Best Debt Consolidation Loans in California September 2024
Debt consolidation is a fantastic way to free yourself from multiple high-interest payments. Unlike credit cards, payday loans, medical loans, and other types of credit, debt consolidation loans can help you manage your debt, simplify your life, and lower your interest rates.
When looking for debt consolidation loans in California, you want to ensure you get the best deal possible.
The best debt consolidation loans in California 2024 offer competitive interest rates between 3.99% and 10%, flexible repayment terms, and no hidden costs. Bad credit borrowers’ APRs on debt consolidation loans go up to 35.99%. Credit unions, debt consolidation lenders, and banks are the best providers for finding the right loan for you.
Credit unions often offer the most competitive rates, with some offering interest-free loans. But you need to establish a relationship with a credit union before they approve your loan.
Debt consolidation lenders typically provide longer repayment periods than banks and are a great option for those looking to pay off their debt over several years. They often charge slightly higher interest rates than banks but can provide additional support and guidance throughout the repayment process.
Banks may offer the most convenient debt consolidation loan options but with higher interest rates than credit unions and debt consolidation lenders. However, most banks require approval for a good credit score and history.
Finding the best debt consolidation loans in California for your needs requires comparing lenders, interest rates, repayment terms, and other important factors. Researching and shopping around may be time-consuming, but it’s worth ensuring you find the right loan to help you become debt-free.
Why Trust ElitePersonalFinance Guides?
At ElitePersonalFinance, we are dedicated to helping people find the best personal finance solutions. We know how overwhelming it can be to research and compare debt consolidation loans in CA, so we’ve taken the guesswork out of debt consolidation and provided comprehensive guides for finding the best loan for your needs.
Our team of experts looks at hundreds of debt consolidation loan providers to find the best options for our readers. We also provide top-notch advice and tips to help you make the right decision.
ElitePersonalFinance only recommends the best companies and products, so you can trust that any debt consolidation loan we suggest is of the highest quality.
Our Marketplace
We are the latest financial marketplace in the United States, and our team of experts is here to provide you with the best options for the best debt consolidation loans in CA in 2024. Our mission is to make it easier for you to find a loan that meets your needs and fits your budget.
Just enter your information into the search engine on our website, and we’ll show you all the best debt consolidation loan providers in CA. Compare interest rates, repayment terms, and more to find the perfect loan.
Our marketplace only lists legit debt consolidation loan companies, so you can rest assured that you’re in good hands.
We connect millions of borrowers with legit lenders, so start your search today and free yourself from multiple high-interest payments.
Best Debt Consolidation Loans in California September 2024: Key Findings
Debt consolidation loans in California charge an APR range of 7.99% to 35.97%, with lower interest rates for those with good credit scores.
California’s best debt consolidation loans offer amounts from $1,000 to $50,000 and provide quick funding.
The terms of debt consolidation loans in CA range from 24 to 84 months, with shorter terms for those with higher credit scores.
Online lenders, banks, and credit unions provide California’s best debt consolidation loans. In addition, there are several secured loan options available.
Even with bad credit, you can get a debt consolidation loan in California, but you may have to pay a higher interest rate or provide collateral.
To qualify for the best debt consolidation loans in California, you need proof of income, residence, and a valid social security number to meet each lender’s basic requirements.
Best Debt Consolidation Loans in California September 2024
| Lender: | Loan Amount: | APR: | Terms: | Min. Credit Score: | Best For: |
|---|---|---|---|---|---|
| SoFi | $5,000 – $100,000 | 7.99% – 23.43% | 36 – 84 months | 680 | Student loan consolidation |
| Upstart | $1,000 – $50,000 | 4.6% – 35.99% | 36 – 60 months | 300 | Fair or average credit |
| Happy Money | $5,000-$40,000 | 8.99% – 29.99% | 24 – 60 months | 640 | Paying off credit card debt |
| Upgrade | $1,000-$50,000 | 8.49% – 35.99% | 24 – 84 months | 560 | Fast funding |
| Best Egg | $2,000-$50,000 | 8.99% – 35.99% | 36 – 60 months | 700 | Secured loan option |
| Lending Club | $1,000-$40,000 | 8.30% – 36.00% | 36 – 60 months | 600 | Joint loan option |
| Alliant Federal Credit Union | $1,000 – $50,000 | 10.49% – 12.49% | 12 – 60 months | Not disclosed | Fast funding |
| $500 – $50,000 | 8% – 9% | Up to 60 months | Not disclosed | Conventional and jumbo mortgages | |
| PenFed Credit Union | $500 – $50,000 | 8.74% – 17.99% | 12 – 60 months | 700 | Good credit borrowers |
SoFi
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| Loan Amount: | $5,000 – $100,000 |
| APR: | 7.99% – 23.43% |
| Min. Credit Score: | 680 |
| Approval: | 1 – 7 Days |
| Terms: | 36 – 84 months |
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| Best For: | Student loan consolidation |
| CHECK RATES | |
Sofi is an outstanding debt consolidation loan in California because the lender offers various refinancing options and has competitive interest rates of up to 23.43% for loans between $5,000 and $100,000. SoFi also offers flexible repayment terms ranging from 36 to 84 months. And with no loan origination fees, late payment fees, closing fees, or prepayment fees, you can save money on your debt consolidation loan.
