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Best Debt Consolidation Loan Lenders in Mississippi

According to MoneyGeek’s research, the average Mississippi resident has $17,692 in personal loan debt and $4,819 in credit card debt. The average interest rate in the state for a personal loan is also 9.19%. However, the loan amount and interest rate you’ll receive will depend on lenders’ evaluation of your credit score, income and debt-to-income (DTI) ratio. If you’re looking to simplify your finances by combining multiple debts, you might want to consider a debt consolidation loan, which generally has lower APRs than other types of loans.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Mississippi

Below are MoneyGeek’s top picks for the best debt consolidation loan lenders in Mississippi. To evaluate each lender, we used over 30 data points, including loan terms and conditions, associated fees and penalties, as well as application requirements.

Based on our analysis, the top spot goes to Upgrade as the best overall debt consolidation loan lender in Mississippi. However, bear in mind that the best debt consolidation loan lender for you will depend on your credit profile and specific financial needs. To illustrate, if you have bad credit, Upstart is a solid choice, while those with good credit will receive the best debt consolidation loan from Upgrade.

Best Overall Debt Consolidation Loan in Mississippi: 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

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in Mississippi: 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

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Mississippi: 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

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in Mississippi: 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

    on Upgrade Website

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

On average, consumers in Mississippi have $22,511 in combined personal loan and credit card debt. Personal loans have become a popular way to consolidate debts as it allows borrowers to channel multiple accounts into a single payment with lower interest rates.

In evaluating your application, lenders will look at your credit score, income and any outstanding debts.

MoneyGeek outlined the steps you should take to find the best debt consolidation loan lender in Mississippi.

1

Ask Yourself the Important Questions

Take an honest look at your current financial standing and weigh your options to figure out whether a debt consolidation loan is the best path forward. At a minimum, we recommend answering the following questions:

  • 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?
2

Do Your Research

To get the best deals and pick the lender that is perfectly suited to your needs, you’ll need to shop around and compare rates from multiple lenders. This may seem time-consuming and effortful, but it’s an important step to ensure that you find the right lender for you. A debt consolidation loan is a significant, long-term commitment that can take anywhere from two to four years to pay off.

MoneyGeek simplified the process for you by creating this guide. However, we also know that each consumer has different needs. Our recommendations are a great starting point to find the best debt consolidation loan lender in Mississippi, but you should explore other options that aren’t included in our list.

3

Wait

Once you’ve identified your preferred debt consolidation lender in Mississippi, wait a day or two before applying for a loan. A personal loan is a significant and long-term commitment that, used improperly, could negatively impact your finances. Waiting a few days gives you time to settle your emotions and thoughts, allowing you to look at your situation more objectively and logically.

4

Read the Fine Print

In their haste to apply for a loan, some borrowers fail to read the fine print. To ensure that your loan agreement doesn’t include any hidden costs like prepayment penalties, late payment fees or origination fees, it’s important that you thoroughly read the terms of your agreement. These seemingly small costs will add up over time.

5

Apply

Once you’ve finalized your decision about your preferred lender and have checked that you meet all of its requirements, you may proceed with your loan application. Most lenders will ask you to provide proof of your identification, address and income. You have the option to either complete the application online, over the phone or in person at a branch. An online application is generally faster and more convenient, but if you’d like clarification on any of the terms in your loan agreement, there’s no harm in speaking directly with a representative by calling or visiting the lender’s office.

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

If your loan application in Mississippi is denied, you should contact your lender to ask why your application was rejected and check whether modifying your application would lead to approval. A lender may also send an adverse application notice which states the exact reason why your application was rejected. If your loan was denied due to incorrect information, such as an error on your credit report or additional income, you can submit the correct documentation as proof that you qualify. But, if you were denied because you failed to meet the lender’s criteria, you don’t have the option to appeal the decision.

Sometimes simply decreasing the loan amount or reducing the loan terms will increase your odds of getting approved. However, if your application was denied for other reasons, like an insufficient credit score or income, you should work to improve these factors first before reapplying with a different lender.

We also recommend that you avoid subprime and payday loans since these often charge extremely high interest rates of up to 400%. Their short repayment terms also put borrowers at an increased risk to default on loans.

Calculate Your Monthly Payment

Before applying for a personal loan for debt consolidation, it’s best to first see if you can meet the monthly payments which include both the principal and interest.

Below is MoneyGeek’s personal loan calculator to help you determine if your current finances can cover the monthly payments.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in Mississippi

If you’re looking to get a personal loan for the purpose of debt consolidation, it’s important to closely examine your financial capability and personal needs. To learn more you can read MoneyGeek’s answers to the most frequently asked questions about the best debt consolidation loans in Mississippi.

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METHODOLOGY

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.

sources

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.