Best Debt Consolidation Loans in New York of 2023

Since its launch in 2017, Upgrade has given out more than $15 billion in loans and credit to its customers. With great customer reviews, this lender received an A+ rating from the Better Business Bureau (BBB).

The company offers unsecured personal loans ranging from $1,000 to $50,000 with term lengths of 36 to 60 months. Upgrade's loans are disbursed as soon as the same day, making them suitable for those facing an emergency or urgent expense and needing funds immediately.

However, its origination fees are high. Plus, its interest rates might be above average, so borrowers with excellent credit may be better off choosing another lender.

Upgrade also has a credit monitoring and educational tool called Credit Health. It allows borrowers to monitor their credit scores and get customized tips based on their credit history.

Pros

• No prepayment fees
• A+ BBB rating
• Autopay discount
• Same-day financing
• Soft credit inquiry

• 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

Truist acquired LightStream in 2019 when BB&T and SunTrust merged. LightStream provides fixed-rate loans for various purposes.

Its debt consolidation loans are particularly noteworthy. The banks offer large loans up to $100,000. In addition, they provide rate discounts when using autopay. They even have no origination, late payment or prepayment fees.

Funds can often be transferred directly into a user's account within one business day after applicants apply through the bank's website or app. There are, however, some restrictions on the usage of funds. The funds can't be used to refinance an existing LightStream loan, pay for college or post-secondary education expenses or cash out a refinance loan.

This lender offers low APR to borrowers with excellent credit ratings. However, those with poor credit scores could be better off with other lenders.

Pros

• A+ BBB rating
• Loans of up to $100,000 offered
• No fees of prepayment penalty
• Joint loans available
• Offers 0.5% point rate discount for setting up autopay

• 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

Upstart was founded in 2012 and has an A+ rating from the BBB. The company offers personal loans in New York that you can use for almost anything.

Upstart is our top pick for the best lender for those with bad credit since it accepts applicants with credit scores as low as 300 and a minimum salary of $12,000.

The bank performs soft credit checks that won't hurt your credit score. It also provides fast personal loan processing and releases funds the next day. However, Upstart only offers a maximum loan amount of $50,000. If you need a larger amount, you may need to look elsewhere.

Moreover, if you qualify for a personal loan through Upstart and have a poor credit rating, expect a high interest rate.

Pros

• Accessible to borrowers with fair credit
• Offers prequalification with a soft credit check
• A+ BBB rating
• Receive funds the next day
• No prepayment penalty

• 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

Since 2011, SoFi has offered customers loans and other products. It earned an A+ rating from the BBB. MoneyGeek ranked it as the best Milwaukee lender for borrowers with good credit. You don't have to pay an origination or late fee, and you won't be penalized if you prepay.

With a credit score of 680 or more, you can borrow up to $100,000 and receive it within two days. As a bonus, you can save money by setting up auto payments.

In addition, the bank conducts soft credit checks, which will not affect your credit score. Furthermore, SoFi's unemployment protection program may provide some relief from your repayments if you lose your job.

Applicants who need co-signers, do not meet the $50,000 income threshold or have a credit score below 680 may not find this lender suitable.

Pros

• Maximum loanable amount of up to $100,000
• Auto payment discount of 0.25%
• Performs soft credit inquiry without impacting your credit score
• Joint loans available
• No origination fee, late fee or prepayment penalty

• 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