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Best Debt Consolidation Loan Lenders in El Paso, TX

MoneyGeek’s analysis of the APR ranges, loan amounts, funds disbursement time, loan repayment terms, credit score requirements and 30+ other essential factors will help you determine the lender offering the best debt consolidation loans in El Paso.

Based on our analysis, Truist offers the best debt consolidation loans in the city. If you don’t qualify for its loans, SoFi is the second-best option. On the other hand, borrowers with good and bad credit histories will benefit the most from Upgrade and Upstart, respectively.

Best Overall Debt Consolidation Loan in El Paso, TX: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Truist

Runner-Up for Best Debt Consolidation Loan in El Paso, TX: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds
    SoFi

Best Debt Consolidation Loan for Bad Credit in El Paso, TX: Upstart


  • Upstart
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Upstart

Best Debt Consolidation Loan for Good Credit in El Paso, TX: Upgrade


  • Upgrade
    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds
    Upgrade

How to Choose the Best Debt Consolidation Loan in El Paso, TX, for You

Based on MoneyGeek’s research, the average personal loan debt in Texas is $15,505. Borrowers may be able to repay this debt faster and at a lower interest rate with a debt consolidation loan. However, before applying for a loan, you should analyze your credit score, income and previous debts to ensure this loan is the right option for you.

We recommend taking the following steps to help you make a well-informed decision:

1

Ask Yourself the Important Questions

Before researching your loan options, it’s important to assess your financial needs and capacity to repay the loan. At a minimum, you should ask yourself the following questions:

  • How much funding do you need? You should only take out exactly what you need. The more precise you can be in your loan approximation, the less you’ll pay in interest.
  • What’s your credit score? Your credit score will impact the loans you’re eligible for and the APR you receive. Because of this, it’s essential to know your credit score before you apply for a loan. If your credit score is low, and you don’t need funds urgently, consider improving your credit score first before applying for a debt consolidation loan.
  • Can you afford the monthly payments? Although making a higher monthly payment will reduce the amount in interest you’ll pay, you should choose a monthly payment that allows you to repay your loan without compromising your present situation.
  • Do you have existing debts? Assessing your existing debt (type, amount and so on) will help you decide if a debt consolidation loan is the best option for you. Some types of debt, such as those for post-secondary education, aren’t eligible for a debt consolidation loan.
  • Is your debt manageable through other means? If the interest rates on your current loans are lower than the one you would receive with a debt consolidation loan, it may cost less to simply repay your loans individually.
2

Do Your Research

Once you’re certain that a debt consolidation loan is the best option for you, and you’ve evaluated your financial situation, it’s time to research different lenders. You should compare providers for their repayment terms, APR, eligibility requirements and loan amounts to find the best option for you.

MoneyGeek’s guide provides recommendations for general borrower profiles, so our chosen lenders may not be the best for your unique situation.

3

Wait

After finding the right lender for your situation, it’s best to wait a few days before submitting your loan application. During this period, you can consider your decision and explore other ways to meet your financial needs. It’s important that you’re confident in your lender choice, since a loan is a long-term commitment that can take years to repay.

4

Read the Fine Print

MoneyGeek strongly advises that you take the time to carefully read and understand the terms of your loan agreement, as it could save you a significant amount of money in the long run. It may include hidden fees, like those for prepayment, origination or late payments. If you have any questions, you can ask your lender for clarification.

5

Apply

After analyzing important factors and reading the fine print, you can apply for a debt consolidation loan. You might have to provide address verification, income details, identification and other personal information. Although there are several lenders that only accept online applications, some lenders allow you to apply in person.

What to Do if You Can’t Get a Debt Consolidation Loan in El Paso, TX

Lenders may deny your loan application due to many factors, including a low credit score, incomplete application, unstable employment, high debt-to-income ratio or insufficient income.

After the lender has notified you of its decision, it will often send you a letter outlining why your application was rejected. If you don’t receive this document, you should contact the lender directly to find out why you weren’t approved. That way, you can improve your application before reapplying for a loan.

If your application was rejected because of a low credit score, it may take time to improve your credit history. Sometimes, however, simply modifying the terms of your loan agreement, such as adjusting the repayment period or loan amount, may lead to your application getting approved.

MoneyGeek strongly advises against getting a payday loan, as these loans have high interest rates and can result in more debt if left unpaid.

Calculate Your Monthly Payment

Since a loan’s monthly payment also includes interest, it’s essential to know exactly how much you will pay so you can budget accordingly. You can use MoneyGeek’s personal loan calculator to estimate your monthly payment by entering your loan information.

years
months
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Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

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%

Origination Fee Fixed amount

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Total monthly payment

$123.31

Frequently Asked Questions About Debt Consolidation Loans in El Paso, TX

MoneyGeek answered the following frequently asked questions to help you understand how debt consolidation loans work.

Methodology

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

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.