Best Debt Consolidation Loans in Aurora, IL of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Aurora, IL

MoneyGeek analyzed more than 30 data points to rank the best debt consolidation loans in Aurora for different consumer profiles. We looked at lender characteristics, such as affordability, service, accessibility and transparency, as well as loan terms like minimum credit score requirement, APR range, loan amount range, repayment terms and fund disbursement time. Based on our analysis, the overall best lenders in Aurora are LightStream and SoFi.

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Best Overall Debt Consolidation Loan in Aurora, IL: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    MoneyGeek’s top pick for the best debt consolidation loan in Aurora is LightStream. Since it was established in 2019 as part of Truist Bank, LightStream has been providing easy-to-process personal loans with low rates.

    LightStream is best for borrowers with good-to-excellent credit. If you meet LightStream’s standards for “excellent credit,” you can qualify for a low APR. Nevertheless, borrowers need a credit score of at least 660 to qualify for a personal loan from this company.

    Borrowers can get a loan from as low as $5,000 up to $100,000, making the lender a great choice if you need to consolidate a large amount of debt. For those that want to start consolidating debt quickly, LightStream is also an excellent choice; oftentimes, the lender disburses funds the same day that you’re approved. Take note, however, that LightStream can’t release the funds to a third-party account so the funds can’t go straight to your creditors.

    Pros

    • Autopay discount
    • Low rates
    • No prepayment penalties
    • Flexible loan amounts
    • Same-day funding

    Cons

    • Good-to-excellent credit score required
    • Payment due dates fixed
    • No direct payment to third-party creditors
    LightStream

Runner-Up for Best Debt Consolidation Loan in Aurora, IL: 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 an online banking and lending company founded in 2011. It offers personal loans with no fees so you can say goodbye to origination fees, prepayment penalties and late fees.

    SoFi’s debt consolidation loans come with reduced rates through autopay and Direct Pay discounts. If you set up a method to automatically pay your monthly dues, SoFi can give you a 0.25% discount on your APR. Additionally, if you have at least 50% of your loan amount directly sent to your credit card company, your APR will be discounted by an additional 0.25%.

    Funds can be released in two days once your loan is approved. However, if you choose to pay it directly to your credit card, it could take three days to process.

    Pros

    • No origination fees
    • No prepayment penalties
    • No late fees
    • Direct payment to third-party creditors
    • Autopay discount

    Cons

    • High credit score requirement
    • Three-day processing time for your credit card payment
    SoFi

Best Debt Consolidation Loan for Bad Credit in Aurora, IL: 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

    MoneyGeek recommends Upstart as the best debt consolidation loan in Aurora for borrowers with bad credit. Upstart is one of the pioneers in AI-powered lending, beginning its operations in 2012. Using this technology, Upstart evaluates borrowers for factors other than their credit score, such as their employment history, to assess their eligibility for a loan.

    The lender offers loan amounts between $1,000 and $50,000 to borrowers in Illinois. However, the minimum loan amount offered by this lender varies by state; those in Georgia, Hawaii, Massachusetts, New Mexico and Ohio have a higher minimum loan amount.

    To qualify for an Upstart debt consolidation loan, you only need a minimum credit score of 300. However, simply meeting this minimum standard won’t guarantee that you’ll receive the best loan terms. If you have a poor credit score and a weak employment history, you could receive an APR in excess of 35%.

    Pros

    • Low credit score requirement
    • No prepayment penalties
    • No minimum education requirement
    • 15-day grace period

    Cons

    • High maximum APR
    • Origination fees
    • Late fees
    Upstart

Best Debt Consolidation Loan for Good Credit in Aurora, IL: 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

    MoneyGeek’s best pick for debt consolidation loans for borrowers with good credit in Aurora is Upgrade. It was founded in 2017 with the goal of providing quality service to its borrowers.

    The minimum credit score requirement for an Upgrade personal loan is 560. If you have an outstanding credit profile, you can receive a low rate and enjoy flexible repayment terms from 36 to 60 months.

    Borrowers can receive their funds within the same day their loan is approved. Funds can be sent to the borrower or to a third-party creditor. However, if you want your funds sent directly to creditors, it can take up to two weeks to clear.

    Pros

    • No prepayment penalties
    • Direct payment to third-party creditors
    • Flexible repayment terms
    • Mobile application

    Cons

    • Origination fee
    • Two-week processing time for funds sent to creditors
    • Late fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Aurora, IL, for You

In Illinois, the average personal loan debt is $22,553 with an average interest rate of 9.31%. Loan amounts, rates, terms and other features of your debt consolidation loan in Aurora will vary depending on your circumstances. It’s important to take different financial and personal factors into consideration when applying for a loan. These steps will help you make sure that you don’t miss a single detail.

