Best Debt Consolidation Loans in North Dakota 2024

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Updated: October 23, 2024

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Debt consolidation loans are a type of personal loan used to pay off multiple debts, including student loan debt, at a lower interest rate. They streamline your debt repayments into a single monthly payment, potentially saving you money on interest.MoneyGeek found PenFed to be the top choice for debt consolidation loans in North Dakota, scoring 96 out of 100. While PenFed stands out in our analysis, you may also want to explore local options like First Community Credit Union and Capital Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in North Dakota

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in North Dakota

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in North Dakota with a MoneyGeek score of 96 out of 100. It provides competitive rates, substantial loan amounts, quick fund disbursement, quality service, and a strong reputation, making it an ideal choice for borrowers looking to consolidate debt using a personal loan.

PenFed's APR range of 8.99% to 17.99% benefits borrowers by offering lower interest rates, reducing overall debt costs. Its loan amount range of up to $50,000 allows borrowers to consolidate larger debts, while the quick fund disbursement time of one to two business days ensures timely access to needed funds.

Runner-Up for Best Debt Consolidation Loan in North Dakota

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in North Dakota, with a MoneyGeek score of 95 out of 100. Its low APR starting from 10.49% can help borrowers save on interest, making it easier to manage monthly payments.

With a high loan amount range of $1,000 to $100,000, borrowers can consolidate multiple debts into one loan. Additionally, the same-day funding feature ensures that borrowers can quickly access the funds they need to pay off existing debts without delay.

Best Debt Consolidation Loan in North Dakota for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in North Dakota for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms of 12 to 84 months.

One benefit is that it has no origination fees, which means you won't have to pay extra costs upfront, making it easier to manage your budget. Additionally, the availability of rate discounts can lower your overall interest, helping you save money over the life of the loan. Affordability isn't just about interest rates; it's also about minimizing fees and taking advantage of discounts.

Best Debt Consolidation Loan in North Dakota for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in North Dakota for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100. PNC provides loan amounts ranging from $1,000 to $35,000.

Borrowers can benefit from its flexible repayment terms, which range from six to 60 months, allowing them to choose a plan that fits their budget. Additionally, PNC's quick fund disbursement, typically within 3 business days, ensures that borrowers can consolidate their debts promptly.

Best Debt Consolidation Loan in North Dakota for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in North Dakota for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day fund disbursement, making it an excellent choice for those in urgent need of financial relief.


One of its key features is the fast approval process, allowing borrowers to consolidate multiple high-interest debts into one loan swiftly. Additionally, its flexible loan terms enable borrowers to choose a repayment plan that fits their budget, helping them manage monthly payments more effectively.

Should You Get a Loan to Consolidate Debt in North Dakota?

Using a debt consolidation loan in North Dakota can simplify your finances by merging multiple payments into one. This can make managing your debt more straightforward.

Despite this benefit, debt consolidation may not always be the best option. For instance, if the interest rate on the new loan is higher than your current debts, it might not make sense. Evaluate your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in North Dakota, affecting your interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in North Dakota can lower your interest rates, e.g., from 20% to 10%.

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in North Dakota simplifies management, e.g., one $300 payment instead of three $100 payments.

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    Lower Monthly Payments

    A debt consolidation loan in North Dakota can lower your monthly payments, e.g., reducing from $500 to $300 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher payment increases financial strain, making it harder to manage expenses and save money.
  • When you can pay off debt within a year: If you can clear debt in a year, consolidation may add unnecessary costs.
  • When your income and employment are uncertain: Unpredictable income can make it difficult to meet loan payments consistently.
  • When your DTI ratio is high: A high DTI can lead to loan denial or unfavorable terms, making consolidation less effective.

How to Get a Debt Consolidation Loan in North Dakota

The average amount of personal debt in North Dakota is $91,074, which is lower than the overall average debt for Americans at $104,215. In North Dakota, the average monthly debt translates to around $7,590.

Using a personal loan to consolidate debt in North Dakota can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

1
Review your debts and credit score.

Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

2
Compare loan terms from lenders.

Compare loan terms from multiple lenders. Contact lenders to ensure you can use a loan for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

3
Check for extra benefits.

Some lenders offer added features that benefit you long-term. In North Dakota, SoFi and Alliant Credit Union provide rate discounts, which can save you money.

4
Watch out for fees and penalties.

Some lender features can be drawbacks. In North Dakota, Lending Club charges an origination fee and Rocket Loans charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified.

Prequalification helps borrowers understand their borrowing potential without affecting their credit score. It uses a soft credit check, making it a risk-free way to explore loan options.

6
Complete your loan application.

Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This speeds up the process and ensures all requirements are met.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN NORTH DAKOTA

Lenders might deny your loan application for a couple of reasons. A poor credit score can signal to lenders that you are a high-risk borrower. Additionally, a high debt-to-income ratio may indicate that you already have too much debt relative to your income, making it less likely that you can handle additional loan payments.

Before you apply for a debt consolidation loan in North Dakota, check your credit report for any errors and work on reducing your existing debt. You can also consider reaching out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This type of card allows you to transfer high-interest debts to a new card with no interest for a promotional period, helping you save on interest and pay down your debt faster.

FAQ: Debt Consolidation Loans in North Dakota

MoneyGeek addresses commonly asked questions homeowners may have about debt consolidation loans in North Dakota. The information provided is precise and reliable, ensuring North Dakota residents can make informed decisions. By clarifying the essentials, MoneyGeek helps homeowners understand their options for managing debt effectively.

What is a debt consolidation loan in North Dakota?
What's the best debt consolidation loan lender in North Dakota?
Can I get a debt consolidation loan in North Dakota if I have bad credit?
Can a credit counseling agency in North Dakota help manage debt?
When should I get a debt consolidation loan in North Dakota?

MoneyGeek analyzed 24 national lenders licensed to do business in North Dakota, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

24Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.

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