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Best Debt Consolidation Loans in Oklahoma of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Oklahoma

To determine which Oklahoma lenders offer the best debt consolidation loans, MoneyGeek analyzed more than 30 different data points. These included APRs, repayment conditions, prepayment charges, origination costs, a minimum credit score requirement, late fees, loan amounts and more.

Your specific financial goals play a key role in determining which loan lender is the best fit for your debt consolidation loan. Upgrade is the recommended Oklahoma debt consolidation loan lender by MoneyGeek. The average credit score in Oklahoma is 711, which is sufficient for this lender. On the other hand, if you have low credit, Upstart is a great option.

Best Overall Debt Consolidation Loan in Oklahoma: 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

    According to MoneyGeek, Upgrade is the best overall debt consolidation loan lender in Oklahoma. Upgrade was founded in 2017 and is headquartered in San Francisco, California. It offers loans and credit cards to over 15 million customers. This company has received an A+ rating from the Better Business Bureau (BBB) and has an outstanding record of customer reviews.

    This lender is recognized for promptly paying third-party creditors, which could save you time. In addition, in order to qualify for Upgrade, a credit score of 560 is required.

    However, Upgrade does not allow co-signers for borrowers in Oklahoma. Moreover, if you need to consolidate more than $50,000 in debt or desire a lower APR, this lender may not be the ideal choice.

    Pros

    • Fair minimum credit score requirement
    • No prepayment penalties
    • Obtain funds on the same day
    • A+ BBB rating
    • Autopay discount

    Cons

    • $50,000 maximum loan amount
    • High loan origination fees
    • 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 Oklahoma: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream, established in 2012, is MoneyGeek's runner-up for best Oklahoma debt consolidation lender. LightStream is a division of Truist Bank and has its headquarters in San Diego, California.

    This lender allows joint loans and does not charge prepayment penalty fees if you are able to pay off your loan early. In addition, this lender does not charge any origination or late fees. LightStream's maximum loan amount is $100,000, making it one of Oklahoma's most accommodating debt consolidation lenders.

    However, LightStream's rate checks involve a hard credit pull, which might negatively affect your credit score. LightStream also does not permit co-signers and does not pay creditors directly.

    Pros

    • Loan amount above $100,000
    • No fees for origination or prepayment
    • Autopay discount
    • A+ BBB rating
    • No late fees

    Cons

    • Hard credit inquiry
    • No co-signers
    • Restrictions on fund usage
    • 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
    LightStream

Best Debt Consolidation Loan for Bad Credit in Oklahoma: 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 banking platform that launched in 2012 in San Mateo, California. Residents of Oklahoma with bad credit should consider applying for a loan through Upstart, which requires a minimum credit score of only 300.

    This lender has an A+ rating with BBB and does not impose prepayment charges. Upstart will also conduct a soft credit inquiry as part of the rate check process. This will not have a negative influence on your credit score.

    Applicants for an Upstart loan must have a debt-to-income ratio of no more than 45% and a minimum yearly gross income of $12,000. Upstart does not offer a mobile app for managing loans, so individuals who prefer this option should look elsewhere.

    Pros

    • Low credit score requirement
    • No prepayment penalties
    • A+ BBB rating
    • Soft credit inquiry
    • Offers joint loans

    Cons

    • Potentially high origination fees
    • No co-signers
    • Does not pay creditors directly
    • 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 Oklahoma: 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

    Since its founding by Stanford business students in 2011, SoFi (Social Finance, Inc.) has financed roughly $50 billion in loans. San Francisco, California, serves as the company's headquarters. If you have good credit, SoFi is the most reputable lender for consolidating your debt in Oklahoma.

    The fact that the average credit score in Oklahoma is 711, which is higher than the minimum required by SoFi, makes it easier to apply for debt consolidation loans.

    In addition, at $100,000, SoFi offers one of the largest loan amounts in Oklahoma. Moreover, SoFi offers a mobile app that enables account management from practically any place.

    SoFi does not permit co-signers for debt consolidation loans. Furthermore, SoFi loans cannot be utilized for business, investments or higher education expenses.

