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Best Debt Consolidation Loans in Wisconsin of 2024
Updated: December 28, 2023
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- Best Overall Debt Consolidation Loan Lender in Wisconsin
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Wisconsin
- Best Debt Consolidation Loan Lender for Bad Credit in Wisconsin
- Best Debt Consolidation Loan Lender for Good Credit in Wisconsin
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Wisconsin
- Calculate Your Monthly Payment
- Frequently Asked Questions About Personal Loans in Wisconsin
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
Runner-Up for Best Debt Consolidation Loan in Wisconsin: LightStream
Best Debt Consolidation Loan for Bad Credit in Wisconsin: Upstart
Best Debt Consolidation Loan for Good Credit in Wisconsin: 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.
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?
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.
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.
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.
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.
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.
The best debt consolidation loan lender for the average borrower in Wisconsin is Upgrade. The next best option is LightStream. For borrowers with excellent credit scores, the best option is Upstart. Meanwhile, the best option for borrowers with low credit scores is SoFi.
Based on our gathered information, Upstart has the lowest potential APR.
Debt consolidation loans are typically used to pay off high-interest credit card debts, personal loans and other types of debt. However, some lenders might restrict your fund usage. We recommend checking with your lender to learn about any restrictions on your loan usage.
Depending on how much you can qualify and depending on the maximum loan amount offered by each lender, you can secure a loan of up to $100,000.
Depending on the lender, funds could be disbursed to your account within the same day. Other lenders can take up to two business days.
You can make extra payments to your loan or pay it off entirely. However, some lenders may charge prepayment penalties. You can usually learn about these penalties in your loan’s fine print.
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
- LightStream. "Debt Consolidation Loan." Accessed June 27, 2022.
- SoFi. "Personal Loan." Accessed June 27, 2022.
- SoFi. "What is Debt Consolidation and How Does It Work?." Accessed June 27, 2022.
- Upgrade. "Debt Consolidation Loan." Accessed June 27, 2022.
- Upstart. "Debt Consolidation Loans." Accessed June 27, 2022.
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.
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