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Best Debt Consolidation Loan Lenders in Delaware

Consolidating debts into a single payment can help you keep track of your monthly payments and lower your interest costs. Delaware has an average credit card debt of $5,581 and a personal loan debt of $16,674. Debt consolidation will help streamline payments and pay off your debt faster.

When applying for debt consolidation loans in Delaware, lenders will consider factors like your credit score, income and debt-to-income ratio. MoneyGeek analyzed the best lenders for debt consolidation in Delaware to help you find the best options.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Delaware

MoneyGeek analyzed debt consolidation loans in Delaware to identify the best lenders. Our analysis used over 30 data points to rank lenders in Delaware using factors such as APR rates, minimum income and credit score requirements, repayment terms, loan limits, disbursement time and applicable fees.

Overall, Upgrade is the best debt consolidation loan lender in Delaware. You'll need a relatively low minimum credit score to qualify for an Upgrade loan. This lender offers borrowers the option to pay creditors directly. However, the best lender for you will vary based on your needs and profile.

Best Overall Debt Consolidation Loan in Delaware: Upgrade


Runner-Up for Best Debt Consolidation Loan in Delaware: 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

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Delaware: 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

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in Delaware: 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

    on SoFi Website

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

On average, Delaware's personal loan debt is $16,674, with an interest rate of 9%. Debt consolidation loans can help you streamline high-interest debt, but assessing your current financial situation is important before applying for a loan.

Your credit score, gross income and existing debt will help you determine the best debt consolidation loan in Delaware for your needs. You can use the following steps to guide you before applying for a loan.

1

Ask Yourself the Important Questions

Debt consolidation loans are long-term financial commitments. You should assess the financial implications before you commit to this. It would help if you also considered the options available based on your income, credit score and existing debt. MoneyGeek recommends asking yourself these questions:

  • 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

It's wise to research and compare different lender rates, fees, terms and other significant features. While you can use MoneyGeek's recommendations as a guide, our top picks may not apply to every scenario or profile.

Take time and evaluate lenders based on your unique needs and financial goals. Doing your own research may be time-consuming, but it will help you identify the best lender for your specific needs.

3

Wait

Making a hasty decision can cause you more financial strain. Wait a day two before you apply for your debt consolidation loan. This will allow sufficient time to weigh your options and consider all the financial implications. You can also use this period to look up other financing alternatives before settling on a debt consolidation loan.

4

Read the Fine Print

You should thoroughly read your loan agreement's fine print to understand any extra charges and applicable terms. Some fees may apply in certain circumstances like early payment, so understanding your obligations and options can save you unnecessary expenses. Contact your lender for clarification if you do not understand the fine print.

5

Apply

Once you have selected the best lender for your needs, it's time to submit your loan application. When applying, lenders typically ask for personal information such as your address, proof of income and financial history.

Most lenders have a convenient application process that you can complete in minutes. Once you have submitted your application, a representative will get back to you. You can also call or visit the lender if you need further information or help with the application process.

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

Lenders may reject loan applications for several reasons, including failure to meet their minimum eligibility requirements or submitting an incomplete application. You may feel disappointed, but it is important to note that you can always qualify for a loan on subsequent applications.

Always ask your lender for the particular reason your application was denied. You'll know what you need to improve on before reapplying for a loan or trying a different lender.

MoneyGeek does not recommend taking a payday loan as an alternative. Payday loans typically attract very high-interest rates. They can also have unfavorable repayment periods, ultimately hurting your credit score if you fail to pay back as stipulated.

Calculate Your Monthly Payment

Before you apply for a debt consolidation loan in Delaware, you need to calculate your monthly payments first to determine if your finances can cover this expense. MoneyGeek's personal loan calculator below can help you 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 Delaware

The best debt consolidation loan lender for you will depend on your profile and specific needs. You can learn more about debt consolidation loans in Delaware in the answers to frequently asked questions below.

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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, we determine our picks in your best interests. 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

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.