Best Debt Consolidation Loans in Washington of 2023

MoneyGeek’s analysis found that Upgrade is the best debt consolidation lender in Washington. The company offers unsecured personal loans of up to $50,000, which can be paid for 36 to 60 months. They’re excellent for debt consolidation as they offer to pay creditors directly.

You need a FICO score of 560 or above to qualify with Upgrade, making their personal loans accessible even if you have poor credit. You can expect your loan to be funded on the day of application, and setting up autopay will result in a discount.

Although Upgrade doesn’t charge prepayment penalties, their personal loans come with a potential origination fee and late payment penalties. The company does a soft credit pull during pre-qualification.

As a relatively new financial services company, Upgrade was founded in 2017. In just five years, the company has served over 15 million customers.

Pros

• A+ rating from BBB
• Autopay discount
• Conducts soft inquiries
• No prepayment penalties
• Funds loans quickly

• 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 is MoneyGeek’s runner-up pick as the best debt consolidation lender in Washington. The company offers flexible unsecured personal loans for qualified borrowers. You can borrow up to $100,000 and repay that for as long as 84 months. Their loans also feature low interest rates and an autopay discount.

However, you need a FICO score of at least 660 to qualify for a LightStream loan. You’ll also undergo a hard credit pull to check your rates. In addition, the company doesn’t pay creditors directly, so you need to do that yourself to settle your debts.

That said, LightStream doesn’t charge origination, prepayment or late payment fees. They also have a rate beat program, which beats a competitor’s interest rate by 0.1%.

Founded in 2012 as the online lending division of SunTrust (now Truist), LightStream has become a leading provider of low-interest and fixed-rate unsecured loans.

Pros

• $100,000 maximum loan amount
• Lacks origination, prepayment and late fees
• 0.5% autopay discount
• 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

MoneyGeek’s research found that Upstart is the best debt consolidation lender in Washington for borrowers with bad credit.

Remarkably, Upstart’s credit score requirement is only 300, so you can qualify for a loan even with a poor credit score. They also have a pre-qualification process that only requires a soft credit pull to determine rates.

Upstart offers unsecured personal loans that range from $1,000 to $50,000 that can be repaid in up to 60 months. They have an online application process, and most of their loans can be funded within the next day. The company doesn’t charge prepayment penalties, but they may charge an origination fee, depending on the borrower.

Upstart was founded in 2012, and they were a pioneer in using artificial intelligence for loan evaluations. The company claims to have higher approval rates compared to traditional banks.

Pros

• Minimum credit score of 300
• Funds loans within the next day
• Does soft credit pulls
• No 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

Our pick as the best debt consolidation lender in Washington for people with good credit is SoFi. They offer generous unsecured personal loans that range from $5,000 to $100,000, payable from 12 to 60 months. Those loans come with low interest rates and a discount for setting up autopay.

Additionally, SoFi doesn’t charge origination, prepayment and late payment fees.

You need a credit score of 680 or above to qualify for a SoFi loan. You can have a joint application with another person, but approval for these loans can take up to two weeks.

Also known as Social Finance, SoFi is a financial services company that was founded in 2011. They’ve initially focused on student loans but have since broadened their services. They now offer savings accounts, insurance, investment and various loan products.

Pros

• Doesn’t charge origination, prepayment or late fees
• Performs a soft credit check
• Joint loans are possible
• Has autopay discounts
• A+ BBB rating

• 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