Best Debt Consolidation Loan Lenders in Michigan

MoneyGeek examined more than 30 distinct data sets to identify the best debt consolidation loan companies in Michigan. This analysis looked into APR ranges, BBB ratings, loan amounts, minimum credit scores, various fees and penalties, payback terms, disbursement periods and other data.

Which lender is best for you for a debt consolidation loan may depend on your specific financial goals. Overall, MoneyGeek ranks Upgrade and LightStream as the best and second-best debt consolidation loan providers in the Michigan. Additionally, SoFi might be able to provide you with better terms if your credit score is excellent and if your credit is bad, Upstart is a great alternative.

Best Overall Debt Consolidation Loan in Michigan: Upgrade

  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds


Runner-Up for Best Debt Consolidation Loan in Michigan: LightStream

  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds


Best Debt Consolidation Loan for Bad Credit in Michigan: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds


Best Debt Consolidation Loan for Good Credit in Michigan: SoFi

  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds


How to Choose the Best Debt Consolidation Loan in Michigan for You

The average Michigan resident owes $4,850 on credit cards and $14,756 on personal loans with an interest rate of 9.71%. Through debt consolidation, you may consolidate your multiple debt streams to optimize payments and save money by receiving a lower interest rate.

If you're thinking about getting a debt consolidation loan in Michigan, be aware that lenders will take a number of things into account, including your credit score, your present debts, your employment situation, your income history and more. In the steps below, MoneyGeek explains how to apply for debt consolidation lenders in Michigan to get the best deals.


Ask Yourself the Important Questions

There’s a lot of thought that needs to go into making a decision like consolidating debt. It may not be the right choice for you based on your current financial situation. The right questions, when asked to oneself, may sometimes go a long way into making the best decisions. Think about the following:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?

Do Your Research

The rates and costs charged by different lenders may vary, as do how they function. You should research multiple providers to see which one is ideal for you before submitting a loan application. This will aid in narrowing your pool of choice for debt consolidation lenders.

This type of loan is a big commitment because you’ll pay it back over the course of 2-4 years, maybe longer. Make sure the action you take is the best one for you before committing. Remember that our suggestions are only recommendations and while we do consider different types of consumers, our data still speaks for a more general audience; therefore, you should still conduct your own research.



Once you've finished comparing the features, offers, rates, and expenses of various lenders, you should consider your options for a few days. To decide which lender would be the best for you, sit back and think about your financial obligations. Because getting a personal loan to combine your debts is such a significant financial commitment, you should consider if it's the best course of action for you. This might include taking the wait time to do your research again to ensure you’ve explored all possible options.


Read the Fine Print

Reading the terms and conditions of the debt consolidation loan's fine print is the next step. Pay attention to the factors that could drive you to spend more money or potentially save you some money. Examples of these include origination charges and prepayment costs. Most lenders charge late fees, however, some have lower rates than others.



After deciding on a lender and defining all the information you'll need, you may submit an application. Lenders are required to request identity documentation, proof of address and income documentation throughout the application process. Although an in-person visit or phone call allows you to clarify more facts, an online application is typically more convenient.

What to Do if You Can’t Get a Debt Consolidation Loan in Michigan

If the lender first rejected your application, get in touch with them to ask why and what changes you may make. By reducing the loan amount or decreasing the loan period, you might improve the acceptability of your application. An alternative for you if you're having trouble getting authorized would be a loan with a cosigner or one based on collateral. If a loan is truly necessary, you can submit an application with a new lender. However, unless you've resolved the problem that led to your application being turned down in the first place, you should avoid this option.

After being turned down, some people might feel tempted to apply for payday loans with exorbitant interest rates, but this is not a good option. Even if you make on-time, complete payments, your credit score won't increase. You can also be responsible for any unpaid interest in addition to the remaining balance if you don't make your payment on time. If you make a late payment, a collection agency can get in touch with you, which might hurt your credit.

Calculate Your Monthly Payment

The repayment period often lasts for several years, so knowing how much your monthly payment will help you choose if debt consolidation is the best course of action given your current and projected financial status. It will also enable you to adjust some loan parameters, such as the loan's repayment schedule and size, if necessary. Use the MoneyGeek debt consolidation loan calculator below to assist with that.



+ $114.98


+ $8.33

Origination Fee Percentage


Origination Fee Fixed amount


Total monthly payment


FAQs About Debt Consolidation Loans in Michigan

Your unique circumstances, along with a number of other credit and income aspects, will determine which Michigan debt consolidation loan provider is right for you. To help you get up to speed, here are a few of the most often asked questions.

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MoneyGeek reviewed over 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 amount, minimum credit score, minimum income amount, application fees and disbursement time.

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, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.


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.