Best Debt Consolidation Loans in West Virginia 2024

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Updated: November 19, 2024

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

MoneyGeek analyzed 21 lenders and found PenFed to be the top choice for debt consolidation loans in West Virginia, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like West Virginia Federal Credit Union and WVU Employees Federal Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in West Virginia

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Fifth Third Bank
Best for Large Loans - PNC
Best for Fast Funding - Discover

Overall Best Debt Consolidation Loan Lender in West Virginia

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 offers the best debt consolidation loan in West Virginia, 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.

Its APR range of 8.99% to 17.99% can help borrowers secure lower interest rates than their existing debts. Loan amounts of up to $50,000 allow significant debt consolidation. The lender disburses funds within one to two business days, providing prompt financial relief.

Runner-Up for Best Debt Consolidation Loan in West Virginia

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ 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 strong choice for a debt consolidation loan in West Virginia, with a MoneyGeek score of 95 out of 100. It offers a low starting APR of 10.49%, helping you save on interest. With loan amounts ranging from $1,000 to $100,000, you can consolidate multiple debts into one payment.

Flexible repayment terms of 12 to 60 months allow you to select a plan that suits your budget, such as a longer term for lower monthly payments. Plus, same-day funding lets you pay off debts and start fresh quickly.

Best Debt Consolidation Loan in West Virginia 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 West Virginia for borrowers prioritizing affordability, with a MoneyGeek score of 95 out of 100. Its APR range of 8.74% to 21.74% is competitive, but affordability isn't just about interest rates. It also has no origination fees and offers rate discounts, making it a cost-effective choice for consolidating debt.

The lender's high transparency helps borrowers understand all terms clearly, with no hidden costs. Plus, you can get your funds by the next day, making it easy to consolidate debts and save on interest sooner.

Best Debt Consolidation Loan in West Virginia 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 West Virginia 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.

PNC's flexible repayment terms let borrowers choose one that suits their financial situation. Its large loan amounts also allow for consolidating multiple debts into one manageable payment.

Best Debt Consolidation Loan in West Virginia for Fast Funding

Company logo for Discover
Discover
MoneyGeek Score:
94/ of 100
APR Range7.99% to 24.99%
Loan Amount Range$2,500 to $40,000
Repayment Terms36 to 84 months
Time to Receive FundsNext Day
Overview

Discover offers the best debt consolidation loan in West Virginia for borrowers who need funds quickly, with a MoneyGeek score of 94 out of 100. You can receive funds as soon as the next day, making it a reliable option for covering urgent financial needs.

With an APR range of 7.99% to 24.99%, borrowers can consolidate high-interest debts into one lower-interest loan, reducing overall interest payments. Flexible repayment terms of 36 to 84 months allow borrowers to select a plan that fits their budget and financial goals.

Should You Get a Loan to Consolidate Debt in West Virginia?

Using a debt consolidation loan in West Virginia 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.

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    Good Credit

    Good credit can qualify you for better terms on a debt consolidation loan in West Virginia, affecting your interest rates and monthly payments.

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    High-Interest Debt

    If you have high-interest debt, a debt consolidation loan can lower your rates, for example, from 20% APR to 10%.

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    Multiple Payments

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

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    Lower Monthly Payments

    A debt consolidation loan 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: The loan won't save you money and could increase financial stress.
  • When you can pay off your debt within a year: Consolidation might extend your debt period unnecessarily.
  • When your income and employment are uncertain: Unstable finances make committing to new loan terms risky.
  • When your debt-to-income ratio is high: Lenders may deny your application or offer unfavorable terms.

How to Get a Debt Consolidation Loan in West Virginia

West Virginia's average annual personal loan debt is $64,320, much lower than the national average of $104,215. The average monthly debt is $5,360.

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.

  1. 1
    Review your debts and credit score

    Account for your existing debts to see which ones to consolidate, especially credit card debt. Wrong choices can lead to higher costs. Check 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. 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 additional features that could benefit you. For example, in West Virginia, Fifth Third Bank and Lightstream offer rate discounts.

  4. 4
    Watch out for fees and penalties

    Some lender features could be drawbacks. In West Virginia, Happy Money charges an origination fee, and Axos charges a late fee. These fees can impact your short-term and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps you gauge your eligibility for loans without affecting your credit score. It uses a soft credit check, giving you a clearer picture 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 WEST VIRGINIA

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 West Virginia, check your credit report for errors 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 the no-interest card for an introductory period, helping you save on interest.

FAQ: Debt Consolidation Loans in West Virginia

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

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

MoneyGeek analyzed 21 national lenders licensed in West Virginia 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.

21Lenders 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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