    Pros

    • Offers relatively high loan amounts
    • Zero origination fees
    • Autopay discount
    • Gives protection against job loss
    • A+ BBB rating

    Cons

    • Restrictions on loan usage
    • No co-signers allowed
    • 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 Oklahoma for You

Oklahoma residents carry a combined personal loan and credit card debt average of $20,864. Note that debt consolidation can make it easier for you to make payments on your outstanding debts and help you save money by reducing the overall interest rate on loans.

Debt consolidation loan lenders in Oklahoma will evaluate your credit score, current debts, employment and more. MoneyGeek explains how to analyze Oklahoma debt consolidation loan firms in the following steps.

1
Ask Yourself the Important Questions

The first thing you should do is take a look at your current financial status and make sure that getting a debt consolidation loan is the best method to handle your financial situation moving forward. The following questions will help you determine which debt consolidation lender is the most suitable for your particular circumstances:

  • 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 in your best interest to examine your options before submitting an application to a lender. Keep in mind that loans to consolidate debt are significant financial commitments. It takes borrowers between two and four years to repay their debt. In addition, certain lenders carry out credit checks, which may have a negative influence on your credit score. MoneyGeek compiled information to help borrowers pick the most qualified Oklahoma debt consolidation lender. However, each borrower has distinct requirements, so it’s wise to do your own research.

3
Wait

After you've decided on a lender for debt consolidation, you might want to wait a day or two before beginning the application process. Since obtaining a loan to consolidate debt is a significant commitment, you need to be assured that the lender you choose is the right one for you. If you wait, you'll have more time to think things through and come to a decision that's objective.

4
Read the Fine Print

It is common for borrowers to miss seemingly insignificant but essential aspects of a debt consolidation loan. MoneyGeek strongly suggests that you read every word of the fine print to ensure that you are aware of all relevant information, including any applicable fees and rates of interest. If you are not careful, prepayment penalties, origination fees and late fees may limit the amount of money you save each month. Reading the fine print will save you money over time.

5
Apply

If you are confident about the lender you have chosen and you know that you fulfill all of their eligibility requirements, then you are ready to submit your application. During the application process, creditors will normally request verification of your identification as well as your income and more. The application process for a loan can be initiated in a number of different ways, including online, over the phone or in person. If available, you can choose the most efficient and reliable option.

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

The rejection of your application by a lender is not the end of your debt consolidation journey. You need to ask the lender for the reasons why they did not accept your application. Lenders may reject your application for a variety of reasons. Common factors include a low income, a low credit score, a high debt-to-income ratio and an absence of work history.

You could try to resubmit your application for a lesser loan amount or a shorter amount of time to pay back the debt. The lender may approve your change request, but this is not guaranteed.

As a last resort, you have the option of submitting an application with a different lender. Nevertheless, you should fix whatever the issue was with your application the first time around that led to it being denied.

Payday loans typically have very minimal requirements associated with them, which can be appealing to certain applicants. However, MoneyGeek strongly discourages using these products. The extremely high-interest rates and short payback periods associated with payday loans make these types of loans a high-risk financial alternative.

Calculate Your Monthly Payment

Borrowers often pay loans for debt consolidation on a monthly basis, with each payment including interest. Use the debt consolidation loan calculator from MoneyGeek to determine if you can afford this monthly payment.

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 Oklahoma

When you are thinking about consolidating your debt, the first step you should take is to make an assessment of your financial situation. MoneyGeek answers some of the most frequently asked questions about debt consolidation loans in Oklahoma.

What is the best debt consolidation loan lender in Oklahoma?
Which lender in Oklahoma has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Oklahoma?
How much debt can I consolidate in Oklahoma?
How long does it take to get a debt consolidation loan in Oklahoma?
Can I pay off my loan early in Oklahoma?
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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. "LightStream." Accessed June 29, 2022.
  • Better Business Bureau. "SoFi." Accessed June 29, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 29, 2022.
  • Better Business Bureau. "Upstart." Accessed June 29, 2022.
  • SoFi. "About Us." Accessed June 29, 2022.
  • Upgrade. "About Us." Accessed June 29, 2022.
  • Upstart. "Overview." Accessed June 29, 2022.
  • LightStream. "Debt Consolidation." Accessed June 29, 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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