Best Debt Consolidation Loans in Baltimore of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Baltimore
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Baltimore
- Best Debt Consolidation Loan Lender for Bad Credit in Baltimore
- Best Debt Consolidation Loan Lender for Good Credit in Baltimore
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Baltimore
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Baltimore
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
Runner-Up for Best Debt Consolidation Loan in Baltimore, MD: SoFi
Best Debt Consolidation Loan for Bad Credit in Baltimore, MD: Upstart
Best Debt Consolidation Loan for Good Credit in Baltimore, MD: 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.
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.
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.
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.
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.
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.
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.
In Baltimore, MoneyGeek found that the best debt consolidation loan lender is Truist. However, the best lender for you depends on your needs and preferences. For instance, those with poor credit may get the best debt consolidation loan from Upstart.
Upstart offers the lowest interest rates for debt consolidation in Baltimore.
Lenders may restrict what you can use your debt consolidation loan for in Baltimore. It’s best to contact your lender for further clarification.
In Baltimore, you can consolidate up to $100,000, depending on the lender.
Loan processing times vary between lenders, but most process loans within one to two business days.
Yes, it’s possible to repay your loan ahead of your due date. However, some lenders charge prepayment penalty fees, so it’s best to clarify with your lender.
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
- Upgrade. "Debt Consolidation Loans | Upgrade." Accessed October 3, 2022.
- Truist. "Personal Loans and Lines of Credit: Apply Now | Truist." Accessed October 3, 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
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