Best Debt Consolidation Loans in Baltimore of 2023

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

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

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

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