What is the best debt consolidation loan lender in Louisiana?

MoneyGeek identified Upgrade as the best overall debt consolidation loan lender in Louisiana. That said, the best option for you may be different depending on certain factors. For instance, Upstart is ideal for borrowers with bad credit, while SoFi is the best lender for those with good credit.

Which lender in Louisiana has the lowest interest rates for debt consolidation?

In Louisiana, Upstart has the lowest interest rates, starting at 3.22%.

What kind of debts can I not use my debt consolidation loan for in Louisiana?

Restrictions on fund usage will depend on the lender. It’s best to ask them for a complete list of restrictions before submitting your application.

How much debt can I consolidate in Louisiana?

You can borrow from $1,000 to $100,000 in Louisiana. That said, the maximum loan amount varies per lender.

How long does it take to get a debt consolidation loan in Louisiana?

This is also lender-dependent. Some companies offer same-day funding, while others take up to one week to disburse funds.

Can I pay off my loan early in Louisiana?

Yes, but some lenders charge a fee for early repayment of loans. Make sure to ask your lender if there is a prepayment penalty for paying off your loan early.

Top Lenders & Best Rates for You

Best Debt Consolidation Loans in Louisiana of 2023

Louisiana residents have an average personal loan debt of $15,402, with interest averaging 9.36% in the state. One of the most common uses of personal loans is for debt consolidation. This allows you to combine several debts into a single loan with a fixed monthly payment at a lower interest rate.

When applying for a debt consolidation loan in Louisiana, lenders will evaluate various factors like your credit score, gross income and debt-to-income ratio to assess your eligibility for a loan. Each lender has its own requirements, terms, fees and rates, so the best one for you will vary depending on your financial needs.

WHAT WE’RE GEEKING OUT ON

Best Overall Debt Consolidation Loan Lender in Louisiana
Runner-Up for Best Overall Debt Consolidation Loan Lender in Louisiana
Best Debt Consolidation Loan Lender for Bad Credit in Louisiana
Best Debt Consolidation Loan Lender for Good Credit in Louisiana
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Louisiana
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Louisiana

Best Debt Consolidation Loan Lenders in Louisiana

To find the best debt consolidation loan lenders in Louisiana, MoneyGeek analyzed over 30 data points including loan amount ranges, APR rates, repayment terms, disbursement time and loan-related fees. We also looked into each lending company’s credit score, gross income and debt-to-income ratio requirements to identify the best lenders for different borrower types.

Based on our analysis, Upgrade is the best overall lender for debt consolidation loans in Louisiana. However, the best lender for you will be based on your financial situation. Borrowers with poor and good credit will get the best debt consolidation loan in Louisiana from Upstart and SoFi, respectively.

Best Overall Debt Consolidation Loan in Louisiana: 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
MoneyGeek found that Upgrade offers the best overall debt consolidation loan in Louisiana. The company was launched in 2017, providing consumers with various financial products including personal loans.
Upgrade offers debt consolidation loans from $1,000 to $50,000, with a range of repayment terms. The lender pays third-party creditors directly, making the process easier for you. Its loans also lack prepayment penalties, so you can repay your loan early without being penalized. However, this company does charge a 2.9% to 8% origination fee and $10 late.
This lender may not be an option for you if your credit score is lower than 560. While Upgrade accepts joint applications, it doesn’t allow co-signers.
Pros
Fair minimum credit score requirement
No prepayment penalty
Joint loans available
Same-day funding

Cons
Origination fee
Late fee
Co-signers not allowed
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in Louisiana: 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
LightStream is the second-best debt consolidation loan lender in Louisiana. It’s the online lending platform of Truist bank, which was formed after SunTrust and BB&T merged in 2019.
The lowest debt consolidation loan amount available from LightStream is $5,000, with the company capping its borrowing limit at $100,000. Its loans come with no origination fees, prepayment penalties or late fees. Moreover, you can receive a discount of 0.5% for setting up automatic payments.
This lender may not be the best option for everyone. To qualify for a LightStream loan, you need a relatively high minimum credit score of 660. The company doesn’t provide pre-approvals for loans and only accepts online applications. Furthermore, it imposes restrictions on the usage of funds. This lender may not be ideal for you if you plan to use your funds to pay off a student loan or an existing LightStream loan.
Pros
No origination fee
No prepayment penalty
No late fee
Autopay discount of 0.5%
Same-day funding

Cons
Minimum credit score requirement of 660
Co-signers not allowed
Restrictions on fund usage
APR range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Louisiana: 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
Upstart is an artificial intelligence (AI) lending platform founded by former Google employees in 2012. To date, it has originated $25.4 billion in loans.
This lender may be the best option for Louisiana residents with bad credit. The lender only requires applicants to have at least a 300 credit score and only performs soft credit checks, which won’t impact your credit score. Upstart allows you to borrow loans from $1,000 to $50,000. The company also allows you to use your funds for education-related purposes. Furthermore, it doesn’t charge a penalty if you pay off your loan early.
However, you may consider another lender if you don’t want to pay any origination fee. If you have a high credit score, you may also want to look at a different lender that has lower interest rates.
Pros
No minimum credit score requirement
No prepayment penalty
Soft credit inquiry
Next-day funding

