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Best Debt Consolidation Loans in Florida 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 Florida

MoneyGeek reviewed lenders for over 30 data parameters to identify the providers that offer the best debt consolidation loans in Florida. We compared their loan terms, APR ranges, minimum credit score and income requirements, disbursement time, origination and late fees, customer service, Better Business Bureau (BBB) ratings and other criteria.

Based on our research, Upgrade is the best provider of debt consolidation loans in Florida. However, your financial profile, lender requirements and other considerations will determine the optimal lender for you. For example, while Upgrade is the best lender overall, Upstart is the best lender for those with bad credit.

Best Overall Debt Consolidation Loan in Florida: 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

    Upgrade is a relatively new lender with an A+ rating from the BBB. With this lender, you can get personal loans up to $50,000 to help pay off your debts. Since its loans are typically funded in one business day, you can begin consolidating your debt almost immediately. Upgrade’s fixed-rate loan products are also not subject to market fluctuations, making it ideal for those that want consistent monthly payments. The lender also doesn’t charge prepayment penalties, so you won’t be penalized for paying off your loan early.

    However, based on your creditworthiness, you may receive an extremely high interest rate — over 35% — with this lender. Additionally, the maximum loan amount provided by this lender is $50,000, so those seeking a higher loan amount should choose a different provider.

    Pros

    • Fair minimum credit score requirement
    • No prepayment penalty
    • Fixed rate loans
    • Mobile application
    • Funds available in one business day

    Cons

    • Origination fee
    • Late fee
    • Potentially very high APR
    • Not available in all states
    • 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: One business day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Florida: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist Bank was formed from the merger of BB&T with SunTrust Bank in 2019. The lender received an A+ rating from the BBB, indicating it provides exceptional customer service. Its personal loans have a number of notable features, including loans with long repayment terms of up to 15 years. On average, loan approval takes no more than 15 minutes, and you may receive the funds on the same day, as long as it’s not a bank holiday.

    If you’re concerned about future interest rate swings and like to plan ahead, the fixed-rate loans from Truist Bank are a great option for you. Because interest rates are tied to a borrower's creditworthiness, those who have good credit may be able to get loans with lower APRs.

    Pros

    • High maximum loan amount
    • No origination fee or prepayment penalty
    • Relatively low interest rates
    • No minimum credit score requirement
    • Same-day loans

    Cons

    • Not available in all states
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: One business day
    Truist

Best Debt Consolidation Loan for Bad Credit in Florida: 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

    Since Upstart was started in 2012, it received an A+ rating from the BBB. We chose it as the best lender for debt consolidation loans in Florida because it has no minimum credit score requirements. Upstart also does a soft credit check to verify your eligibility, and only completes a hard credit check after your application has been submitted. In most cases, loans are funded the next day.

    However, if you don't want to pay outrageous interest rates or need a larger loan amount, this may not be the best lender for you. Those who have higher credit scores will receive the best interest rates and loan offerings. The company also only offers personal loans of up to $50,000, making it unsuitable for people who need more money.

    Pros

    • Soft credit inquiry for eligibility check
    • Allows borrowers with DTI up to 50%
    • No minimum credit score requirement
    • Loans offered to full time, part time and self-employed individuals
    • No prepayment penalty

    Cons

    • High interest rates
    • Hard credit inquiry during application phase
    • Origination fee
    • Not available in all states
    • 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: One business day
    Upstart

Best Debt Consolidation Loan for Good Credit in Florida: 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 formed in 2011 as Social Finance. MoneyGeek chose them as the best lender for debt consolidation in Florida for individuals with good credit. It offers personal loans up to $100,000 to borrowers with a minimum credit score of 680. SoFi's offers an unemployment protection program, which enables you to put your debts on hold and lower your monthly loan payments if you suddenly lose your job.

    You won't see a change in your score as a result of the bank's soft credit checks to verify your eligibility. However, a hard credit inquiry is made throughout the loan application process, which can harm your credit score. For those with credit ratings below 680, this lender is not recommended.

    Pros

    • High maximum loan amount
    • No origination fee or prepayment penalty
    • Soft credit check
    • Unemployment protection
    • Same-day funding

    Cons

    • Hard credit inquiry during application phase
    • High minimum credit score requirement of 680
    • 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 Florida for You

The average Floridian owes $16,148 in personal loan and credit card debt. By consolidating your debts, you can make a single payment and save money through a lower interest rate.

Lenders generally consider your credit score, monthly income and debt-to-income ratio to determine your eligibility and capacity to repay the loan. MoneyGeek recommends the following strategies for a hassle-free application for debt consolidation loans in Florida:

1
Ask Yourself the Important Questions

To begin, evaluate your present financial status. By doing so, you will know whether or not a debt consolidation loan is the right course of action for you. Before choosing a lender and submitting an application for a personal loan, ask yourself the following questions:

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

When you take out a personal loan for debt consolidation, you are making a long-term commitment because you may have to pay it back over the course of several years. In order to validate your eligibility, certain lenders may conduct a hard credit check, which may further lower your credit score.

Lenders have different interest rates and fees. It's crucial to compare multiple lenders before choosing one, to make sure both the loan and the lender are ideal for you. It’s important to remember that MoneyGeek's recommendations are generic, so you should still conduct your own research before choosing a lender.

3
Wait

With so many lender options, each with their own features, rates and fees, it’s easy to feel overwhelmed after doing research. Since a loan is a long-term commitment, it’s important to think through your decision before applying. As such, we recommend waiting a few days before submitting your application.

4
Read the Fine Print

It's easy to overlook the fine print in your loan agreement. Before registering with a lender, you should be aware of any hidden fees, like prepayment penalties, late fees and origination fees. After signing up with the lender, you might be shocked to learn that there are extra costs that weren't disclosed in the lender's terms and conditions. You may save a substantial amount of money in the long run by paying close attention to the details.

5
Apply

Application submission is the final step of the procedure. Borrowers are often asked to provide documentation that verifies their identity, address and income, as part of the application process. Some people may find it more convenient to apply online, but depending on the lender, you may also be able to apply in person.

What to Do if You Can’t Get a Debt

If your loan application is rejected, you should ask the lender why your application was rejected and if there’s anything you can do to remedy the situation. Lenders generally reject applications for reasons like insufficient income requirements, low credit scores or a high debt-to-income ratio. Your lender may give you suggestions, like lowering the amount of the loan, to help you get approved. If necessary, you can consider a different lender for your debt consolidation loan. However, it’s best to wait and address the initial cause for rejection before reapplying.

After being rejected, some people may seek a payday loan. MoneyGeek strongly advises against this as these loans have very high interest rates and short repayment terms. A collection agency may get involved if you’re unable to make timely payments, further reducing your credit score.

Calculate Your Monthly Payment

Debt consolidation loans are typically repaid in interest-bearing monthly payments. To find out whether you have enough money to afford this payment each month in Florida, you can use the debt consolidation loan calculator from MoneyGeek below.

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 Florida

Before deciding to consolidate debts, it’s essential to evaluate your current financial situation. A few of the most frequently asked questions about Florida debt consolidation loans are addressed below.

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