Best Debt Consolidation Loans in Lincoln of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Lincoln
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Lincoln
- Best Debt Consolidation Loan Lender for Bad Credit in Lincoln
- Best Debt Consolidation Loan Lender for Good Credit in Lincoln
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Lincoln
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Lincoln
Best Debt Consolidation Loan Lenders in Lincoln, NE
MoneyGeek ranked debt consolidation loan lenders by taking into consideration more than 30 data points, including their rates, the quality of their service, rates, credit requirements and more.
Our analysis showed that LightStream and SoFi are the best debt consolidation loan lenders in Lincoln. However, the ideal lender for you will vary based on your unique funding needs and financial profile. Certain lenders are better for borrowers with bad credit, whereas others with good credit might find better rates from different companies.
Best Overall Debt Consolidation Loan in Lincoln, NE: LightStream
- LightStream
- 7.49% to 25.49%APR Range
- UndisclosedMinimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 144 monthsRepayment Terms
- Same day funding possibleTime to Receive Funds
LightStream, a division of Truist Bank, is MoneyGeek's recommendation for the best debt consolidation loan in Lincoln. Since 2019, LightStream has made the application process for personal loans easier for borrowers.
The loan amount range for LightStream’s personal loans is $5,000 to $100,000, making it a good option for consolidating large amounts of debt. Borrowers can save money when consolidating their loans. Not only does LightStream have competitively low rates, but it also doesn’t have origination fees, late fees and prepayment penalties.
Borrowers can receive their funds on the same day as their loan approval. You can also take advantage of an autopay discount.
Pros
- A+ BBB rating
- Same-day funding
- Doesn’t charge prepayment, origination or late fees
- High maximum loan amount
- Discount for setting up autopay
Cons
- High credit score requirement
- No co-signers
- High minimum loan amount
Runner-Up for Best Debt Consolidation Loan in Lincoln, NE: SoFi
- SoFi
- 8.99% to 29.99%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- 2 DaysTime to Receive Funds
SoFi was established in 2011 with the goal of helping customers pursue their goals by having better control of their money. As part of this mission, SoFi offers debt consolidation loans that don’t have late fees, origination fees, application fees or prepayment penalties. On top of this, borrowers can get an autopay discount and unemployment protection in the event they lose their jobs.
If borrowers choose to receive their funds personally, they can receive the money on the day of loan approval. On the other hand, if the money is sent to creditors, borrowers will have to wait three days for the transaction to be processed.
Pros
- A+ BBB rating
- Autopay discount
- No late fees, origination fees and prepayment penalties
- High maximum loan amount
Cons
- Minimum credit score requirement is high
- No co-signers
- Has employment requirements
Best Debt Consolidation Loan for Bad Credit in Lincoln, NE: Upstart
- Upstart
- 6.4% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 3 or 5 yearsRepayment Terms
- 1 business dayTime to Receive Funds
Based on MoneyGeek’s analysis, the best debt consolidation lender in Lincoln for those with bad credit is Upstart. Established in 2012, Upstart is one of the first lenders that began using artificial intelligence (AI) in performing its business.
With the help of AI, Upstart can consider more than just a borrower’s credit score to determine a person’s creditworthiness. As a result, even those with poor credit profiles can get personal loans to consolidate their debts.
Upstart has a minimum credit score requirement of 300. Nevertheless, creditworthiness may still matter since the minimum APR is competitively low, whereas the maximum APR is higher compared with other lenders.
Pros
- A+ BBB rating
- No prepayment penalties
- Credit score requirement is only 300
- Low minimum loan amount
- Joint loans available
Cons
- No co-signers
- Charges a late fee
- Has an origination fee
Best Debt Consolidation Loan for Good Credit in Lincoln, NE: Upgrade
- Upgrade
- 8.49% to 35.99%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Within a dayTime to Receive Funds
Upgrade is MoneyGeek's top recommendation for debt consolidation loans in Lincoln for people with good credit. It has provided high-quality service since 2017.
Funds can be sent to the borrower’s personal account or to their creditor. It will only take one business day for the funds to be processed to your account. If you choose to have the money paid directly to your creditors, it can take two weeks.
Upgrade can consolidate debts of $1,000 up to $50,000. This loan doesn’t have prepayment penalties, so you can make early payments without any extra cost.
Pros
- A+ BBB rating
- Quick fund disbursement
- Autopay discount
- No prepayment penalties
- Low minimum loan amount
Cons
- Origination fees
- Late fees
- Low maximum loan amount
How to Choose the Best Debt Consolidation Loan in Lincoln, NE, for You
The typical personal loan balance in Nebraska is $24,901. Depending on your individual situation, different debt consolidation loans in Lincoln will have different loan amounts, rates, terms and more.
When applying for a loan, it's essential to evaluate a variety of financial and personal factors. Taking the following steps will ensure that you find the best loan for your needs.
Ask Yourself the Important Questions
Being prepared to get a debt consolidation loan in Lincoln is important. Ask yourself the following questions to know how prepared you are for the commitment that comes with this type of loan.
- How much funding do you need? The amount of debt that you currently have is one of the biggest factors that will tell you how much money you need.
