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Best Debt Consolidation Loan Lenders in Utah

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Updated: December 28, 2023

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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


  • 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

    According to MoneyGeek’s analysis, Upgrade offers the best overall loans in Utah for individuals seeking to consolidate their debt. The lender started operations in 2017 and offers debt consolidation loans to eligible borrowers at a minimum interest of 5.94%.

    To qualify for a loan from Upgrade, you need a minimum credit score of 560, which is fair compared to other companies. Borrowers receive funds in their accounts within the same day, although you may wait as long as two weeks for the funds to clear.

    The loan amount available from Upgrade varies from $1,000 to $50,000.

    A drawback with this lender is the high potential APR. If you have a good credit score, you may find cheaper rates from other lenders.

    Pros

    • Get funding on the same day
    • No prepayment penalty
    • Soft credit inquiry
    • A+ BBB rating
    • Autopay discount

    Cons

    • Origination fees
    • Possibility of paying a late fee
    • 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 Utah: 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

    LightStream is an online consumer lender established in 2022 by Truist Bank. The lender provides debt consolidation loans in Utah ranging from $5,000 to $100,000. To get a debt consolidation loan from LightStream, your credit score must be at least 660, which is below Utah's average of 723.

    Eligible borrowers can apply for debt consolidation loans through the company website or mobile app and get the funds the same day. Customers may also set up autopay before receiving the funds, and the maximum repayment period is seven years.

    LightStream may not be the best for you if you need a loan to pay a student loan or refinance an existing LightStream loan. It also may not be ideal for you if you were hoping to have a co-signer.

    Pros

    • A+ BBB rating
    • High borrowing limits
    • Same-day funding
    • Extended repayment period, up to seven years
    • No origination, prepayment or late fees

    Cons

    • Fund usage restrictions
    • No co-signers
    • Hard credit inquiry
    • 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 Utah: 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

    Upstart ranked as the best lender for debt consolidation loans in Utah for borrowers with poor credit scores. The lender was founded in 2012 and offers loans to those with a minimum credit score of 300.

    When reviewing applications, Upstart lender conducts a soft credit inquiry. This means that your credit score won’t be affected during the application review process. The company doesn’t charge prepayment penalties and offers next-day funding.

    Upstart’s loans get disbursed in one day, and you can manage your loan online through the company website. The lender may not be ideal for those who need more than $50,000 funding or those who want to avoid origination and late fees.

    Pros

    • Low credit score requirement
    • Next-day funding
    • No prepayment penalty
    • Soft credit check
    • A+ BBB rating

    Cons

    • Maximum amount of $50,000
    • No co-signers
    • Possible origination and late fees
    • 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 Utah: 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

    Social Finance Incorporated, or SoFi, has been in operation since 2011. The lender offers various personal loans, including debt consolidation loans to customers with a minimum credit score of 680. According to MoneyGeek’s findings, SoFi is the best debt consolidation lender in Utah if you have a good credit score.

    SoFi customers whose credit rating isn’t good may consider a joint loan with a co-borrower. The lender has interest rates ranging from 5.74% and 20.28%, with a repayment period extending to five years. SoFi also offers unemployment protection, allowing borrowers who lose jobs to postpone repayments in three-month increments for up to one year.

    SoFi doesn’t charge prepayment or late fees. However, borrowers need a good to excellent credit score to qualify for a loan.

    Pros

    • No origination, prepayment or late fees
    • Soft credit inquiry
    • Maximum loan limit of $100,000
    • 0.25% auto payment discount
    • A+ BBB rating

    Cons

    • High minimum credit score
    • No co-signers 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 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:

1
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?
2
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.

3
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.

4
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.

5
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.

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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.

What is the best debt consolidation loan lender in Utah?
Which lender in Utah has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Utah?
How much debt can I consolidate in Utah?
How long does it take to get a debt consolidation loan in Utah?
Can I pay off my loan early in Utah?
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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 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
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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.