Top Lenders & Best Rates for You
Best Debt Consolidation Loan Lenders in Utah
Updated: December 28, 2023
Advertising & Editorial Disclosure
- Best Overall Debt Consolidation Loan Lender in Utah
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Utah
- Best Debt Consolidation Loan Lender for Bad Credit in Utah
- Best Debt Consolidation Loan Lender for Good Credit in Utah
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Utah
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Utah
Best Debt Consolidation Loan Lenders in Utah
MoneyGeek ranked the top debt consolidation loan lenders in Utah based on over 30 data points, including the loan amount, BBB rating, interest rates, credit score requirements and the repayment period.
From the analysis, the best overall debt consolidation lender in the state is Upgrade. The runner-up is LightStream. For borrowers with bad credit, Upstart offers the best debt consolidation loan, while SoFi ranked top for those with good credit.
Best Overall Debt Consolidation Loan in Utah: Upgrade
Runner-Up for Best Debt Consolidation Loan in Utah: LightStream
Best Debt Consolidation Loan for Bad Credit in Utah: Upstart
Best Debt Consolidation Loan for Good Credit in Utah: SoFi
How to Choose the Best Debt Consolidation Loan in Utah for You
Utah’s average personal loan debt is $15,188, and the average credit card debt is $5,233. A debt consolidation loan can help you combine all your loans into one monthly payment. Your lender will determine how much you can get and the repayment terms based on your income level, credit score and other factors.
When looking for the best debt consolidation loan in Utah, here are some steps you need to consider:
Ask Yourself the Important Questions
You need to consider several factors before submitting your debt consolidation loan application, including how the decision will impact your financial health. Every lender outlines unique requirements when giving you a loan, and you need to establish if you can meet these requirements. Some of the questions you should ask yourself include:
- How much funding do you need?
- What is your credit score?
- Can you afford the monthly payment?
- How much debt do you already have?
- Is your debt manageable through other means?
Do Your Research
When reviewing your loan, lenders consider several factors, including your credit score and income level. When choosing the right lender for your needs, you should shop around. A debt consolidation loan is a huge commitment that may take two to four years to repay. MoneyGeek reviewed top debt consolidation loan options in Utah to help you make the best selection for your needs. However, carrying out some research may help you find better options that we did not cover in this research.
Wait
After comparing lender features, including loan amounts, repayment terms and interest rates, you should spend a few days reviewing your decision. Assess your financial goals and determine whether the debt consolidation loan you have chosen will help you achieve them. Also determine how the loan will impact your financial standing. Getting a debt consolidation loan is a big decision, and it is vital that you take enough time to assess the available options before submitting your application.
Read the Fine Print
You can save on your monthly repayments by reviewing the fees and rates associated with your debt consolidation loan before completing the application process. Once the lender provides you with a fine print outlining the terms, go through all the details to understand the offer. Find out whether you will incur hidden charges like origination and late payment fees as well as how much you will need to pay every month for the loan.
Apply
Once you are happy with your choice of lender, you can complete the application. Put together all the required information and submit these online or by visiting the lender’s office. Some of the information you will need includes personal details, proof of income and contact details. You will also need to ensure that the information is accurate.
What to Do if You Can’t Get a Debt Consolidation Loan in Utah
Some lenders may refuse to approve your debt consolidation loan for various reasons, such as a poor credit rating, low income, incomplete application details and a high debt-to-income ratio. When this happens, MoneyGeek recommends that you contact the lender for more feedback.
Depending on the reason for rejection, you may modify your application and try submitting it again. In most situations, issues with the application details, including the repayment period, may get resolved with the lender. However, credit score and income-related causes may need more time.
Although it is possible to submit your application to other lenders, you should not do so until you have improved your scores.
Additionally, while payday and other short-term loans may offer a quick alternative, MoneyGeek advises against them because they feature very high interest rates.
Calculate Your Monthly Payment
Lenders require you to repay debt consolidation loans in monthly installments and with interest. You can use MoneyGeek’s debt consolidation loan calculator to find out how much you are likely to pay each month, especially if the loan amount was pre-approved by the lender.
FAQs About Debt Consolidation Loans in Utah
The best debt consolidation loans in Utah vary based on several factors, including your credit score, income and more. MoneyGeek provided answers to commonly asked questions in the state to help you through the application process.
The best debt consolidation loan lender in Utah is Upgrade. However, the best option may differ for each borrower. For example, SoFi ranked top for borrowers with good credit scores, whereas Upstart was the best choice for those with bad credit scores.
Based on MoneyGeek’s research, the lender with the lowest interest rates for debt consolidation in Utah is Upstart, with a starting interest rate of 3.22%.
Most lenders in Utah allow you to consolidate any type of debt. However, some restrict you from using the funds for student loans and refinancing debts from the same company. Check with your insurer to find out if there are any restrictions before completing your loan application.
The amount of debt you can consolidate in Utah depends on the lender. You could receive as little as $1,000 and as high as $100,000.
How long it takes before receiving your debt consolidation funds depends on the lender. The duration may be as fast as the same day or as late as one week. You can get this information from your lender when you apply.
In Utah, lenders allow you to pay off your loan early. However, some may charge you a prepayment fee. Before making early payments, be sure to discuss the potential costs with your lender.
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
- LightStream. "Debt Consolidation Loan." Accessed June 30, 2022.
- SoFi. "Credit Card Consolidation Loans." Accessed June 30, 2022.
- SoFi. "Frequently Asked Questions." Accessed June 30, 2022.
- Upgrade. "Debt Consolidation Loans." Accessed June 30, 2022.
- Upstart. "Debt Consolidation Loans." Accessed June 30, 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
our editorial policies and expert editorial team.