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Best Debt Consolidation Loan Lenders in Iowa

A debt consolidation loan in Iowa can help you pay off high-interest debts by combining them into one account with a lower interest rate. If you are unsure where to find the best debt consolidation loans in Iowa, MoneyGeek assessed lenders in the state based on several factors to help you get started.

When you apply for a debt consolidation loan in Iowa, lenders consider your credit score and history, income, debt-to-income ratio (DTI) and more. According to MoneyGeek, the average credit score in Iowa is 707, and the average personal loan debt is $15,314 with an interest rate of 10.12%.

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Last Updated: 9/9/2022
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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


  • 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

    on Upstart Website

Runner-Up for Best Debt Consolidation Loan in Iowa: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Iowa: 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

    on Upgrade Website

Best Debt Consolidation Loan for Good Credit in Iowa: 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

    on SoFi Website

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.

1

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?
2

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.

3

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.

4

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.

5

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.

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 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.

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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

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.