Best Debt Consolidation Loan Lenders in Dallas, TX
Updated: July 25, 2023
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- Best Overall Debt Consolidation Loan Lender in Dallas
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Dallas
- Best Debt Consolidation Loan Lender for Bad Credit in Dallas
- Best Debt Consolidation Loan Lender for Good Credit in Dallas
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Dallas
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Dallas
Best Debt Consolidation Loan Lenders in Dallas, TX
To help you select the best debt consolidation loan lender in Dallas, MoneyGeek analyzed more than 30 data points. We evaluated lender loan amounts, APR ranges, repayment terms, origination fees, Better Business Bureau (BBB) ratings, funding restrictions, late fees and more.
MoneyGeek determined that Truist is the best overall debt consolidation loan lender in Dallas, although the best lender will vary for each borrower. For instance, SoFi is ideal for borrowers with good credit. Review our guide to pick the best debt consolidation loan lender for your needs.
Best Overall Debt Consolidation Loan in Dallas, TX: 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
MoneyGeek’s research determined that Truist is the best debt consolidation lender in Dallas. Following the merger of BB&T and SunTrust Banks, Truist launched in 2019.
Truist is an ideal debt consolidation lender for individuals who prefer managing their accounts through a mobile app. If you urgently need funds, you can receive them from Truist the next day. Truist received an A+ rating from the Better Business Bureau, indicating Truist actively resolves customer complaints.
Although Truist doesn’t have a minimum credit score requirement, it’s not necessarily a suitable lender for everyone. For example, borrowers looking to consolidate debt above $50,000 should consider another company. Truist also doesn’t allow you to apply for a loan with a co-signer.
Pros
- No minimum credit score
- Next-day funding
- A+ BBB rating
- Rates disclosed on website
- Offers a mobile app
Cons
- Doesn’t directly pay third-party creditors
- Co-signers aren’t accepted
Runner-Up for Best Debt Consolidation Loan in Dallas, TX: SoFi
- SoFi
- 8.99% to 29.99%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- 2 DaysTime to Receive Funds
If you have good credit, SoFi might be your best debt consolidation loan lender. SoFi was founded in 2011 and has funded over $50 billion in loans.
SoFi offers one of the highest debt consolidation loan amounts in Dallas at $100,000. Borrowers also stand to gain from the 0.25% autopayment discount and no origination fees. SoFi is also optimal for individuals who prefer a mobile app to manage and monitor their accounts.
However, only borrowers with a 680 credit score and a debt-to-income ratio limit of 43% and below are eligible to apply for a loan with SoFi. Thus, borrowers with poor or no credit may look elsewhere.
Pros
- Requires a 680 credit score
- Maximum loan amount of $100,000
- Mobile app
- 0.25% autopay discount
- No origination fees
Cons
- Applicants with no credit history aren’t eligible
- Co-signers not allowed
Best Debt Consolidation Loan for Bad Credit in Dallas, TX: Upstart
- Upstart
- 6.4% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 3 or 5 yearsRepayment Terms
- 1 business dayTime to Receive Funds
MoneyGeek found that Upstart is a good option for individuals in Dallas with bad credit. Upstart is an online lending platform that launched in 2012. Upstart can appeal to poor-credit borrowers because of its low minimum credit requirement of 300.
With Upstart, you can borrow anywhere between $1,000 and $50,000. However, the maximum loan amount may be insufficient for some. Upstart also allows joint debt consolidation loans, which cater to borrowers with trusted relatives, partners or friends.
Please note that Upstart doesn’t have a mobile app, so those who prefer to manage their finances via smartphone may not find Upstart suitable.
Pros
- 300 credit score minimum
- Joint loans available
- No prepayment penalty
- Get funds the next day
- A+ BBB rating
Cons
- Doesn’t offer a mobile app
- Only lends up to $50,000
- Potentially high APR
Best Debt Consolidation Loan for Good Credit in Dallas, TX: Upgrade
- Upgrade
- 8.49% to 35.99%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Within a dayTime to Receive Funds
MoneyGeek’s debt consolidation lender pick for good credit is Upgrade, headquartered in San Francisco, California. Since its launch in 2017, Upgrade has originated more than $15 billion in personal loans.
Upgrade is a stellar option for those who prefer lenders that directly pay third-party creditors. You might also like Upgrade if you have a minimum credit score of 560 and need funds quickly. Borrowers can pay off their debt consolidation loans early without prepayment fees.
Although Upgrade offers many perks, it also has drawbacks. Borrowers might pay high origination fees, ranging between 3% and 8%. You can also be charged a $10 late fee for falling behind on payments.
Pros
- No prepayment fees
- No minimum gross income
- Fair minimum credit score
- Accepts joint loans
- Directly pays creditors
Cons
- Only lends up to $50,000
- $10 late payment fee
- Potentially high origination fees
How to Choose the Best Debt Consolidation Loan in Dallas, TX, for You
Many people turn to debt consolidation loans to help them pool outstanding payments and secure a lower interest rate. The average Texan, for instance, has a combined $21,538 in credit card and personal loan debt.
