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Best Debt Consolidation Loans in Vermont of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Vermont

MoneyGeek evaluated over 30 data points to rank the best debt consolidation loan companies in Vermont. We gathered information about APR ranges, minimum credit scores, origination fees, late fees, repayment terms, loan amounts, disbursement times, Better Business Bureau ratings, prepayment penalties and more.

Based on MoneyGeek’s analysis, Upgrade is the overall best debt consolidation lender in Vermont. However, the best debt consolidation company for you can vary based on your needs and financial situation.

Best Overall Debt Consolidation Loan in Vermont: 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

    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

    Cons

    • Charges an origination fee
    • Has late fees
    • Co-signers are not allowed
    • 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 Vermont: 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 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

    Cons

    • No co-signers
    • Conducts hard credit pull
    • Restrictions on fund usage
    • 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 Vermont: 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

    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

    Cons

    • Potential origination fee
    • Charges late payment penalties
    • No co-signers
    • 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 Vermont: 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

    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

    Cons

    • Requires good to excellent credit
    • Co-signers are not allowed
    • Requires minimum income
    • 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 Vermont for You

On average, Vermont residents have $18,657 in personal loan debt and pay roughly 9.20% in interest. If you have various debts, consider getting a debt consolidation loan. It can make your debt repayment easier and more affordable through lower interest rates.

Lenders consider various factors before approving your loan application, including your credit score, existing debt and income. MoneyGeek shares the steps you need to take when getting a debt consolidation loan:

1
Ask Yourself the Important Questions

If you’re looking to get a debt consolidation loan to repay your existing debts, it’s a good idea to assess your financial situation to ensure it’s the right choice for you based on your financial profile and needs. Ask yourself:

  • 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

Keep in mind that a personal loan is a big financial commitment that involves monthly payments over the course of many years. To get the best deal, it’s a good idea to shop around and compare rates from various lenders. Getting a provider with favorable interest rates and policies may result in big savings over time. Although we listed the top debt consolidation lenders in Vermont, our rankings are based on generalizations that might be different from your specific needs and situation. Do your own research to find the provider that best fits your financial goals.

3
Wait

Once you’ve picked a personal loan provider for your debt consolidation, wait for a day or two. Doing this allows you to have a fresher perspective on your decision. Remember that you’re about to make an important choice that will significantly affect your financial situation. You want to make sure that you’re going with the best available option. Generally, you’ll want your debt consolidation loan to result in lower overall payment.

4
Read the Fine Print

Read through your preferred lender’s fine print before deciding to move forward. Carefully study the company’s interest rates, fees, discounts and other relevant policies. Go beyond their marketing materials and look for things you may have missed during your initial research. If possible, avoid lenders that have origination fees, prepayment penalties and high interest rates. Doing this will result in big savings as you repay your loan.

5
Apply

If you’re sure that your preferred lender meets your needs and will be the best choice moving forward, all that’s left to do is to apply. Before doing so, it’s a good idea to gather all the information and data you will need. Lenders usually ask for your identification and income documents. Since you’re consolidating debt, it’s also recommended to list down the details of the debts you’re trying to repay. While most lenders allow online application, that shouldn’t stop you from applying in person if the option is available.

What to Do if You Can’t Get a Debt Consolidation Loan in Vermont

Your debt consolidation loan can get denied even if you follow a lender’s process and submit all the required documents. Reasons such as a low credit score, insufficient income and incomplete documents may result in loan rejection.

We recommend reaching out to the company and asking for the exact reason why your application was denied. Ask if it’s possible for them to reconsider their decision by changing your loan’s terms. Offer to decrease your loan amount and repayment period. You can also ask if they’ll allow a co-borrower or co-signer.

While it’s possible for you to apply with a different company, make sure you fix the original lender’s issues with your profile first and improve your creditworthiness before sending out a new application.

Although payday loans may seem attractive, we advise that you avoid them. They feature high-interest rates and short repayment terms, which will only increase your debt.

Calculate Your Monthly Payment

You’ll be repaying a debt consolidation loan in monthly installments with interest. Whether you’re considering getting a personal loan or already have a pre-approval, use the tool below to know if you can afford your loan’s monthly payments.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Vermont

The best debt consolidation providers for you depend on your individual needs and situation. To help you learn more about the topic, MoneyGeek answered some frequently asked questions about debt consolidation lenders in Vermont.

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

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