Best Debt Consolidation Loans in Milwaukee of 2024

Updated: December 28, 2023

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Best Debt Consolidation Loan Lenders in Milwaukee, WI

MoneyGeek used over 30 data data points to rate debt consolidation loan providers in Milwaukee. We evaluated APRs, funding times, loan amounts, terms, credit needs, fees, Better Business Bureau (BBB) ratings and more.

Our analysis shows LightStream ranks as Milwaukee’s best debt consolidation loan company.

However, our study also shows the best lender varies based on the borrower’s profile. For example, Upgrade is our pick for folks with good credit, whereas we recommend Upstart to borrowers with bad credit.

Best Overall Debt Consolidation Loan in Milwaukee, WI: LightStream


  • LightStream

    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream is MoneyGeek’s choice for the best overall debt consolidation loan provider in Milwaukee. Established in 2012, LightStream is Truist’s online lending platform.

    LightStream may let you borrow up to $100,000 depending on your creditworthiness. That’s helpful if you need to pay off a high amount while maintaining low monthly payments.

    In addition, LightStream has a streamlined loan application process providing instant decisions. Funds may even be available on the same day as approval.

    Further, the company doesn’t charge origination or prepayment fees. It also offers a 0.5% discount if you set up autopay.

    However, you need to go through a hard credit check to know your rate from this lender. Many others perform soft checks to provide estimates without affecting your credit score. You also need good-to-excellent credit to qualify for a LightStream loan. Excellent credit is almost surely necessary for the highest loan with the best terms.

    Pros

    • No origination and prepayment fees
    • Funds loans within the same day
    • Flexible loan amount repayment terms
    • 0.5% autopay discount
    • Beats competitors’ rates by 0.1%

    Cons

    • Good-to-excellent credit required
    • Does hard credit checks
    LightStream

Runner-Up for Best Debt Consolidation Loan in Milwaukee, WI: SoFi


  • SoFi

    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    MoneyGeek found SoFi is the runner-up debt consolidation loan provider in Milwaukee. Also known as Social Finance, SoFi was formed in 2011. It has since funded over $50 billion in loans for over four million customers.

    SoFi conducts a soft credit pull to check your rates. This lets you get a good idea of what you qualify for without your credit score being touched until you apply. Then, it can decide on loans instantly and send funds after a few days.

    SoFi doesn’t charge origination, prepayment, late payment and other miscellaneous fees. It even provides a discount if you sign up for autopay.

    That said, SoFi has higher minimum credit score and loan amount requirements. You need to have above-average credit to qualify and borrow at least $5,000.

    Pros

    • No origination, early payment and late payment fees
    • Conducts soft credit pulls to check rates
    • Gives a 0.25% autopay discount
    • Has unemployment protection

    Cons

    • Needs good-to-excellent credit
    SoFi

Best Debt Consolidation Loan for Bad Credit in Milwaukee, WI: Upstart


  • Upstart

    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

    If you’re consolidating debts and have bad credit, MoneyGeek found Upstart may be the best lender for you. Upstart was founded in 2012 and was a pioneer in using AI to evaluate loan applications.

    Unlike most lenders, Upstart allows borrowers with a FICO score below 580 to get a loan. In fact, the lowest credit score it considers is 300 — the minimum score someone with credit can have.

    This company uses non-conventional factors to evaluate applications, which may be perfect if you have bad credit. In addition, it only requires a soft credit pull to view your potential interest rate. Then, you may get your money within one business day.

    Upstart lets you borrow up to $50,000 for your debt consolidation, and you can repay your loan in up to 60 months.

    Though Upstart has one of the lower APR minimums, it also has one of the highest APR maximums. If you're quoted that amount, be sure it will save you money. Further, Upstart charges origination fees but doesn’t penalize early payments.

    Pros

    • Performs soft inquiries to view rates
    • Flexible credit requirements
    • Evaluates applications using non-conventional variables
    • No prepayment fees
    • Funds loans in one business day

    Cons

    • Charges origination fees
    • Up to $50,000 loan amount
    Upstart

Best Debt Consolidation Loan for Good Credit in Milwaukee, WI: Upgrade


  • Upgrade

    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    If you have good credit, Upgrade is our choice as the best debt consolidation loan provider in Milwaukee. Despite being a newcomer, Upgrade has granted loans and credit cards to over 15 million clients since it was formed in 2017.

    A lengthy repayment term could be beneficial if you have a limited income. Going with the longest term means you can get low monthly payments despite increasing interest payments.

    In addition, Upgrade can repay your creditors directly, so you won’t have to deal with each company one by one. This is valuable if you have obligations from several companies.

    Although Upgrade’s loans come with origination and late payment fees, it doesn’t have prepayment fees and also prequalifies applications through soft credit checks.

