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Best Debt Consolidation Loans in Indiana of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Indiana
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Indiana
- Best Debt Consolidation Loan Lender for Bad Credit in Indiana
- Best Debt Consolidation Loan Lender for Good Credit in Indiana
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Indiana
Best Debt Consolidation Loan Lenders in Indiana
Consolidating debt is one option to simplify your finances by consolidating your debt into a single monthly payment. But with so many different lenders to choose from — each with their own requirements and rates — it can be difficult to find the best debt consolidation lender for you. That’s why MoneyGeek evaluated lenders for 30 data points to identify the best lenders for various borrowers' profiles. Of the data evaluated, we looked at lenders’ APR ranges, minimum credit score requirements, origination and late fees, repayment terms, loan amounts, disbursement time and prepayment penalties.
In Indiana, MoneyGeek identified Upgrade as the best debt consolidation lender. However, the best lender for you depends on your unique situation and profile. For example, we found that Upstart and SoFi offer the best debt consolidation loans in Indiana for those with bad and good credit credit scores, respectively.
Best Overall Debt Consolidation Loan in Indiana: Upgrade
Runner-Up for Best Debt Consolidation Loan in Indiana: Truist
Best Debt Consolidation Loan for Bad Credit in Indiana: Upstart
Best Debt Consolidation Loan for Good Credit in Indiana: SoFi
How to Choose the Best Debt Consolidation Loan in Indiana for You
Debt consolidation is a widely available option many people use to pay off high-interest rates. MoneyGeek’s data shows that the average credit score in Indiana is 716, while the average personal loan debt is $13,636
To find out if a debt consolidation loan is the best option for your situation, you should consider your gross income, credit score, outstanding debt and employment status before applying for a debt consolidation loan in Indiana.
MoneyGeek outlined the steps to take before you apply for debt consolidation loan in Indiana:
Ask Yourself the Important Questions
To choose the best personal loan for your situation, you'll need to answer a few questions about your needs. This will help you narrow down your lender options and assess if a debt consolidation loan is the right path forward.
- How much funding do you need?
- What’s your credit score?
- Can you afford the monthly payments?
- Do you have existing debts?
- Is your debt manageable through other means?
Do Your Research
Lenders have different requirements, rates, fees and terms, so it’s important to shop around and compare providers to find the best one for you. Certain lenders may not offer the loan amount that you need or have strict requirements. Identifying lenders that meet your loan needs and also fit your financial profile will help you narrow down your search. MoneyGeek's guide is an excellent starting point, but our research is geared based on a generic borrower, rather than your specific financial situation.
Wait
After completing your research and choosing a lender, we recommend that you take some time to think over your decision. A debt consolidation loan is a major financial commitment; on average, loan repayment takes between two and four years. Because of this, it’s important that you thoroughly consider if a debt consolidation loan is the best choice for you.
Read the Fine Print
Some borrowers make the mistake of neglecting to read the fine print in their loan agreement. Failure to consider loan details, like prepayment penalties, origination fees and late fees, could cost you more money in the long-term.
Apply
With all these processes completed, you've covered your bases. Once you've selected a lender and know exactly what you need to apply, the only thing left to do is submit your loan application.
It's common for lenders to require proof of identity, proof of income and proof of residence during the loan application process, so preparing these documents in advance can save you time. Applying for a loan online is typically the easiest, but you can also call or visit a physical branch to apply in person.
What to Do if You Can’t Get a Debt Consolidation Loan in Indiana
If your loan debt consolidation loan application is denied, you shouldn’t panic. Indiana lenders decline debt consolidation loans for several reasons. A low credit score or income may cause your application to be rejected.
MoneyGeek recommends contacting your lender to determine the reason why your loan was denied. You may be able to modify parts of your loan, like lowering the loan amount or reducing the repayment period, to have it approved.
You can apply with a different lender to meet their minimum requirements. However, we recommend that you focus on improving your application first before applying for a loan. That way, there’s a greater chance that your application will be approved and your credit score won’t be impacted.
If you need money fast, you may consider getting a payday loan. MoneyGeek strongly advises against payday loans, as they have high interest rates and short repayment terms that make it difficult for borrowers to meet.
Calculate Your Monthly Payment
In Indiana, debt consolidation loans are usually paid in monthly installments with interest. You can use MoneyGeek’s calculator below to see whether you can afford the monthly payment for a debt consolidation loan.
FAQs About Debt Consolidation Loans in Indiana
Assessing your current financial situation is a good starting point when considering a debt consolidation loan. MoneyGeek answered some of the most frequently asked questions about debt consolidation loans in Indiana.
We found Upgrade to be the best option in Indiana. However, the best lender for you may depend on your financial situation and needs. For example, SoFi is best for borrowers with good to excellent credit scores, while Upstart is best for borrowers with bad credit ratings
Starting at 3.22%, Upstart has the lowest interest rate in Indiana.
Lenders have different restrictions on how you can use your loan. These may include debt consolidation for college or post-secondary education expenses. To find out if your selected lender has any restrictions on the usage of funds, we recommend reaching out to them directly.
The amount of debt you can consolidate varies. Depending on the lender, you can borrow anywhere from $1,000 to $100,000.
How fast you receive funds is determined by the lender. SoFi might take up to a week to fund, but Truist offers same-day funding.
Yes, you can pay off your loan for debt consolidation in Indiana early. However, before you do so, check with your lender to see whether any fees are involved.
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
- SoFi. "Personal Loans." Accessed June 29, 2022.
- Upgrade. "Personal Loans." Accessed June 29, 2022.
- Upstart. "Get a Smarter Loan." Accessed June 29, 2022.
- Truist. "Personal Loans." Accessed June 29, 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. Learn more about
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