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Best Debt Consolidation Loans in Wyoming 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 Wyoming

MoneyGeek analyzed more than 30 data points, including APR ranges, minimum credit score requirements, origination and late fees, repayment terms, loan amounts, disbursement times and more, to find the best debt consolidation loans for different borrowers.

Overall, the best debt consolidation lender in Wyoming is Upgrade, followed by LightStream. The average credit score in Wyoming is 719, which is accepted by both lenders. For those with good credit, the best option may be SoFi, while those with bad credit may qualify for Upstart.

Best Overall Debt Consolidation Loan in Wyoming: 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

    MoneyGeek’s top pick for the best debt consolidation loan in Wyoming is Upgrade. It loans up to $50,000 with an APR ranging from 5.94% up to 35.47% and a repayment term of 36 to 60 months.

    Borrowers can acquire a lower APR by paying a portion of the existing debt directly and enrolling in autopay. They also get better chances of getting approved and acquire better rates by having a co-borrower.

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

    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, a line of credit and its latest offering, a high rewards checking account.

    Pros

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

    Cons

    • High origination fees
    • Late payment fees
    • Doesn’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 Wyoming: 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

    LightStream, a subsidiary of Truist, is an online consumer lender offering its services to all 50 states. LightStream offers fixed-rate consolidation loans from $5,000 to $100,000 with an APR ranging from 4.49% to 20.49%.

    Customers can reduce this APR by .50% just by enrolling in autopay prior to loan funding. LightStream’s Rate Beat Program offers a rate that is .10% lower than the offer from a competing lender for the same unsecured loan term. Proof of the offer should be submitted no later than two business days prior to loan funding.

    LightStream restricts the use of funds and excludes refinancing an existing loan with LightStream and funding college or post-secondary education expenses. You can make extra payments through their online portal or pay the loan in advance without any prepayment penalties.

    Pros

    • A+ BBB ratings
    • High potential loan amount
    • No origination fees or prepayment penalties
    • 0.50% autopay discount
    • Offers joint loans

    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 Wyoming: 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

    When you have multiple revolving lines of credit with high interest fees, it can easily hurt your credit score. Borrowers in Wyoming may find Upstart to be an excellent choice for restoring their credit.

    Upstart helps borrowers with low credit get back on track by offering a loan with a low-interest rate. Borrowers with a credit score as low as 300 might be able to qualify.

    The maximum loan amount you can borrow from Upstart is only up to $50,000. Funds are released to your chosen account the next day after approval. When you apply for a loan, you may end up paying an origination fee. Plus, for late payments, Upstart also charges a fee, making this lender less than ideal for borrowers who want to avoid fees.

    Pros

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

    Cons

    • No autopay discount
    • Charges late payments
    • Potential origination 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 Wyoming: 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 founded in 2011 by a group of Stanford business school students. It has funded over $50 billion in loans. Borrowers with excellent credit scores may find SoFi to be the best debt consolidation lender in Wyoming.

    SoFi lenders’ 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 for up to 60 months with no origination fees, annual fees or other penalties.

    The most eligible borrowers may qualify for the lowest APR of 5.74%. All applications are completed online, and you can get the funds on the same day 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
    • Restrictions on fund usage
    • High minimum 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 Wyoming for You

In Wyoming, the average personal loan debt is $24,435. The average interest rate for personal loans is 9.38%. It’s important to take a variety of factors into consideration when applying for a personal loan to ensure you choose the best lender for your needs.

MoneyGeek wants to help you find the right option for your needs and walks you through the process of taking out a debt consolidation loan in Wyoming below.

1
Ask Yourself the Important Questions

Before you submit your debt consolidation loan application, there are a few questions you must answer. In addition to knowing if you qualify for the loan, these questions ensure that you are aware of the financial responsibility that comes with it:

  • 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

A debt consolidation loan is a long-term financial commitment that you must evaluate carefully. Although MoneyGeek tries our best to provide you with the most comprehensive resources based on different average consumer profiles, our findings might not be perfect for your needs. It’s important to do your own research before applying.

3
Wait

Once you have decided on a specific lender, it’s best to wait a day or two before applying. You want to make sure that a debt consolidation loan is the best option for your current financial situation. Taking a step back allows you to look at your situation from an objective point of view. It may even help you find an alternative for your money needs.

4
Read the Fine Print

Many borrowers often overlook details about their debt consolidation loan, specifically prepayment penalties, origination fees and other charges that could have been avoided before signing the agreement. By taking the time to read the fine print, you could save money on your loan.

5
Apply

Once you have evaluated all the details and have gathered the documents that you need to apply, you can begin your application. It is standard for lenders in Wyoming to collect information like 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 them or visiting their office if that option is available.

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

Lenders will take a look at multiple factors to determine a customer’s eligibility for a debt consolidation loan. Sometimes, borrowers are denied for not meeting the minimum requirements, like credit scores or debt-to-income ratios. You could try reducing your loan amount or shortening the loan term to see if these modifications make a difference to your lender.

Another option is applying with a different lender. Before doing so, it helps to find out from your previous lender why they rejected your application. This way, you might be able to adjust or improve on whatever factor caused you to be denied in the first place. Take note that making hard inquiries can affect your credit scores.

As you explore other options, you may come across payday loans, which MoneyGeek recommends avoiding. These types of loans come with high interest rates that must be paid in a very short amount of time.

Calculate Your Monthly Payment

A debt consolidation loan is typically paid back through monthly installments. Calculate your monthly payments to determine whether your finances can cover this type of loan by using MoneyGeek’s online 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 Wyoming

Since factors like credit scores and debt-to-income ratios are unique to each borrower, the best debt consolidation lender for each borrower varies as well. MoneyGeek answers questions most borrowers have about debt consolidation loans in Wyoming.

What is the best debt consolidation loan lender in Wyoming?

The best debt consolidation loan lender in Wyoming varies for different borrowers. Both Upgrade and LightStream are excellent choices for the average borrower in the state. Upstart, on the other hand, is the best choice for those with bad credit, while SoFi is the best choice for those with good credit.

Which lender in Wyoming has the lowest interest rates for debt consolidation?

Out of all the best companies MoneyGeek reviewed, Upstart has the lowest APR offer in Wyoming.

What kind of debts can I not use my debt consolidation loan for in Wyoming?

You can typically use the funds to pay off different debts. However, some lenders prohibit using the funds on educational expenses or paying down an existing loan with the same lender. It’s advisable to check with your lender to learn about restrictions on your loan usage.

How much debt can I consolidate in Wyoming?

You can consolidate debts of up to $100,000 in Wyoming depending on the lender you choose.

How long does it take to get a debt consolidation loan in Wyoming?

It depends on the lender. Some debt consolidation loan companies disburse funds on the same day, while others may take two or more days.

Can I pay off my loan early in Wyoming?

Yes. However, some lenders may charge you a prepayment penalty. To avoid paying these types of charges, it helps to review the details in the fine print of your loan before signing an agreement.

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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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