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Best Debt Consolidation Loan Lenders in New Jersey

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in New Jersey

To find the best debt consolidation loans in New Jersey, MoneyGeek analyzed more than 30 data points. We considered each lender's credit requirements, APR range, repayment terms, loan amount range and the time needed before you receive the funds.

Upgrade is the overall best debt consolidation lender in New Jersey. Its minimum credit score requirement is lower than the state average of 729.

The best option depends on your specific financial goals and what you need from a lender. MoneyGeek’s analysis will help you explore these options and make the best decision.

Best Overall Debt Consolidation Loan in New Jersey: 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

    MoneyGeek's analysis found that Upgrade, a company founded in 2017 by Fintech Finance, is the overall best lender for debt consolidation loans in New Jersey. It offers same-day funding and flexible payment days. This lender also allows borrowers to pay off their loans early without a fee.

    New Jersey borrowers can consolidate debts from $1,000 to $50,000. Upgrade's APR can range from 6.55% to 35.97%, depending on your credit worthiness. To qualify for a loan, you'll need a credit of at least 560.

    You can pay off your loan within 24 to 84 months. Additionally, payment dates are flexible, meaning you can change the deadlines of your monthly installments so that you don't fall behind. Upgrade also has a grace period of 15 days from your monthly payment due date. This lender will charge you a late fee of up to $10 after this period.

    Pros

    • Fair minimum credit score (560)
    • No prepayment penalty
    • Flexible payment dates
    • Can send funds directly to third-party creditor
    • Receive funds on the same day, except when deposited to a creditor

    Cons

    • High maximum APR compared to other lenders
    • Up to 8% origination fee
    • Up to $10 late fee
    • 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 New Jersey: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Established in 2019, Truist offers one of the best debt consolidation loans in New Jersey. Borrowers can take out loans of as little as $3,500 and as much as $50,000 with rates from 8.14% up to 18.99%. While Truist has no minimum credit score requirement, you still need excellent credit to qualify for the lowest APR and get the best terms.

    Truist is known for giving its borrowers personal loan payment relief. You do not have to worry if an unforeseen event or a natural calamity has made it difficult for you to pay your monthly dues. Truist will temporarily suspend your payments or extend the term of your loan.

    One downside to Truist is how difficult it is to do your research on this lender when shopping around for a personal loan. This is due to the lack of a FAQs section on the official website if you need an in-depth understanding of fees and other processes.

    Pros

    • No origination fees
    • Offers personal loan payment relief in case of a temporary financial hardship
    • Quick application process (within 15 minutes)
    • Funding within the same day
    • No minimum credit score required

    Cons

    • No detailed FAQs on the official website
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–50,000
    • Minimum credit requirements: None
    • Repayment terms: 6–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in New Jersey: 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

    A brainchild of Ex-Googlers, Upstart was established in 2012. Since then, this company has been using AI technology to provide borrowers with better loans and lowest rates.

    As a result, Upstart has an APR range of 3.22% to 35.99% for a loan between $1,000 and $50,000. As MoneyGeek's pick for borrowers with bad credit, you only need a credit score of at least 300 to qualify for Upstart.

    This lender is also ideal for borrowers looking for a fast application process and quick funding. With Upstart, you can check your rates within minutes. However, final approval needs a hard inquiry. Funds are then released within the next business day, except for education-related loans. If you wish to use the funds for education expenses, it may take three days to release your funds.

    Pros

    • No prepayment penalty
    • Low minimum credit score compared to other lenders
    • Receive funds within the next business day

    Cons

    • High maximum APR
    • 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 New Jersey: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi was founded in 2011. It is MoneyGeek's best option for debt consolidation loans in New Jersey if you have good credit. SoFi's personal loan has no fees and comes with employment protection. This lender has a minimum credit score requirement of 680.

    SoFi's loan amount ranges from $5,000 to $100,000, with an APR range of 6.99% to 22.23%. It takes about 12 to 60 months to repay the loan. If your loan exceeds $20,000, you may need to wait a little more for approval because underwriting takes longer.

    New Jersey borrowers can save a lot of money on their personal loans because this lender charges no origination, late or prepayment penalty fees. Additionally, borrowers are insured by SoFi's unemployment protection program. This can reduce your monthly dues if you lose your job while repaying the loan.

    Pros

    • No prepayment penalty
    • No origination fees
    • No late fees
    • Protects borrowers in case of unemployment during repayment term

    Cons

    • Minimum APR could be higher than other lenders
    • Additional time needed to process loans exceeding $20,000
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in New Jersey for You

Borrowers can take out a personal loan for different purposes, including debt consolidation. In New Jersey, the average personal loan debt is $17,798.

