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Best Debt Consolidation Loan Lenders in Rhode Island

In Rhode Island, residents deal with different kinds of debt. The average credit card debt in the state is $5,324, and the average personal loan debt is $14,599, with an average interest rate of 9.43%. If you want to pay multiple debts at once, a debt consolidation loan combines your monthly payments and helps you secure a lower interest rate. When applying for a debt consolidation loan, lenders review your credit score, debt-to-income ratio and income. Here are MoneyGeek’s top picks for the best Rhode Island debt consolidation loan for different types of borrowers.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Rhode Island

MoneyGeek studied more than 30 data points to determine the best debt consolidation loan lenders in Rhode Island. This data included APR ranges, minimum credit scores, origination and late fees, repayment terms, loan amounts, disbursement time and more.

The best debt consolidation loan lender depends on your specific financial goals. Overall, MoneyGeek’s top pick for Rhode Island debt consolidation loan lender is Upgrade. The average credit score in Rhode Island is 720, which works for this lender. However, if you have bad credit, Upstart might be a good option.

Best Overall Debt Consolidation Loan in Rhode Island: 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 RI: 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 Rhode Island: 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 Rhode Island: 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 Rhode Island for You

On average, Rhode Island residents have $14,599 in personal loan debt. Debt consolidation merges your outstanding debts to make paying easier and help you get a lower interest rate.

If you’re interested in debt consolidation loans in Rhode Island, lenders review your credit score, current debts, employment, proof of income and more. MoneyGeek outlines how to shop around for debt consolidation lenders in Rhode Island below.

1

Ask Yourself the Important Questions

The first step is to review your current financial standing and ensure that a debt consolidation loan is the best option for you. Answering the following questions can help you determine the best debt consolidation lender for you:

  • 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

It’s smart to shop around before applying with a specific lender. Remember that debt consolidation loans are long-term financial commitments. It takes around two to four years for borrowers to repay them completely. Additionally, some lenders conduct hard credit checks that may negatively affect your credit score. MoneyGeek made this guide to help borrowers pick the best debt consolidation lender in Rhode Island for them. However, every borrower has different needs. If our recommendations don’t fit your situation, you should check other options in Rhode Island.

3

Wait

After choosing a debt consolidation lender, try waiting a few days before starting your application. Taking out a debt consolidation loan is a big commitment, so you need to ensure you are confident about your desired lender. Waiting gives you time to arrive at an objective decision.

4

Read the Fine Print

Borrowers often miss vital details about their debt consolidation loans. MoneyGeek suggests you read the fine print thoroughly to ensure you understand vital details like fees. Prepayment penalties, origination fees and late fees might reduce your savings and leave you in deeper debt if you’re not careful. Reading the fine print saves you money in the long run.

5

Apply

Once you are confident about your chosen lender and meet their requirements, you’re ready to submit your application. During the process, lenders often ask for your identification, address verification and proof of income. There are various ways to apply for a loan. It could be done online, over the phone or by visiting the branch. If available, you can choose the option which is most comfortable and convenient for you.

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

If a lender denies your application, it doesn’t mean you won’t get approved by other lenders. The next step you need to take is asking the lender why your application was denied. There could be a lot of reasons a lender may reject your application. Some of those include insufficient income, low credit score, high debt-to-income ratio and no employment history.

You could negotiate with your preferred lender and ask for a smaller loan amount or a shorter repayment term. Even if it’s not guaranteed, the lender may consider your modified application. As a last resort, you can apply with another lender. But, make sure you correct the issues that led to the rejection of your initial application.

Some borrowers are tempted by payday loans. But, MoneyGeek strongly advises against these loans. Payday loans are dangerous financial options with short repayment terms and high interest rates.

Calculate Your Monthly Payment

Borrowers usually pay off debt consolidation loans in monthly installments with interest. Use MoneyGeek’s debt consolidation loan calculator below to figure out if you’re financially capable of covering this expense each month.

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 Rhode Island

When it comes to debt consolidation, an excellent way to get started with applying is by reviewing your financial standing. MoneyGeek answers some of the most commonly asked questions about debt consolidation loans in Rhode Island.

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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 in your best interests. Our loan recommendations and expert tips help you make smart financial decisions when choosing a lender that meets your needs.

sources
  • Better Business Bureau. "LightStream." Accessed June 28, 2022.
  • Better Business Bureau. "SoFi." Accessed June 28, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 28, 2022.
  • Better Business Bureau. "Upstart." Accessed June 28, 2022.
  • SoFi. "About Us." Accessed June 28, 2022.
  • Upgrade. "About Us." Accessed June 28, 2022.
  • Upstart. "Overview." Accessed June 28, 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.

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.