Best Debt Consolidation Loans in St. Paul of 2024

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Edited byMorgan Hull

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in St. Paul, MN

MoneyGeek evaluated lenders for over 30 key data points, including interest rates, loan amount, repayment terms, eligibility requirements and more. Based on these factors, we found that LightStream offers the best debt consolidation loans in St. Paul, Minnesota. However, the best lender for you will vary based on your unique needs. For instance, those with bad credit will get the best debt consolidation loan from Upstart, whereas Upgrade is the best for those with good credit.


Best Overall Debt Consolidation Loan in St. Paul, MN: LightStream


Runner-Up for Best Debt Consolidation Loan in St. Paul, MN: SoFi


Best Debt Consolidation Loan for Bad Credit in St. Paul, MN: Upstart


Best Debt Consolidation Loan for Good Credit in St. Paul, MN: Upgrade


How to Choose the Best Debt Consolidation Loan in St. Paul, MN, for You

On average, Minnesota residents have a combined credit card and personal loan debt of $20,506. A debt consolidation loan is a great way to streamline these loans into a single account with a cheaper APR.

But before applying, it’s important to consider several factors, such as a lender’s eligibility requirements.

Before applying for a debt consolidation loan, you should take the following steps to ensure you’re making the most well-informed decision.


Ask Yourself the Important Questions

It’s important for you to evaluate your current finances to find out how a debt consolidation fits this picture. At a minimum, you should ask yourself the following questions:

  • How much funding do you need? To choose a lender that can meet your needs, you should try to estimate the amount of funds you need as accurately as possible. This will also help you avoid paying extra in interest.
  • What’s your credit score? Your credit score will impact your eligibility for a loan, as well as the rates available to you. If your credit score is low, and you aren’t looking to consolidate debt immediately, you may want to take the time to improve your score before applying for a loan.
  • Can you afford the monthly payments? It’s important to make sure that you can afford your monthly payments. Although making a high monthly payment will help reduce the amount you’ll pay in interest, it’s important that you still have enough left in your budget to pay for your other needs.
  • Do you have existing debts? Most lenders prefer that borrowers have a debt-to-income ratio below 43%.
  • Is your debt manageable through other means? A debt consolidation loan may not be the best way to manage your finances. Before applying for a debt consolidation loan, you should make sure it’s the best option for your financial future.

Do Your Research

A debt consolidation loan is a financial commitment that shouldn’t be taken lightly, especially since it can take anywhere from two to four years to repay fully. Sometimes lenders perform hard credit checks which can hurt your credit score, so it’s important to only apply with lenders who are likely to approve your application. To find the best option for your needs, you should compare providers’ rates and terms.

MoneyGeek’s guide is an excellent starting point to find the best debt consolidation loan recommendations in St. Paul, but it’s important to research providers and compare rates with your specific financial needs in mind.



After you’ve identified the lender that best matches your needs, you should wait a day or two before finalizing your decision to apply for a debt consolidation loan. Always keep in mind that this is a long-term commitment that can significantly impact your financial and mental well-being. Ensure that it’s the best path forward to help you meet your financial goals.


Read the Fine Print

Although you may be tempted to immediately sign your loan agreement and begin consolidating your debt, it’s important to read the fine print of your loan terms first. Disclosed in this document are potential charges, like those for late payments, prepayment penalties and loan origination. Being aware of all of the costs of your loan upfront can help you avoid unexpected surprises down the road.



After you’ve researched different lenders and selected the provider that best fits your needs, it’s time to submit your loan application. To expedite the process, ensure that you gather all the necessary documents in advance, like proof of identification, address and income. You can complete the application online, over the phone or in person, depending on your chosen lender.

What to Do if You Can’t Get a Debt Consolidation Loan in St. Paul, MN

If your debt consolidation loan in St. Paul is denied, don’t let this deter you from pursuing a debt consolidation loan. Following a rejection, we encourage you to contact the lender and ask why your application was denied.

Lenders may deny applications for a variety of reasons, including a poor credit history, insufficient income or incomplete applications. Often, simply modifying the terms of your loan agreement, like revising your repayment term or loan amount, can lead to your application being approved. However, if your application was denied due to a low credit score, you should improve it first before you reapply. This will increase your chances of being approved and you’ll avoid negatively impacting your credit score further with another hard credit check.

Although payday loans, which are easy-to-access loans with short repayment terms and high interest rates, are an appealing option, you should avoid these at all costs. These unrealistic expectations put borrowers in a difficult position for repayment and often end up costing them more money.

Calculate Your Monthly Payment

Keep in mind that debt consolidation loans are paid back in regular installments. To avoid missing payments and defaulting on your loan, make sure that your current finances can easily cover the monthly payments, especially if your loan is already pre-approved.

Use MoneyGeek’s personal loan calculator for a quick and accurate estimate of the amount that you’ll need to pay per month.


Frequently Asked Questions About Debt Consolidation Loans in St. Paul, MN

Your personal needs and circumstances will determine which is the best debt consolidation loan lender in St. Paul for you. MoneyGeek answered the most commonly asked questions about the topic to help guide you through the process.

According to MoneyGeek’s analysis, LightStream is the best debt consolidation loan lender in St. Paul. But keep in mind that this general recommendation may not apply to all types of borrowers. For instance, borrowers with good and bad credit may get the best debt consolidation loan from Upgrade and Upstart, respectively.

Upstart offers the lowest starting APR, but you must have an excellent credit score to lock in this low interest rate.

Lenders may impose restrictions on the use of loan funds. For instance, some will not allow you to use your personal loan to consolidate debts for post-secondary education.

The maximum amount that you can borrow debt consolidation will largely depend on your creditworthiness. Generally, lenders in St. Paul offer loan amounts from $1,000 to $100,000.

Lenders vary greatly in terms of loan processing times. In general, the period from loan approval to fund disbursement can be as short as a day to as long as a week, on average. You must consider this when choosing a lender if you need the loan funds immediately.

Yes. You may choose to repay your debt consolidation loan in full earlier than the expected date. However, some lenders will charge a prepayment penalty for this. If you want the flexibility to prepay your loan without paying any charges, you must select a lender that has no prepayment fees.



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, minimum 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 personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

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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.