Best Debt Consolidation Loans in New Orleans of 2023

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

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

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

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