Best Debt Consolidation Loans in El Paso of 2023

Based on MoneyGeek’s analysis of debt consolidation lenders, MoneyGeek ranked Truist as the best option for debt consolidation loans in El Paso. Formed from the merger of BB&T and SunTrust, the lender offers personal loans, credit cards, checking and savings accounts, mortgages and other financial products.

Truist offers fast loan approvals and funding, which can benefit borrowers who need access to funds quickly. After your loan is approved, funds may be disbursed the next business day. With Truist, you can get a minimum loan of $3,500, which makes it a good option for consolidating small loans. Its APR range is also one of the lowest among its competitors.

Although Truist will complete a hard credit inquiry when you apply for a loan, its pre-approval process only features a soft credit check that won’t impact your credit score. However, if you have a low credit score, your application may be denied, as the lender doesn’t allow co-signers.

Pros

• Next-day funding available
• Fast approvals and funding
• Autopay discount
• No origination fees
• Low minimum loan amount

SoFi, also known as Social Finance, is a fintech lender formed by Stanford business college students in 2011. MoneyGeek’s research shows that SoFi offers the second-best debt consolidation loans in El Paso.

Besides debt consolidation, a SoFi personal loan can be used to fund other expenses, such as weddings, vacations or family planning. Once your SoFi debt consolidation loan is approved, you might receive the funds after a few days.

SoFi charges a relatively low APR in comparison with other lenders. To reduce their APR by an additional 0.25%, borrowers can sign up for automatic payments. However, this lender won’t work for those wanting to consolidate a small amount of debt, as the lender offers loan amounts starting at $5,000.

Pros

• Direct payment to creditors available
• Provides autopay discount
• Soft credit check first
• No application, prepayment or origination fees
• High maximum loan amount

Upstart is an AI-based lending platform that offers the best debt consolidation loan in El Paso for borrowers with bad credit scores. Besides your credit score, the company considers other factors like your education and employment history, which makes it easier for borrowers with bad credit histories to qualify for a loan.

When you apply for an Upstart personal loan, the lender conducts a soft credit inquiry that doesn’t affect your credit score. After your loan is approved, you may receive funds the next business day. With Upstart, you won’t pay a prepayment fee for early repayment of your loan.

Although Upstart provides loans to applicants with low credit scores, you may receive a high APR if you have a poor credit score. Furthermore, the lender doesn’t offer APR discounts for making automatic payments, so there are few ways to reduce the APR you’re quoted.

Pros

• Soft credit check that won’t hurt credit score
• No prepayment fees
• Next-day funding available
• Wide range of loan amounts available
• Low minimum credit score requirement

If you have a good credit score, you should opt for an Upgrade debt consolidation loan. The lender offers personal loans, checking and rewards accounts and credit cards to its customers.

With Upgrade, you can get a maximum loan of $50,000, which can help you consolidate significant debts in a lower monthly payment. When you apply for a loan with this lender, it performs a soft credit inquiry that won’t negatively impact your credit score. It also offers joint loans and a discount for setting up automatic payments.

However, the lender charges origination and late payment fees. As such, if you want to avoid paying extra fees, it’s best to apply for a loan with a different lender.

Pros

• No prepayment penalty
• Autopay discount available
• Joint loans available
• Soft credit inquiry completed first