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Best Debt Consolidation Loan Lenders in Iowa
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Iowa
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Iowa
- Best Debt Consolidation Loan Lender for Bad Credit in Iowa
- Best Debt Consolidation Loan Lender for Good Credit in Iowa
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Iowa
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Iowa
Best Debt Consolidation Loan Lenders in Iowa
MoneyGeek analyzed over 30 factors to help you choose the best Iowa debt consolidation loan provider, including Better Business Bureau (BBB) ratings, debt-to-income ratios, interest rates and loan terms. We also looked at origination, prepayment and late payment fees.
Best Overall Debt Consolidation Loan in Iowa: Upstart
Runner-Up for Best Debt Consolidation Loan in Iowa: LightStream
Best Debt Consolidation Loan for Bad Credit in Iowa: Upgrade
Best Debt Consolidation Loan for Good Credit in Iowa: SoFi
How to Choose the Best Debt Consolidation Loan in Iowa for You
MoneyGeek data found that the average credit card debt in Iowa is $4,587, the average personal loan debt is $15,314, and the average interest rate on personal loan debt is 10.12%. When applying for personal loans in Iowa, you must assess your income, employment history, current credit score and creditworthiness.
Follow the steps below to find the best debt consolidation loan provider in Iowa for your unique profile.
Ask Yourself the Important Questions
First, determine whether a debt consolidation loan is appropriate for you. Then, research which lenders best match your qualifications. You can make better financial decisions by taking a step back and asking yourself some important questions.
- 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
Debt consolidation loans require commitment. You may have to make monthly payments for two to four years, depending on the loan term.
Before applying for a loan, it’s important to do your research. Make an informed decision based on your knowledge of the options and loan package. Some lenders may do a hard credit check, which can affect your credit rating.
Compare several rates to determine which one best meets your needs. MoneyGeek prepared this guide to help you through the process of applying for a debt consolidation loan. However, our recommendations may not be best for your unique situation, so we advise you to do your research.
Wait
A debt consolidation loan is a significant, years-long financial commitment. After you've completed your research, give it some thought. Take a few days to decide whether a debt consolidation loan is the right solution for you.
Read the Fine Print
Make sure you understand all pertinent information related to your loan. Read the fine print. Research the lender’s fees, such as prepayment penalties, early payback and origination fees.
Apply
You can submit your application after you've decided on a lender. You’ll need to provide information, such as proof of identity, residence and income.
Some lenders accept applications online. Calling or visiting the lender may be preferable for some individuals and could help them understand the loan better and address any issues.
What to Do if You Can’t Get a Debt Consolidation Loan in Iowa
A lender may deny your application for a debt consolidation loan. After being rejected for a loan, it’s best to take a step back and assess the situation. Find out why your loan was rejected. In most cases, lenders reject loan applications because of poor credit scores, insufficient income, high debt-to-income ratios and incomplete loan application information.
To understand why your application was denied, speak with the lender directly. Find out whether you can improve your application. One option is to reduce the loan term or reduce the loan amount. Getting a loan from another lender is also an option, but you should wait to do this until you have resolved the issue that caused your application to be rejected.
Be cautious of quick-fix financial solutions like payday loans. Generally, they are short-term loans with very high interest rates.
Calculate Your Monthly Payment
Borrowers typically pay back debt consolidation loans in Iowa monthly, with interest. You can calculate your monthly debt consolidation loan payment using the MoneyGeek calculator below.
FAQs About Debt Consolidation Loans in Iowa
The best debt consolidation lender in Iowa for you will depend on a combination of factors, including your credit score, income and specific needs. MoneyGeek answers some of the most frequently asked questions about Iowa personal loans.
MoneyGeek compared debt consolidation lenders in Iowa to find the best ones. According to our research, Upstart is the best lender in the state overall. Remember that the best lender for you may vary based on your specific needs.
Upstart is the company with the lowest interest rate. Debt consolidation loans in Iowa may have interest rates as low as 3.22%.
Restrictions on the use of funds may differ depending on the company. Some lenders, like Upgrade, may prohibit you from using the borrowed funds to pay for post-secondary education.
Your lender determines the maximum loan amount. The general range is from $1,000 to $100,000.
Some lenders offer same-day funding, while others might take up to a week.
Yes, you can pay off your loan early. However, be sure to check whether your lender charges early payment fees.
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
- Upgrade. "Personal Loans." Accessed June 29, 2022.
- LightStream. "Debt Consolidation." Accessed June 29, 2022.
- Upstart. "Get a Smarter Loan." Accessed June 29, 2022.
- SoFi. "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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