statements and other details.

In most cases, you can apply for a personal loan online, but some lenders may require an in-person consultation. You can also call or visit the lender if you need help with the loan application process.

What to Do if You Can’t Get a Debt Consolidation Loan in Connecticut

In some cases, your debt consolidation loan application may be declined. Loan applications are denied for a variety of reasons such as failure to meet minimum credit score or DTI ratio requirements. However, you shouldn’t worry because these are factors that you can improve over time.

Make a point of reaching out to the lender to find out why your loan was declined. In some cases, it could be because you failed to provide all the information required, which is something you can rectify. If you were declined for failing to meet the minimum requirements, you can work on improving your credit worthiness before reapplying or applying with a different lender.

It is best to avoid payday loans as an alternative if you are declined. These types of loans charge high interest and may also offer unfavorable repayment terms that can strain your finances even further.

Calculate Your Monthly Payment

Before you apply for a debt consolidation loan in Connecticut, calculating your monthly payments will help you understand the financial implications of the loan. You can use MoneyGeek’s personal loan calculator to get an estimate of your monthly payments based on your profile.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Connecticut

MoneyGeek answered commonly asked questions to help you find the best debt consolidation loans in Connecticut for your profile.

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

MoneyGeek reviewed over 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 amount, minimum credit score, minimum income amount, application fees and disbursement time.

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, our picks are chosen 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.

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