Updated: November 21, 2024
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Debt consolidation loans are unsecured personal loans used to pay off multiple debts, including student loans, at a lower interest rate than what you pay.
MoneyGeek analyzed 30 lenders and found Truist to be the top choice for debt consolidation loans in Florida, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Florida Credit Union and First Florida Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationFloridaBest Debt Consolidation Loans in Florida
Truist offers the best debt consolidation loan in Florida, with a MoneyGeek score of 96 out of 100. We considered competitive rates, how much you can borrow, how quickly you can get your funds, service quality and reputation.
Truist's APR range of 8.87% to 17.82% helps borrowers secure lower rates, reducing overall debt costs. With loan amounts starting at $3,500, it offers flexibility for different financial needs. Same-day funding ensures quick access to money, allowing for efficient debt consolidation.
With a MoneyGeek score of 96 out of 100, PenFed is another solid option for a debt consolidation loan in Florida. Its APR range of 8.99% to 17.99% can help borrowers save on interest costs.
Flexible loan terms of up to 60 months allow borrowers to choose a repayment plan that fits their budget. Additionally, the quick fund disbursement time of one to two business days ensures that borrowers can consolidate their debts promptly.
Fifth Third Bank offers the best debt consolidation loan in Florida for borrowers prioritizing affordability, with a MoneyGeek score of 95 out of 100. Its APR range is 8.74% to 21.74%, and it provides loan amounts from $2,000 to $50,000 with repayment terms of 12 to 60 months.
Borrowers benefit from no origination fees, allowing more of their money to go toward paying off debt. Additionally, rate discounts make it easier to manage monthly payments and save on interest over time.
PNC offers the best debt consolidation loan in Florida for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts from $1,000 to $35,000 and repayment terms from six to 60 months.
PNC's flexible repayment terms allow borrowers to choose a plan that fits their budget, making monthly payments easier to manage. Its quick approval process enables you to consolidate your debts and save on interest sooner.
Rocket Loans offers the best debt consolidation loan in Florida for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. Borrowers can receive funds on the same day, making it ideal for meeting urgent financial needs.
Rocket Loans offers a fast approval process, allowing borrowers to immediately consolidate multiple high-interest debts into one manageable payment. Borrowers can also select a repayment term that fits their budget, whether they prefer a shorter or longer duration.
Using a debt consolidation loan in Florida can simplify your finances by merging multiple payments into one, but it's not always the best option. For instance, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.
Good Credit
Good credit can help you secure better interest rates and lower monthly payments on a debt consolidation loan in Florida.
High-Interest Debt
Consolidating high-interest debt can lower your overall interest rate — for example, from 20% APR to 10%.
Multiple Payments
Combining multiple monthly payments into one simplifies management. Making one $500 payment is easier than five $100 payments.
Lower Monthly Payments
Debt consolidation can lower your monthly payments, for example, from $800 to $600.
The average annual personal loan debt in Florida is $94,933, compared to the national average of $104,215. The average monthly debt is approximately $7,911.
Using a personal loan to consolidate debt can simplify your payments and potentially lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.
Account for existing debts to see which ones to consolidate, like credit card debt. Wrong choices can lead to higher costs. Check your credit score to gauge your chances of approval from lenders. To improve your credit score, pay bills on time and reduce outstanding balances.
Look at different lenders for loan APRs, loan limits and how soon you can receive the funds. Contact suitable lenders to ensure you can use the loan for debt consolidation.
Some lenders offer added features that could benefit you. Lightstream and Achieve offer rate discounts in Florida, saving you money in the long run.
Certain lender features can be drawbacks. In Florida, Best Egg and Upgrade charge an origination fee and a late fee. These fees can affect your short-term and long-term finances.
Prequalification, which uses a soft credit check, helps borrowers understand potential loan terms without affecting their credit score.
Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application faster.
Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Florida, check your credit report for errors and work on reducing your existing debt to improve your chances of approval.
You can also consider reaching out to credit counseling agencies like 123 Credit Counselors, Inc. or DebtHelper.com to help manage your debts better. Another option is a 0% APR balance transfer credit card, which allows you to transfer existing debt to a new card with no interest for a promotional period, helping you save on interest payments.
Consolidating debt can help you secure lower interest rates, but the average APRs you qualify for vary between cities. For instance, the average APR in Tallahassee is 9.8%, while in Fort Lauderdale, it's 11.8%.
Another option to find the best debt consolidation loan in Florida is to consider other local lenders. Below is a table of local lenders and their average APRs to help you make an informed decision.
| Envision Credit Union | Tallahassee | From 8.24% | Up to 84 months | $5,000 to $50,000 | 99 |
| Addition Financial | Orlando | From 12% | Up to 60 months | $500 to $30,000 | 99 |
| Connect Credit Union | Fort Lauderdale | From 9.99% | Up to 60 months | Up to $15,000 | 99 |
| Tropical Financial Credit Union | Fort Lauderdale | From 10.99% | Up to 60 months | $500 to $10,000 | 99 |
| Community First Credit Union of Florida | Jacksonville | From 8.99% | Up to 84 months | Up to $50,000 | 98 |
MoneyGeek addresses common questions about debt consolidation loans in Florida, helping you understand how debt consolidation can simplify your finances.
A debt consolidation loan is an unsecured personal loan used to pay off high-interest debt. Borrowers choose this option to simplify their payments and potentially secure a lower interest rate.
Truist is the best debt consolidation loan provider in Florida. However, the best lender for you might vary depending on your priorities, such as loan amount, affordability or quick fund access.
Yes, you can get a debt consolidation loan in Florida even if you have bad credit. However, your options may be more limited.
Yes, a credit counseling agency in Florida can help manage debt. They provide advice and create a plan to help you get back on track.
Consider a debt consolidation loan if you have good credit and can qualify for better terms or if your household budget can handle the new monthly payment without sacrificing essential expenses.
MoneyGeek analyzed 30 national lenders licensed to do business in Florida based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.
We conducted our analysis in September 2024.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
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
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