Best Debt Consolidation Loan Lenders in Kansas

Ask Yourself the Important Questions

Before applying for a debt consolidation loan, you should consider your current financial situation and needs. At a minimum, we recommend answering the following questions:

• How much funding do you need? Depending on the amount of funding that you need, a debt consolidation loan may not be the best option for you. You may want to consider seeking an alternative source of funding that doesn’t involve as lengthy of a time commitment for repayment. The amount of funding you need will also determine the lenders that are available to you, as each lender offers a different loan amount.
• What’s your credit score? Your credit score will determine the loan amount, interest rate and lenders that are available to you. Most lenders have a minimum credit score requirement. All lenders assess your capacity to repay a loan based on your credit score. As such, MoneyGeek recommends improving your credit score before applying for a loan, if you have the time.
• Can you afford the monthly payments? Ensuring that you have a stable income to make monthly payments is essential before applying for a debt consolidation loan. Failure to make payments could cause you to accrue additional debt or poorly affect your credit score.
• Do you have existing debts? If you have student debt, you may not qualify for a debt consolidation loan with certain lenders. Assessing not only the quantity, but the type of debt you have, will help you choose the best lender for your needs.
• Is your debt manageable through other means? Prior to applying for a debt consolidation loan, consider an alternative funding source.

Do Your Research

To get the best deal for your financial situation, you should research different lenders’ rates, fees and terms. Remember that debt consolidation loans are a long-term commitment — up to seven years in some cases — so it’s worthwhile to take the time to find the best provider for you. MoneyGeek's guide is an excellent place to start, but our research is for generic borrower profiles, rather than your specific financial needs.

Wait

After shopping around and comparing different lenders’ loan terms, we recommend waiting an additional day or two to allow yourself time to consider your options. Keep in mind that a debt consolidation loan is a significant financial commitment. Only choose a lender after thoroughly researching and determining that it is the best fit for your needs.

Read the Fine Print

When selecting a lender, thoroughly review its loan agreement for hidden disclosures, including prepayment penalties, origination fees, late fees and any other fees that may increase the cost of your monthly payments. If you have any questions, you should always reach out to your chosen lender for clarification.

Apply

After you have completed your research, the next step is to apply. Whether you apply online or in person, ensure all your information is organized and accessible. Lenders often request identification, address verification and proof of income during the application process. Gathering these document beforehand can save you time.

While an online application is typically more convenient, you can also apply over the phone or in person, depending on the lender.