Best Debt Consolidation Loans in New Orleans of 2024

Updated: September 20, 2024

Advertising & Editorial Disclosure

WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in New Orleans, LA

MoneyGeek analyzed the best debt consolidation loan lenders in New Orleans to help you pick the most suitable option. We evaluated factors like APR ranges, Better Business Bureau (BBB) ratings, credit score requirements, loanable amounts, late and origination fees, prepayment penalties and repayment terms.

MoneyGeek identified the best overall debt consolidation loan lender in New Orleans as LightStream.

Yet, the best lender depends on your situation. For example, individuals with poor credit may find that Upstart is the best option.

Best Overall Debt Consolidation Loan in New Orleans, LA: 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

    LightStream is the online lending platform of Truist, which was established when BB&T merged with SunTrust Banks. LightStream provides personal loans that can be used for different reasons like vacations, travel, home improvement, debt consolidation and more. Customers can apply through the LightStream website or mobile app.

    The lender provides loans ranging from $5,000 to $100,000. To be eligible for a LightStream loan, borrowers need a minimum credit score of 660. It releases funds the same day your application is approved.

    Moreover, LightStream doesn’t charge late, origination or prepayment penalty fees. Another unique feature is its Loan Experience Guarantee, which guarantees customer satisfaction, or the lender pays you $100.

    Pros

    • A+ BBB rating
    • Autopayment discount of 0.5%
    • Same-day funding
    • Has a mobile app
    • No fees or prepayment penalties

    Cons

    • Conducts hard credit inquiry that affects credit score
    • No co-signers
    • No smaller loans
    • Limitations on fund usage
    • Not for individuals with new or no credit history
    LightStream

Runner-Up for Best Debt Consolidation Loan in New Orleans, LA: 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

    In 2011, SoFi was founded by Stanford business students and is also commonly known as Social Finance. This lender celebrated one million members in 2020 and has earned an A+ rating from the BBB. MoneyGeek ranks SoFi as the second-best debt consolidation loan lender in New Orleans.

    SoFi requires a high minimum credit score of 680 and provides a maximum loanable amount of $100,000. Also, when you set up automatic payments, you’ll receive a 0.25% discount. This lender doesn’t charge any fees.

    SoFi conducts soft credit checks that won’t impact your credit score. Through its unemployment protection program, this lender helps borrowers who involuntarily lose their jobs by pausing their debt and lowering their monthly payments.

    However, this lender requires that co-signers have a minimum annual income of $50,000 and a credit score above 680.

    Pros

    • A+ BBB rating
    • 0.25% autopayment discount
    • Conducts soft credit inquiry without affecting your credit score
    • Maximum loan amount of $100,000
    • No late fee, origination fee or prepayment penalty fee

    Cons

    • Requires a credit score of 680
    • Has a minimum gross income requirement
    • Has a debt-to-income limit of 45%
    SoFi

Best Debt Consolidation Loan for Bad Credit in New Orleans, LA: 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

    Upstart was founded in 2012 and has become the country’s leading artificial intelligence (AI) lender, originating more than $28.6 billion in loans. Approximately 73% of its loan interactions are fully automated (from initial rate request to fund release).

    Upstart is an ideal lender for individuals building or rebuilding their credit. Its minimum loan amount is $1,000, with a maximum of $50,000.

    The lender conducts an initial soft credit inquiry that will not affect your credit score. However, when you accept the rate quoted and proceed with your application, Upstart performs a hard credit inquiry that will affect your credit score.

    Pros

    • Minimum loan amount of $1,000
    • Minimum credit score requirement of 300
    • Next-day funding
    • Doesn’t charge prepayment penalty fee
    • Conducts prequalification with soft credit inquiry

    Cons

    • Doesn’t allow co-signers
    • Charges origination fee
    • Maximum loan amount of $50,000
    • Charges a late fee of $15 or 5% of the unpaid amount (whichever is higher)
    Upstart

Best Debt Consolidation Loan for Good Credit in New Orleans, LA: 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

    In 2017, a group of fintech executives founded Upgrade, currently headquartered in San Francisco. Borrowers considering debt consolidation should consider this lender because it pays third-party lenders directly. It conducts soft credit checks that won’t affect your current scores. However, there are limitations on how you can use the loan.