To be eligible for a debt consolidation loan at SoFi, you must be at least 18 years of age, have a credit score of 680 or more, and be a citizen or non-permanent resident of the United States. You must also have a stable source of income, including a job or job opportunity, with an expected start date of 90 days.
If you seek student loan refinance, you must have graduated from a Title IV school with an associate’s degree or higher. If you’re looking for medical resident refinancing, you must have graduated from a Title IV university or a graduate program in the United States. Once all required details are filled out at SoFi’s online portal, you can qualify for a loan of up to $100,000.
Pros:
- Competitive interest rates of up to 23.43%.
- Flexible repayment terms from 36 to 84 months.
- SoFi doesn’t charge loan origination fees, late payments, closing, or prepayment fees.
- Refinancing options for student and medical resident loans.
- SoFi offers debt consolidation loans of up to $100,000.
Cons:
- A high credit score of 680 is required for eligibility.
- Debt consolidation loans can take up to a week for approval.
Upstart
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 4.6% – 35.99% |
| Min. Credit Score: | 300 |
| Approval: | 1 – 7 Days |
| Terms: | 3 – 5 Years |
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| Best For: | Low credit scores, high DTI ratios |
| Check rates | |
Terms: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9136 and will make 60 monthly payments of $257. APR is calculated based on 5-year rates offered in March 2023. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. It is important to review your promissory note for these details before accepting your loan.
When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.
The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.
While automated recurring payments are easy to set up, payments by check or one time electronic payments can also be used to repay a loan. Borrowers have the flexibility to choose the repayment method that works best for them.
This information is based on actual borrowers as of 4/1/2023 who identified “credit card refinancing” as their primary use of funds and paid off at least 51% of their outstanding credit card debt within 3 months of taking out the loan. Out of these actual borrowers, some could have experienced an increase or decrease in their credit score. This information reflects the overall average change in credit score points experienced by this group of borrowers as identified above.
The majority of borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review.
Upstart is another great debt consolidation loan lender in California. This lender offers loans of up to $50,000 and repayment terms ranging from 36 to 60 months. However, Upstart has a loan origination fee ranging from 0% to 12%. Plus, with no prepayment fees, you don’t have to worry about paying your debt off early.
To be eligible for an Upstart debt consolidation loan, you must be at least 18 years of age and have a credit score of 300 or higher. You must also have a DTI ratio that doesn’t exceed 36% (excluding rent/mortgage). Plus, you’ll need to demonstrate recurring employment income or government benefits and have no current delinquencies on your credit profile. In addition, more than six credit inquiries should have been made in the past six months (excluding mortgages, auto, and student loans).
Upstart debt consolidation loans are an excellent option for borrowers with questionable credit. Best fo all, Upstart lets you choose your custom payment date, so you can remember to make payments.
Pros:
- Competitive interest rates of up to 35.99%.
- Flexible repayment terms from 36 to 60 months.
- No prepayment fees or late payments.
- Easy application process with no hard credit check.
- Ability to choose a custom payment date.
- A good option for bad credit borrowers.
Cons:
- A loan origination fee of 0% to 12%.
- Ineligible for residents of Iowa and West Virginia.
- Upstart has yet to have a mobile app, which could be handy for managing a borrower’s loan.
Happy Money
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| Loan Amount: | $5,000-$40,000 |
| APR: | 8.99% -29.99% |
| Min. Credit Score: | 640 |
| Approval: | 1 – 7 Days |
| Terms: | 24 – 60 months |
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| Best For: | Paying off credit card debt |
| Check rates | |
Happy Money is one of California’s best debt consolidation loans that is great for paying off credit card debt. The lender offers debt consolidation loans of up to $40,000 with repayment terms ranging from 24 to 60 months. The lender has competitive interest rates starting at 8.99% and a loan origination fee of 0%-5%.
To qualify for a Happy Money debt consolidation loan, you must be at least 18 years old and have a credit score of 550 or more. You must also demonstrate recurring employment income or government benefits and have a DTI ratio that doesn’t exceed 43% (excluding rent/mortgage). Additionally, you need to have a credit history of three years or more with no current delinquencies on your credit profile.
Happy Money is great for borrowers looking to pay off debts with a fixed monthly payment plan. Best of all, there are no pre-payment or late payment fees, and the application process is incredibly easy – fill out your information through Happy Money’s online portal.
Pros:
- Competitive interest rates start at 8.99% and up to 29.99%.
- Flexible repayment terms from 24 to 60 months.
- No pre-payment or late payment fees.
- Easy application process with no hard credit check.
- Happy Money has a hardship program for borrowers in need of financial relief.
Cons:
- A loan origination fee of 0% to 5%.
- Happy Money doesn’t have a cosigner or joint loan application option.
- Happy Money doesn’t allow borrowers to choose the initial payment date.
- No rate discount.
Upgrade
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 8.49% – 35.99% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
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