Best Debt Consolidation Loans in Durham of 2024

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Durham, NC

MoneyGeek evaluated more than 30 data points to help borrowers choose the best debt consolidation loan lender in Durham. We accounted for each lender’s origination fees, Better Business Bureau (BBB) ratings, funding restrictions, loan limits, APR ranges, repayment periods, late fees and more.

Truist is the best overall debt consolidation loan lender in Durham, based on MoneyGeek’s research. However, the most suitable lender depends on your profile. Our guide offers top debt consolidation loan picks for different borrowers’ needs.

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Best Overall Debt Consolidation Loan in Durham, NC: 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

    MoneyGeek selected Truist as the best overall debt consolidation lender in Durham. Truist was established in 2019 after a merger between BB&T and SunTrust Banks.

    Aside from the absence of credit score requirements, Truist ranked highest in customer satisfaction, according to a 2020 study by J.D. Power. Additionally, borrowers who prefer managing their accounts through a mobile app might like Truist. You don’t need to worry about prepayment penalties, late charges or origination fees with Truist.

    Although Truist is an excellent option, it may not be a good fit for all types of borrowers. Truist only lends up to $50,000 for debt consolidation, so borrowers who need a higher loan amount should consider other lenders.

    Pros

    • Credit score not required
    • Receive funds the next day
    • A+ BBB rating
    • Autopay discount
    • No late, origination or prepayment fees

    Cons

    • Co-signers not allowed
    • Low maximum loan amount
    • Borrowers with new or no credit not allowed
    Truist

Runner-Up for Best Debt Consolidation Loan in Durham, NC: 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 is a great debt consolidation option for borrowers in Durham, making it MoneyGeek’s runner-up pick.

    Durham residents will be happy to learn that SoFi lends up to $100,000 for debt consolidation, one of the highest amounts in comparison with other lenders. The company also allows joint debt consolidation loans so that borrowers can get trusted friends, partners or relatives as co-borrowers.

    One downside of SoFi is that it has a relatively high credit score requirement of 680. Thus, borrowers with new or no credit aren’t eligible to apply. Some customers may also have difficulty navigating the SoFi website for rates.

    SoFi has funded beyond $50 billion in loans since its launch in 2011.

    Pros

    • A+ BBB rating
    • Joint loans available
    • Autopay discount
    • No origination, prepayment or late fees
    • High loan limit

    Cons

    • Income requirements
    • Doesn’t accept co-signers
    • Won’t accept people with new or no credit
    SoFi

Best Debt Consolidation Loan for Bad Credit in Durham, NC: 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

    Durham borrowers with bad credit may find Upstart to be a suitable lender for their needs. Founded in 2012, Upstart is an artificial intelligence online lending platform that assists borrowers from application to closing.

    Upstart only requires a 300 credit score, making it ideal for individuals with not-so-stellar credit histories. MoneyGeek also found that Upstart earned an A+ rating from the Better Business Bureau, which reveals the lender’s diligence in resolving customer complaints.

    Unfortunately, Upstart has a potential high APR for certain borrowers. However, you can get your funding the next day.

    Pros

    • Next-day funding
    • A+ BBB rating
    • Low credit score requirement
    • No prepayment penalty
    • Soft credit inquiry

    Cons

    • Relatively low loan limit
    • Potentially high origination fee
    • Late fee of $15
    Upstart

Best Debt Consolidation Loan for Good Credit in Durham, NC: 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

    Originating over $15 billion in personal loans since 2017, Upgrade is MoneyGeek’s top debt consolidation lender for individuals with good credit. We selected Upgrade as a top lender since it directly pays third-party creditors for debt consolidation, saving customers both time and money.

    To qualify for a debt consolidation loan with Upgrade, borrowers need a minimum credit score of 560. Upgrade also provides borrowers with flexibility in repayment. In addition, it’s possible to settle your debt consolidation loan ahead of time without a prepayment fee.

    Although Upgrade is a stellar lender, it isn’t ideal for everyone. Borrowers must pay late fees, and Upgrade doesn’t accept co-signers.

