Best Debt Consolidation Loans in Louisville 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 Louisville, KY

To help you identify the best provider of debt consolidation loans in Louisville, MoneyGeek analyzed over 30 different data points. We compared loan terms, Better Business Bureau (BBB) evaluations, APR ranges, funding restrictions and other features.

Each customer will have a different best lender based on their situation. That said, Truist emerged as the top debt consolidation loan lender in Louisville. MoneyGeek's guide will help you find the ideal debt consolidation loan provider for your needs and objectives.

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Best Overall Debt Consolidation Loan in Louisville, KY: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist received recognition from MoneyGeek for offering the best debt consolidation loan in Louisville. The lender has been in service since 1872 and was the 10th-largest bank as of June 2021. Truist provides many advantages to potential clients. For instance, you can borrow anywhere from $3,500 to $50,000, with 60-month repayment options.

    With no minimum credit score needed to use Truist, it is the best option for those who require a loan of up to $50,000 immediately. If you get a debt consolidation loan from Truist, you won't have to worry about processing fees because the lender has no origination fees.

    Pros

    • A+ BBB rating
    • No minimum credit score requirement
    • No late or prepayment penalty fees
    • Next-day funding
    • No minimum gross income requirement

    Cons

    • Conducts hard credit inquiry
    • Low maximum loan amount
    • Not offered to new borrowers
    • No co-signers allowed
    • Restrictive fund usage
    Truist

Runner-Up for Best Debt Consolidation Loan in Louisville, KY: 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

    According to MoneyGeek's research, SoFi is the runner-up for best debt consolidation loans in Louisville. Founded in 2011, SoFi doesn't impose any origination costs and has an A+ BBB rating. SoFi typically funds loans a few days after approval.

    The lender is ideal for people who want to swiftly obtain a debt consolidation loan between $5,000 and $100,000. Additionally, there are no prepayment or late penalties. For SoFi's loan, you need to be working, earning a minimum of $50,000 per year in gross income and have a minimum credit score of 680.

    Pros

    • A+ BBB rating
    • Conducts soft credit check
    • No prepayment penalty
    • No late fees
    • High maximum loan amount

    Cons

    • Charges origination fees of up to 8%
    • Good-to-excellent credit score required
    • Not offered to borrowers with new or no credit
    • Minimum gross salary requirement
    • Loan disbursement on the same day
    SoFi

Best Debt Consolidation Loan for Bad Credit in Louisville, KY: 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

    For Louisville residents with bad credit who require a debt consolidation loan within one to two days, Upstart is the ideal option. The lender does not impose origination fees or prepayment penalties and has an A+ rating from the BBB.

    If you need a loan of up to $50,000 in a reasonably short amount of time, Upstart is an excellent option. With Upstart, you may apply for a loan with a credit score as low as 300. Your credit score is not affected by the lender's soft credit inquiry.

    However, you might have to wait a day or two to collect your money after your loan is accepted. That's because its maximum APR is relatively higher than other lenders' offers.

    Pros

    • A+ BBB rating
    • Conducts soft credit pull
    • Low credit score requirement
    • No prepayment penalty fees
    • Provides joint loans

    Cons

    • Up to 8% origination fees
    • No autopay discount
    • Minimum gross salary requirement
    • Debt-to-income limit of 45%
    • Co-signers not allowed
    Upstart

Best Debt Consolidation Loan for Good Credit in Louisville, KY: 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

    Upgrade is the top pick in Louisville if you need a debt consolidation loan to pay off other liabilities at competitive rates. According to MoneyGeek, the lender provides excellent debt consolidation loan options to Louisville residents with good credit.

    From 2017 to the present, Upgrade — available in all states — has been offering personal loans. This provider performs a soft credit check without lowering your credit score. Borrowers can only get loans from $1,000 to $50,000. Although all its applicants must be employed, Upgrade has a relatively hefty APR. Processing your application also requires paying an origination fee.