- What’s your credit score? Your lender will look at your credit score to determine your loan's rates, terms, loan amount and other factors.
- Can you afford the monthly payments? You’ll be paying off your loan every month for the next few years, so make sure that you can afford it.
- Do you have existing debts? The main purpose of a debt consolidation loan requires borrowers to have existing debts.
- Is your debt manageable through other means? Although debt consolidation loans have many benefits for managing debt, it’s important to consider every possible option for paying off your debts.
Do Your Research
A debt consolidation loan is a serious commitment. Borrowers must pay their monthly installment over a period of two to four years on average. They may also undergo a hard credit check, which has an impact on their credit score.
In-depth research is necessary before applying for a loan. Many features, including the application processes and monthly payments, are common among lenders. Therefore, you need to pick the one that works best for you. Most importantly, you need to make sure you're getting the best rate out there.
You have to think of your needs and your financial situation when you’re finding the best lender. Because of this, MoneyGeek ranked debt consolidation loan lenders in Lincoln based on several consumer profiles. We strive to give you the best recommendations, but your own research is still necessary to find a lender that’s almost tailor-made for you.
Wait
Taking out a loan is a commitment that will affect your finances over the next few years. Consequently, you need to be sure about every decision that you make. From shopping for loans up to sending in that application, you must be patient.
At this point in the process, it might be helpful to wait for a few days. You can use this time to go over the loan or you can forget about it and come back to it later. Giving it a few days before finalizing your decision allows you to think it over and spot details that you could have overlooked.
Don’t worry about taking more time in your decision-making process. These few days may be crucial for you. They give you more confidence that you've carefully examined every aspect of your loan.
Read the Fine Print
Borrowers frequently overlook fees, terms and conditions of their loans because there are so many factors to review. This is where reading the fine print becomes a crucial step of the process.
Pay attention to even the smallest things when reading your loan agreement. You might find the true cost of your loan in the fine print as you go over the prepayment penalties, origination costs, late fees and other charges attached to your loan. All of these fees could add up to the costs of your debt.
Recognizing the extra costs of your loan will help you avoid unnecessary charges. It also prevents the possibility of being taken by surprise by an additional fee. The fine print will tell you whether a lender fits your needs or not since some lenders impose fees that others don’t.
Apply
Apply for the loan if you’re sure about your choice of lender. Every lender has a different application process. It can be online, over the phone or in person if the company offers that option.
Going to your lender’s office might require more effort, but you can get the most help that way. You can also apply by calling your lender’s hotline so that a representative can assist you throughout the process. Online applications are the most practical and least time-consuming. Whatever method you choose, it’s important to pick one that you feel most at ease with.
Documents for your identification, address and proof of income are usually required by lenders. Consider having them ready even before starting your application to fast-track the process.
What to Do if You Can’t Get a Debt Consolidation Loan in Lincoln, NE
Rejections are common when you’re trying to get a debt consolidation loan. Lenders often cite various issues causing rejections, including a low credit score, a high debt-to-income ratio, insufficient income and more. Rest assured, a denied application is not a dead end.
If your application has been rejected, ask your lender for the reason why it was turned down. Some lenders allow you to change specific information about your loan. These changes can lower your monthly dues so that they can fit within your income bracket.
Going to another lender is one of your options, but it’s better to work on the reason for your rejection first. Otherwise, you might risk another rejection from a different lender.
Payday loans might be your last resort, but it’s not the best option. Even though payday loans can give you fast funding, they have short repayment periods and a hefty interest rate.
Calculate Your Monthly Payment
When you take out a personal loan, you agree to pay interest and monthly installments. Calculate your monthly payment using the MoneyGeek personal loan calculator below for a rough estimate of your monthly payments.
Frequently Asked Questions About Debt Consolidation Loans in Lincoln, NE
To guide you in finding the debt consolidation loan in Lincoln for your specific needs, MoneyGeek has answered some frequently asked questions.
LightStream is the best debt consolidation loan lender in Lincoln. However, the best lender for you can vary based on your personal needs.
Based on our data, Upstart offers the lowest rates for debt consolidation.
Lenders have different restrictions when it comes to debt consolidation loans. This information can be found in your loan agreement, so it’s best to go over it in detail to ensure you can use your funds as needed.
Depending on your lender, you can take out a loan of as much as $100,000.
It depends on your lender. Some lenders release funds on the same day; others can take longer.
Yes, but some lenders have prepayment penalties. Make sure to read the fine print before applying for a loan so that you aren’t caught off guard by any fees.
Methodology
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 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.
sources
- LightStream. "Debt Consolidation." Accessed October 4, 2022.
- LightStream. "Frequently Asked Questions." Accessed October 4, 2022.
- SoFi. "Credit Card Debt Consolidation Loans." Accessed October 4, 2022.
- SoFi. "Learn More About Personal Loan Direct Pay." Accessed October 4, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed October 4, 2022.
- Upstart. "Simple and Fast Debt Consolidation Loans." Accessed October 4, 2022.
- Upstart. "What Happens if I Am Late on My Payment?." Accessed October 4, 2022.
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
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