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Best Debt Consolidation Loans in Indiana of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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


  • 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

    MoneyGeek identified Upgrade as the best overall debt consolidation lender in Indiana. The company was founded in 2017 and has quickly built up a reputation for itself, receiving an A+ rating from the Better Business Bureau (BBB). Aside from debt consolidation, the company also provides home improvement loans and major purchase loans. The application process is straightforward and does not require extensive documentation. Upgrade does a soft credit check which won’t affect the borrower's credit score.

    Upgrade is a popular option for paying third-party creditors. To qualify for an Upgrade loan, you must have a minimum credit score of 560 and there are no penalties for paying off your loan early.

    However, Upgrade charges origination fees and has high-interest rates, which may make this lender unappealing to customers searching for low-interest debt consolidation loans.

    Pros

    • No prepayment fee
    • Same-day funding available
    • Direct payment to third party creditors
    • Fair minimum credit score requirement
    • Fixed-rate option available

    Cons

    • Potentially high origination fee
    • Low loan cap of $50,000
    • Potentially high APR
    • Late payment fees
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Indiana: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist is a financial service company that was formed in 2019 from the merger of BB&T and SunTrust. The company offers several financial products including insurance, personal loans, asset management, mortgages and more. Truist is one of the top ten commercial banks in the U.S.

    Interested borrowers who didn’t qualify for an Upgrade debt consolidation loan should consider Truist as an alternative. The company’s A+ BBB rating, low interest rates and next-day funding make it an excellent option for most borrowers.Truist does not charge fees for origination, prepayment, or late payments. Although Truist does not permit co-signers on personal loans, you can apply for a joint loan.

    One drawback of Truist is that it conducts a hard credit pull during rate checks, which might negatively impact your credit score. Borrowers seeking debt consolidation loans in excess of $50,000 should also consider other lenders.

    Pros

    • A+ BBB rating
    • Next-day funding
    • Simple online application process
    • No origination fees
    • No minimum credit score requirement

    Cons

    • Low maximum loan amount
    • Potentially high APR
    • Hard credit check
    • APR range: 8.14% to 18.99%
    • Minimum/maximum loan amount: $3,500 to $50,000
    • Minimum credit requirements: None
    • Repayment terms: 6 to 60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in Indiana: 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

    Upstart, which launched in 2012, uses artificial intelligence technology to fund loans. The lender received an A+ rating from the BBB and is suitable for those with bad credit who need a personal loan for debt consolidation.

    Unlike most lenders, Upstart considers factors besides your credit score, like your employment and gross income, to assess your eligibility for a loan. It’s also an excellent option for borrowers that need funding quickly — funds are often available in one day. The provider performs a soft credit inquiry, which has no impact on your credit score.

    However, to qualify for a loan, borrowers must have a debt-to-income ratio of 45% or less. Those with low credit scores may also pay high interest rates.

    Pros

    • No minimum credit score requirement
    • No prepayment penalty
    • Soft credit inquiry
    • Funds available in one to two days
    • Low minimum loan amount

    Cons

    • Debt-to-income limit of 45%
    • Origination fees
    • No mobile application
    • Potentially high APRs
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: No minimum credit score requirement
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Indiana: 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

    SoFi, established in 2011, is an online lending platform for personal loans In Indiana, SoFi is the best debt consolidation lender for borrowers with good credit. SoFi provides personal loans of up to $100,000 and does a soft credit check, which won’t affect your credit score. Borrowers are also not required to pay origination, prepayment or late fees.

    You can save up to 0.25% on your interest rate by signing up for automatic payments. If you lose your job while paying off your loan with SoFi, you may apply for unemployment protection. This means that SoFi will place your loans on forbearance and temporarily stop your monthly payments. If borrowers want to avoid increasing their debt during this period, they can make interest-only payments.

    However, SoFi may not be a good option for borrowers with poor credit scores or those looking for loans of less than $5,000.

    Pros

    • No origination, prepayment or late fees
    • Mobile application available
    • A+ BBB rating
    • High maximum loan amount
    • Funding available in two days

    Cons

    • High minimum loan amount
    • Co-signers not allowed
    • High minimum credit score requirement
    • APR range: 5.74% to 20.28%
    • Minimum/maximum loan amount: $5,000 to $100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12 to 60 months
    • Time to receive funds: Two days
    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:

1
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?
2
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.

3
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.

4
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.

5
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.

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 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.

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

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