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Best Debt Consolidation Loan Lenders in Ohio

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Ohio

MoneyGeek examined more than 30 data points to determine the best debt consolidation loan lenders in Ohio. This information included a range of APRs, origination charges, a minimum credit score, late fees, repayment terms, disbursement time, loan amounts, prepayment penalties and more.

The appropriate lender for your debt consolidation loan may rely on your individual financial needs. Upgrade is MoneyGeek's preferred Ohio debt consolidation loan lender. The average Ohio credit score is 730, which is acceptable for this lender. However, if you have poor credit, Upstart is an excellent option.

Best Overall Debt Consolidation Loan in Ohio: 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 found that Upgrade is the best overall debt consolidation loan lender in Ohio. Upgrade, founded in 2017, has issued loans and credit cards to more than 15 million consumers. This lender earned an A+ rating from the Better Business Bureau (BBB) and has an excellent customer review history.

    This lender is renowned for paying third-party creditors immediately, which might save your time and effort. Plus, Upgrade requires a credit score of only 560 to qualify.

    While this lender charges an origination fee, it is deducted from the loan amount. Better yet, there are no prepayment penalties.

    However, Upgrade does not permit co-signers. This lender may not be the best option if you need to consolidate more than $50,000 in debt or if you want a lower APR.

    Pros

    • Reasonable minimum credit score
    • No prepayment fees
    • Get funds on the same day
    • Autopay discount
    • A+ BBB rating

    Cons

    • $50,000 maximum loan amount
    • High origination charges
    • No co-signers
    • 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 Ohio: 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

    Truist, founded in 2019, is a purpose-driven financial services firm formed by the historic merger of BB&T and SunTrust. The company is MoneyGeek’s runner-up for best debt consolidation lender in Ohio. Truist has an A+ BBB rating for its outstanding services.

    Truist has no minimum credit score requirement, which makes it suitable for borrowers with varying credit histories. Additionally, this lender has no origination or late fees. It also offers a mobile application so that you can easily manage your application and loan process.

    One downside to Truist is that its maximum loan amount is $50,000, one of the lowest among other debt consolidation lenders.

    Pros

    • A+ BBB rating
    • Autopay discount
    • No origination fees
    • Doesn’t charge prepayment penalties
    • No late fees

    Cons

    • $50,000 maximum loan amount
    • No co-signers
    • Hard credit inquiry
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in Ohio: 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

    Upstart is an artificial intelligence (AI) lending platform established in 2012 and headquartered in San Mateo, California. Residents in Ohio with poor credit should consider Upstart since the lender’s minimum credit score requirement is just 300.

    Upstart received an A+ rating from the BBB and does not charge prepayment fees. It also performs a soft credit inquiry so that your credit score is not impacted.

    To apply for an Upstart loan, applicants must have a debt-to-income ratio of 45% or less and a minimum annual gross income of $12,000. Individuals who prefer a mobile app to manage loans should go elsewhere because Upstart does not provide one.

    Pros

    • Low minimum credit score
    • No prepayment charges
    • A+ BBB rating
    • Soft credit check
    • Provides joint loans

    Cons

    • Possibly high origination charges
    • Late fee
    • No co-signers
    • 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 Ohio: 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 (Social Finance, Inc.) has funded approximately $50 billion in loans since its creation in 2011 by Stanford business students. The company's headquarters is based in San Francisco, California. SoFi is the best lender for debt consolidation in Ohio if you have good credit.

    Since SoFi requires a minimum credit score of 680, the fact that the average Ohio resident has a credit score of 716 makes it easy to qualify for debt consolidation with this lender. In addition, SoFi offers one of the largest loan amounts in Ohio at $100,000.

    Plus, the SoFi mobile app allows account management from nearly any location.

    However, SoFi prohibits co-signers for debt consolidation loans. In addition, SoFi loans cannot be used for business, investment or higher education.

    Pros

    • Offers loans with competitively high amounts
    • No origination fees
    • A+ BBB rating
    • Autopay discount
    • Offers protection against employment loss

    Cons

    • Restrictions on fund usage
    • No co-signers permitted
    • High minimum income requirements
    • 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 Ohio for You

Ohio residents have an average of $29,776 combined personal loan and credit card debt. By consolidating your debts, you only have to keep track of one payment and can save money via a lower interest rate.

If you are looking for debt consolidation loans in Ohio, you should know that lenders will assess your credit score, current debts, employment, income documentation and other considerations. MoneyGeek discusses how to evaluate Ohio debt consolidation loan lenders below.

