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Best Debt Consolidation Loans in South Dakota 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 South Dakota

MoneyGeek studied more than 30 data points to determine the best debt consolidation loan lenders in South Dakota. The research included APR ranges, disbursement times, minimum credit score requirements, origination and late fees, repayment terms, loan amounts, Better Business Bureau ratings and more.

The best debt consolidation loan lender depends on your financial needs and goals. Overall, MoneyGeek’s top choice for South Dakota debt consolidation loan lender is Upgrade. However, Upstart may be a good option if you incur bad credit, while SoFi is ideal if you have good credit.

Best Overall Debt Consolidation Loan in South Dakota: 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 debt consolidation lender in South Dakota. This lender was launched in 2017 and is headquartered in San Francisco, California.

    Upgrade has provided loans and credit cards to over 15 million customers. It also earned an A+ rating from the Better Business Bureau (BBB).

    Upgrade pays third-party creditors directly, which saves you time. However, it requires borrowers to have a minimum credit score of 560 to qualify. Upgrade also charges an origination fee deducted from the loan amount. If you pay your loan early, you’ll be glad to know that Upgrade doesn’t charge a prepayment penalty fee.

    On the other hand, this lender doesn’t allow joint loans or co-signers. If you need to consolidate debt of more than $50,000 or prefer a lower APR, this lender may not be ideal for you.

    Pros

    • No prepayment penalty fee
    • Autopay discount
    • Soft credit inquiry
    • Receive funds the same day
    • A+ BBB rating

    Cons

    • Charges origination fee
    • Maximum of $50,000 loanable amount
    • 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 SD: 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

    MoneyGeek ranked LightStream as the second best debt consolidation lender in South Dakota. It was founded in 2012 as a division of Truist Bank and is currently headquartered in San Diego, California.

    LightStream lets borrowers apply for joint loans. It doesn’t charge prepayment penalty fees, origination fees or late fees.

    With its maximum loanable amount of $100,000, LightStream is one of the highest debt consolidation lenders in the space. However, this lender's hard credit checks may affect your credit score.

    If you plan on having a co-signer on your loan application, this lender may not be suitable for you. It’s also not ideal for those who want to avoid a hard credit inquiry.

    Pros

    • A+ rating from BBB
    • High loan amount of $100,000
    • Joint loans are allowed
    • No origination or prepayment penalty fees
    • No late fees

    Cons

    • Hard credit inquiry
    • No co-signers
    • Limitation 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 South Dakota: 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

    Former Google employees founded Upstart in 2012 and use artificial intelligence for its platform. The lender is currently headquartered in San Mateo, California.

    South Dakota residents who have bad credit should consider Upstart since its minimum credit score requirement is 300. It gained an A+ rating from the Better Business Bureau (BBB) and doesn't charge prepayment penalties.

    Upstart conducts soft credit checks during rate reviews so that your credit score remains unaffected.

    For borrowers to qualify for an Upstart loan, you need a debt-to-income ratio of 45% or less with a gross income of at least $12,000. Individuals who prefer mobile banking should consider another lender since Upstart doesn't provide a mobile app.

    Pros

    • A+ BBB rating
    • A minimum credit score of 300
    • No prepayment penalty fee
    • Performs soft credit check
    • Offers joint loans

    Cons

    • No co-signers
    • Late fees
    • Potentially high origination fee
    • 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 South Dakota: 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

    Business students from Stanford founded SoFi in 2011 and have funded over $50 billion in loans. It is currently headquartered in San Francisco, California.

    Borrowers with good credit should consider SoFi because it is the top-performing lender for debt consolidation in South Dakota. The average South Dakota resident has a credit score of 680, making it easier to qualify and apply for debt consolidation since SoFi requires a minimum credit score of 680. It also offers one of the highest loan amounts in South Dakota at $100,000.

    SoFi is a good option for borrowers who prefer mobile banking since it provides a mobile app. However, borrowers who have a lower credit score or don’t meet the income requirements will need to look elsewhere.

