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Best Debt Consolidation Loans in West Virginia of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in West Virginia

MoneyGeek analyzed more than 30 data points, including APR ranges, minimum credit scores, origination and late fees, loan amounts and more, to help borrowers in West Virginia find the best debt consolidation lenders for their situation.

Based on our analysis, the best debt consolidation lenders in West Virginia are Lending Club and Truist. The average credit score in the state is 695, which meets the minimum requirements for both lenders. For those with good credit, the best lender is SoFi, while those with bad credit may qualify for Upgrade.

Best Overall Debt Consolidation Loan in West Virginia: Lending Club


  • LendingClub
    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Lending Club has over $70 billion in funds borrowed by over four million members. You can borrow up to $40,000 and repay it in up to 60 months as long as you meet the lender’s minimum credit score requirement of 600.

    With Lending Club, you can get approved within 24 hours and receive the money within the next day. The best part about Lending Club is that you can complete the entire application online.

    You can make additional payments or pay off the loan without any penalties. However, there are origination fees and late payment fees, making this lender less than ideal for those who want to avoid those types of charges.

    Pros

    • Soft credit inquiry
    • Can pay creditors directly
    • No prepayment penalty
    • Offers joint loans
    • Has a mobile app

    Cons

    • Origination fees
    • Low loan amount
    • Doesn’t allow co-signers
    • APR range: 7.04%–35.89%
    • Minimum/maximum loan amount: 600
    • Minimum credit requirements: $1,000–$40,000
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    LendingClub

Runner-Up for Best Debt Consolidation Loan in West Virginia: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Truist is the second best debt consolidation loan in West Virginia. It offers fixed-rate loans with lower APR fees than most lenders. You can secure a loan worth $3,500 up to $50,000 with repayment terms as short as six months up to 60 months.

    There is no credit score required to apply, making it a good option for people with less than stellar credit. The online application only takes 15 minutes to finish. Loans funds from Truist typically disburse funds within the next day.

    Aside from debt consolidation loans, Truist offers several other banking products like home equity loans, auto and recreational loans, mortgage loans, credit cards and checking accounts.

    Pros

    • A+ BBB rating
    • Next-day funding
    • Autopay discount
    • No origination or late fees
    • No prepayment penalties

    Cons

    • Hard credit inquiry
    • No co-signers
    • Restrictions on fund usage
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in West Virginia: 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

    The best debt consolidation loan in West Virginia for people with bad credit is Upgrade. It lends up to $50,000 with an APR ranging from 5.94% up to 35.47% and a repayment term of 36 to 60 months. You can access your funds within the same day of approval.

    Borrowers can get a lower APR by paying a portion of the existing debt directly and enrolling in autopay.

    Upgrade’s website is full of helpful resources for buyers who want to understand more about credit, loans and overall managing their finances. The only downside with this lender is that it comes with an origination fee and late payment fees.

    Upgrade is a fintech company pioneered 15 years ago in San Francisco, California. It has made over $15 billion in credit available to borrowers through affordable personal loans and lines of credit.

    Pros

    • A+ BBB ratings
    • No prepayment fees
    • Soft credit checks
    • Autopay discount
    • Fast funding

    Cons

    • High origination fees
    • Late payment fees
    • No co-signers allowed
    • 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

Best Debt Consolidation Loan for Good Credit in West Virginia: 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

    SoFi is an online lending company that was founded in 2011 by a group of Stanford business school students. It has funded over $50 billion in loans and over $22 billion in debt paid off for nearly four million members. Borrowers with excellent credit scores may find that SoFi is the best debt consolidation lender in Wyoming.

    SoFi personal loans can be used for consolidating high-interest credit cards and other types of debt. You can get a fixed-rate loan from $5,000 up to $100,000 and repay it in up to 60 months with no origination fees, annual fees and other penalties.

    Borrowers may qualify for an APR of 5.74%. All applications are completed online, and you can get the funds within two days of approval. A noteworthy feature of SoFi is its Unemployment Protection, which temporarily modifies your payments and even helps you find a new job.

    Pros

    • A+ BBB ratings
    • Soft credit pull
    • Autopay discount
    • No origination fees
    • No late fees or prepayment penalties

    Cons

    • Does not allow co-signers
    • Limits fund usage
    • Has high minimum income requirements
    • 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 West Virginia

The average personal loan debt in West Virginia is $17.091, and the average interest rate on these loans is 11.39%. When you apply for a loan, lenders will take a look at various factors, including your personal information and other financial details. MoneyGeek can help you find the best debt consolidation lender for you using the steps below.

1
Ask Yourself the Important Questions

Before sending an application, you need to assess your financial standing. Consider whether you meet your lender’s requirements and if getting a debt consolidation loan is indeed the smartest financial choice for you. Ask yourself:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

Taking out a debt consolidation loan is a big financial decision that you must think very carefully about. Your lender of choice is a crucial part of this decision. While we do our best to find the best lenders in the state, know that our recommendations are limited to the average borrower in West Virginia. We recommend comparing at least three to four different lenders so you can find the right option for your specific situation.

3
Wait

Once you find a specific lender that matches your requirements, it is best to wait a day or two before applying. This can help you think through your decision and ensure you are making the best choice for your financial situation.

4
Read the Fine Print

Many buyers end up paying more than they expected just because they didn’t review the fine print. Origination fees, late payment fees and prepayment penalties are just some of the charges that you want to clarify with your lender as you review the fine print. This is an often-missed step that could save you a lot of money in the long run.

5
Apply

Once you have all the details you need and have gathered the documents to apply, you can then begin your loan application. It is standard for lenders in West Virginia to collect information such as your identification, address verification, proof of income and more. While some lenders allow you to complete an application online, there’s no harm in calling or visiting your lender’s office if those options are available.

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

In order to establish a customer's eligibility for a debt consolidation loan, lenders will look at a variety of factors. When borrowers don't fulfill the minimum requirements, such as credit ratings and debt-to-income ratios, loans might be declined. Try lowering your loan balance or decreasing the loan term to see if the lender will accept these alterations.

A different option is to choose another lender. Before doing so, it is advisable to find out from your former lender why your initial application was rejected. By doing this, you might be able to address or improve the factor that led to your first denial.

As you consider other ways to consolidate debt, you may come across payday loans. MoneyGeek recommends avoiding payday loans entirely. These types of loans come with high interest that must be repaid in a very short amount of time.

Calculate Your Monthly Payment

Debt consolidation loans are paid back in monthly installments. Use MoneyGeek’s free online calculator to get an estimate of your monthly payments to ensure you can afford this type of 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 West Virginia

Aside from your funding needs, your credit and income factors also play a role in determining the best lender for you. Take a look at the following questions many borrowers ask about debt consolidation loans in West Virginia.

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

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