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Best Debt Consolidation Loans in Oklahoma of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Oklahoma
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Oklahoma
- Best Debt Consolidation Loan Lender for Bad Credit in Oklahoma
- Best Debt Consolidation Loan Lender for Good Credit in Oklahoma
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Oklahoma
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Oklahoma
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
Runner-Up for Best Debt Consolidation Loan in Oklahoma: LightStream
Best Debt Consolidation Loan for Bad Credit in Oklahoma: Upstart
Best Debt Consolidation Loan for Good Credit in Oklahoma: 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.
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?
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.
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.
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.
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.
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.
According to our findings, Upgrade is the best debt consolidation lender in Oklahoma. However, the ideal lender for you could vary depending on your needs and financial history.
According to MoneyGeek's review, Upstart is the company that offers debt consolidation loans in Oklahoma at the lowest interest rate.
This determination is made by the lending company. Some don't have any restrictions, while others won't let you consolidate debt for things like investments, post-secondary education and other things. Before submitting an application, MoneyGeek recommends inquiring with your lender about any limitations.
Debt consolidation loans in Oklahoma are available for up to $100,000, although the amount varies by institution.
It could take anywhere between a day and a week. Processing times vary amongst lending institutions, particularly if you need to provide additional documentation.
Yes, you can pay off your loan early in Oklahoma. However, some lenders charge prepayment penalties. Ask your lender if there are prepayment penalties for their debt consolidation loans.
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.
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.
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