Updated: November 19, 2024
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Debt consolidation loans are unsecured personal loans that are used to pay off multiple debts, including student loan debt, at a lower interest rate.
MoneyGeek analyzed 24 lenders and found PenFed to be the top choice for debt consolidation loans in Wisconsin, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Educators Credit Union and Heartland Credit Union to see if they fit your borrowing needs.
Best Loans forConsolidationWisconsinBest Debt Consolidation Loans in Wisconsin
PenFed offers the best debt consolidation loan in Wisconsin, 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's APR range of 8.99% to 17.99% offers lower interest rates to borrowers, which can reduce overall debt costs. Its loan amount range of up to $50,000 allows borrowers to consolidate larger amounts of debt. Additionally, the quick fund disbursement time of one to two business days ensures that borrowers can address their financial needs promptly.
Alliant Credit Union is another solid option for a debt consolidation loan in Wisconsin, with a MoneyGeek score of 95 out of 100. Its competitive interest rates can help borrowers save money on interest payments over the life of the loan.
Alliant Credit Union's flexible repayment terms allow borrowers to choose a repayment period that fits their budget. Its quick fund disbursement means you can receive your loan on the same day, making it easier to pay off existing debts promptly.
Wells Fargo offers the best debt consolidation loan in Wisconsin for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms of 12 to 84 months.
Borrowers can benefit from Wells Fargo's quick fund disbursement, receiving funds within one to three business days. This is ideal for those needing to consolidate debts promptly. The lender also has no origination fees, reducing the overall cost of the loan. Rate discounts can further lower monthly payments, making it easier for borrowers to manage their finances while consolidating their debts.
PNC offers the best debt consolidation loan in Wisconsin 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. Its flexible repayment terms from six to 60 months can help you manage your monthly budget more effectively. It disburses funds within three business days, ensuring you can consolidate your debts promptly.
Rocket Loans offers the best debt consolidation loan in Wisconsin for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100.
Rocket Loans' fast approval process means you can consolidate your debts without waiting for days. You can receive funds on the same day. Its flexible loan terms allow you to choose a repayment plan that fits your financial situation, making it easier to manage your consolidated debt.
A debt consolidation loan in Wisconsin can simplify your finances by merging multiple payments into one. However, it’s not always the best choice. 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.
Good Credit
Having good credit can secure better terms on a debt consolidation loan in Wisconsin, affecting your interest rates and monthly payments.
High-Interest Debt
Consolidating high-interest debt with a debt consolidation loan in Wisconsin can lower your interest rates. For example, it could reduce a 20% rate to 10%
Multiple Payments
Combining multiple monthly payments into one with a debt consolidation loan in Wisconsin simplifies your finances. It's easier to track one payment instead of five.
Lower Monthly Payments
A debt consolidation loan in Wisconsin can lower your monthly payments — for example, from $500 to $300.
The average personal loan in Wisconsin is $85,881 per year, while the overall average debt for Americans across all states is $104,215. In Wisconsin, the average monthly debt is around $7,157.
Using a personal loan to consolidate debt in Wisconsin 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.
Account for your existing debts to see which ones to consolidate, especially 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.
Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure you can use the loan for debt consolidation. Look at APRs, loan limits and how soon you can receive the funds.
Some lenders offer added features that benefit you long-term. For example, in Wisconsin, Laurel Road and Upgrade offer rate discounts. These can save you money over the life of your loan.
Some lender features could be drawbacks. In Wisconsin, Rocket Loans charges an origination fee, and OneMain Financial charges a late fee. These fees can impact your short- and long-term finances.
Prequalification helps you gauge your loan eligibility without affecting your credit score. It uses a soft credit check, so your credit score remains unaffected.
Complete your loan application by preparing necessary documents like proof of income, identification and bank statements. This speeds up the approval process.
Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a consolidation loan in Wisconsin, consider improving your credit score and reducing your existing debt to increase your chances of approval.
You can also consider contacting some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer your existing debt to a new card with no interest for a specified period. This can help you pay down your debt more quickly without accruing additional interest.
Consolidating debt can help you secure lower interest rates, making it easier to manage your finances. The average APRs you can qualify for vary between cities in Wisconsin. For example, in Milwaukee, the average APR is 11.5%.
You can also consider other local lenders to find the best debt consolidation loan in Wisconsin. Below is a table of local lenders and their corresponding APRs to help you make an informed decision.
| Educators Credit Union | Milwaukee | From 10.90% | Up to 60 months | Undisclosed | 95 |
| UW Credit Union | Milwaukee | From 12.23% | 36 to 72 months | $500 to $40,000 | 94 |
| Landmark Credit Union | Milwaukee | From 11.75% | Up to 60 months | Undisclosed | 88 |
| Prime Financial Credit Union | Milwaukee | From 11.11% | Up to 48 months | Up to $20,000 | 87 |
MoneyGeek addresses common questions about debt consolidation loans in Wisconsin, helping you understand your options and make informed decisions.
A debt consolidation loan is an unsecured personal loan that borrowers use to pay off high-interest debt. Borrowers choose this option to simplify their finances, reduce their monthly payments or secure a lower interest rate.
PenFed is the best debt consolidation loan lender in Wisconsin. However, the best lender for you might vary depending on your priorities, such as loan amount, affordability or quick funds.
Yes, you can still get a debt consolidation loan in Wisconsin if you have bad credit. However, terms and interest rates may not be as favorable.
Yes, a credit counseling agency in Wisconsin can help manage debt by providing financial education, budgeting assistance and debt management plans.
Consider getting a debt consolidation loan if you have good credit and can qualify for better terms or if your household budget can handle the new monthly payment without sacrificing essential expenses.
MoneyGeek analyzed 24 national lenders licensed to do business in Wisconsin 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 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
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