Best Debt Consolidation Loans in Ohio 2024

fact checked icon

Updated: November 20, 2024

Advertising & Editorial Disclosure

Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe — like credit card or student loan debt — at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 28 lenders and found Truist to be the top choice for debt consolidation loans in Ohio, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Credit Union of Ohio and Bridge Credit Union to see if they fit your borrowing needs.

MoneyGeek Logo IconBest Loans forConsolidationOhio
2024

Best Debt Consolidation Loans in Ohio

Best Overall - Truist
Runner-Up - PenFed
Best for Affordability - Fifth Third Bank
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Ohio

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

The best debt consolidation loan in Ohio is offered by Truist, which has a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

Truist's APR range of 8.87% to 17.82% can benefit borrowers by offering competitive interest rates. Its loan amount range starting from $3,500 provides flexibility for different financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt.

Runner-Up for Best Debt Consolidation Loan in Ohio

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 Ohio, with a MoneyGeek score of 96 out of 100. One of its pros is a low APR range of 8.99% to 17.99%, which can help borrowers save on interest payments over time. Another benefit is the high loan amount of up to $50,000, allowing you to consolidate multiple debts into one manageable payment.

Additionally, PenFed offers fast funding, with funds available in one to two business days. This quick turnaround can be crucial if you need to pay off high-interest debts promptly. These features make it a practical choice for those looking to streamline their debt repayment process.

Best Debt Consolidation Loan in Ohio for Affordability

Company logo for Fifth Third Bank
Fifth Third Bank
MoneyGeek Score:
95/ of 100
APR Range8.74% to 21.74%
Loan Amount Range$2,000 to $50,000
Repayment Terms12 to 60 months
Time to Receive FundsNext Day
Overview

Fifth Third Bank offers the best debt consolidation loan in Ohio for borrowers who prioritize affordability, with a MoneyGeek score of 95 out of 100. Its APR range is 8.74% to 21.74%, but affordability isn't just about interest — it also has no origination fees and offers rate discounts.

For example, having no origination fees means you won't have to pay extra costs upfront, making it easier to manage your budget. Additionally, the availability of rate discounts can lower your monthly payments, helping you save more over the life of the loan.

Best Debt Consolidation Loan in Ohio 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 Ohio 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 ranging from $1,000 to $35,000 and repayment terms from six to 60 months.

One benefit is its flexible repayment terms, which allow borrowers to choose a plan that fits their budget. For example, if you need more time to pay off your debt, you can opt for a longer repayment term. Another advantage is the large loan amounts available, which can help you consolidate multiple debts into one manageable payment.

Best Debt Consolidation Loan in Ohio 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 Ohio 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 ideal choice for urgent financial needs.

One feature of Rocket Loans is its fast approval process. This can benefit a borrower who needs to consolidate multiple high-interest debts quickly to avoid further interest accumulation. Another feature is its flexible loan terms, which allow borrowers to choose a repayment plan that fits their budget, ensuring they can manage their finances more effectively.

Should You Get a Loan to Consolidate Debt in Ohio?

Using a debt consolidation loan in Ohio can simplify your finances by merging multiple payments into one. This can make budgeting easier and reduce the stress of managing multiple bills.

Despite this, debt consolidation may not be the best move for all situations. For instance, if the new loan's interest rate is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

    carInsurance icon

    Good Credit

    Having good credit can qualify you for better interest rates and lower monthly payments on a debt consolidation loan in Ohio.

    uninsured icon

    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Ohio can reduce the overall interest you pay. For example, lowering from 20% to 10%.

    calendar icon

    Multiple Payments

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

    securePayment icon

    Lower Monthly Payments

    A debt consolidation loan in Ohio can help you achieve lower monthly payments, easing your financial burden.

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 Ohio is a better strategy.

How to Get a Debt Consolidation Loan in Ohio

The average amount of personal loan debt in Ohio is $75,243, compared to the overall average debt of $104,215 in the U.S. In Ohio, the average monthly debt is around $6,270.

Using a personal loan to consolidate debt in Ohio 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 outstanding balances.

  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 could benefit you. For example, in Ohio, Keybank and First Third Bank offer rate discounts that could save you money.

  4. 4
    Watch out for fees and penalties.

    Some lender features could be drawbacks. In Ohio, Upgrade charges an origination fee and PenFed 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, identification, and bank statements. This makes the process faster.

mglogo icon
WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN FLORIOHIO

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 Ohio, 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 to use 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.

Local Lenders for Debt Consolidation Loans in Ohio

One reason people consider consolidating debt is to secure lower interest rates, which can reduce monthly payments and overall costs. The average APRs you can qualify for vary between cities. For example, in Columbus, the average APR is 10.7%, while in Cleveland, it is 13.2%.

Another option to find the best debt consolidation loan in Ohio is to consider other local lenders. Below is a table of local lenders to help you compare rates and make an informed decision.

Firefighters Community Credit UnionClevelandFrom 11.40%Up to 60 monthsUndisclosed100
University of Toledo Federal Credit UnionToledoFrom 9.00%Up to 60 months Up to $25,000100
Kemba Credit UnionColumbusFrom 10.16%6 to 60 monthsFrom $50094
BMI Federal Credit UnionColumbusFrom 8.99%UndisclosedUndisclosed94
CME Federal Credit UnionColumbus11.50% to 17.99%Up to 72 monthsUndisclosed93
mglogo icon
MORE ON PERSONAL LOANS

FAQ: Debt Consolidation Loans in Ohio

We addressed common questions borrowers have about debt consolidation loans in Ohio to help you understand how debt consolidation can simplify your finances.

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

MoneyGeek analyzed 28 national lenders licensed to do business in Ohio, 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.

recency icon

We conducted our analysis in September 2024.

28Lenders 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.

Read Full Bio »
Shield Insurance

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.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use