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Best Debt Consolidation Loans in Mississippi of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

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

    Upgrade is a credit-focused neobank that was established by a team of fintech pioneers in 2017. Its goal is to provide customers with an alternative and better banking experience. Since its launch, Upgrade has provided over $15 billion in affordable and responsible credit in the form of loans and credit cards to over 15 million customers. It is also MoneyGeek’s top pick for the best debt consolidation lender in Mississippi.

    Borrowers can benefit from its lack of prepayment fees and relatively low credit score requirement of 560. The average credit score in Mississippi is 739, which means that most residents in the state will be eligible for an Upgrade personal loan.

    On the downside, Upgrade charges substantial origination fees of up to 8%. Also, if you miss a payment cycle, you’ll need to pay a late payment fee. Those with lower credit scores will also be subject to higher interest rates, potentially exceeding 35%.

    Pros

    • No prepayment fees
    • Customizable to fit your monthly budget and schedule
    • Mobile application available
    • Soft credit pull that doesn’t impact your credit score
    • Fair minimum credit score requirement

    Cons

    • Origination fee
    • Late payment fee
    • Lowest rates require a subscription to autopay
    • Funds sent directly to creditors may take up to two weeks to clear
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

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

    MoneyGeek’s runner-up for the best debt consolidation lender in Mississippi is LightStream, which was established in 2012 and is a division of Truist Bank.

    Despite being a new player in the consumer lending industry, LightStream has held its own against competitors due to its commitment to deliver a fast and easy loan process, competitive rates and quality service. Borrowers who aren’t fully satisfied with their loan experience can get $100 through LightStream’s Loan Experience Guarantee.

    Another advantage is that this lender allows joint loans, making it possible for partners to consolidate their debts into one easily manageable account and help each other with the monthly payments. LightStream’s Rate Beat Program allows borrowers to get an interest rate that is 0.10% less than the rate offered on a competing lender’s unsecured loan. The downside is that co-signers aren’t allowed and direct payment to creditors isn’t offered.

    Pros

    • High loan amounts available
    • Joint loans available
    • No prepayment penalty fees
    • Mobile application available
    • Competitive rate match option

    Cons

    • Direct payment to third-party creditors not available
    • Rates without autopay are 0.5% points higher
    • Lowest APRs require excellent credit
    • APR range: 4.49%–20.49%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 660
    • Repayment terms: 24–84 months
    • Time to receive funds: Same day
    LightStream

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

    The artificial intelligence lending platform, Upstart, is MoneyGeek’s top recommendation for the best debt consolidation loan lender in Mississippi for people with bad credit. It was founded by former Google employees and offers a fully digital loan experience.

    Since its launch in 2012, Upstart has provided approximately $25.4 billion in loans to Americans. The lender has a 300 minimum credit score requirement, which enables those with poor credit histories the chance to qualify for a loan. Upstart also considers other factors aside from credit scores, such as education and employment, to calculate your APR. There are also no prepayment penalties to worry about with this lender.

    But, if you want to avoid paying origination fees and are in need of loan amounts higher than $50,000, it’s best to look for another lender.

    Pros

    • No prepayment fees
    • Factors aside from credit score, such as education and employment, considered when calculating APRs
    • Funds may be used to consolidate high-cost loans, such as general credit cards, retail credit cards, gas cards, payday loans, and title loans.
    • No minimum credit score requirement

    Cons

    • Origination fees
    • Low maximum loan amount
    • Loans used to fund education-related expenses are subject to a three business day wait period between loan acceptance and funding (in accordance with federal law).
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

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

    In addition to being MoneyGeek’s number one pick for the best debt consolidation lender overall in Mississippi, Upgrade also bested its competitors in the state for being the best lender for those with good credit.

    The lender offers loans ranging from $1,000 to $50,000 at relatively modest interest rates for those with good credit scores. With varied repayment terms, borrowers can customize their loan to fit their monthly budget and schedule. Its fair minimum credit score requirement of 560 makes it easier for borrowers to qualify for a debt consolidation loan.

    That said, Upgrade charges origination fees and late payment fees. The lowest rates also require a subscription to autopay.

    Pros

    • Same-day funding available
    • No prepayment fees
    • Customizable to fit your monthly budget and schedule
    • Mobile application available
    • Soft credit check

    Cons

    • High origination fees of 2.9% to 8%
    • Late payment fees
    • Lowest rates require a subscription to autopay
    • Funds sent directly to creditors may take up to two weeks to clear
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day
    Upgrade

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.

What is the best debt consolidation loan lender in Mississippi?

We found that Upgrade is the best debt consolidation loan lender overall in Mississippi. However, your unique needs and financial profile will dictate which lender will be a perfect match for you. For example, Mississippi residents with bad credit will find the best terms and rates from Upstart.

Which lender in Mississippi has the lowest interest rate for debt consolidation?

In Mississippi, Upstart has the lowest interest rate at 3.22% for debt consolidation personal loans.

What kind of debts can I not use my debt consolidation loan for in Mississippi?

Some lenders impose restrictions on loan usage. For example, there are lenders that don’t allow borrowers to consolidate debt related to post-secondary education and investments. It’s best to check with your lender if they have any restrictions on fund usage before you apply.

How much debt can I consolidate in Mississippi?

You can borrow anywhere from $1,000 to $100,000 to consolidate debt in Mississippi. The loan amount that you’ll qualify for will depend on your credit profile.

How long does it take to get a debt consolidation loan in Mississippi?

Loan processing times tend to vary across lenders. But generally, this can take anywhere from one day to a week.

Can I pay off my loan early in Mississippi?

Yes, you may choose to repay your loan early. But it’s important to be aware that some lenders charge prepayment fees. We advise that you check with your lender to see if they impose penalties on borrowers who pay off their debt consolidation loans early.

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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
Shield Insurance

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.

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