Best Debt Consolidation Loans in Wisconsin 2024

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Updated: October 3, 2024

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Debt consolidation loans are unsecured personal loans that are used to pay off multiple debts, including student loan debt, at a lower interest rate.

MoneyGeek analyzed 24 lenders and found PenFed to be the top choice for debt consolidation loans in Wisconsin, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Educators Credit Union and Heartland Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Wisconsin

Overall Best Debt Consolidation Loan Lender in Wisconsin

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 Wisconsin, with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

PenFed's APR range of 8.99% to 17.99% offers lower interest rates to borrowers, which can reduce overall debt costs. Its loan amount range of up to $50,000 allows borrowers to consolidate larger amounts of debt. Additionally, the quick fund disbursement time of one to two business days ensures that borrowers can address their financial needs promptly.

Runner-Up for Best Debt Consolidation Loan in Wisconsin

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ 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 Wisconsin, with a MoneyGeek score of 95 out of 100. Its competitive interest rates can help borrowers save money on interest payments over the life of the loan.

Alliant Credit Union's flexible repayment terms allow borrowers to choose a repayment period that fits their budget. Its quick fund disbursement means you can receive your loan on the same day, making it easier to pay off existing debts promptly.

Best Debt Consolidation Loan in Wisconsin 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 Wisconsin 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 of 12 to 84 months.

Borrowers can benefit from Wells Fargo's quick fund disbursement, receiving funds within one to three business days. This is ideal for those needing to consolidate debts promptly. The lender also has no origination fees, reducing the overall cost of the loan. Rate discounts can further lower monthly payments, making it easier for borrowers to manage their finances while consolidating their debts.

Best Debt Consolidation Loan in Wisconsin 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 Wisconsin for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100.

PNC provides loan amounts ranging from $1,000 to $35,000. Its flexible repayment terms from six to 60 months can help you manage your monthly budget more effectively. It disburses funds within three business days, ensuring you can consolidate your debts promptly.

Best Debt Consolidation Loan in Wisconsin 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 Wisconsin for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100.

Rocket Loans' fast approval process means you can consolidate your debts without waiting for days. You can receive funds on the same day. Its flexible loan terms allow you to choose a repayment plan that fits your financial situation, making it easier to manage your consolidated debt.

Should You Get a Loan to Consolidate Debt in Wisconsin?

A debt consolidation loan in Wisconsin can simplify your finances by merging multiple payments into one. However, it’s not always the best choice. 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.

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    Good Credit

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

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Wisconsin can lower your interest rates. For example, it could reduce a 20% rate to 10%

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    Multiple Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Wisconsin simplifies your finances. It's easier to track one payment instead of five.

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    Lower Monthly Payments

    A debt consolidation loan in Wisconsin can lower your monthly payments — for example, from $500 to $300.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: You might pay more each month, which can strain your budget and make it harder to manage other expenses.
  • When you can pay off your debt within a year: Consolidating may extend your repayment period unnecessarily, leading to more interest over time.
  • When your income is uncertain: If your job situation is unstable, taking on a new loan could add financial risk if you can't keep up with payments.
  • When your debt-to-income ratio is high: Lenders may offer less favorable terms, making a debt consolidation loan in Wisconsin less beneficial for you.

How to Get a Debt Consolidation Loan in Wisconsin

The average personal loan in Wisconsin is $85,881 per year, while the overall average debt for Americans across all states is $104,215. In Wisconsin, the average monthly debt is around $7,157.

Using a personal loan to consolidate debt in Wisconsin can simplify your payments and potentially lower your interest rates. Going into the process uninformed 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. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

2
Compare loan terms from lenders

Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure you can use the loan for debt consolidation. 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, in Wisconsin, Laurel Road and Upgrade offer rate discounts. These can save you money over the life of your loan.

4
Watch out for fees and penalties

Some lender features could be drawbacks. In Wisconsin, Rocket Loans charges an origination fee, and OneMain Financial charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified

Prequalification helps you gauge your loan eligibility without affecting your credit score. It uses a soft credit check, so your credit score remains unaffected.

6
Complete your loan application

Complete your loan application by preparing necessary documents like proof of income, identification and bank statements. This speeds up the approval process.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN WISCONSIN

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a consolidation loan in Wisconsin, consider improving your credit score and reducing your existing debt to increase your chances of approval.

You can also consider contacting some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer your existing debt to a new card with no interest for a specified period. This can help you pay down your debt more quickly without accruing additional interest.

Local Lenders for Debt Consolidation Loans in Wisconsin

Consolidating debt can help you secure lower interest rates, making it easier to manage your finances. The average APRs you can qualify for vary between cities in Wisconsin. For example, in Milwaukee, the average APR is 11.5%.

You can also consider other local lenders to find the best debt consolidation loan in Wisconsin. Below is a table of local lenders and their corresponding APRs to help you make an informed decision.

Educators Credit UnionCityMilwaukeeAPRFrom 10.90%Repayment TermsUp to 60 monthsLoan Amount RangeUndisclosedMoneyGeek Score95
UW Credit UnionCityMilwaukeeAPRFrom 12.23%Repayment Terms36 to 72 monthsLoan Amount Range$500 to $40,000MoneyGeek Score94
Landmark Credit Union CityMilwaukeeAPRFrom 11.75%Repayment TermsUp to 60 monthsLoan Amount RangeUndisclosedMoneyGeek Score88
Prime Financial Credit UnionCityMilwaukeeAPRFrom 11.11%Repayment TermsUp to 48 monthsLoan Amount RangeUp to $20,000MoneyGeek Score87

FAQ: Debt Consolidation Loans in Wisconsin

MoneyGeek addresses common questions about debt consolidation loans in Wisconsin, helping you understand your options and make informed decisions.

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

MoneyGeek analyzed 24 national lenders licensed to do business in Wisconsin 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.

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We conducted our analysis in September 2024.

24Lenders 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.


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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.