Best Debt Consolidation Loans in St. Paul of 2023

MoneyGeek’s top pick for the best debt consolidation lender in St. Paul is LightStream. This company was established in 2012 to serve as the online consumer lending division of Truist Bank.

LightStream’s popularity and positive reputation are supported by its quick and convenient loans that feature competitive rates and discounts for automatic payments. Those that meet the lender’s minimum credit score requirement are eligible for loan amounts ranging from $5,000 to $100,000.

Another unique benefit is that this company offers joint loans. With this type of loan, partners and spouses can consolidate their debt into a single credit account and work together to pay it off.

That said, if you’re looking for a lender that pays creditors directly and allows co-signers, you should explore other lenders. It also features a relatively high minimum credit score requirement that may not be attainable for some borrowers.

Pros

• High maximum loan amount
• Same-day funding available
• Autopay discount
• No prepayment penalty
• Mobile application

Based on MoneyGeek’s analysis, Social Finance, Inc. or SoFi is the next-best option for borrowers who are looking for the top personal loans for consolidating debt in St. Paul. This company was founded in 2011 and has since funded loans worth over $50 billion.

Would-be borrowers will appreciate SoFi’s high loan amounts, which reach up to $100,000, depending on creditworthiness. Those who sign up for automatic payments also benefit from a 0.25% discount. With this lender, you also won’t have to worry about origination fees, late payment charges or prepayment penalties. SoFi’s mobile application allows you to conveniently manage your loan on the go.

Despite these many advantages, a SoFi personal loan has a few downsides. For example, only applicants with good credit scores and low debt-to-income ratios will qualify.

Pros

• Unemployment protection
• Fast prequalification process
• Doesn’t charge origination fees, late fees or prepayment penalties
• Co-applicants accepted
• Mobile application available

MoneyGeek recommends Upstart, an artificial intelligence lending platform, for borrowers with bad credit who are looking for the best debt consolidation loans in St. Paul. This online company was founded by former Google employees in 2012 with the goal of providing Americans with more access to affordable credit with a fully digital loan experience.

Upstart’s low minimum credit score requirement of 300 means that even those with bad or no credit can qualify for a loan and a much-needed opportunity at establishing their credit history. Compared with other lenders who base their assessment of creditworthiness solely on a borrower’s credit profile, Upstart takes into account other factors, like education and employment history, when evaluating applications and calculating APRs. Still, it’s important to remember that those with a low credit score may receive a high APR.

Pros

• Low minimum credit score requirement
• Personal loans available to borrowers with no credit history
• No prepayment fees
• Low starting APR
• Joint loans available

In 2017, a group of pioneers in the fintech industry established Upgrade to provide Americans with a better alternative to traditional banking. This online lender outperformed its competitors to become MoneyGeek’s top pick for the best debt consolidation lender in St. Paul for individuals with good credit.

Interested borrowers will stand to gain from this lender’s fairly low credit score requirement of 560. Given that the average credit score statewide in Missouri is 675, most St. Paul residents will have little trouble securing a debt consolidation loan from this lender.

However, the tradeoff is that Upgrade charges origination fees and late fees, which can add a considerable amount to your loan. The lender’s maximum loan amount of $50,000 is also quite low in comparison to other lenders.

Pros

• Fair credit score requirement
• No prepayment fees
• Joint loans accepted
• Direct payment to creditors