Best Debt Consolidation Loans in Baltimore of 2024

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Baltimore, MD

MoneyGeek broke down the best debt consolidation loan lenders in Baltimore to help you choose the right lender for you. We reviewed APR ranges, Better Business Bureau (BBB) ratings, lender loan amounts, late fees, origination fees, prepayment penalty fees, repayment period and more.

MoneyGeek found that Truist is the best overall debt consolidation loan lender in Baltimore. However, the best lender for you will depend on your unique borrower profile. Those with good credit in Baltimore may find the best options from SoFi.

Best Overall Debt Consolidation Loan in Baltimore, MD: 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 was established in 2019 from the merger of BB&T and SunTrust Banks. It earned an A+ rating from the BBB for its superior customer service. Notably, this lender doesn’t have a minimum credit score requirement and has a lower maximum APR than most lenders.

    Borrowers can apply for debt consolidation loans from $3,500 to $50,000. The lender offers significantly more repayment options than other lenders. Funding is received the next banking business day, which is fast relative to its competitors.

    Truist also doesn’t charge late, origination or prepayment penalty fees. Although the personal loans offered by this lender are unsecured, individuals aren’t required to provide any collateral before receiving their funds.

    One notable thing about its debt consolidation loans: you cannot use them for refinancing an existing loan, purchasing bonds and stocks or investing in a business.

    Pros

    • A+ BBB rating
    • No minimum credit score requirement
    • Next-day funding
    • No late fee, origination fee or prepayment penalty fee
    • Low maximum APR

    Cons

    • High minimum loan amount of $3,500
    • Restrictions on fund usage
    • No direct payment to creditors for debt consolidation
    • No prequalification
    Truist

Runner-Up for Best Debt Consolidation Loan in Baltimore, MD: 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 was founded in 2011 and is also known as Social Finance. MoneyGeek considers this lender one of the best in debt consolidation in Baltimore because of its relatively low APR and A+ BBB rating.

    Although SoFi requires a high minimum credit score requirement of 680, borrowers can receive a loan up to a maximum amount of $100,000. Borrowers can save 0.25% on their rate by setting up automatic payments.

    SoFi also doesn’t charge origination, prepayment or late fees. Its soft credit check ensures that your credit score won’t be negatively impacted. Through the lender’s unemployment protection program, borrowers that suddenly lose their jobs can temporarily pause or reduce their monthly payments.

    However, SoFi doesn’t allow co-signers who don’t meet the minimum annual income threshold of $50,000 or have a credit score below 680.

    Pros

    • A+ BBB rating
    • Autopayment discount of 0.25%
    • Soft credit inquiry
    • No late fee, origination fee or prepayment penalty fee
    • High maximum loan amount of $100,000

    Cons

    • High minimum credit score requirement
    • Minimum gross income requirement of $50,000
    SoFi

Best Debt Consolidation Loan for Bad Credit in Baltimore, MD: 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 originated more than $20 billion in personal loans as of 2021. Although this lender doesn’t focus on your credit score, approving even those with bad credit, it takes into account your current employment status and gross income.

    For individuals in Maryland who only need a small to moderate loan amount, Upstart can be ideal for you, with loan amounts ranging from $1,000 to $50,000. It’s important to note that the minimum loan amount available varies by state; the lender’s minimum loan amount is higher in Georgia, Hawaii, Massachusetts, New Mexico and Ohio. Those that want to start consolidating their debt quickly will also benefit from this loan, as funds are disbursed the next business day.

    The repayment period for Upstart loans is from 36 to 60 months. You can apply online easily and complete its soft credit inquiry, which won’t affect your credit score.

    Pros

    • Low minimum credit score requirement
    • Prequalification with a soft credit inquiry
    • Next-day funding
    • No prepayment penalty fee
    • Low minimum loan amount of $1,000

    Cons

    • Co-signers not allowed
    • Origination fee
    • Relatively modest maximum loan amount of $50,000
    • Late fee of $15 or 5% of the unpaid amount (whichever is higher)
    Upstart

Best Debt Consolidation Loan for Good Credit in Baltimore, MD: 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 was founded by a team of financial technology executives in 2017. It is currently headquartered in San Francisco. Upgrade has been innovative in how it provides its services to its customers.

