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Best Debt Consolidation Loan Lenders in Washington

The average credit card debt in Washington is $5,684, while it’s $14,822 for personal loan debt. Debt consolidation loans are an excellent solution to help you manage multiple types of debts. They let you streamline your payments into a single loan. Plus, they can potentially lower your payments. Lenders evaluate your eligibility by considering your income, credit score and financial standing. MoneyGeek found the best debt consolidation loan lenders in Washington for different borrower profiles.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Washington

MoneyGeek studied over 30 data points to determine the best debt consolidation lenders in Washington. We collected information about APR ranges, minimum credit scores, origination fees, late fees, repayment terms, loan amounts, disbursement times, prepayment penalties and more.

According to our research, Upgrade is the overall best debt consolidation lender in Washington, where the average credit score is 730. Lightstream is the runner-up. Upstart is best for those with bad credit, while SoFi is excellent for borrowers with good credit.

Ultimately, the best debt consolidation company for you may vary depending on your needs and financial situation.

Best Overall Debt Consolidation Loan in Washington: 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 Washington: 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 Washington: 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 Washington: 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 Washington for You

The average personal loan debt in Washington is $14,822. Instead of dealing with multiple debts, it’s possible to consolidate your debt and pay fixed monthly payments.

If you’re considering applying for a debt consolidation loan in Washington, remember that lenders will assess factors like your credit score and debt-to-income ratio before approving your application. MoneyGeek detailed the steps you need to take when getting a debt consolidation loan to help you with the process.

1

Ask Yourself the Important Questions

Before starting your loan application, take an honest look at your financial situation. You’ll be repaying debt consolidation loans with interest, so ensure that it’ll be your best choice moving forward and that you have a good chance of qualifying with the lender you are considering. 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

Getting a personal loan means monthly payments over the course of many years. It’s a huge financial commitment, so you want to ensure that you’re getting the best rate. Shopping around and comparing offers will lead you to big savings over time. MoneyGeek ranked the best debt consolidation lenders in Washington to help you in this process. However, our findings are based on generalizations, which may be different from your needs and situation. We recommend that you do your own research and find the lender that best fits your profile.

3

Wait

After doing your research, consider waiting for a day or two before moving forward with your application. Waiting will give you the benefit of a fresh perspective and a wider outlook, which is important for huge decisions like this. It may also help you come up with another funding option that won’t impact your finances as significantly.

4

Read the Fine Print

After researching and waiting, read through your preferred lender’s policies. Carefully note details like interest rates, fees and discounts. Check if there are inconsistencies, and reach out to a representative if you have any questions. Look for the information you may have missed when you first evaluated the company. If possible, avoid lenders that carry origination fees, prepayment penalties and high interest rates. This may save you hundreds if not thousands of dollars as you repay your loan.

5

Apply

Once you’ve decided to move forward, it’s time to proceed with your application. However, it’s best to prepare all the information and documents you will need for this process. Loan companies usually require you to submit your identification and income documents. Also, most debt consolidation lenders in Washington have online application processes, but you might be able to apply in person if the lender allows it.

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

It’s not the end of the world if your debt consolidation loan gets denied by a lender. Loan companies frequently deny applications due to low credit scores, insufficient income and incomplete documents. Just because one company rejected your application doesn’t mean others will do the same.

MoneyGeek suggests that you reach out to the loan company to clarify the exact reason why your application was denied. Ask them if applying with a co-borrower or changing your loan’s amount or repayment period might make them reconsider their decision.

While it’s tempting to start an application with another company, we encourage you to address the issues from your initial application first. Fixing your profile and improving your creditworthiness will result in a better chance of approval on your next application.

Lastly, we strongly discourage you from taking payday loans. These products aren’t useful for debt consolidation because they have high interest rates and short repayment periods.

Calculate Your Monthly Payment

Debt consolidation loans are paid with interest and in monthly installments. You can use the calculator below to get a better understanding of your potential expenses and find out if you’re financially prepared to get a debt consolidation loan.

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 Washington

MoneyGeek answered some commonly asked questions about debt consolidation lenders in Washington to help you find the best lender in the state. Keep in mind that the best provider for you may vary based on your needs and situation.

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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

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.