On This Page:
WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Wichita, KS

MoneyGeek analyzed more than 30 data points to determine the best Wichita debt consolidation loan companies. We considered loan amounts, annual percentage rates (APRs), repayment terms, Better Business Bureau ratings and associated fees.

LightStream is overall the best lender for debt consolidation in Wichita. MoneyGeek ranks SoFi in second place. Upstart may be your best option if you have bad credit, but Upgrade is ideal if your credit is good.

Best Overall Debt Consolidation Loan in Wichita, KS: LightStream


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

Runner-Up for Best Debt Consolidation Loan in Wichita, KS: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds
    SoFi

Best Debt Consolidation Loan for Bad Credit in Wichita, KS: Upstart


  • Upstart
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Upstart

Best Debt Consolidation Loan for Good Credit in Wichita, KS: Upgrade


  • Upgrade
    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds
    Upgrade

How to Choose the Best Debt Consolidation Loan in Wichita, KS, for You

When you consolidate your debts, your interest rate and monthly payment reduce. In Kansas, the average debt from personal loans is $18,093, with an average interest rate of 9.92%. However, your rate will depend on factors like your credit history, average income and debt-to-income ratio.

The following steps will help you make an objective decision when looking for the best debt consolidation loans in Wichita.

1

Ask Yourself the Important Questions

Getting a personal loan to solve your financial problems is sometimes necessary. Nevertheless, before you take out a loan, you need to evaluate your needs, ability to repay and the purpose of the loan.

The following questions will help you decide whether or not a personal loan would be a good choice:

  • How much funding do I need?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How much debt do I already have?
2

Do Your Research

Since getting a personal loan requires long-term commitment, it is imperative to find the best deal according to your needs and financial capability. One of the best ways to do this is by comparing quotes from several lenders before submitting a loan application.

With MoneyGeek's comprehensive guide, you'll discover all the necessary information you need to know about personal loans in Wichita. Note that we are making generalizations based on data for average borrowers. You may have very different needs and circumstances. Since we do not cover all loan offers and providers, you should consider other financing options that you may find suitable.

3

Wait

You may feel like you have all the information you need and a potential lender that fits your needs. However, it's still a good idea to wait a few days before you make a final decision.

Due to the financial commitment involved in getting a personal loan, it's crucial to rethink why you really need it and if the large purchase you've been thinking about is essential. Let this time serve as a time to reflect and examine your decision critically.

4

Read the Fine Print

Following your decision on a lender, go over the fine print of the personal loan. Carefully reviewing your loan agreement can help you avoid many pitfalls when borrowing.

Most lenders generally charge fees that add to your overall expenses, so you should be aware of them from the outset. Among them are prepayment penalties, early payout fees and origination costs. Before applying, make sure to clarify the terms of the loan with the lender. Over time, giving attention to small details can save you large sums of money.

5

Apply

Once you have taken all the steps needed and are satisfied with your decision, you can prepare the necessary application documents. For the address verification process, you must present your identification cards, income verification documents and proof of address.

In most cases, you can apply for a loan online. However, if you want to ask your lender a direct question or concern, you are welcome to call or visit their office.

What to Do if You Can’t Get a Debt Consolidation Loan in Wichita, KS

Many reasons can lead to the denial of a personal loan application. Despite a rejection, don't lose heart. Lenders can deny you a loan for various reasons, including inadequate income, a low credit score, a large debt amount or incomplete documentation.

The next best thing you can do is call or email your lender to know the exact reason for the denial. Inquire about how you might improve your chances of approval. Your application may require changes — like requesting a smaller loan — to strengthen your case.

Using collateral or a co-signer could help you secure a loan if you're having trouble getting approved. Depending on your situation, you may have to apply with a different lender. To reduce the risk of another rejection, we recommend you resolve the issues that led to the rejection before doing this.

Additionally, we strongly advise against payday loans unless you have exhausted all other options. This type of loan is disadvantageous due to its short repayment period and exceedingly higher interest rates.

Calculate Your Monthly Payment

Borrowers typically repay debt consolidation loans over time in monthly installments with interest. Using MoneyGeek's debt consolidation loan calculator, you can determine if you are financially ready to consolidate your debt.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

Frequently Asked Questions About Debt Consolidation Loans in Wichita, KS

Your needs and financial background determine the best debt consolidation loans in Wichita. MoneyGeek answers some frequently asked questions to assist you in making an informed decision on debt consolidation.

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 data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, minimum income amount, available loan amount, minimum credit score, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer. Therefore, 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.