1
Ask Yourself the Important Questions

The first step is to evaluate your financial situation and confirm that a debt consolidation loan is an optimal way to proceed. The answers to the following questions will assist you in identifying the appropriate debt consolidation lender for you:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

It is advisable to shop around before applying for a loan. Remember that debt consolidation loans are huge financial obligations. Borrowers typically take between two and four years to repay them. In addition, some lenders conduct rigorous credit checks, which might have a negative impact on your credit score. Therefore, you should be confident in your lender before applying. This guide was prepared by MoneyGeek to assist borrowers in selecting the best debt consolidation lender in Ohio. However, each borrower has unique needs. If our suggestions do not meet your financial situation, you should research alternative options in Ohio.

3
Wait

Consider waiting to complete the application process for a debt consolidation loan for a day or two after you've chosen a lender. Obtaining a debt consolidation loan is a substantial commitment, so you must be confident about your lender of choice. Waiting gives you the opportunity to make an objective decision.

4
Read the Fine Print

Borrowers frequently overlook minor but crucial aspects of a debt consolidation loan. MoneyGeek recommends that you carefully read the fine print to guarantee you are aware of essential details such as fees and interest. When you're not diligent, prepayment penalties, origination fees and late fees might reduce your monthly savings. In the long run, studying the fine print can save you money.

5
Apply

You are ready to submit your application if you are certain about your selected lender and know that you satisfy all of their requirements. During the application process, creditors typically want identity, residence verification and proof of income. There are various ways to apply for a loan, including online, over the phone and in person. If accessible, you may select the most comfortable and practical alternative.

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

Your application getting denied by a lender is not the end of your debt consolidation journey. The next step is to inquire with the lender about the reason why your application was declined. There are numerous reasons why a lender may deny your application. Common reasons include limited income, a poor credit score, a high debt-to-income ratio or a lack of employment history.

You can negotiate with the lender of your choice to obtain a smaller loan amount or a shorter debt repayment term. The lending institution may approve your application once it’s modified. However, it is not guaranteed that the decision will change.

You can submit an application with a different lender as a final option. However, you should still fix whatever issue caused your initial application to be rejected.

Some borrowers consider payday loans. That said, MoneyGeek advises strongly against these. Payday loans are risky financial options due to their short payback durations and exceptionally high interest rates.

Calculate Your Monthly Payment

Typically, borrowers repay debt consolidation loans in monthly installments that include interest. Use MoneyGeek's debt consolidation loan calculator to discover whether or not you can afford to pay this cost every month.

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 Ohio

Assessing your current financial situation is a smart place to start when considering debt consolidation. MoneyGeek addresses some of the most frequently asked questions concerning Ohio debt consolidation loans to help you choose the best company for your needs.

What is the best debt consolidation loan lender in Ohio?

MoneyGeek determined that Upgrade is the best option overall in Ohio. However, the perfect lender for you may depend on your requirements and background. For example, SoFi is an excellent option for individuals with good credit.

Which lender in Ohio has the lowest interest rates for debt consolidation?

According to the findings of our research, Upstart offers debt consolidation loans in Ohio at the lowest interest rate.

What kind of debts can I not use my debt consolidation loan for in Ohio?

This is determined by the lending institution. Some have no restrictions, while others prohibit consolidating debt for post-secondary education, investment and other debts. Before you apply, MoneyGeek recommends contacting your lender to ask if they have any restrictions.

How much debt can I consolidate in Ohio?

In Ohio, you can borrow up to $100,000 to consolidate debt. That said, the exact amount varies by lender.

How long does it take to get a debt consolidation loan in Ohio?

You could get funding on the same day, or it could take longer. Different lending companies have different processing timelines, especially if you are required to submit additional documentation.

Can I pay off my loan early in Ohio?

Yes, but some lenders charge prepayment penalties. Ask your lender if they assess fees for early payoff of debt consolidation loans.

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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 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
  • Better Business Bureau. "SoFi." Accessed June 28, 2022.
  • Better Business Bureau. "Truist." Accessed August 28, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 28, 2022.
  • Better Business Bureau. "Upstart." Accessed June 28, 2022.
  • SoFi. "About Us." Accessed June 28, 2022.
  • Truist. "About Truist." Accessed June 28, 2022.
  • Upgrade. "About Us." Accessed June 28, 2022.
  • Upstart. "Overview." Accessed June 28, 2022.
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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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