Top Lenders & Best Rates for You
Best Debt Consolidation Loans in New York of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in New York
- Runner-Up for Best Overall Debt Consolidation Loan Lender in New York
- Best Debt Consolidation Loan Lender for Bad Credit in New York
- Best Debt Consolidation Loan Lender for Good Credit in New York
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in New York
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in New York
Best Debt Consolidation Loan Lenders in New York
To identify the best debt consolidation loan lenders in New York, MoneyGeek analyzed over 30 data points. These included APR ranges, minimum credit scores, repayment terms, loan amounts, disbursement time, origination and late fees, prepayment penalties, Better Business Bureau ratings and more.
Your financial goals will determine which lender is most appropriate for your needs. After careful analysis, MoneyGeek chose Upgrade as the best New York debt consolidation loan lender. New York's average credit score is 694, which is suitable for this lender. In contrast, Upstart is an excellent choice if you have a bad credit history.
Best Overall Debt Consolidation Loan in New York: Upgrade
Runner-Up for Best Debt Consolidation Loan in New York: LightStream
Best Debt Consolidation Loan for Bad Credit in New York: Upstart
Best Debt Consolidation Loan for Good Credit in New York: SoFi
How to Choose the Best Debt Consolidation Loan in New York for You
New York residents have an average personal loan debt of $17,892. Debt consolidation can merge your debts to make paying easier and help you save by obtaining a lower interest rate. If you’re interested in debt consolidation loans in New York, know that lenders will evaluate your credit score, current debts, employment, proof of income and more. In the steps below, MoneyGeek outlines how to shop around for debt consolidation lenders in New York.
Ask Yourself the Important Questions
Taking out a personal loan of any kind is a huge commitment, and it’s important to understand your financial situation before doing so. You should ask yourself the following questions before picking a lender and applying for a personal loan:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
- Can I manage my debts in another way?
Do Your Research
Lenders differ in their terms and conditions as well as their rates and fees. To determine which lender is right for you, compare multiple options before submitting a loan application. Taking out a personal loan is a big commitment since you will be paying it back over two to four years on average. Think carefully before taking out a loan. Please keep in mind that the suggestions listed here are general, so we encourage you to research your options thoroughly.
Wait
Trying to compare the rates and fees for several types of loans can be overwhelming. Taking your time before making a decision can be beneficial. Getting a personal loan is a huge financial decision, and you must be sure it’s the right one for you. Take the time to examine your options after you’ve done your research and ensure there are no other options to help you manage your debt.
Read the Fine Print
When researching debt consolidation loans in New York, people sometimes overlook important details. Along with upfront fees clearly outlined in your lender's terms and conditions, you may also discover hidden costs. Before finalizing an agreement with a company, research its fees, including prepayment penalties, late fees and origination fees. Be sure to check out interest rates as well as collateral requirements. You can save a great deal of money if you pay attention to the small details.
Apply
After researching, reading the fine print and waiting to make a decision, you’re ready to submit your application. You should feel confident about your choice of lender and have all the information you need to apply. A lender is typically required to verify a borrower's identity, address and income during the loan application process. Despite the convenience of applying online, you may call or visit the lender in person if you prefer.
What to Do if You Can’t Get a Debt Consolidation Loan in New York
If your loan application is rejected, contact the lender to find out why and determine if you can make any changes. For example, you could shorten the loan terms or lower the loan amount. You may also have the option of obtaining a cosigner or collateral-based loan if you have difficulty getting approved.
Alternatively, you may apply to a different lender if you need a loan urgently. However, it's best to wait until you've corrected whatever reason led to your application’s rejection.
Some people consider payday loans if they have been rejected by a bank or credit union. However, MoneyGeek advises against these types of loans because they have high interest rates and can lead to additional debt.
Calculate Your Monthly Payment
Borrowers usually pay off debt consolidation loans in monthly installments with interest. Use MoneyGeek’s debt consolidation loan calculator below to help you determine if you’re able to cover this expense each month.
FAQs About Debt Consolidation Loans in New York
When it comes to debt consolidation, a good way to start is by assessing your financial standing. MoneyGeek answered some of the most commonly asked questions about debt consolidation loans in New York.
In New York, we found that Upgrade is the best option overall. However, your ideal lender depends on your needs and background. For instance, Upstart is the best choice for individuals with bad credit.
For debt consolidation in New York, Upstart has the lowest interest rate.
It depends on the lender. Some have no restrictions, while others don’t allow debt consolidation for post-secondary education. We advise asking your lender if they have any restrictions before you apply.
You can borrow up to $100,000 to consolidate debt in New York, but it varies based on the lender.
It can take anywhere from one day to one week to receive funding. Different lenders have different processing times, especially if you need to provide other documents with your application.
Yes, but some lenders charge prepayment penalties. Ask your lender if they charge prepayment fees to borrowers who pay off their debt consolidation loans early.
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
- LightStream. "About Us." Accessed June 27, 2022.
- LightStream. "Frequently asked questions." Accessed June 27, 2022.
- SoFi. "Personal Loans." Accessed June 27, 2022.
- Upgrade. "About Us." Accessed June 27, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed June 27, 2022.
- Upgrade. "Is collateral required to get a Personal Loan or an Upgrade Card through Upgrade?." Accessed June 27, 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.
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