    For debt consolidation, this lender directly pays third-party lenders. It also conducts a soft credit inquiry that won’t affect your credit score. Although there are restrictions on fund usage, you may receive funding on the same day your loan is approved.

    However, depending on your credit score, you may receive an APR exceeding 35%. Because of this, it’s not recommended that those with poor credit scores choose this lender. Its origination fees range from 1.85% to 8% and are automatically deducted from the loan proceeds.

    Pros

    • Direct payment to third-party creditors
    • No prepayment penalty fee
    • Low minimum loan amount
    • Same-day funding available
    • Soft credit inquiry

    Cons

    • Restrictions on fund usage
    • Origination fee
    • High maximum APR
    Upgrade

How to Choose the Best Debt Consolidation Loan in Baltimore, MD, for You

In Maryland, residents have an average credit card debt of $6,164 and a personal loan debt of $16,025. These amounts can often be repaid quickly and at a lower interest rate with a debt consolidation loan.

If you’re looking for a debt consolidation loan in Baltimore, this guide will help you through the process.

1
Ask Yourself the Important Questions

Before applying with a lender, it’s best to review and ask yourself these questions:

  • How much funding do you need? It’s best to be as specific as possible when requesting a loan amount. Seek the advice of a financial expert to identify how much you need and can repay based on your financial circumstances.
  • What’s your credit score? Lenders use a borrower’s credit score to assess their loan eligibility and establish their loan terms. If you have a low credit score, consider improving it before you apply to get the best terms possible.
  • Can you afford the monthly payments? Debt consolidation loans are generally paid on a monthly basis. Review your expenses and budget to see if this is your best move.
  • Do you have existing debts? It’s best to evaluate your debt-to-income ratio as most lenders will use this to assess your eligibility.
  • Is your debt manageable through other means? Debt consolidation may not be necessary if you can manage your existing debts.
2
Do Your Research

A debt consolidation loan is a long-term commitment that may take two to four years to pay off. Plus, some lenders conduct hard credit inquiries that may negatively affect your credit score. To avoid an unnecessary drop in your credit, it’s better to shop around and compare quotes from different lenders to know which one suits you best.

MoneyGeek’s guide is a good starting point, but there’s no substitute for your personal research: understand your specific situation and look for a lender that can meet your unique requirements.

3
Wait

It’s best to wait a day or more before filling out your debt consolidation application. Give yourself some time to think, review your finances and check your top lender options to make a good decision. Debt consolidation loans are long-term commitments, so it’s best if you don’t rush.

4
Read the Fine Print

Borrowers often fail to read the fine print and simply skim through their loan agreement. In doing this, borrowers may unintentionally miss key details, such as late fees, origination fees or prepayment penalty fees.

If there are terms that you don’t fully understand, don’t hesitate to reach out to a financial expert or someone from your preferred lender.

5
Apply

Once you’re confident about your preferred lender and fully understand the terms of your agreement, it’s time to fill out that application form. You can gather any necessary documents, such as identification, proof of income and pay stubs in advance to save time.

What to Do if You Can’t Get a Debt Consolidation Loan in Baltimore, MD

If your loan application is denied, you shouldn’t worry. Several factors can cause your application to be rejected, including a low credit score, insufficient income, high debt-to-income ratio or questionable employment history.

The best thing to do is to contact the lender directly and ask why your application was denied. If possible, try negotiating with the lender, such as asking for a lower loan amount or shortening the repayment period. Sometimes, these minor modifications will allow your application to be approved.

Payday loans, although tempting if you’re in a pinch, should be avoided at all costs. These loans feature high interest rates and short repayment periods, so you may end up losing money if you’re unable to make your payments in time.

Calculate Your Monthly Payment

Debt consolidation loans in Baltimore are generally paid through monthly payments with interest. MoneyGeek provided a debt consolidation loan calculator below to help you check if you’re financially ready to start the process.

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Frequently Asked Questions About Debt Consolidation Loans in Baltimore, MD

The best debt consolidation in Baltimore for you depends on your financial situation and needs. To help you find the best debt consolidation loan provider for you, MoneyGeek answered some of the most commonly asked questions.

What is the best debt consolidation loan lender in Baltimore?
Which lender in Baltimore has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Baltimore?
How much debt can I consolidate in Baltimore?
How long does it take to get a debt consolidation loan in Baltimore?
Can I pay off my loan early in Baltimore?

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, 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 loan recommendations and expert tips 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.