Updated: November 19, 2024
Advertising & Editorial Disclosure
Debt consolidation loans are personal loans used to pay off multiple debts, including student loans, at a lower interest rate than what you currently pay.
MoneyGeek analyzed 25 lenders and found PenFed to be the top choice for debt consolidation loans in Mississippi, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Mississippi Federal Credit Union and Keesler Federal Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationMississippiBest Debt Consolidation Loans in Mississippi
PenFed is the best debt consolidation loan provider in Mississippi, 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% is lower than other lenders. Its loan amounts of up to $50,000 lets borrowers consolidate significant debt. With quick disbursement in one to two business days, borrowers can promptly manage and pay off their consolidated debt.
Alliant Credit Union is another solid option for a debt consolidation loan in Mississippi, with a MoneyGeek score of 95 out of 100. It offers competitive rates starting from 10.49%, which can help reduce the overall cost of your debt.
Flexible loan terms from 12 to 60 months let you customize your repayment plan to suit your financial needs. The fast approval process offers same-day access to funds, helping you pay off debts quickly and easing the stress of waiting.
Wells Fargo offers the best debt consolidation loan in Mississippi 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 goes beyond interest rates; it's also about minimizing fees and using available discounts. Wells Fargo doesn't charge origination fees and offers rate discounts, helping you lower your interest rate and save money over the loan’s life.
PNC offers the best debt consolidation loan in Mississippi 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.
Flexible repayment terms allow you to choose a plan that fits your budget, making managing monthly payments easier. Competitive rates can save you money over the life of the loan, especially if you're consolidating high-interest debts.
Rocket Loans offers the best debt consolidation loan in Mississippi for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It disburses funds on the same day, making it an excellent choice for covering urgent financial needs.
Rocket Loans' fast approval process allows you to consolidate your debts promptly. Flexible loan terms enable you to choose a repayment plan that fits your budget.
Using a debt consolidation loan in Mississippi can simplify your finances by merging multiple payments into one. But it's not always the best option. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Assess your situation before deciding.
Good Credit
Good credit can qualify you for better terms on a debt consolidation loan in Mississippi, affecting your interest rates and monthly payments.
High-Interest Debt
A debt consolidation loan can lower your interest rates. For example, reducing a 20% rate to 10% can save you money.
Multiple Monthly Payments
Combining several monthly payments into one with a debt consolidation loan simplifies your financial management.
Lower Monthly Payments
A debt consolidation loan can lower your monthly payments, making it easier to manage your budget.
Mississippi's average annual personal loan debt is $65,547, much lower than the national average of $104,215. The monthly debt average is $5,462.
Using a personal loan to consolidate debt 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 these risks, follow these steps to apply for a debt consolidation loan.
Account for your existing debts to see which ones to consolidate, especially 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.
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.
Some lenders offer added features that could benefit you. In Mississippi, Laurel Road and Lightstream offer rate discounts, saving you money over time.
Some lender features could be drawbacks. In Mississippi, Rocket Loans charges an origination fee, and PenFed charges a late fee. These fees can impact your short-term and long-term finances.
Prequalification helps borrowers understand their loan options without affecting their credit score. Using a soft credit check, it gives you an idea of the loan terms you might receive.
Prepare the necessary documents, such as proof of income, ID 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 Mississippi, check your credit score and work on reducing your existing debts.
Consider contacting credit counseling agencies to help you 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 set period and helps pay down your balance faster.
MoneyGeek addresses common questions about debt consolidation loans in Mississippi, 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 do this to simplify their payments and potentially secure lower interest rates.
PenFed is the best overall lender for debt consolidation loans in Mississippi. However, the best lender for you might vary depending on your financial situation and priorities, such as loan amount, affordability or quick fund access.
You can get a debt consolidation loan in Mississippi even if you have bad credit. However, the terms might not be as favorable.
A credit counseling agency in Mississippi can help manage debt by providing financial advice and creating a debt management plan.
Consider a debt consolidation loan if you have good credit and qualify for better terms on a loan or credit card. Another good reason is if your household budget can handle the new monthly payment without sacrificing other essential expenses.
MoneyGeek analyzed 25 national lenders licensed in Mississippi 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.
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
our editorial policies and expert editorial team.
