Best Debt Consolidation Loans in Henderson of 2024

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Edited bySarah Mattie
Edited bySarah Mattie

Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Henderson, NV

MoneyGeek considered more than 30 data points to help you find the best debt consolidation loan lenders in Henderson, Nevada. Factors included customer service, rates, fees, requirements and loan amounts.

Although the best lender for you depends on your needs and background, overall, we found that the best-rated debt consolidation company in Henderson is LightStream.

A couple of other possibly good options are Upstart and Upgrade, which are the best lenders for borrowers with bad and good credit, respectively.

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Best Overall Debt Consolidation Loan in Henderson, NV: LightStream


  • LightStream
    • 7.49% to 25.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    We found LightStream, the online lending branch of SunTrust, to be the best debt consolidation lender in Henderson, Nevada.

    LightStream doesn't charge prepayment, origination or late fees despite having one of the highest possible loan amounts at $100,000. The lack of fees and the high maximum amount could make consolidating lots of high-interest debt with Lightstream ideal.

    However, LightStream immediately requires a hard credit check, which may hurt your credit score. Many other lenders start with a soft pull to show possible rates without affecting your score. Plus, LightStream has high expectations — including a minimum score of 660. Be sure you meet or exceed its wants so you don't mess up your score for no reason.

    Pros

    • High maximum loan amount
    • Same-day funding available
    • 0.5% autopay discount
    • A+ rating from BBB
    • No prepayment penalties

    Cons

    • High minimum loan amount
    • Good-to-excellent credit score requirement
    • No prequalification option on its website
    LightStream

Runner-Up for Best Debt Consolidation Loan in Henderson, NV: SoFi


  • SoFi
    • 8.99% to 29.99%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi, short for Social Finance, is an online personal loan marketplace launched in 2011. Our study showed it's the second-best option for debt consolidation loans for Henderson residents.

    Personal loans of up to $100,000 are available through SoFi after a soft credit check (which doesn't negatively impact your credit score). There are no prepayment, late payment or origination fees, either. Plus, deducting your payments automatically might reduce your interest rate by 0.25%.

    That said, SoFi generally only wants green flags and big spenders. You likely need a great credit score and must want a minimum loan of $5,000 for them to consider your application. If this doesn't sound like you, look elsewhere.

    Pros

    • High maximum loan amount
    • Conducts soft credit check
    • Option to pay lenders directly available
    • No fees
    • 0.25% autopay interest rate reduction

    Cons

    • High minimum loan amount
    • High minimum credit score requirements
    SoFi

Best Debt Consolidation Loan for Bad Credit in Henderson, NV: Upstart


  • Upstart
    • 6.4% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    Established in 2012, Upstart is an AI-powered marketplace for getting loans.

    MoneyGeek's research found Upstart is often the best option for consumers with low credit in Henderson. The company has no minimum credit score requirement, an A+ rating from the BBB and fast funding.

    Further, the company does a "soft" credit check first. A hard credit is only performed if you accept the rate and submit the application.

    However, Upstart may not be ideal if you need a loan of more than $50,000 or have a debt-to-income ratio of more than 45%. Plus, individuals with bad credit histories may be offered loan interest rates above 35% — higher than a lot of credit card rates.

    Pros

    • A+ rating from the BBB
    • Low credit score requirement
    • Conducts soft credit check
    • Low minimum loan amount

    Cons

    • Potentially high APRs
    • Origination fees
    Upstart

Best Debt Consolidation Loan for Good Credit in Henderson, NV: Upgrade


  • Upgrade
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • Within a dayRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade is the top-rated debt consolidation lender in Henderson for borrowers with good credit. The company was incorporated in 2017 and has swiftly established a reputation, getting an A+ rating from the Better Business Bureau.

    In addition to debt consolidation, it offers home repair and major purchase loans. The application procedure is simple, and Upgrade does a soft credit check, so your credit score won't be impacted until you submit an official application.

    Upgrade charges origination costs and has high interest rates. Not every company has origination costs, and even the lower end of Upgrade's APR is higher than some other choices. Be sure to weigh the pros and cons of this (and any other) company you consider for your debt consolidation personal loan.

