Best Debt Consolidation Loans in Indianapolis of 2024

Banner image
Edited byMorgan Hull

Updated: December 28, 2023

Advertising & Editorial Disclosure

Best Debt Consolidation Loan Lenders in Indianapolis, IN

MoneyGeek utilized more than 30 data points to identify the top companies offering debt consolidation loans in Indianapolis. These data points include BBB ratings, minimum credit score requirements, interest rates and other repayment terms.

Based on MoneyGeek's unique scoring system, Truist is the best overall lender in Indianapolis; SoFi is the second best. Borrowers with a poor credit score may consider Upstart for the best offer, whereas Upgrade tops the list for those with good credit.

Loading...

Best Overall Debt Consolidation Loan in Indianapolis, IN: Truist

Loading...

Runner-Up for Best Debt Consolidation Loan in Indianapolis, IN: SoFi

Loading...

Best Debt Consolidation Loan for Bad Credit in Indianapolis, IN: Upstart

Loading...

Best Debt Consolidation Loan for Good Credit in Indianapolis, IN: Upgrade

Loading...
Loading...

What to Do if You Can’t Get a Debt Consolidation Loan in Indianapolis, IN

When you apply for a debt consolidation loan in Indianapolis, you aren’t guaranteed that you’ll receive it. A lender may refuse to give you a loan due to a low-income level, incomplete application or low credit rating.

If you’re rejected, you should reach out to the lender for detailed feedback on your application. Sometimes, simply modifying the terms of your loan agreement, including the repayment period or loan amount, can lead to approval. An insufficient credit score, however, will take some time to improve. MoneyGeek recommends first improving your credit score before you reapply since your credit score is negatively impacted with each submitted application.

Even if your application is denied, MoneyGeek strongly advises against payday loans. These feature high interest rates with short repayment periods, which may end up costing the borrower more in the long run.

Calculate Your Monthly Payment

Like most loan types, debt consolidation loans have a monthly repayment schedule that includes the principal amount and interest. MoneyGeek’s debt consolidation loan calculator can help you estimate your monthly installments, especially if the loan amount and repayment period were determined by the lender.

Loading...

Frequently Asked Questions About Debt Consolidation Loans in Indianapolis, IN

Several factors play a critical role in determining the best debt consolidation loan lender in Indianapolis for your situation, including your income and credit score. MoneyGeek answered the frequently asked questions about debt consolidation in the city to ensure you understand lender requirements before starting the application process.

Loading...

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

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.