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Best Debt Consolidation Loans in Illinois of 2024

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Reviewed byKatherine Kurtz
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Reviewed byKatherine Kurtz
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Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Illinois

MoneyGeek examined more than 30 data points to find top-performing debt consolidation lenders in Illinois. Our data analysis incorporated each lender’s funding restrictions, loan amounts, minimum credit scores, Better Business Bureau (BBB) ratings, interest rates, repayment terms, origination fees, late fees and more.

Please note that the ideal debt consolidation lender should be based on your financial needs. In Illinois, MoneyGeek determined Upgrade is the best debt consolidation lender, while LightStream is an outstanding runner-up.

Best Overall Debt Consolidation Loan in Illinois: Upgrade


Runner-Up for Best Debt Consolidation Loan in Illinois: LightStream


Best Debt Consolidation Loan for Bad Credit in Illinois: Upstart


Best Debt Consolidation Loan for Good Credit in Illinois: SoFi


How to Choose the Best Debt Consolidation Loan in Illinois for You

The average Illinois resident has $28,105 in combined credit card and personal loan debt. A debt consolidation loan in Illinois can combine multiple payments and lower your interest rate. Lenders generally look at your employment history, credit score, proof of income and current debts.

MoneyGeek recommends going through the following steps to find a suitable debt consolidation lender for your needs:

Ask Yourself the Important Questions

Start by assessing your current financial standing. The questions below can guide you through the process:

  • How much funding do you need? Lenders tend to look at the amount of money you need to borrow, so it’s advisable to know the exact amount you’ll need to consolidate your debt.
  • What’s your credit score? The minimum credit score usually varies per lender and can greatly impact the likelihood of your application being accepted.
  • Can you afford the monthly payments? Keep in mind that debt consolidation loans are usually paired with interest, so double-check your monthly budget.
  • Do you have existing debts? Lenders typically consider your debt-to-income ratio if you want to consolidate your outstanding payments.
  • Is your debt manageable through other means? Examine your financial situation and pinpoint any other possible avenues for debt repayment.
Do Your Research

MoneyGeek recommends shopping around and comparing debt consolidation lender rates, terms and qualifications. In the long run, you need a lender that can cater to your specific needs while also providing quality service.

Some borrowers may not meet certain of their preferred lender’s conditions. If you cannot improve on these factors, such as minimum credit score, think twice about applying. Some lenders conduct hard credit pulls, which affect your credit score, so you only want to apply if you have a solid chance of approval.

If you’re still unsure about MoneyGeek’s recommendations, you can explore other options in Illinois with the minimum credit score, repayment term and income requirement you prefer.


MoneyGeek encourages borrowers to take a few days off before they submit their applications. There’s no harm in taking time to think about debt consolidation loans, as they are long-term financial commitments. You must be confident about your lender and financial capacity to pay the loan.

If you’re still unsure about certain terms, feel free to go through the first and second steps. Waiting offers you some time to reach a sound and objective decision.

Read the Fine Print

It’s common for borrowers to miss key details in their debt consolidation agreement. Usually, you’ll find information about prepayment penalties, origination and late fees. Carefully reading through the fine print can save you money in the long run and help inform your monthly budget.

This process can be somewhat overwhelming. Consider consulting a representative from the lending company or a financial expert to clarify any confusing details. Debt consolidation loans in Illinois take roughly two to four years to repay fully, so it’s important to be ready for this commitment.


If you are happy with your chosen lender and meet all the requirements, submit your application. Lenders will usually request your identification, proof of income and address verification during the process. It may also help to collect relevant documents that lenders may ask for at a later time.

You can usually apply for a debt consolidation loan online, through the phone or by visiting the lender. Once you apply, all you need to do is wait for your lender to contact you about the status of your application.

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

Sometimes, lenders will deny your application. While denial is discouraging, it doesn’t mean you need to end your debt consolidation journey. First, ask the lender for the specific reason why it rejected your application.

Some factors may include a low credit score, insufficient income, high debt-to-income ratio or no employment history. Try to negotiate with your desired lender and ask for a lower loan amount and shorter repayment term.

If the lender still doesn't approve your application, you can look for other debt consolidation lenders in Illinois that fit your financial needs and background. Before doing so, make sure you have improved the factor that caused your first application to be denied.

MoneyGeek strongly advises against payday loans. Even if they have very few requirements, they are high risk. Payday loans have short repayment terms and extremely high interest rates.

Calculate Your Monthly Payment

Debt consolidation loans are usually paid in monthly installments plus interest. If you need help computing your monthly budget, consider using MoneyGeek’s debt consolidation calculator below.


FAQs About Debt Consolidation Loans in Illinois

If you want to learn more about debt consolidation loans in Illinois, MoneyGeek outlined the most commonly asked questions for borrowers in the state.

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

  • 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.
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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.