    Upgrade’s maximum APR is high, although those with good credit will qualify for APRs on the lower end. This lender may not be suitable for those looking to save money on fees since it charges an origination fee of up to 8%, which is automatically deducted from the loan proceeds.

    Pros

    • A+ BBB rating
    • Minimum loan amount of $1,000
    • Autopayment discount of 1%
    • Soft credit inquiries

    Cons

    • Charges a late fee of $10
    • No co-signers
    • Limits on fund usage
    • Charges origination fee from 1.85% to 8%
    Upgrade

How to Choose the Best Debt Consolidation Loan in New Orleans, LA, for You

The average Louisianian has a combined credit card and personal loan debt of $20,757. New Orleans residents interested in streamlining their debt by consolidating it may feel overwhelmed as they search for a lender.

To find the best debt consolidation loan lender in New Orleans, MoneyGeek recommends the following steps:

1
Ask Yourself the Important Questions

Before starting your application, review and ask yourself these questions:

  • How much funding do you need? Borrowing too much can hurt your credit standing, but borrowing too little won’t meet your needs. Determine how much you really need to borrow to consolidate your debts effectively.
  • What’s your credit score? Know your credit score before applying because lenders use it to evaluate your creditworthiness and assign rates.
  • Can you afford the monthly payments? Ensure the debt consolidation loan monthly payments fit within your budget.
  • Do you have existing debts? Lenders consider your debt-to-income ratio when deciding whether to loan you money.
  • Is your debt manageable through other means? Is a loan the best option, or can you consolidate your debt consolidation another way?
2
Do Your Research

A debt consolidation loan is a serious commitment that takes years to repay. Many lenders conduct hard credit checks that can influence your credit score. Always shop around and compare quotes to find lenders that suit your current finances and lifestyle.

3
Wait

Before applying with a specific lender, wait a day or two. Take a walk, think about your decision, check your finances and see if your preferred lender provides all you need. Debt consolidation is a long-term commitment, and it’s best not to rush into it.

4
Read the Fine Print

Usually, most borrowers skim through loan agreement documents and miss crucial details about their loan terms. The fine print contains essential details, such as prepayment penalty fees, origination fees and late fees.

If any details seem vague or confusing, consult a financial expert or a representative from your preferred lender.

5
Apply

Once you feel confident with your choice of lender, you can complete your application. Gather all the necessary documents to prove your identification, validate your employment and show your capacity to repay the loan. Your lender may also require additional documents.

What to Do if You Can’t Get a Debt Consolidation Loan in New Orleans, LA

In some instances, your loan application may get denied. Ask your lender the reason for the denial and determine whether you can modify the repayment terms or lower the loan amount.

You can also consider applying to another lender. However, sometimes you don’t meet specific criteria, such as the lender’s minimum credit score or income requirements. In such cases, you may need to work on increasing these before continuing to apply for a loan.

In the meantime, MoneyGeek advises against taking out payday loans. These loans charge exorbitant interest rates and have shorter repayment terms.

Calculate Your Monthly Payment

Borrowers pay debt consolidation loans in New Orleans monthly in payments that include interest. MoneyGeek’s debt consolidation loan calculator helps you evaluate whether the monthly payments will fit in your budget.

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 New Orleans, LA

The best debt consolidation loan in New Orleans depends on your needs, preferences and financial capabilities. MoneyGeek answers the most commonly asked questions to help you make an informed decision.

What is the best debt consolidation loan lender in New Orleans?

MoneyGeek found that LightStream is the best debt consolidation loan lender in New Orleans.

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

Upstart offers the lowest interest rates.

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

Some lenders don’t allow you to use loan funds to invest or purchase stocks. Others let borrowers use the proceeds for vacations, house improvements and weddings. Always check to ensure you can use the funds for your intended purpose.

How much debt can I consolidate in New Orleans?

Borrowers can consolidate up to $100,000, depending on the lender.

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

Lenders have different processing periods. Some release the funding within the same day, but others take two or more days.

Can I pay off my loan early in New Orleans?

Yes, but some lenders charge prepayment penalty fees. It’s best to ask your lender for more details.

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

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 help you make smart financial decisions when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use