Best Debt Consolidation Loans in Oklahoma 2024

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Updated: November 19, 2024

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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 24 lenders and found PenFed to be the top choice for debt consolidation loans in Oklahoma, with a MoneyGeek score of 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Oklahoma Central Credit Union and Oklahoma's Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Oklahoma

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 Oklahoma

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 lender in Oklahoma, with 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.

PenFed offers an APR range of 8.99% to 17.99%, which can benefit borrowers by providing lower interest rates than other lenders. Its loan amount range of up to $50,000 allows borrowers to consolidate significant amounts of debt. Additionally, the time to receive funds is one to two business days, ensuring you can quickly access the money you need to manage your debt effectively.

Runner-Up for Best Debt Consolidation Loan in Oklahoma

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 Oklahoma, with a MoneyGeek score of 96 out of 100. It has a low APR starting from 10.49%, which can help borrowers save on interest payments over the life of the loan.

Alliant Credit Union offers high loan amounts from $1,000 to $100,000, allowing borrowers to consolidate multiple debts into one manageable payment. It also has same-day fund disbursement, which means you can quickly pay off your existing debts and start fresh.

Best Debt Consolidation Loan in Oklahoma 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 Oklahoma for borrowers who prioritize affordability. It has a MoneyGeek score of 94 out of 100. It provides an APR range of 7.49% to 24.99%, making it a competitive option for those looking to consolidate their debts.

Borrowers can benefit from no origination fees, which means more of their money goes toward paying off their debt. Additionally, the availability of rate discounts can further reduce the overall cost of the loan.

Best Debt Consolidation Loan in Oklahoma 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 Oklahoma 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.

Borrowers needing longer repayment periods can benefit from PNC's flexible terms, allowing them to manage their monthly payments more effectively. Additionally, PNC's quick fund disbursement allows borrowers to receive the loan amount within three business days.

Best Debt Consolidation Loan in Oklahoma 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 Oklahoma for borrowers who need funds quickly. It has a MoneyGeek score of 95 out of 100. You can receive funds the same day, making it an excellent choice for urgent financial needs.

Rocket Loans' fast approval process allows you to consolidate multiple debts into one loan swiftly, reducing stress and simplifying payments. Its flexible repayment terms also let you choose a plan that fits your budget, making it easier to manage monthly payments.

Should You Get a Loan to Consolidate Debt in Oklahoma?

A debt consolidation loan in Oklahoma can simplify your finances by merging multiple payments into one. This can potentially lower your monthly payments if the new interest rate is lower than your current debts.

However, debt consolidation may not be the best choice for everyone. For instance, it might not make sense if the interest rate on the new loan is higher than your existing debts. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in Oklahoma, affecting interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in Oklahoma can lower the interest rates you're paying, for example, from 20% to 10%.

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    Multiple Monthly Payments

    Combining multiple monthly payments into one with a debt consolidation loan in Oklahoma simplifies financial management. For example, it's easier to track one payment instead of five.

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    Lower Monthly Payments

    A debt consolidation loan in Oklahoma can lower your monthly payments — for example, from $500 to $300.

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 debt-to-income (DTI) ratio is high: A high DTI ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Oklahoma is a better strategy.

How to Get a Debt Consolidation Loan in Oklahoma

The average personal loan debt in Oklahoma is $75,022 per year, while the overall average debt for Americans is $104,215. In Oklahoma, the average monthly debt is $6,252.

Using a personal loan to consolidate debt in Oklahoma can simplify your payments and potentially lower your interest rates. Going into the process uninformed 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 to find the best deal. Contact lenders to ensure you can use the loan to consolidate 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 Oklahoma, Rocket Loans and Achieve offer rate discounts. These benefits can save you money over time.

  4. 4
    Watch out for fees and penalties

    Some lender features can be drawbacks. In Oklahoma, Rocket Loans charges an origination fee, and Laurel Road charges a late fee. These fees can impact your short and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps you gauge loan eligibility without affecting your credit score. It uses a soft credit check, so your credit score remains unaffected.

  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 and smoother.

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

Lenders might deny your loan application for reasons such as a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Oklahoma, you can improve your chances by working on your credit score and reducing your existing debt.

You can also consider contacting credit counseling agencies like Apprisen or The Kingdom Ministries, Inc. to help manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer your existing balances to a new card with no interest for a promotional period, helping you pay down debt faster.

Local Lenders for Debt Consolidation Loans in Oklahoma

Consolidating debt can help you save money by securing a lower interest rate. However, note that the average APRs you can qualify for vary between cities. In Tulsa, for example, the average APR is 11.2%.

You can also consider other local lenders to find the best debt consolidation loan in Oklahoma. Below is a table of local lenders you might want to explore.

Oklahoma Central Credit UnionTulsaFrom 10.99%Up to 60 monthsUp to $25,00096
Oklahoma's Credit UnionTulsaFrom 11.50%36 to 60 months$5,000 to $15,00094
Tinker Federal Credit Union Tulsa10.95% to 17.99%Up to 60 monthsUp to $35,00094
Tulsa Teachers Credit UnionTulsaFrom 11.24%Up to 60 monthsUndisclosed93

FAQ: Debt Consolidation Loans in Oklahoma

MoneyGeek addresses common questions about debt consolidation loans in Oklahoma, helping you understand how these loans work and whether they are a suitable option for managing your debt.

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

MoneyGeek analyzed 24 national lenders licensed to do business in Oklahoma 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.

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We conducted our analysis in September 2024.

24Lenders 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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