    Pros

    • An A+ BBB rating
    • Offers high loan amounts
    • Autopay discount
    • No origination, late or prepayment fees
    • Offers loss of employment protection

    Cons

    • Restrictions on fund usage
    • Co-signers are not allowed
    • High minimum income requirement
    • 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 South Dakota for You

On average, South Dakota residents have $15,272 in personal loan debt and pay interest rates of around 9.53%. Debt consolidation merges your outstanding debts to make paying more accessible and help you get a lower interest rate.

If you're interested in debt consolidation loans in South Dakota, know that lenders review your credit score, current debts, employment, proof of income and more. MoneyGeek outlines how to find debt consolidation lenders in South Dakota below.

1
Ask Yourself the Important Questions

The first step is to check your current financial standing and ensure that a debt consolidation loan is right for you. Answering the following questions can help you determine the best debt consolidation lender for your specific needs:

  • 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’s smart to shop around before applying with a specific lender. Remember that debt consolidation loans are long-term financial commitments. It takes about two to five years for borrowers to repay these loans completely. In addition, some lenders conduct hard credit checks that may negatively affect your credit score. As a result, you may want to think about your lender before applying. MoneyGeek made this guide to help borrowers choose the best debt consolidation lender in South Dakota for them. However, every borrower has different needs and goals, so you should review other options in South Dakota to find the best option for your situation.

3
Wait

After choosing a debt consolidation lender, try waiting a few days before starting your application. Taking out a debt consolidation loan is a big commitment, so you need to be totally confident about your desired lender. Waiting gives you time to make an objective decision.

4
Read the Fine Print

Borrowers often miss crucial information about their debt consolidation loan before applying. MoneyGeek highly recommends reading the fine print to ensure you are aware of important details like fees. Prepayment penalties, origination fees and late fees might leave you in deeper debt if you’re not careful. Reading the fine print saves you money in the long run.

5
Apply

Once you’re sure about your chosen lender and you know that you meet their requirements, you’re ready to submit your application. During this process, lenders often ask for your information like identification, address and proof of income. Additionally, there are different ways to apply for a loan. You could apply through their website, via phone call or by visiting the branch. If possible, choose the option that’s the most convenient for you.

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

If a lender denies your application, it doesn't mean you won't get approved by other lenders. The next step you need to take is asking the lender why your application was denied. There could be several factors, including insufficient income, a low credit score, a high debt-to-income ratio and no employment history.

Borrowers could try modifying the loan and asking for a smaller loan amount or a shorter repayment term. The lender may consider the revised application.

You can also apply with another lender. However, it’s better to fix the issues that caused your initial application to be rejected so that you don’t get denied again.

Some borrowers consider payday loans. MoneyGeek strongly advises against these. Payday loans are dangerous due to short repayment terms and high interest rates.

Calculate Your Monthly Payment

Borrowers usually pay off debt consolidation loans in monthly installments with interest. Use MoneyGeek’s debt consolidation loan calculator below to help you know if you’re financially capable of covering this expense each 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 South Dakota

When it comes to debt consolidation, it’s important to review your financial situation before applying. MoneyGeek answered some of the most commonly asked questions about debt consolidation loans in South Dakota to help you find the right option for you.

What is the best debt consolidation loan lender in South Dakota?
Which lender in South Dakota has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in South Dakota?
How much debt can I consolidate in South Dakota?
How long does it take to get a debt consolidation loan in South Dakota?
Can I pay off my loan early in South Dakota?
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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 in your best interests. Our loan recommendations and expert tips help you make smart financial decisions when choosing a lender that meets your needs.

sources
  • Better Business Bureau. "LightStream." Accessed June 30, 2022.
  • Better Business Bureau. "SoFi." Accessed June 30, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 30, 2022.
  • Better Business Bureau. "Upstart." Accessed June 30, 2022.
  • SoFi. "About Us." Accessed June 30, 2022.
  • Upgrade. "About Us." Accessed June 30, 2022.
  • Upstart. "Overview." Accessed June 30, 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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