Top Lenders & Best Rates for You

Best Debt Consolidation Loan Lenders in Vermont

On average, Vermont residents have $4,963 in credit card debt and $18,657 in personal loan debt. If you’re dealing with multiple debts, it could be a good idea to get a debt consolidation loan. This means paying off all your existing liabilities with the proceeds from a larger loan, which usually comes with a lower interest rate and fixed monthly payments. By consolidating your debt, you only need to monitor a single loan, giving you a clearer timeline on when you can repay all your debt. MoneyGeek found the best debt consolidation loans in Vermont.

Advertising & Editorial Disclosure
Last Updated: 9/9/2022
Reviewed By     |  

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

    on Upgrade Website

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

    on LightStream Website

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

    on Upstart Website

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

    on SoFi Website

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.

tip icon
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

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.