By evaluating your credit score, the amount you need and other important factors, you'll be able to know what you wish for in a lender. The guide below is part of MoneyGeek's mission to assist you in finding the best debt consolidation loan in New Jersey:

1
Ask Yourself the Important Questions

Borrowers use personal loans for debt consolidation to manage their monthly payments and to save money on interest rates. Nonetheless, taking out a personal loan is still a significant commitment. Before submitting a loan application, you need to be sure that you're making the right financial decision.

Many different factors may influence your choice. Besides your financial standing, you should also consider your personal needs and preferences. At the end of the day, the best debt consolidation loan in New Jersey depends on you. Lenders will analyze your credit score, proof of income and existing debts.

You may not fully understand your situation until you take a moment to ask the right questions. The following are questions to ask yourself:

  • How much money do you need?
  • What’s your credit score?
  • Can you meet the monthly payments?
  • Do you have existing debts?
  • Are there other ways to manage your debts?
2
Do Your Research

Taking out a loan is a financial commitment. On average, you will make monthly payments for the next two to four years. Applying for a loan may subject you to rigorous credit checks that could lower your credit rating. Therefore, you need to put effort into making an informed decision.

Thorough research is essential as it helps you discover details that could help you finalize your decision. More importantly, research will allow you to compare different lender rates and terms.

At this stage, consider gathering data on each lender. Compare their rates, check the fees they charge and other factors you are looking for in a lender. You can then place them side-by-side and weigh their advantages and disadvantages.

Even though MoneyGeek has a list of recommended lenders, the option that works best for you may be different. The best way to find a lender who meets your standards is to shop around.

3
Wait

Once you've chosen your preferred lender, it's wise to give it a day or two before you apply. This helps you analyze the situation further. You'll also have time to see the bigger picture, review the details of the loan and reconsider your decision.

You'll have more time to spot details you may have overlooked and think about problems that could arise in the future. You can also revisit your decision after a few days to look at your chosen lender with fresher eyes. Waiting for a few days will ensure you've thoroughly considered the decision.

4
Read the Fine Print

People frequently overlook minor details, sometimes even important information. These details can completely change the outcome of your decision as well. Therefore, you must pay attention to detail when applying for a debt consolidation loan.

Put time and effort into knowing everything about your lender. You'll find important pieces of information in your research or loan agreement.

Searching the fine print for details such as fees can help you save money as you repay your loan. You'll also avoid future problems in case unforeseen events arise.

Look out for origination, late, prepayment penalty fees. You should also find out if there are other service charges or hidden costs that could affect your monthly savings.

5
Apply

Each lender's application process is unique. Your lender may provide online applications from start to finish, over the phone or in person. Online applications are convenient, but you may get more assistance when you call or go to your lender's office personally.

It's better to choose the option you're most comfortable with. To make the application process easier and faster, ensure your documents are in order and that the information you present is accurate.

Lenders will request your identification documents, address verification and proof of income. You also need to fill out the application form correctly. There's a higher chance of approval if your information is accurate.

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

Your debt consolidation loan lender can reject your application. This can happen if you have poor credit, insufficient or unstable income, debts, and incorrect information, among other reasons. If a lender denies your loan application, you can make some modifications to help you get it right this time.

Before anything else, contact your lender and ask for the reason behind the denial. You can work on this particular reason and then reapply with the same lender. Unless it's a last resort, we do not recommend applying with another lender. Doing so could lead to another rejection for the same shortcoming.

You can also negotiate with your lender to change certain information in your application. For example, you may ask for a shorter loan repayment term to have fewer monthly payments that can fit your income. Modifying your application makes it more acceptable for the lender, increasing your chances of being approved for a loan.

Payday loans may be tempting, but we strongly advise against them. They have unbelievably high-interest rates that lead to expensive monthly dues. You might end up paying more or even struggle to meet your monthly deadlines.

Calculate Your Monthly Payment

Borrowers have to repay debt consolidation in monthly installments at an interest. Therefore, you should ensure your finances can cover these monthly expenses. This is particularly important if the loan requires pre-approval. Use MoneyGeek's debt consolidation calculator below.

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 New Jersey

Your credit profile and income will determine the best debt consolidation loan lender for you. To help you decide, MoneyGeek answered the frequently asked questions about debt consolidation loans in New Jersey:

What is the best debt consolidation loan lender in New Jersey?
Which lender in New Jersey has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in New Jersey?
How much debt can I consolidate in New Jersey?
How long does it take to get a debt consolidation loan in New Jersey?
Can I pay off my loan early in New Jersey?
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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 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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