Best Debt Consolidation Loans in Idaho 2024

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Updated: November 19, 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. It's a popular way to streamline your debt repayment strategy and potentially save on interest.

MoneyGeek analyzed 25 lenders and found PenFed to be the top choice for debt consolidation loans in Idaho, scoring 96 out of 100. While PenFed stands out in our analysis, you may also want to check local lending options like Idaho Central Credit Union and Frontier Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Idaho

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Idaho

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is the best debt consolidation loan provider in Idaho, with a MoneyGeek score of 96 out of 100. An ideal debt consolidation lender has competitive rates, a substantial loan amount, quick fund disbursement, quality service and a strong reputation.

PenFed's APR range of 8.99% to 17.99% provides lower rates to help Idaho borrowers save on interest. A loan amount of up to $50,000 offers flexibility for consolidating various debts. The quick funding time of one to two business days ensures borrowers can promptly cover their financial needs.

Runner-Up for Best Debt Consolidation Loan in Idaho

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
96/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Idaho, with a MoneyGeek score of 96 out of 100. Its APR starts from 10.49%, helping you save on interest payments over time.

Flexible loan terms of 12 to 60 months let you choose a repayment plan that fits your budget. Same-day funding ensures you can start consolidating your debts without delay.

Best Debt Consolidation Loan in Idaho for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Idaho for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and its loan amount ranges from $3,000 to $100,000 with repayment terms of 12 to 84 months.

Affordability involves more than just interest rates; it also includes avoiding fees, such as origination fees, and having access to rate discounts. Quick fund disbursement in one to three business days can help borrowers consolidate debts faster, reducing the time spent paying higher interest rates on existing debts. Flexible repayment terms allow borrowers to choose a plan that fits their budget, making managing monthly payments easy.

Best Debt Consolidation Loan in Idaho for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Idaho for borrowers needing a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. Its loan amounts range from $1,000 to $35,000, making it suitable for consolidating multiple debts into one manageable payment.

PNC's flexible repayment terms from six to 60 months allow borrowers to choose a plan that fits their financial situation. For example, a borrower needing a longer repayment period can opt for a 60-month term, reducing their monthly payments. Additionally, choosing a large loan amount ensures that borrowers can consolidate substantial debts without needing multiple loans.

Best Debt Consolidation Loan in Idaho for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Idaho for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It disburses funds on the same day, making it ideal for meeting urgent financial needs.

Its fast approval process can help borrowers consolidate their debts without delay. Flexible loan terms also allow borrowers to choose a repayment plan that fits their financial situation.

Should You Get a Loan to Consolidate Debt in Idaho?

A debt consolidation loan in Idaho can simplify your finances by combining multiple payments into one, making debt easier to manage and potentially saving money if the new loan offers a lower interest rate. However, debt consolidation isn’t always the best choice. If the new loan has a higher interest rate than your current debts, it may not be worth it. Always assess your situation before deciding.

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    Good Credit

    Good credit can get you better terms on a debt consolidation loan in Idaho, affecting your interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan can lower your interest rates, for example, from 20% to 10%.

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    Multiple Monthly Payments

    Combining several monthly payments into one with a debt consolidation loan simplifies your finances — for example, one $300 payment instead of three $100 payments.

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    Lower Monthly Payments

    A debt consolidation loan can help you achieve lower monthly payments, such as reducing your monthly payments from $500 to $400.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Idaho is a better strategy.

How to Get a Debt Consolidation Loan in Idaho

Idaho's average annual personal loan debt is $120,766, higher than the national average of $104,215. The monthly debt averages $10,064.

Using a personal loan to consolidate debt in Idaho can simplify your payments and lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Account for your 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.

  2. 2
    Compare loan terms from lenders

    Compare loan terms from multiple lenders. Confirm with them that you can use the loan for debt consolidation. Check the APRs, loan limits and how soon you can receive the funds.

  3. 3
    Check for extra benefits

    Some lenders offer added features in addition to usual terms. For example, Idaho lenders like PNC and Laurel Road offer rate discounts to save you money in the long run.

  4. 4
    Watch out for fees and penalties

    Some lender features could be drawbacks. Idaho lenders like Rocket Loans and PenFed charge an origination fee and a late fee. These fees can impact your short-term and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps you gauge your loan eligibility without affecting your credit score. It involves a soft credit check and gives you an idea of the loan terms you might receive.

  6. 6
    Complete your loan application

    Prepare the necessary documents, such as proof of income, ID and bank statements, to complete your loan application faster.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN IDAHO

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 Idaho, check your credit report for errors and pay down existing debts.

You can also contact credit counseling agencies like Debt Reduction Services, Inc. or MoneySharp Credit Counseling Inc. to help manage your debts better. Another option is a 0% APR balance transfer credit card, which allows you to transfer high-interest debt to a card with no interest for a limited period, saving you money on interest payments.

FAQ: Debt Consolidation Loans in Idaho

MoneyGeek addresses common questions about debt consolidation loans in Idaho, helping you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Idaho?
What's the best debt consolidation loan lender in Idaho?
Can I get a debt consolidation loan in Idaho if I have bad credit?
Can a credit counseling agency in Idaho help manage debt?
When should I get a debt consolidation loan in Idaho?

MoneyGeek analyzed 25 national lenders licensed in Idaho using a rubric that factors in APR ranges, loan amounts and repayment terms. We assign scores based on how well lenders meet key criteria. The scoring system varies for recommendations on affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

25Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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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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