Best Debt Consolidation Loans in Vermont of 2023

Upgrade is a relatively new financial services company, but they’ve served over 15 million customers around the United States. Founded in 2017, they offer products such as checking accounts, credit cards and personal loans.

Based on MoneyGeek’s analysis, Upgrade is the best debt consolidation lender in Vermont. They provide unsecured personal loans that range from $1,000 to $50,000, payable for as long as 60 months. Notably, this lender pays creditors directly, which is helpful to people who are consolidating debt.

Upgrade requires a FICO score of at least 560, making their products accessible to folks with poor credit. Additionally, they only do a soft credit pull during pre-qualification. Their loans can get funded within the day of application, and they offer a discount by signing up for autopay.

Upgrade doesn’t have prepayment penalties, but they may charge an origination fee and late payment fees.

Pros

• Offers to pay creditors directly
• Has autopay discount
• Performs soft inquiries during pre-approval
• Doesn’t charge prepayment penalties
• A+ BBB rating

• 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

LightStream was founded in 2012 as the online lending arm of SunTrust (now Truist). They’ve since become a leading provider of low-interest and fixed-rate unsecured loans.

MoneyGeek’s analysis found that LightStream is the runner-up best debt consolidation lender in Vermont. They offer flexible loans for qualified borrowers. Their loans range from $5,000 to $100,000, and their repayment term is as long as 84 months. They also offer relatively low interest rates and an autopay discount.

LightStream has attractive features, but borrowers need a FICO score of at least 660 to qualify. They also do a hard credit check to verify eligibility.

Nonetheless, LightStream has a Rate Beat Program, which offers to beat a competitor’s interest rate by 0.1%. They also don’t charge origination, prepayment or late payment fees. Plus, their entire process can be done online and decided on the day of application.

Pros

• Loan amount up to $100,000
• No origination, prepayment and late fees
• Get a 0.5% discount by setting up autopay
• Same-day funding
• Offers rate beat program

• 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

Established in 2012, Upstart was a pioneer in using artificial intelligence to evaluate loan applications. This lender claims to have higher approval rates compared to traditional banks.

Upstart is MoneyGeek’s pick as the best debt consolidation lender in Vermont for borrowers with bad credit. Unlike most loan providers, borrowers with a FICO score of at least 300 can qualify with this company. They offer personal loans that range from $1,000 to $50,000, which can be repaid in up to 60 months.

Borrowers with low credit scores will benefit from Upstart’s pre-qualification process, which only needs a soft credit pull that doesn’t affect scores. Additionally, most loans can get funded the next day.

Although Upstart doesn’t charge prepayment fees, they do charge origination and late fees.

Pros

• Borrowers with poor credit score are qualified
• Next-day funding
• Performs soft inquiries during pre-qualification
• Doesn’t charge prepayment penalty
• A+ BBB rating

• 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

SoFi, also known as Social Finance, is a financial services company that was founded in 2011. They initially provided student loans but have since expanded their services and now provide savings accounts, insurance, investments and other loan products.

Based on MoneyGeek’s ranking, SoFi is Vermont’s best debt consolidation lender for people with good credit scores. They offer generous unsecured loan packages that can go as high as $100,000, payable for up to 60 months. On top of that, their loans feature low interest rates and discounts for setting up autopay.

In addition, this company doesn’t charge origination, prepayment or late payment fees. They are even transparent with their policies, and their site features a detailed FAQ page.

However, you need a credit score of at least 680 to qualify for SoFi. They allow joint applications, but approval for that can take up to two weeks.

Pros

• A+ BBB rating
• Lacks origination, prepayment or late fees
• Conducts a soft credit pull
• Joint loans are allowed
• Discounts for setting up autopay

• 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