If you’re considering a debt consolidation loan in Dallas, the following steps can guide you through the process:
Ask Yourself the Important Questions
Before applying for a debt consolidation loan, assess your need for one in the first place.
- How much funding do you need? Borrowing too much or too little can end up being another stressor. Talk to a financial expert to determine how much you need to borrow.
- What’s your credit score? Lenders tend to have a minimum credit requirement to evaluate your ability to repay. Your eligibility sometimes depends on your credit score.
- Can you afford the monthly payments? Debt consolidation loan payments are usually paid monthly, so go through your finances and budget accordingly.
- Do you have existing debts? You want to avoid having a high debt-to-income ratio — a factor lenders may use to weigh your eligibility.
- Is your debt manageable through other means? If there are different ways to meet your debt consolidation needs, you may not need to take out a loan.
Do Your Research
A debt consolidation loan is a serious commitment. On average, it takes two to four years to pay off a loan. Additionally, some lenders conduct hard credit checks that negatively affect your credit score. For these reasons, it's imperative to research, shop around and compare each lender's rates, terms and requirements.
MoneyGeek’s recommendations for debt consolidation lenders in Dallas may suit most people, but don’t hesitate to explore alternatives that cater specifically to your needs.
Wait
There’s value in waiting a day or two before choosing your debt consolidation lender. Give yourself time to think about your financial needs and lender selections so that you can objectively decide. Debt consolidation loans are long-term commitments, and there’s no rush when applying. Waiting gives you the confidence you need to commit.
Read the Fine Print
A common mistake borrowers make is skimming the fine print. This leads them to miss important details such as prepayment penalties, origination and late fees. Because these costs are added to your monthly bill, it’s wise to prepare ahead of time.
If you don’t understand all the terms and conditions in the fine print, consult a financial expert or speak with a representative from your chosen lender. This process is essential to know what to expect from your loan.
Apply
Once you have followed the previous steps, understand the lender requirements and are confident in your decision, you’re ready to apply! Gather pertinent documents in advance to make the application process as smooth as possible. Lenders usually ask for your identification, address verification and proof of income, although there may be other documents you need to provide at your lender’s request.
It’s relatively easy to apply for a debt consolidation loan in Dallas. Depending on what works best for your situation, you can apply online, via phone or in person at the lender’s office. Choose the method that is most comfortable for you.
What to Do if You Can’t Get a Debt Consolidation Loan in Dallas, TX
You don’t have to give up on a debt consolidation loan simply because your first application gets denied. Several reasons can lead to a rejected application, including low credit score, insufficient income, high debt-to-income ratio and no employment history. The best way to move forward is to ask your lender for the specific reason it rejected your application.
Once you know why, it's possible to negotiate with your lender, for example, to request a lower loan amount or shorten your repayment term. In some cases, the lender may accept the new terms of your loan. If not, consider applying with another debt consolidation lender. However, make sure to alter the factor that caused the rejection of your initial application.
Some discouraged borrowers may be tempted to take out payday loans, but MoneyGeek strongly discourages this practice. Payday loans charge incredibly high interest rates and offer short repayment terms. You may end up losing more money in the long term.
Calculate Your Monthly Payment
Note that debt consolidation loans are paid off in monthly installments with interest. MoneyGeek offers a debt consolidation loan calculator below to quickly check if you’re financially ready to take out a loan.
Frequently Asked Questions About Debt Consolidation Loans in Dallas, TX
Finding the best debt consolidation loan in Dallas depends on your needs and financial background. MoneyGeek answers some commonly asked questions to inform your decision-making.
In Dallas, MoneyGeek’s top debt consolidation lender is Truist. However, the best lender for you depends on what you need. We found that Upstart is an excellent option for those with bad credit.
Truist offers the lowest interest rates in Dallas.
Restrictions vary per lender. Some lenders don’t allow you to consolidate debt for business or investments, whereas others don’t limit funding usage.
You can consolidate debt up to $100,000, but limitations vary per lender.
Each lender has a different processing time. However, it can take around one to two days.
Yes, it's possible to repay your loan early. Remember that some lenders charge prepayment penalty fees, so ask your lender.
Methodology
MoneyGeek reviewed more than 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.
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, we make our picks 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. "Truist Bank." Accessed September 14, 2022.
- Better Business Bureau. "Upstart." Accessed September 14, 2022.
- SoFi. "About Us." Accessed September 14, 2022.
- SoFi. "Credit Card Consolidation Loans." Accessed September 14, 2022.
- Truist. "Personal Loans and Lines of Credit." Accessed September 14, 2022.
- Upgrade. "About Us." Accessed September 14, 2022.
- Upstart. "Personal Loans: Apply Online, Quick Rate Check." Accessed September 14, 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.
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
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