1

Ask Yourself the Important Questions

Those who are considering getting a debt consolidation loan in Aurora should make sure they’re ready to take on the commitment of having a personal loan. These questions can help you assess how prepared you are:

  • How much money do you need? Assessing your existing debts, along with other factors, can help you determine the loan amount that you need.
  • What’s your credit score? Your credit score impacts the terms included in your loan agreement, including your APR, loan amount and repayment term. Knowing your credit score will help you select lenders that can meet your needs.
  • Can you afford the monthly payments? Remember that a loan is a long-term commitment. Ensure that you’ll be able to make the monthly payment for two to four years.
  • Do you have existing debts? Lenders may also base the approval of your application based on your debt-to-income ratio.
  • Is your debt manageable through other means? Debt consolidation loans have several advantages when managing debt, but you could also consider other ways to pay off your debts.
2

Do Your Research

It’s important that you thoroughly research the lenders before applying to ensure that they meet your unique requirements. Most loans take between two and four years to repay, so it’s essential that you’re confident you can make the monthly payments over this time. Several lenders also include a hard credit check in their application process, which negatively impacts borrowers’ credit scores.

MoneyGeek’s guide is a great starting point to identify lenders that are best for certain borrower profiles. However, our recommendations may not be specific to your situation. As such, it’s best to do your own research on different lenders to find ones that best fit your financial situation and goals.

3

Wait

Consolidating your debt is important, but it’s even more important to ensure that a debt consolidation loan is the right for you. A loan is a long-term commitment and will be part of your budget for years. After you’ve done your research, consider looking into alternatives. If the interest rate you would receive with your debt consolidation loan isn’t less than your current loans, you may decide to pass.

Waiting a day or two before submitting your loan agreement can either make you more confident in your choice of lender or cause you to reconsider, both of which are fine decisions as long as they’re made thoughtfully.

4

Read the Fine Print

Because of the many things you need to think about when getting a loan, it’s easy to miss out on the little details. Fees, terms and conditions are things that borrowers often gloss over. Spotting the additional costs of your loan can help you save money in the future

When scanning your loan agreement, read the fine print for details, which will reveal the true total cost of the loan. Fees like prepayment penalties, origination fees, late fees and more can be hidden in plain sight. More importantly, by familiarizing yourself with these fees, you won’t have any unexpected costs.

5

Apply

After gathering all the details about your lender, the last step is to submit your application. To guarantee that the process will be smooth and easy, it’s best to have all your relevant documents ready.

Lenders often require borrowers to submit documents for identification, address confirmation and proof of income. They can also ask for more documents. Ultimately, the number of documents you need depends on your lender.

Depending on your comfort level, you can complete the application process online, in person or over the phone. Online applications are more convenient and often have faster processing times than in-person or over-the-phone applications.

What to Do if You Can’t Get a Debt Consolidation Loan in Aurora, IL

It’s possible that your loan application may be rejected based on your credit score, debt-to-income ratio, insufficient income or other factors. If your application is denied, don’t panic; making small modifications to your application may lead to its approval.

First, you should call your lender and ask why your application was denied. Sometimes, simply changing your repayment term or loan amount can increase the chances of your application being approved. However, if your credit score is the issue, you’ll want to work to improve your credit profile before applying for another loan.

MoneyGeek highly cautions against applying for payday loans. These loans feature high interest rates and short repayment terms, both of which could contribute to your loan costing significantly more than expected.

Calculate Your Monthly Payment

Taking out a personal loan means committing yourself to monthly payments with interest. MoneyGeek’s personal loan calculator can help you check if your monthly budget can accommodate your loan.

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Frequently Asked Questions About Debt Consolidation Loans in Aurora, IL

MoneyGeek answered frequently asked questions about debt consolidation loans in Aurora to help you find the one that best suits your needs.

The best debt consolidation loan lender in Aurora is LightStream.

Among lenders, Upstart has the lowest starting interest rates for debt consolidation.

It depends on your lender. To know the restrictions of your loan, it’s best to ask your lender or check your loan agreement.

The amount of debt you can consolidate depends on your lender. Some lenders allow you to borrow up to $50,000, whereas others can accommodate up to $100,000.

The time it takes to approve your application and release your funds depends on your lender. Funds can be released on the same day that you’re approved or take up to two weeks.

Yes, you can pay off your loans early. However, some lenders may charge 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.