Cons
Origination fee
Debt-to-income limit of 45%
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Debt Consolidation Loan for Good Credit in Louisiana: 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
SoFi is the best debt consolidation loan lender for borrowers with good to excellent credit. The company has provided financial products, like personal loans, since it began in 2011.
This lender offers debt consolidation loans up to $100,000, with a variety of repayment terms. With SoFi, you won’t have to pay origination fees, prepayment penalties or late fees. You may also save money over the course of your loan by receiving an autopay discount of 0.25%.
It’s important to note that SoFi only accepts applicants with a minimum credit score of 680. Additionally, you must be employed or have documentation that you’ll be employed within 90 days of submitting your application.
Pros
No origination fee
No prepayment penalty
No late fee
High maximum loan amount
Autopay discount

Cons
Relatively high minimum credit score requirement
Co-signers not allowed
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

How to Choose the Best Debt Consolidation Loan in Louisiana for You

MoneyGeek found that the average personal loan debt in Louisiana is $15,402, with a 9.36% interest rate. People take out personal loans for various purposes, like financing a major purchase or covering a medical bill. If you’re looking to manage multiple debts, a debt consolidation personal loan can help you roll them into one loan and lock in a lower interest rate.

When you apply for a debt consolidation loan in Louisiana, lenders will take into account your credit score, income and more. We outlined some important steps below to help you choose the best debt consolidation loan lender for your needs.

Ask Yourself the Important Questions

It’s important to consider your current financial standing to see if a debt consolidation loan is the right option for you. Asking yourself the following questions can help you make a smarter financial decision:

How much funding do you need? Assessing how much funding you need can help you decide if a debt consolidation loan is the best option for you. Lenders also offer different minimum and maximum loan amounts, so assessing how much money you need can help narrow down your search.
What’s your credit score? To assess your capacity to repay the loan, lenders look at your credit score. If your credit score is currently low, consider improving it before you apply for a debt consolidation loan. That way, you’ll receive the lowest possible interest rate.
Can you afford the monthly payments? You should ensure that you have enough income to make the monthly payments, including interest. If you don’t have a stable monthly income, consider an alternative funding source.
Do you have existing debts? It’s important to consider the amount and type of existing debt that you have. Some lenders won’t allow you to use a debt consolidation loan for secondary education. Thus, if you’re hoping to use your debt consolidation loan for this purpose, you’ll have to find a lender that meets your specific needs.
Is your debt manageable through other means? A debt consolidation loan may not be the best option for you if the interest rate you receive isn’t lower than your current loan payments.

Do Your Research

MoneyGeek created this guide to provide important information on debt consolidation loans in Louisiana. However, our recommendations may not cover your specific needs. It’s best to explore other options in the state to find the best lending company for you.

Make sure to conduct your own research and look into what each lender has to offer. Gather information about their loan amounts, interest rates, repayment terms and fees. Also, find out if the lender imposes restrictions on fund usage or conducts hard credit checks. Knowing this information can help you narrow down your options and make it easier for you to choose a debt consolidation loan lender.

Wait

It may be tempting to immediately choose a lender once you have all the necessary information you need. However, your choice may be a result of confirmation or recency bias. We advise that you wait a day or two before finalizing your decision. A debt consolidation loan is a long-term commitment — up to seven years — so we advise that you take the time to consider if it’s the best choice for you.

Read the Fine Print

It’s common to miss certain details while researching debt consolidation loan lenders. Once you’ve chosen a lending company, make sure to read the fine print for all its fees and charges. These include origination fees, prepayment penalties and late fees. Note that reviewing and understanding the fine print can help you save money in the long run.

Apply

Once you’ve read the fine print and you’re confident with your chosen lender, there’s only one thing left to do: submit your loan application! Lenders typically require identification, address verification and proof of income during the application process. To save time, you should gather all this information beforehand. With most lenders, you can easily apply online or over the phone, but some may require that you apply in person at a physical branch.

What to Do if You Can’t Get a Debt Consolidation Loan in Louisiana

If your debt consolidation loan application is denied, you may still be able to get a loan. Your application may be rejected for a number of reasons, including a low credit score, insufficient income or high debt-to-income ratio.

It’s best to reach out to your lender and inquire about the reasons for the loan denial. You may also ask if it’s possible to make modifications to your application, such as lowering your loan amount or shortening your loan term, to have your application approved.

If your lender’s decision is final, you can always look for a different lending company. However, it’s best to improve the factor that caused your application to be rejected before submitting a new application. This way, you can avoid another rejection.

MoneyGeek advises against using payday loans. These are usually small loans with extremely high interest rates and short repayment terms, putting borrowers at a higher risk for defaulting.

Calculate Your Monthly Payment

Typically, debt consolidation loans are paid off on a monthly basis plus interest. You can use MoneyGeek’s debt consolidation loan calculator to estimate your monthly payment.

Month	Payment	Principal	Interest	Balance

FAQs About Debt Consolidation Loans in Louisiana

The best debt consolidation loan for you will be based on your particular needs, as well as your credit score and income. To help you learn more, MoneyGeek answered some frequently asked questions about debt consolidation loans in Louisiana.

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

LightStream. "Debt Consolidation." Accessed June 29, 2022.
LightStream. "Frequently asked questions." Accessed June 29, 2022.
SoFi. "Personal Loans." Accessed June 29, 2022.
SoFi. "Frequently Asked Questions." Accessed June 29, 2022.
Upgrade. "Consolidate Your Debt." Accessed June 29, 2022.
Upgrade. "How can we help you?." Accessed June 29, 2022.
Upstart. "Simplify your bills with a debt consolidation loan." Accessed June 29, 2022.
Upstart. "This is Upstart." Accessed June 29, 2022.

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.