Best Debt Consolidation Loans in New Jersey 2024

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Updated: November 1, 2024

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Debt consolidation loans are unsecured personal loans that borrowers use to pay off multiple debts, including student loan debt, at a lower interest rate. MoneyGeek found Truist to be the top choice for debt consolidation loans in New Jersey, scoring 96 out of 100.

While Truist stands out in our analysis, there are other lenders available in New Jersey not included in our analysis. You may also want to check out local options like Credit Union of New Jersey and Members 1st of NJ Federal Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in New Jersey

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

Overall Best Debt Consolidation Loan Lender in New Jersey

Company logo for Truist
Truist
MoneyGeek Score:
96/ of 100
APR Range8.87% to 17.82%
Loan Amount RangeFrom $3,500
Repayment Terms24 to 60 months
Time to Receive FundsSame Day
Overview

Truist offers the best debt consolidation loan in New Jersey, with a MoneyGeek score of 96 out of 100. Its competitive APR range of 8.87% to 17.82% can help borrowers save on interest, making it easier to manage debt payments.

Truist allows loan amounts starting from $3,500, providing flexibility for various financial needs. With same-day fund disbursement, borrowers can quickly access the money they need to consolidate debt and improve their financial situation.

Runner-Up for Best Debt Consolidation Loan in New Jersey

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 another solid option for a debt consolidation loan in New Jersey with a MoneyGeek score of 96 out of 100. It offers competitive interest rates, which can help a borrower save money on interest payments over time.

Flexible loan terms allow borrowers to choose a repayment plan that fits their budget, making it easier to manage monthly payments. Additionally, quick fund disbursement means you can consolidate your debts faster, reducing the time you spend juggling multiple payments.

Best Debt Consolidation Loan in New Jersey 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 New Jersey for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR ranges from 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms of 12 to 84 months.

Wells Fargo's no origination fees mean you won't have to pay extra just to get the loan, saving you money upfront. Additionally, the availability of rate discounts can lower your interest rate, making your monthly payments more manageable. Affordability isn't just about interest rates; it's also about minimizing fees and taking advantage of rate discounts.

Best Debt Consolidation Loan in New Jersey 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 New Jersey for borrowers who need a large loan amount or longer repayment terms. It has a MoneyGeek score of 96 out of 100. PNC provides loan amounts ranging from $1,000 to $35,000 with repayment terms of six to 60 months.

Flexible repayment terms can help you manage your monthly budget better, making it easier to stay on top of your finances. Additionally, large loan amounts allow you to consolidate multiple debts into one manageable payment, simplifying your debt repayment process.

Best Debt Consolidation Loan in New Jersey 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 New Jersey for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day access to funds, making it an excellent choice for urgent financial needs.

One of its key features is the fast approval process. For example, if you need to consolidate multiple high-interest debts quickly, Rocket Loans can approve your application and disburse funds on the same day. Another feature is its flexible loan terms, allowing you to choose between 36 or 60 months for repayment. This flexibility can help you manage your monthly payments more effectively while consolidating your debts.

Should You Get a Loan to Consolidate Debt in New Jersey?

Using a debt consolidation loan in New Jersey 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.

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    Good Credit

    Having good credit can get you better interest rates and lower monthly payments on a debt consolidation loan in New Jersey.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in New Jersey can reduce the interest rates you're paying. For example, lowering from 20% to 10%.

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    Multiple Monthly Payments

    Combining several monthly payments into one with a debt consolidation loan in New Jersey simplifies your finances. One payment is easier to manage than many.

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    Lower Monthly Payments

    A debt consolidation loan in New Jersey can lower your monthly payments. For example, reducing from $500 to $300 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: This increases your financial burden and may strain your budget.
  • When you can pay off debt within a year: Consolidating may not save you much in interest or fees.
  • When your income and employment are uncertain: Unpredictable income makes it risky to commit to a new loan.
  • When your debt-to-income ratio is high: A high DTI can lead to loan denial or unfavorable terms.

How to Get a Debt Consolidation Loan in New Jersey

The average amount of personal loan debt in New Jersey is $111,172, while the overall average debt for Americans is $104,215. In New Jersey, the average monthly debt is around $9,264.

Using a personal loan to consolidate debt in New Jersey can simplify your payments and potentially lower your interest rates. Going into the process blindly 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.

  1. 1
    Review your debts and credit score.

    Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing debt.

  2. 2
    Compare loan terms from lenders.

    Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

  3. 3
    Check for extra benefits.

    Some lenders offer added features that benefit you long-term. For example, in New Jersey, Laurel Road and SoFi offer rate discounts.

  4. 4
    Watch out for fees and penalties.

    Some lender features could be drawbacks. In New Jersey, OneMain Financial charges an origination fee and Lending Club charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified.

    Prequalification helps borrowers understand their loan options without affecting their credit score. It involves a soft credit check.

  6. 6
    Complete your loan application.

    Complete your loan application by preparing necessary documents like proof of income and identification. This speeds up the process.

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

Lenders might deny your loan application for reasons such as a poor credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in New Jersey, check your credit reports for errors and work on reducing your existing debts to improve your financial profile.

You can also consider reaching out to credit counseling agencies like Debtorcc, Inc. and Navicore Solutions to help manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer high-interest debt to a card with no interest for an introductory period, potentially saving you money on interest payments.

FAQ: Debt Consolidation Loans in New Jersey

MoneyGeek addresses common questions homeowners have about debt consolidation loans in New Jersey, offering precise and reliable information. The goal is to help you understand your options and make informed decisions about managing your debt.

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

MoneyGeek analyzed 30 national lenders licensed to do business in New Jersey, 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 score lenders differently when recommending the best for affordability, loan amounts, and fast funding.

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We conducted our analysis in September 2024.

30Lenders 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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