Best Debt Consolidation Loans in Wichita of 2024

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Edited byLilian Mironga
Edited byLilian Mironga

Updated: December 28, 2023

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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.

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Best Overall Debt Consolidation Loan in Wichita, KS: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    MoneyGeek rated LightStream as the best debt consolidation loan company in Wichita. As a result of BB&T's merger with SunTrust, Truist Bank formed LightStream.

    With up to $100,000 in available financing, you can consolidate large amounts of debt. LightStream disburses your loan funds within the same day of approval. Early loan repayments or late payments are not penalized by the company.

    Better Business Bureau's A+ rating illustrates LightStream's commitment to customer service. For a loan to be approved, you must have a credit score of 660. Furthermore, a hard inquiry will be conducted, which may negatively impact your credit score.

    Pros

    • A+ BBB rating
    • No origination, late or prepayment fees
    • Offers autopay discount
    • Provides same-day funding
    • Mobile app available for easy tracking

    Cons

    • A high minimum credit score required
    • Conducts a hard inquiry that affects a credit score
    • Won't allow co-signers
    LightStream

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


  • SoFi
    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi, an online lending platform founded in 2011, is the second-best debt consolidation loan provider in Wichita.

    You can borrow up to $100,000 from SoFi. In addition, automatic repayments will save you 0.25% of the interest rate. Borrowers also don't incur origination, prepayment or late fees.

    SoFi debt consolidation loans offer borrowers exclusive benefits like unemployment protection, a feature that suspends their payments until they secure employment.

    The company only runs a soft credit check during the application process, which will not affect your credit score. To qualify for SoFi's loan, you need a verifiable income of $50,000 and a 680 credit score.

    Pros

    • Loans of up to $100,000
    • 0.25% autopay discount
    • No origination fee
    • Performs soft credit check
    • Offers mobile application

    Cons

    • A minimum credit score of 680
    • Not eligible to applicants without a credit history
    • Co-signers not permitted
    SoFi

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


  • Upstart
    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    If you have bad credit and live in Wichita, MoneyGeek recommends you use Upstart. A loan funding company founded in 2012, Upstart utilizes artificial intelligence.

    Through Upstart, you can apply for loans online. Upstart offers loans ranging from $1,000 to $50,000 with a repayment term of 36 to 60 months. Since the lender performs a soft credit inquiry, your credit score will not be adversely affected. It usually takes one business day for disbursements to be processed.

    With Upstart, you can consolidate debts even if your credit is bad. The lender has a low credit score requirement of 300, making Upstart an attractive option for people with low credit scores.

    Pros

    • A+ BBB rating
    • A minimum credit score of 300
    • Joint loans available
    • No prepayment penalty
    • Next-day funding

    Cons

    • Loans are limited to $50,000
    • No mobile app
    • No autopay discount
    • Up to 8% origination fees
    Upstart

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


  • Upgrade
    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    For people with good credit, MoneyGeek found Upgrade to be the best debt consolidation loan company in Wichita.

    With Upgrade, you can only borrow up to $50,000. Upgrade's loan requires a minimum credit score of at least 560, but it has no income requirement. Paying your debt consolidation loan earlier does not incur prepayment fees.

    Upgrade handles third-party creditors directly, so you are not inconvenienced. Furthermore, the lender disburses funds quickly, which is ideal for those seeking fast debt consolidation.

    Upgrade runs a soft inquiry to prequalify you, which will not affect your credit score. Although joint loans are accepted, co-signers are not allowed with this lender.

    Pros

    • A+ BBB rating
    • No prepayment fee
    • Discount of 1% for autopay
    • Performs soft credit checks
    • Joint loans available

    Cons

    • Low maximum loan amount
    • Charges late fees
    • Relatively high origination fees
    • No co-signers allowed
    • New or no credit applicants are not accepted
    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.

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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.

MoneyGeek's research shows that LightStream offers the best debt consolidation loan in Wichita. However, a different lender may better meet your needs and profile. In case of bad credit, MoneyGeek recommends Upstart, whereas borrowers with good credit are better off with Upgrade.

Upstart's debt consolidation loan has the lowest starting interest rates in Wichita.

Each lender has a different set of restrictions. Depending on the lender, you may not use your debt consolidation funds for business or investment purposes.

Depending on the lender, you may be able to consolidate debt up to $100,000.

Applications are processed at different rates by different lenders. Usually, it takes one to two days for the process to be complete.

Yes. However, you may have to pay a prepayment penalty if you repay your loan early.

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
Shield Insurance

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.