    Pros

    • Low minimum loan amount
    • Fair minimum credit score
    • No prepayment fees
    • Fixed-rate option available
    • Same-day funding available

    Cons

    • Low loan cap of $50,000
    • Potentially high APR
    • Charges late fees
    Upgrade

How to Choose the Best Debt Consolidation Loan in Henderson, NV, for You

According to MoneyGeek data, the average credit card debt in Nevada is $5,651. The average personal loan debt is $18,301, and the average personal loan interest rate is 9.16%. However, credit card interest rates are often much higher than personal loan rates, so consolidating those debts can sometimes be wise.

When applying for Henderson personal loans, you must consider your income, job history, credit score and creditworthiness.

Follow the process below to identify the best debt consolidation loan provider in Henderson for your situation.

1

Ask Yourself the Important Questions

Take the time to ask yourself these questions before you apply for a debt consolidation loan:

  • 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?

The answers to these questions may help you choose the best option for your needs and lifestyle. "E" is critical, as having your credit run can negatively affect your score.

2

Do Your Research

Compare the rates, fees and terms of several lenders to choose the one that best suits your needs. Debt consolidation loans are a long-term commitment (in some circumstances, up to seven years), so it's worth shopping around for the best lender. MoneyGeek's guide is a great place to start, but our study is based on broad borrower profiles, not your personal needs.

3

Wait

MoneyGeek recommends spending a day or two pondering your options after shopping around. Remember that a debt consolidation loan is a substantial financial commitment. Only select a provider after doing extensive research, establishing it's the best match for your situation and confirming you actually need the loan.

4

Read the Fine Print

Always read the contract thoroughly before agreeing to any terms. Review the loan agreement for hidden disclosures, including prepayment penalties, origination fees, late fees and any other fees that may increase the cost of your monthly payments. Never hesitate to ask for help, as there are no "stupid questions" regarding your financial future.

5

Apply

Once you've researched and found the best debt consolidation loan for you, it's time to fill out an application with the lender.

You need to provide basic information about yourself, such as your name, date of birth, address, income and employment status.

Most ask for more specific financial details as well. These may include, but aren't limited to, outstanding balances, names of creditors, copies of bills and copies of pay stubs or tax returns.

Online loan applications are often the easiest, but you may also phone or visit a nearby location to apply in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Henderson, NV

Don't be alarmed if your debt consolidation loan application is turned down. Henderson's lenders reject debt consolidation loan applications for different reasons, both predictable and unpredictable. Common reasons include poor credit scores or low income amounts.

MoneyGeek recommends contacting lenders to find out why your loan was rejected. You may be able to modify your application, particularly the loan amount or payback time, and have it authorized that way.

If that doesn't work, you could apply with a different lender. However, that lender will inevitably run another hard credit check on you, and chances are your recent check has already brought down your score. So, before going this route, think about what you can do to improve the situation that resulted in your initial denial and try to take care of that issue first.

Although desperate times call for desperate measures, MoneyGeek does not recommend taking out a payday loan. Though a payday loan is easy to get, its high interest rates and short payback periods may cause enormous problems for a lot of people.

Calculate Your Monthly Payment

Finding the best debt consolidation loan lender is about more than interest rates. MoneyGeek's personal loan calculator can help you see how much you can take out, what your monthly payment would be and what other options you have.

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Frequently Asked Questions About Debt Consolidation Loans in Henderson, NV

The ideal debt consolidation lender in Henderson for you is determined by several factors, including your credit score, income and personal needs. MoneyGeek answers some of the most commonly asked questions about Henderson debt consolidation loans here.

LightStream is the top debt consolidation lender in Henderson for many people. However, your financial situation and profile may result in a different lender being better for you.

For example, Upgrade could be the best option if you have good to excellent credit, whereas Upstart is better for individuals with bad credit.

Upstart generally has the lowest interest rates in Henderson.

Different lenders have different rules about how you can use personal loans. For example, some lenders, such as Upgrade, may prevent you from using borrowed cash to pay for post-secondary education. Using the funds for gambling is almost universally not allowed.

You can borrow up to $100,000 in Henderson, but you may not be approved for — or want — that much.

Processing times vary by lender, particularly if you need to submit additional documents with your application. However, you'll most likely get your debt consolidation loan within one to seven days.

Yes, you can pay off your loan early in Henderson, but some companies charge prepayment fees.

Methodology

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.

We considered several data points with the most weight in each ranking category when choosing a personal loan lender. These factors include APR ranges, available loan amounts, minimum credit scores, income amounts, application fees and disbursement times.

Here at MoneyGeek, we value you, so we also factor in customer support, business ratings and additional features that could improve your experiences — 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
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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.