Top Lenders & Best Rates for You

Best Debt Consolidation Loan Lenders in Idaho

On average, borrowers in Idaho have $17,587 in credit card and personal loan debt. If you’re looking to combine and pay multiple outstanding debts, consider taking out a debt consolidation loan in Idaho. You can merge your monthly payments while also paying a lower interest rate.

In Idaho, debt consolidation loan lenders usually evaluate your income, employment history, debt-to-income ratio and credit score. Idaho residents have a high average credit score of 727, which might make it easier to apply to certain lenders. In this guide, MoneyGeek breaks down different lenders in Idaho based on your needs.

Advertising & Editorial Disclosure
Last Updated: 9/9/2022
Reviewed By     |  

Best Debt Consolidation Loan Lenders in Idaho

MoneyGeek analyzed over 30 data points to determine the best debt consolidation lenders in Idaho. Our research evaluated each lender’s minimum credit score requirements, Better Business Bureau (BBB) ratings, funding limitations, loan amounts, APR ranges, repayment terms, origination fees, late fees and more.

The best debt consolidation lender for you depends on your financial situation and goals. Overall, MoneyGeek determined that Upgrade is the best debt consolidation lender in Idaho. Upstart is a top option for individuals with bad credit, while SoFi is the best lender for those with poor credit.

Best Overall Debt Consolidation Loan in Idaho: 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

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in Idaho: 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 Idaho: 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 Idaho: 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 Idaho for You

The average Idaho resident has a combined personal loan and credit card debt of $17,587 with a 7.07% interest rate. If you choose to get a debt consolidation loan in Idaho, you can repay multiple debts in a single payment at a lower interest rate.

Lenders usually evaluate a borrower’s employment history, credit score, proof of income and current debts. To help you choose a suitable lender for your needs, MoneyGeek recommends taking the following steps before you apply for a debt consolidation loan:

1

Ask Yourself the Important Questions

If you wish to take out a debt consolidation loan in Idaho, take some time to ask yourself a few pertinent questions:

  • How much funding do you need? Calculate the exact amount of all the outstanding payments that you want to merge. Lenders will usually ask for the specific amount that you need during our application process.
  • What’s your credit score? While the minimum credit score varies per lender, your credit standing plays a huge role in whether or not you can qualify for a debt consolidation loan.
  • Can you afford the monthly payments? Debt consolidation loans are usually paid on a monthly basis, so make sure you have a sufficient income to make timely payments.
  • Do you have existing debts? Some lenders don’t allow applicants to have a high debt-to-income ratio.
  • Is your debt manageable through other means? Assess your financial situation and find out if you have other ways to manage your debt aside from taking out a debt consolidation loan.
2

Do Your Research

It pays to shop around and compare the rates, terms and requirements of each lender. Minimum credit score requirements and maximum loan amounts vary by lender, so it’s important that you do your research to find one that satisfies your financial requirements. Debt consolidation is a long-term financial commitment — most loans take between two and four years to repay — so you want to ensure that your chosen lender is the best one for you.

3

Wait

MoneyGeek advises taking one to two days off before you submit your application for a debt consolidation loan. It’s important that you have confidence in your selected lender and the financial capacity to fulfill your obligations for a debt consolidation loan.

If you’re unsure about your lender or the amount of funding you need, we recommend returning to step one and step two included above. Giving yourself the space to think about your decision could save you money and help you avoid unnecessary stress in the future.

4

Read the Fine Print

Sometimes borrowers miss details in the fine print of their debt consolidation loans, including prepayment penalties, origination fees and late fees. MoneyGeek strongly advises that you thoroughly read the fine print of your loan agreement and search for key details that may increase your monthly payments.

If some portions of your lender’s terms are unclear and require clarification, it’s best to contact a representative from your desired lender or consult a financial expert. Most debt consolidation loans take years to fully repay, so it’s important that you’re prepared for this commitment.

5

Apply

Once you’ve completed all our recommended steps and are satisfied that your chosen lender meets your requirements, it’s time to submit your application. Prior to applying, It helps to gather any relevant documents that you may need to save time. Lenders typically ask for your identification, proof of income and address verification as part of your application.

In Idaho, you can usually apply for a debt consolidation loan online, through the phone or by visiting the lender. Choose the method that’s most comfortable and convenient for you, if available. After you submit your application, a lender may reach out that same day or within a week.

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

If a lender rejects your debt consolidation loan application, your journey isn’t over. Loan applications can be rejected for several reasons: low credit score, insufficient income, high debt-to-income ratio or lack of employment history. Asking the lender why your application was denied is essential so that you can improve it prior to reapplying.

In some cases, simply lowering your requested loan amount or choosing a shorter repayment term will lead to approval. Otherwise, there may be other available debt consolidation lenders in Idaho that can meet your needs. Regardless, it’s important to make sure that you work to improve the factor that caused your application to be initially rejected.

Some borrowers may consider taking out a payday loan if their loan application is rejected. However, MoneyGeek strongly advises against payday loans, as their extremely high interest rates and short repayment terms puts borrowers at risk for defaulting.

Calculate Your Monthly Payment

Debt consolidation loans are usually paid on a monthly basis with interest. MoneyGeek’s debt consolidation calculator below can help you calculate how much you may need to budget for monthly payments.

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 Idaho

If you need more guidance on your financial standing for a debt consolidation loan, MoneyGeek answered the most commonly asked questions for borrowers in Idaho.

tip icon
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
  • Better Business Bureau. "LightStream." Accessed June 28, 2022.
  • Better Business Bureau. "SoFi." Accessed June 28, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 28, 2022.
  • Better Business Bureau. "Upstart." Accessed June 28, 2022.
  • SoFi. "About Us." Accessed June 28, 2022.
  • Upgrade. "Upgrade." Accessed June 28, 2022.
  • Upstart. "Overview." Accessed June 28, 2022.

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.