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Best Debt Consolidation Loans in Delaware 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 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


  • Upgrade is MoneyGeek's pick for Delaware's best debt consolidation loans. Founded in 2017 with headquarters in San Francisco, Upgrade 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 creditors. APR rates range from 5.94% to 35.47%, depending on your creditworthiness. Upgrade has a quick funding process, making it an ideal lender if you need funds urgently. Additionally, this lender can directly pay your creditors, saving you time.

    Upgrade is also a good option if you have a less than stellar credit score since it requires only a minimum credit score of 560. However, you will not be able to apply for an Upgrade loan with a co-signer. This lender is also not ideal for borrowers looking to consolidate debt at relatively low fees since charges like origination fees will apply.

    Pros

    • Quick disbursement of funds
    • No prepayment fees
    • Prequalification available with soft credit checks
    • No minimum gross income
    • Option for direct payment to creditors available

    Cons

    • Charges origination fees
    • Relatively high APR rates
    • No 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

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

    LightStream was launched in 2012, with its headquarters in San Diego, California. Based on MoneyGeek data, this lender is the runner-up for best debt consolidation loans in Delaware. LightStream offers competitive APR rates ranging from 4.49% to 20.49%, depending on your creditworthiness.

    With LightStream, you do not need to worry about prepayment or origination fees. LightStream disburses funds within the same day, so if you need funds urgently, this lender is ideal.

    This lender is ideal for borrowers looking for high loan limits since you can borrow up to $100,000. Since borrowers need a good credit score of at least 660 to qualify for LightStream, those with poor to average credit are better off opting for a different lender.

    One downside to LightStream is it does not directly pay third-party creditors.

    Pros

    • Flexible loan limits of up to $100,000
    • Quick disbursement of funds
    • Flexible repayment terms (up to 84 months)
    • No origination fees
    • No prepayment fees

    Cons

    • Relatively high minimum credit score
    • Doesn’t pay third-party creditors directly
    • No pre-approval
    • 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 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

    Established in 2012, Upstart's headquarter is in San Mateo, California. It is the best option for Delaware borrowers with bad credit. This lender uses artificial intelligence to qualify borrowers, so you may still be eligible for a loan even if you do not have a lengthy credit history.

    Upstart requires a minimum credit score of only 300, so Delaware borrowers with bad credit score should consider. However, you must have a minimum gross income of at least $12,000 to qualify. This lender is ideal for borrowers who need flexible loan limits since you can borrow between $1,000 and $50,000.

    Upstart has relatively high APR rates of up to 35.99%. It also charges origination fees. Despite that, you can check out rates beforehand since Upstart offers prequalification with a soft credit check which will not impact your credit score.

    Pros

    • Low minimum credit score
    • No prepayment penalties
    • Flexible loan limits
    • Soft credit checks
    • Quick funding process

    Cons

    • Relatively high APR rates
    • Charges origination fees
    • 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 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

    SoFi's company headquarters are in San Francisco. Founded in 2011, SoFi has funded over $50 billion in loans. It is the best lender for debt consolidation in Delaware if you have good credit.

    SoFi has competitive APR rates ranging from 5.74% to 20.28%. With this lender, you will not incur any origination or early payment fees. SoFi is ideal if you need high loan limits of up to $100,000. Plus, this lender also offers employment protection, which allows you to modify your monthly payments in case you lose your job.

    You will need a credit score of at least 680 to qualify for debt consolidation. Delaware borrowers can easily check rates before applying using the pre-approval option, which does not negatively impact your credit score.

    Pros

    • No origination fees
    • No penalties for prepayment
    • Flexible loan limits
    • Auto payment discounts
    • Offers loss of employment protection

    Cons

    • High minimum credit score
    • Restrictions on fund usage
    • 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 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.

What is the best debt consolidation loan lender in Delaware?

Upgrade is the best lender overall for debt consolidation loans in Delaware. Upstart is the best option for borrowers with bad credit, while SoFi is the best lender if you have a good credit score.

Which lender in Delaware has the lowest interest rate for debt consolidation?

Upstart has the lowest interest rates for debt consolidation in Delaware, starting at 3.22%. Depending on your creditworthiness, Upstart rates can go up to 35.99%.

What kind of debts can I not use my debt consolidation loan for in Delaware?

Some lenders may not allow you to use your loan for illegal activities or post-secondary education. Restrictions on fund usage can vary per lender. Find out from your preferred provider if they have any restrictions before you apply.

How much debt can I consolidate in Delaware?

In Delaware, debt consolidation loan limits range from $1,000 to $100,000. However, the limit you qualify for will depend on your credit score, income and DTI ratio. Some lenders may also have specified limits that they offer.

How long does it take to get a debt consolidation loan in Delaware?

Getting a debt consolidation loan in Delaware can take as little as a day. You will likely receive your loan within one or two days, but this also varies based on the lender and your profile.

Can I pay off my loan early in Delaware?

Yes. However, terms may vary depending on the lender. Always check with your preferred provider for any charges on early payment.

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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
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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