Top Lenders & Best Rates for You

Best Debt Consolidation Loan Lenders in Wyoming

In Wyoming, the average credit card debt is $5,584, while the average personal loan debt amounts to $24,435. If you have multiple debts from several credit cards or personal loans, it can be overwhelming to track due dates and pay all of them each month. Debt consolidation loans in Wyoming can help streamline payments in a single loan, usually with a lower interest rate. Your credit score and debt-to-income ratio are just some of the factors that determine your eligibility for this type of loan. Here are the best debt consolidation loans in Wyoming for different borrowers.

Advertising & Editorial Disclosure
Last Updated: 9/9/2022
Reviewed By     |  

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

    on Upgrade Website

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

    on LightStream Website

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

    on Upstart Website

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

    on SoFi Website

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.

tip icon
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

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.