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Best Debt Consolidation Loan Lenders in Seattle, WA

MoneyGeek identified which lenders offer the best debt consolidation loans in Seattle by using more than 30 different data parameters. We took a close look into their APR ranges, available loan amounts, repayment terms and associated fees. Additionally, we considered their minimum requirements and fund disbursement times.

LightStream is our pick for the best overall debt consolidation loan in Seattle. However, the best option for you may vary based on your unique needs and situation. For instance, Upstart is ideal for borrowers with bad credit.

Best Overall Debt Consolidation Loan in Seattle, WA: LightStream


  • LightStream
    • 4.49% to 20.49%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds
    LightStream

Runner-Up for Best Debt Consolidation Loan in Seattle, WA: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds
    SoFi

Best Debt Consolidation Loan for Bad Credit in Seattle, WA: Upstart


  • Upstart
    • 8.49% to 35.99%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds
    Upstart

Best Debt Consolidation Loan for Good Credit in Seattle, WA: Upgrade


  • Upgrade
    • 11.69% to 35.47%APR Range
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds
    Upgrade

How to Choose the Best Debt Consolidation Loan in Seattle, WA, for You

When utilized properly, personal loans can be used to combine multiple debts into one account at a lower interest rate. Based on MoneyGeek’s analysis, Washington residents have an average personal loan debt of $14,822 and pay approximately 9.54% in interest.

With various options available in Seattle, it may be challenging to determine which lender can best accommodate your particular needs. MoneyGeek recommends taking the following steps to choose the best debt consolidation loan lender in the city for your unique profile and situation.

1

Ask Yourself the Important Questions

Ensure that a debt consolidation loan is the best financial decision you can make by asking yourself the following questions:

  • How much funding do you need? Determine how much money you need to avoid borrowing too little or too much.
  • What’s your credit score? Having a good-to-excellent credit score can increase your chances of getting lower interest rates on your debt consolidation loan.
  • Can you afford the monthly payments? Make sure your source of income can handle the regular monthly payments.
  • Do you have existing debts? Having a high debt-to-income ratio can negatively affect your chances of getting approval for a debt consolidation personal loan.
  • Is your debt manageable through other means? Taking out a debt consolidation loan may be unnecessary if there’s another way to manage your debts.
2

Do Your Research

A debt consolidation loan is a long-term commitment. As such, it’s vital to conduct thorough research on it before pursuing an application. Find out which lenders can accommodate your particular needs by looking into their APR ranges, loan amount limits, repayment terms and associated fees. You can also determine which loans you qualify for by reviewing their minimum requirements.

MoneyGeek provided this guide to help different borrowers, but our recommendations may not cover your unique circumstance. If so, it’s in your best interest to explore options that were not mentioned in our list.

3

Wait

Wait a day or two after deciding on a debt consolidation lender. Keep in mind that this loan involves making monthly payments for up to four years on average. Thus, deciding on whether to apply for one should be taken seriously. Giving yourself some time to think may also help you come up with another solution to manage your debts without significantly affecting your finances.

4

Read the Fine Print

You may have overlooked some important details when doing your research on lenders. Reading the fine print can help you avoid being caught off guard by fees that affect the total cost of your loan. These include prepayment penalties, origination fees and late fees. Knowing what you’re signing up for can result in significant savings in the long run.

5

Apply

If you’re 100% sure about your chosen lender, the only thing left to do is submit your loan application. Make sure that all the information you include in it is accurate to avoid delays in loan approval. Gather the documents typically required by lenders, such as identification, proof of income and address verification. You may apply online if you find it more convenient and if your lender allows it, but you may also call or visit your lender in person.

What to Do if You Can’t Get a Debt Consolidation Loan in Seattle, WA

Loan applications can be denied due to various reasons, such as insufficient income or incorrect information. If your lender rejects your application, it’s crucial to find out the exact reason why. You may also try asking if it’s possible to modify your application to make it more acceptable. Perhaps decreasing the loan amount or shortening the repayment term may result in a positive decision.

If your lender refuses to change their decision, you may apply for a debt consolidation loan with a different lending company. However, this move is not advisable until you have improved the factor that caused you to be rejected in the first place.

Be wary of payday loans when searching for alternative options. They may offer quick access to cash, but they come with steep interest rates and extremely short payback periods, which can put you in even deeper debt.

Calculate Your Monthly Payment

Keep in mind that you have to pay back your debt consolidation loan in monthly installments with interest. MoneyGeek has a personal loan calculator that can help you estimate how much you’ll pay monthly and determine if you can afford it.

years
months
%

Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

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%

Origination Fee Fixed amount

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Total monthly payment

$123.31

Frequently Asked Questions About Debt Consolidation Loans in Seattle, WA

Getting a personal loan doesn’t have to be challenging. MoneyGeek addresses some frequently asked questions about debt consolidation loans in Seattle to help ease this process for you.

Methodology

METHODOLOGY

MoneyGeek reviewed more than 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

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, we make our picks 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.

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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.