Best Debt Consolidation Loans in Miami of 2023

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

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

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

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