Best Debt Consolidation Loans in Washington 2024

fact checked icon

Updated: October 23, 2024

Advertising & Editorial Disclosure

Debt consolidation loans are unsecured personal loans used to pay off debts, such as credit card or student loans, at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 26 lenders and found PenFed to be the top choice for debt consolidation loans in Washington, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Gesa Credit Union and Washington State Employees Credit Union to see if they fit your borrowing needs.

MoneyGeek Logo IconBest Loans forConsolidationWashington
2024

Best Debt Consolidation Loans in Washington

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Washington

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Washington with a MoneyGeek score of 96 out of 100. Its competitive rates, borrowing limits, quick fund disbursement, quality service and reputation that make it an ideal choice for borrowers.

PenFed's APR range of 8.99% to 17.99% and loan amount range of up to $50,000 provide flexibility for various financial needs. Receiving funds within 1 to 2 business days ensures timely access to money, helping Washington borrowers consolidate debt efficiently.

Runner-Up for Best Debt Consolidation Loan in Washington

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
96/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Washington, with a MoneyGeek score of 96 out of 100. It offers competitive interest rates, which can lower your monthly payments and save you money over time.

Alliant Credit Union also provides flexible loan terms, which allow you to customize your repayment plan to fit your financial situation. Additionally, quick fund disbursement means you can access your funds immediately, helping you consolidate your debts without delay.

Best Debt Consolidation Loan in Washington for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Washington for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms ranging from 12 to 84 months.

It has no origination fees, which means you won't have to pay extra costs upfront. Additionally, the availability of rate discounts can lower your interest rate, making your monthly payments more manageable. Affordability isn't just about interest; it's also about avoiding fees and taking advantage of rate discounts.

Best Debt Consolidation Loan in Washington for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Washington for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100.

Borrowers can benefit from PNC's flexible repayment terms, making monthly payments more manageable. Additionally, those needing a large loan to consolidate multiple debts can get up to $35,000.

Best Debt Consolidation Loan in Washington for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Washington for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100.

It provides same-day fund disbursement, making it ideal for urgent financial needs. It also offers flexible loan terms, allowing you to choose a repayment plan that fits your budget.

Should You Get a Loan to Consolidate Debt in Washington?

Using a debt consolidation loan in Washington can simplify your finances by merging multiple payments into one, but it's not always the best option. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

    carInsurance icon

    Good Credit

    Having good credit can get you better terms on a debt consolidation loan in Washington, affecting your interest rates and monthly payments.

    uninsured icon

    High-Interest Debt

    If you have high-interest debt, a debt consolidation loan in Washington can lower your interest rates. For example, reducing from 20% to 10%.

    calendar icon

    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Washington simplifies your finances. One payment is easier to manage than several.

    securePayment icon

    Lower Monthly Payments

    A debt consolidation loan in Washington can lower your monthly payments. For example, reducing from $500 to $300 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt within a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is uncertain: Unpredictable income makes it risky to commit to new loan terms. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can lead to loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Washington is a better strategy.

How to Get a Debt Consolidation Loan in Washington

The average annual personal debt in Washington is $150,462, compared to the overall average debt in the U.S., which is $104,215. In Washington, the average monthly debt translates to around $12,539.

Using a personal loan to consolidate debt in Washington can simplify your payments and potentially lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

1
Review your debts and credit score

Account for your existing debts to see which ones to consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates and longer repayment periods. Check your credit scores. To improve your credit score, pay bills on time and reduce outstanding balances.

2
Compare loan terms from lenders

Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits and how soon you can receive the funds.

3
Check for extra benefits

Some lenders offer added features that benefit you long-term. For example, lenders in Washington, like Keybank and PNC offer rate discounts.

4
Watch out for fees and penalties

Some lender features could be drawbacks. In Washington, lenders like Upgrade charge an origination fee and Avant charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified

Prequalification helps borrowers understand potential loan terms without affecting their credit score. It involves a soft credit check.

6
Complete your loan application

Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application faster.

mglogo icon
WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN WASHINGTON

Lenders might deny your loan application due to a high debt-to-income ratio or a low credit score. Before applying for a debt consolidation loan in Washington, check your credit report for errors and work on reducing your existing debt.

You can also consider reaching out to credit counseling agencies, such as American Financial Solutions or Evergreen Financial Counseling. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer existing high-interest debt to a new card with no interest for a set period, helping you pay off debt faster.

FAQ: Debt Consolidation Loans in Washington

MoneyGeek addresses common questions about debt consolidation loans in Washington to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Washington?
What's the best debt consolidation loan lender in Washington?
Can I get a debt consolidation loan in Washington if I have bad credit?
Can a credit counseling agency in Washington help manage debt?
When should I get a debt consolidation loan in Washington?

MoneyGeek analyzed 26 national lenders licensed to do business in Washington, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

recency icon

We conducted our analysis in September 2024.

26Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

Read Full Bio »
Shield Insurance

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use