Best Debt Consolidation Loans in Miami of 2024

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Miami, FL

After researching and evaluating more than 30 different companies across 35 different criteria, MoneyGeek chose the best lenders for a debt consolidation loan in Miami. We considered BBB ratings, funding limits, APR ranges, fees and other charges when analyzing the various lenders.

As per MoneyGeek's analysis, Truist is the leading lender of debt consolidation loans in Miami. The best lender for any given borrower will depend on their individual situation. For instance, for borrowers with a strong credit history, Upgrade may be the best option. Our review discusses the best lenders in the city and explains how to choose the best debt consolidation lender for your specific situation.

Best Overall Debt Consolidation Loan in Miami, FL: 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

    After BB&T and SunTrust Banks merged in 2018, Truist was introduced the following year. MoneyGeek named Truist as the best debt consolidation lender in Miami. The company comes with a stellar A+ rating from the Better Business Bureau, which further solidifies its position as the best lender in the city.

    You can apply for a minimum loan of $3,500 to a maximum of $50,000, which might suit most debt consolidation needs. Other than that, the lender also has a significantly lower APR than some lenders. Most qualifying loan applications are processed the next business day without charging an origination fee.

    Despite not having a minimum credit score requirement, Truist may not be the best lender for all borrowers. For instance, consumers who want to consolidate debts of more than $50,000 or less than $3,500 might not find Truist to be a suitable lender. Additionally, applying for a loan with a co-signer is not allowed.

    Pros

    • No minimum credit score
    • Relatively low interest rates
    • Next-day funding
    • Rates easily disclosed on website
    • Broad range of repayment terms

    Cons

    • Doesn’t pay third-party companies directly
    • Co-signers aren’t accepted
    • High minimum loan amount of $3,500
    Truist

Runner-Up for Best Debt Consolidation Loan in Miami, FL: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi is a financial services provider that specializes in consumer loans and other financial solutions. For debt consolidation loans, SoFi ranks as Miami’s runner-up, offering unsecured loans of between $5,000 and $100,000. This lender assesses no penalties for late payments and also has no origination fee. Direct Pay allows SoFi to make payments directly to your creditors while also qualifying you for a discount of 0.25%.

    SoFi’s unemployment protection program is an extra benefit for those who are suddenly laid off from their jobs; they may choose to postpone or reduce their monthly loan payments. However, if you apply for a loan, be ready for a temporary decline in your credit score, as loan applications involve a hard credit check.

    Pros

    • Large loans of up to $100,000
    • No origination fee or prepayment penalty
    • 0.25% autopay discount
    • Offers unemployment protection program
    • Long repayment terms available

    Cons

    • Conducts hard credit inquiry during the application phase
    • High minimum credit score requirement
    • Minimum loan of $5,000
    SoFi

Best Debt Consolidation Loan for Bad Credit in Miami, FL: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    If you don't have much credit history or a poor credit score, getting a loan is harder. Upstart is an online marketplace that employs AI to connect lenders and borrowers of all credit profiles and has an A+ rating from the Better Business Bureau. This lender was chosen as the best option for folks in Miami who don't have perfect credit or are just beginning their financial journey since they work with clients who have credit scores as low as 300.

    Your creditworthiness will determine your interest rate. Along with the potentially high interest rates, Upstart charges origination fees. However, it offers quick funding, as most borrowers have access to their funds by the next business day.

    Pros

    • Low minimum credit score requirement of 300
    • Soft credit inquiry for eligibility
    • Accepts full-time, part-time and self-employed borrowers
    • No prepayment penalty

    Cons

    • Potentially high interest rates
    • Hard credit check during the application phase
    • Origination fee
    Upstart

Best Debt Consolidation Loan for Good Credit in Miami, FL: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade, a fintech startup, was established in 2016 with the goal of promoting good fiscal behavior among its consumers by providing easy access to credit tools along with its financial products.

    It received the highest possible rating of A+ from the BBB and was chosen by MoneyGeek as the best debt consolidation lender in Miami for those with good credit. Most loans will be disbursed immediately, enabling you to consolidate your debts efficiently. The lender has no prepayment penalties, so you can pay off your loan as quickly as you want to.

    Despite the clear benefits of Upgrade loans, those who only meet the minimum credit score of 560 may face hefty APRs on debt consolidation loans from Upgrade. Furthermore, origination costs ranging from 1.95% to 8.99% can turn off certain borrowers.

    Pros

    • No origination fee or prepayment penalty
    • Autopay discount of 0.25%
    • Unemployment protection program
    • Broad range of repayment terms

    Cons

    • Application phase requires hard credit check
    • 560 minimum credit score requirement
    • Maximum APR is high
    Upgrade

How to Choose the Best Debt Consolidation Loan in Miami, FL, for You

One of the main benefits of debt consolidation loans is the chance to consolidate several debts into a single, manageable monthly installment, typically at a cheaper interest rate. For instance, a debt consolidation loan might make it easier for the average Floridian to handle their finances, considering the state’s average combined personal debt of $16,148 on credit cards and personal loans.