    Pros

    • A+ BBB rating
    • Autopay discount
    • Fair credit score requirement
    • No prepayment penalties

    Cons

    • Late fees
    • High origination fees
    • Co-signers aren’t allowed
    Upgrade

How to Choose the Best Debt Consolidation Loan in Durham, NC, for You

Debt consolidation loans are an excellent way to merge outstanding payments and acquire a lower interest rate. On average, North Carolinians have a total of $19,744 in credit card and personal loan debt.

To help you throughout your debt consolidation loan journey in Durham, MoneyGeek outlined steps to follow.

1
Ask Yourself the Important Questions

Before you apply for a debt consolidation loan, consider if you really need one by asking the following questions:

  • How much funding do you need? It may help to consult a financial expert so you can pinpoint the exact amount you need to borrow. Doing so can also help you narrow down lenders.
  • What’s your credit score? Your credit score may determine your capacity to repay your debt consolidation loan. Lenders might have a minimum credit requirement.
  • Can you afford the monthly payments? Borrowers usually pay loans monthly. Evaluate your budget and check whether borrowing is a feasible option.
  • Do you have existing debts? Although it’s sometimes necessary to take out a loan, having too much debt can affect your debt-to-income (DTI) ratio. A high DTI can affect your eligibility to borrow with certain lenders.
  • Is your debt manageable through other means? If there are other pathways to consolidate debt, a loan might not be the best way forward.
2
Do Your Research

MoneyGeek recommends thoroughly researching and weighing the different debt consolidation lenders in Durham. Debt consolidation loans require a long-term commitment. It takes approximately two to four years to repay a loan. Not to mention, certain lenders perform hard credit inquiries that can negatively impact your credit score. It’s good practice to compare a lender’s rates, terms and requirements.

Although we listed stellar debt consolidation lenders, you’re free to explore other companies that better suit your situation.

3
Wait

It’s wise to take a step back and wait a day or two before you decide on a debt consolidation lender. Allowing yourself to think about your needs and desired lenders can lead to a more objective decision. Again, debt consolidation loans are a huge financial commitment, so you should avoid rushing when making a decision. Waiting is also a way to gain confidence in your decision.

4
Read the Fine Print

It’s common for borrowers to skip reading the fine print. However, they end up missing key details that can affect their monthly payments. For instance, the fine print usually indicates any prepayment penalties, origination and late fees that could increase your monthly bill. Thoroughly reading the fine print can help you prepare for or avoid extra costs.

In some cases, you may come across unfamiliar words or terms in the fine print. That’s normal. You can always ask for assistance from the lender’s representative or reach out to a financial expert. Doing so gives you a better understanding of the ins and outs of your debt consolidation loan.

5
Apply

Once you’re confident in your decision and know the necessary requirements, you’re ready to apply for a debt consolidation loan. To speed up your application process, it’s a good idea to gather relevant documents ahead of time. Generally, lenders request your identification, address verification and proof of income. Your lender might also ask for supplementary documents.

Applying for a debt consolidation loan in Durham is relatively simple. Depending on what method is available, you can apply online, through the phone or visit the lender’s office. You’re free to choose the most convenient process for your needs.

What to Do if You Can’t Get a Debt Consolidation Loan in Durham, NC

Sometimes, borrowers have their debt consolidation loan application rejected. Factors like a low credit score, high debt-to-income ratio, sparse income and a lack of employment history can result in a denied application. Moving forward, borrowers can ask their lender for the specific reason their application was rejected.

Once you find out why you were rejected, it might be possible to negotiate different terms. You can ask for a shorter repayment term or a decreased loan amount. Although this method works in some cases, there isn’t a guarantee. If your desired lender doesn’t accept the new terms, try applying with another company. Be sure you’ve worked on the factor that caused the initial rejection.

Borrowers with rejected applications may turn to payday loans because they seem quick and easy. However, MoneyGeek highly advises against this path since you might end up in deeper debt.

Calculate Your Monthly Payment

To help guide your decision-making process, MoneyGeek provides a debt consolidation loan calculator. This can help you assess your financial readiness since debt consolidation loans are typically paid in monthly installments with interest.

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Frequently Asked Questions About Debt Consolidation Loans in Durham, NC

Choosing a suitable debt consolidation loan lender in Durham can be tricky. MoneyGeek answered commonly asked questions so that you can find a company that caters to your needs.

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

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.

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 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
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.