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Best Debt Consolidation Loans in Washington of 2024

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Updated: December 28, 2023

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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

    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

    Cons

    • Origination fee
    • Maximum loan is $50,000 only
    • Charges late payment penalty
    • 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 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

    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

    Cons

    • No co-signers
    • Performs hard credit checks
    • 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 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

    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

    Cons

    • Maximum loan amount is $50,000
    • Charges origination fee
    • Has late payment penalties
    • 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 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

    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

    Cons

    • High income requirements
    • Doesn’t allow co-signers
    • Limits on fund usage
    • 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 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.

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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.

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