If you live in Miami and are considering applying for a loan to consolidate your debt, the following steps can help you during the process:

1
Ask Yourself the Important Questions

Evaluate your current financial situation and your future financial demands before requesting a loan to consolidate your debt.

  • How much funding do you need? Borrowing more or less than you need isn’t advisable, as it could lead to further stress. Your borrowing needs can be established after you assess your financial situation or speak with a financial planner.
  • What’s your credit score? Lenders typically look at your credit score as one of many factors when determining your loan eligibility and interest rate. Your credit rating is the most important factor for most lenders.
  • Can you afford the monthly payments? Debt consolidation loans typically have monthly payments; you should determine whether or not you will be able to comfortably make the payment for the consolidated loan.
  • Do you have existing debts? When deciding whether or not you are eligible for a loan, lenders may look at the proportion of your monthly income that goes toward paying off your debts (debt-to-income ratio). Therefore, it is in your best interest to keep this percentage as low as possible.
  • Is your debt manageable through other means? Think about whether or not there are other methods through which you may pay off your debts instead of relying on a loan.
2
Do Your Research

When you take out a debt consolidation loan, not only do you have to pay back the principal, but you also have to pay interest and fees. Because of potential variances in interest rates and fees, quotes for debt consolidation loans might vary considerably from one lender to the other. There are some lenders who conduct what are known as "hard credit checks," which might lower your score.

As a result, prospective borrowers should do their homework and compare various lenders to find a trustworthy option before completing an application. Since MoneyGeek can only provide you with broad recommendations, you should always do your own research before acting.

3
Wait

It can be tricky to compare the terms offered by various lenders, such as interest rates, fees and features. Since a debt consolidation loan represents a large financial commitment, delaying a final decision might prove prudent. You should take a breath and think things over before submitting an application.

4
Read the Fine Print

When comparing different personal loans, it's easy to lose sight of specifics. Before signing a contract with a lender, be sure the terms are fair by looking over the fees, interest rates and penalties. Paying attention to the smallest of details may add up to hundreds or even thousands of dollars in savings in the long run.

5
Apply

After you have decided on a lender to partner with, it is time to formally apply for the loan. Be prepared to show documentation of your identification, address, employment and income. Although a few lenders could be more responsive to an in-person application, submitting your application online is probably more expedient and practical.

What to Do if You Can’t Get a Debt Consolidation Loan in Miami, FL

An application for a debt consolidation loan may be turned down for a variety of reasons. Try not to be disappointed if your application is rejected. Some candidates are rejected owing to factors including not meeting the income criteria, poor credit history or scores, a substantial debt-to-income ratio or inadequate documents.

Your best bet if your application is denied is to get in touch with the lender for further information and to find out what steps might help you in getting approved in the future. The lender may propose alterations to your loan contract, such as reducing the loan term or size, to increase your chances of acceptance. A co-signer, collateral or joint loan may help you receive a loan, especially when there are still hindrances in getting approved.

Nevertheless, even in a dire financial situation, it's best to stay away from payday loans and other predatory forms of alternative lending. These loans often feature extremely high interest rates and short payback periods. Even if you repay a payday loan on time, it usually won't help your credit rating. If payments are missed or made late, a collection agency might contact you, which can be stressful and has the potential to negatively impact a person's credit score.

Calculate Your Monthly Payment

The monthly payments for debt consolidation loans in Miami also include interest, so make sure you’re accounting for all costs when examining a loan offer. If you have a pre-approved debt consolidation loan or are contemplating applying for one but aren't sure if the monthly payments will be manageable, you may use the MoneyGeek loan calculator to get an idea.

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

Frequently Asked Questions About Debt Consolidation Loans in Miami, FL

Which lender is appropriate for you will depend on factors such as your credit score and history, monthly income, loan size, loan purpose and preferred interest rate. If you're looking for information about debt consolidation loans in Miami, MoneyGeek has you covered.

What is the best debt consolidation loan lender in Miami?

Truist is MoneyGeek's recommendation for the typical individual trying to consolidate debt in the Miami area. Nonetheless, your personal requirements and financial position influence the ideal lender for you. MoneyGeek's analysis of the debt consolidation lenders concluded that Upstart is the ideal choice for borrowers with poor credit, whereas Upgrade is the best for those with good credit.

Which lender in Miami has the lowest interest rates for debt consolidation?

The lowest interest rates in Miami are offered by Truist.

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

The lender you choose will determine whether there are limitations on how the loan amount can be used. Loan consolidation for commercial or investment purposes may be prohibited by some lenders, but no such restrictions may be imposed by others.

How much debt can I consolidate in Miami?

Consolidating debts up to $100,000 may be possible, depending on the lending company you choose in Miami.

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

There can be significant differences in processing times amongst loan providers. It could take up to two days in Miami, but there are also several lenders with same- or next-day funding.

Can I pay off my loan early in Miami?

Yes. However, some loan providers charge penalties for paying off the loan early. Contact your lender directly to find out if your debt consolidation loan has a prepayment penalty.

Methodology

METHODOLOGY

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.

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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