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Best Debt Consolidation Loans in Wisconsin 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 Wisconsin

MoneyGeek gathered over 30 data points from different lenders to find the best debt consolidation lenders for different types of borrowers. This information included their APR ranges, minimum credit score requirements, origination and late fees, loan amounts, disbursement times and more.

Based on this analysis, the best debt consolidation lenders in Wisconsin are Upgrade and LightStream. These two companies offer high loan amounts with low interest rates for Wyoming borrowers. Those with excellent credit scores may qualify for the lowest rates from SoFi, while people with low credit scores should consider Upstart.

Best Overall Debt Consolidation Loan in Wisconsin: 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

    Upgrade is a fintech company with headquarters in San Francisco, California. It has lent over $15 billion to borrowers in the form of personal loans, lines of credit and high rewards checking accounts.

    With Upgrade, borrowers can secure a loan up to $50,000 with APR ranging from 5.94% up to 35.47% and repayment terms of 36 to 60 months. Directly paying a portion of your existing debt and opting for autopay prior to loan funding can get you a reduction in your APR rates.

    Upgrade also allows joint applications, which increase your chances of getting approved. However, keep in mind that both applicants are equally responsible for paying off the loan.

    A downside to getting a loan with Upgrade is the possibly high origination fees and late charges.

    Pros

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

    Cons

    • Origination fees
    • Charges late payment fees
    • Won’t allow co-signers
    • 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 Wisconsin: 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

    Available in all 50 states, LightStream is an online consumer lender that offers debt consolidation loans from $5,000 to $100,000 with interest rates of 4.49% to 20.49% depending on the borrower's qualifications. To qualify, you need a credit score of at least 660.

    Borrowers can enroll in autopay to get a rate reduction. Plus, LightStream’s Rate Beat Program offers a rate that is .10% lower than a competing lender as long as the customer shows proof of the offer prior to loan funding. You can make extra payments through their online account or pay the loan in advance without any prepayment penalties.

    LightStream funds can’t be used on refinancing an existing loan with LightStream, for college or post-secondary education expenses.

    Pros

    • A+ BBB ratings
    • Offers joint loans
    • No late fees or prepayment penalties
    • Autopay discount
    • Rate Beat Program

    Cons

    • No co-signers
    • Hard credit inquiry
    • Fund restrictions
    • 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 Wisconsin: 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

    It can be difficult to qualify for loans if you have a low credit score. Fortunately, with Upstart, you can still qualify for a debt consolidation loan even with bad credit.

    Upstart only requires a 300 minimum credit score to qualify for a loan. You can borrow up to $50,000 with an APR ranging from 3.22% – the lowest APR among the top lenders – up to 35.99%. Upstart doesn’t have any prepayment penalties. However, keep in mind that Upstart has potential origination fees and late payment charges.

    Having multiple debts with steep interest rates can hurt your credit scores. Through affordable loans and low interest rates, a debt consolidation loan from Upstart can help you tackle your debt easily and restore your credit.

    Pros

    • A+ BBB ratings
    • Joint loans available
    • Soft-inquiry
    • Low minimum credit card requirement
    • No prepayment penalties

    Cons

    • Loan amount only up to $50,000
    • Possible origination fees
    • Late payment fees
    • 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 Wisconsin: 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 the best debt consolidation lender in Wisconsin if you have an excellent credit score. The higher your credit score, the lower interest rates you can qualify for.

    With SoFi, you can secure a loan of up to $100,000 with interest rates ranging from 5.74% up to 20.28%.

    A debt consolidation loan from SoFi doesn’t require origination fees, annual fees or other prepayment penalties. All applications can be submitted online, and you can usually get funded within the two days of approval.

    A unique offer from SoFi is its Unemployment Protection, which temporarily modifies your repayments as you look for a new job.

    Pros

    • A+ BBB ratings
    • Soft credit pull
    • Autopay discount
    • Doesn’t charge origination fees
    • No late fees or prepayment penalties

    Cons

    • Does not allow co-signers
    • Limitations on fund usage
    • High income requirement
    • 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 Wisconsin for You

In Wisconsin, the average personal loan amount is $16,953, while the average interest rate is 9.78%. If you’re making multiple payments each month, a debt consolidation loan can potentially lower the interest that you’re paying.

Remember that your credit score, financial history and other factors determine your eligibility to take out a loan. MoneyGeek shares steps that customers should expect when getting a debt consolidation loan in Wisconsin.

1
Ask Yourself the Important Questions

Before submitting a loan application, it’s important to review your credit profile and assess your overall financial situation. This includes your income, current debts and more. This should tell you whether it is a smart financial decision to get a debt consolidation loan. 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

Knowing that it will take you a minimum of two to fours year to repay a debt consolidation loan should give you an idea of how huge of a financial responsibility it is. Though MoneyGeek provides resources and tries to provide a thorough analysis to compare different lender options, our research is limited to a few average borrower profiles. It is crucial to do your own research, compare your options and find a lender that best meets your requirements.

3
Wait

Taking a step back and waiting a day or two before applying will give you an objective point of view of your situation. You want to make sure that a debt consolidation loan is indeed the best solution and that there aren’t other options out there for you.

4
Read the Fine Print

An often overlooked step when taking out a loan is reading the fine print. As a borrower, you should review and clarify all the rates and fees that come with your loan. Take a look at charges that appear in the fine print, including origination fees, late payments and prepayment penalties. This can help you save money throughout the term of your loan.

5
Apply

Once you are aware of the fees and charges along with the other terms and conditions of your loan, the final step is to gather all your information. It is standard for debt consolidation lenders in Wisconsin to ask for documentation such as identification, proof of income, address verification and other financial documents. Most lenders allow you to complete an application online, but you can also call or visit their office if those options are offered.

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

Debt consolidation lenders in Wisconsin consider various factors, including credit scores, current income, current debts and debt-to-income ratios, to determine a customer’s eligibility for a loan. If you apply for a loan and get rejected, it could mean that you were not able to meet their requirements.

See if you can modify your application to make it more acceptable to the lender. This could involve reducing your loan amount or shortening the loan term. Otherwise, the next best option is to switch to a different lender with much more flexible requirements.

That said, you should ask your lender about the reasons that led to your rejection so that you can improve it for your future applications. Be careful not to apply to various lenders all at once, as doing hard credit checks may hurt your credit score.

You may also come across payday loans, which typically have exceedingly high interest rates that you need to repay in a very short amount of time. If these are not paid, you’ll end up having more debt.

Calculate Your Monthly Payment

A debt consolidation loan is usually paid back in monthly installments. Estimating your monthly payments help you determine whether your finances can cover these payments. Calculate how much you need to pay each month with MoneyGeek’s free personal loan calculator.

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 Wisconsin

The best debt consolidation loan lender for you depends on your personal needs and other financial factors. Below are common questions that most borrowers have about debt consolidation loans in Wisconsin.

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