    Pros

    • Does direct payment to creditors
    • Features an autopay discount
    • Conducts soft credit checks to views rates
    • No prepayment fees

    Cons

    • Charges origination fees
    • Has late payment penalties
    Upgrade

How to Choose the Best Debt Consolidation Loan in Milwaukee, WI, for You

The average credit card debt in Wisconsin is $4,587, whereas it’s $16,953 for personal loans. And it’s not uncommon for individuals to have debts to several entities.

That’s why debt consolidation loans are gaining popularity in Wisconsin and beyond. With one, you can merge your loan payments and have potentially lower interest rates.

MoneyGeek broke down five steps you can follow if considering a debt consolidation loan in Milwaukee. This can help you make an informed decision about the best lender for you.

1
Ask Yourself the Important Questions

Before starting your debt consolidation loan application, ask yourself these questions:

  • How much funding do you need? Determine the sum of all your debts to know how much you need. You'll make unnecessary interest payments if you borrow more than you need.
  • What’s your credit score? Loan companies have minimum credit requirements. Know your credit score before researching so you can immediately eliminate impossible options.
  • Can you afford the monthly payments? You’ll be repaying your debt consolidation loan in monthly installments. So, we recommend you review your monthly expenses and check if you have enough income for your loan payments.
  • Do you have existing debts? Lenders look at your debt-to-income (DTI) ratio when evaluating your creditworthiness. A 36% or lower DTI is generally preferred.
  • Is your debt manageable through other means? Determine if a debt consolidation loan is the best way to settle your debts. Sometimes, it may be simpler or cheaper to repay your creditors manually. Or, for some, it may be better to sell assets to reduce or eliminate debts. For others, a home equity loan may present better rates than a debt consolidation loan.
2
Do Your Research

Getting a debt consolidation loan is a serious financial commitment. Not only will you repay the loan with interest, but you’ll also have to engage with the loan provider for several years.

The importance of doing your research cannot be overstated. This way, you may gain access to the best loan provider available for your profile.

Check offers from several companies to see which has the lowest rate. In addition, look for origination, prepayment and other fees. Debt consolidation loans are used to simplify your debt payments. It shouldn’t end up as a new loan that you won’t be able to repay.

MoneyGeek picked the best debt consolidation loans in Milwaukee. However, our research is based on generalizations, which may differ from your needs and situation. Only you can know which is the right provider for you.

3
Wait

We recommend waiting for a day or two before you finalize your decision. Make sure you feel comfortable taking out this loan.

Remember, the average APR of personal loans in Wisconsin is 9.78%. On average, you’ll be repaying the loan with interest for two to four years. Your desired lender must have the best loan package available for your profile.

Letting time pass gives you a more objective understanding of the situation. You can see things with a fresh eye and make better decisions overall.

It’s also important that you consider whether a debt consolidation loan is the right solution for your existing debts. Weigh the pros and cons of getting a new loan against your other options.

4
Read the Fine Print

This lets you identify important aspects of the loan you may have missed during your initial research.

Verify policies about origination fees, prepayment fees and late payment penalties. Verify their APR and repayment options, and read through the terms and conditions of their promotional offers.

You should also verify any restrictions that come with the loan.

This crucial step is key to potentially reducing your loan expenses and having a positive customer experience.

5
Apply

After researching, reading the fine print and waiting for a day or two, you may have picked the best loan provider. If you’re confident with your decision, all that’s left to do is to apply.

But before contacting the company, we suggest you collect all the necessary documents for your loan application. This includes your identification, proof of address, income statements and other financial documents.

You may find it easy to get a debt consolidation loan in Milwaukee. Most lenders allow you to go through the entire process online, which lets you apply for a loan without leaving your house.

However, you’re free to call or apply for the loan in person. A debt consolidation loan is a serious commitment, so you should follow the process you’re most comfortable with. Don't hesitate to ask questions.

What to Do if You Can’t Get a Debt Consolidation Loan in Milwaukee, WI

Lenders in Milwaukee may deny debt consolidation loans for several reasons. These could include low credit score, insufficient income and incomplete documents. Don’t immediately worry if this happens. You can still take certain steps to continue your debt consolidation journey.

We recommend that you contact your lender to ask why your loan application was rejected. Then, see if changing the loan amount or repayment terms will make them reconsider. You can also offer to add a co-signer or a co-applicant to improve the chances of loan approval.

If they still turn you down, you could apply elsewhere, but you should give yourself some time before doing so. The first lender’s finding may still show up and result in another rejection, and if they ran a hard credit check, that likely dinged your score as well.

Instead, work on your profile and improve your creditworthiness before applying elsewhere.

Even if you’re desperate, you should avoid payday loans. They're predatory and will only trap you in debt with their high interest rates and short repayment terms.

Calculate Your Monthly Payment

Debt consolidation loans are repaid monthly and with interest. MoneyGeek’s debt consolidation loan calculator can help determine if you’re financially prepared to get a loan.

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Frequently Asked Questions About Debt Consolidation Loans in Milwaukee, WI

Your situation, preferences and finances determine the best debt consolidation lender for you. We answered some frequently asked questions about debt consolidation loans in Milwaukee below.

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

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 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.

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.