    Pros

    • A+ BBB rating
    • Soft credit checks
    • A 1% autopay discount
    • No minimum income requirement
    • No prepayment penalty

    Cons

    • Charges $10 late fee
    • Low loan limit of only $50,000
    • Relatively high maximum APR
    • No co-signers
    • Restricts fund usage
    Upgrade

How to Choose the Best Debt Consolidation Loan in Louisville, KY, for You

Explore all your options before applying for a loan in Louisville since Kentucky's average personal loan debt is $18,887. You can assess interest rates, loan amounts, payback schedules and applicable costs.

Before requesting a debt consolidation loan in Louisville, you should follow a few steps as detailed by MoneyGeek:

1

Ask Yourself the Important Questions

You must first decide if obtaining a debt consolidation loan would be wise before evaluating which lenders' eligibility standards you meet.

To choose which debt consolidation loan in Louisville is appropriate for you, ask yourself:

  • How much funding do you need? Decide how much cash you'll need, then pick a lender who can offer you that much.
  • What’s your credit score? Your credit score affects your capacity to get loans and the interest rates you will pay.
  • Can you afford the monthly payments? Be cautious of late fees since your credit will be on the line if you incur late charges.
  • Do you have existing debts? Avoid a high debt-to-income ratio because lenders may consider it when assessing your eligibility.
  • Is your debt manageable through other means? If there are alternative ways to meet your needs for debt consolidation, you might not need a loan.
2

Do Your Research

Before submitting your debt consolidation loan application in Louisville, do your research. You can evaluate different lender rates to help you choose the best deal based on your choices.

Ensure you know loan usage limitations because some lenders restrict how to spend the funds. Whatever your circumstance, MoneyGeek keeps you informed and offers recommendations for the best debt consolidation lenders in Louisville.

3

Wait

Once you've gathered all the required data, take some time to reflect. Wait until you are sure that you can fulfill all of the loan's requirements before taking any action. A debt consolidation loan is a long-term commitment you will be responsible for repaying in two to four years.

4

Read the Fine Print

Examine the fine print before completing your loan application for debt consolidation. It could cost you a lot of money if you don't examine the fine print. Don't assume you are familiar with all the details of the loan. Make sure to study everything carefully to understand the terms.

5

Apply

Once you have completed the necessary steps, you are now at the most crucial phase in the loan application process. You must provide a specified amount of supporting information and documents when applying. In addition to completing an online loan application, you can also call or visit the lender in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Louisville, KY

Inadequate income, high debt-to-income ratio, lack of work experience and low credit ratings are a few reasons your application gets rejected. You shouldn't give up even if a lender declines your initial debt consolidation loan application. The best course of action is to ask your lender explicitly what led to the denial.

When you know the reasons, you might be able to negotiate a lower loan or a shorter repayment time, for example. If not, consider applying with a different lender for debt consolidation.

Payday loans are something MoneyGeek strongly warns against, no matter how persuaded you are to do so. These short-term loans offer incredibly high-interest rates, which could cost you more money.

Calculate Your Monthly Payment

Typically, you will repay a debt consolidation loan in monthly installments with interest. MoneyGeek offers a debt consolidation loan calculator below so you can quickly decide if you qualify for a loan.

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Frequently Asked Questions About Debt Consolidation Loans in Louisville, KY

You may have gotten a better understanding from MoneyGeek's analysis of debt consolidation loans in Louisville. Still, the most crucial factor to consider when selecting a loan is your financial needs.

We have addressed frequently asked questions about debt consolidation in Louisville to help you make an informed decision.

Truist provides Louisville residents with the best debt consolidation loan, according to MoneyGeek's study. Depending on your unique needs, a different lender might be a better option for you.

In Louisville, Upstart has the lowest interest rate.

There are different limitations for each lender. For instance, you cannot consolidate debt for investments or commercial purposes with some lenders.

Louisville allows debt consolidation up to $100,000, although the maximum amount allowed by each lender may vary.

Obtaining a debt consolidation loan in Louisville can take about one to two days, depending on the lender.

You have the choice to settle your obligation in advance. Some lenders may impose a prepayment penalty if you repay your loan early. Most lenders don't.

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. 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, 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.