Best Debt Consolidation Loans in Wyoming (January 2025)

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Updated: January 15, 2025

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Debt consolidation loans are unsecured personal loans that are used to pay off multiple debts, including credit card or 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 Wyoming, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to check out local lending options like WyoCentral Federal Credit Union and Sheridan Community Federal Credit Union to see if they fit your borrowing needs.

Key Takeaways

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In Wyoming, the best debt consolidation lender according to MoneyGeek's analysis is PenFed, which scored 96 out of 100. While specific details like the APR range and loan minimums for PenFed are not provided, their high MoneyGeek score indicates strong performance in key areas like customer satisfaction, loan options, and service quality.

PenFed stands out due to its competitive offerings in the debt consolidation market. While they are a top choice in Wyoming, it's also worth considering local options such as WyoCentral Federal Credit Union and Sheridan Community Federal Credit Union. These local lenders may offer flexible terms or competitive rates that align better with your specific financial situation.

Remember, debt consolidation might not be the best option for everyone. For instance, avoid it if your new monthly payment is higher, if you can pay off your debts within a year without consolidation, if your income is unstable, or if you have a high debt-to-income ratio, which could lead to loan denial or unfavorable terms. As you consider your options, ensure that the interest rates on the new loan are lower than your current debts to truly benefit from consolidation.

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In addition to PenFed, which is a top choice for debt consolidation loans in Wyoming with a MoneyGeek score of 96 out of 100, another noteworthy lender you might consider is Upgrade. Although specific details like the APR range for Upgrade's debt consolidation loans in Wyoming are not available at this time, Upgrade is recognized for its competitive interest rates and favorable lending terms, which are often attractive features for borrowers seeking to consolidate their debt efficiently. Upgrade is known for providing flexible loan terms and has received praise for its excellent customer service and user-friendly application process, making it a viable option to explore for debt consolidation needs in the state.

When considering debt consolidation loans, always ensure that the new loan offers a lower interest rate than your current debts to make the consolidation financially beneficial. Additionally, assess your financial situation carefully to confirm that taking on new monthly payments is manageable. If you're interested in learning about local lending options, checking out WyoCentral Federal Credit Union and Sheridan Community Federal Credit Union is advisable to see if they meet your borrowing needs.

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For those looking for the best affordable debt consolidation lender in Wyoming, PenFed emerges as the top choice with a MoneyGeek score of 96 out of 100. Although specific details regarding the APR range and features like fee waivers or rate discounts aren't mentioned, PenFed stands out in the analysis provided by MoneyGeek.

In addition to PenFed, it's worth exploring local lending options such as WyoCentral Federal Credit Union and Sheridan Community Federal Credit Union. These institutions might offer competitive terms that suit your borrowing needs.

When considering debt consolidation loans in Wyoming, remember that they can simplify your finances by merging multiple payments into one, potentially at a lower interest rate. However, ensure the new loan terms are favorable compared to your existing debts to make it a beneficial financial decision.

Overall Best Debt Consolidation Loan Lender in Wyoming

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

MoneyGeek awards PenFed as the best debt consolidation loan in Wyoming, with a MoneyGeek score of 96 out of 100. We considered 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% and loan amount range of up to $50,000 can help borrowers save on interest costs and provide flexibility for their debt consolidation needs. Additionally, the quick disbursement time of 1 to 2 business days ensures that borrowers can access their funds promptly.

Runner-Up for Best Debt Consolidation Loan in Wyoming

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 solid option for a debt consolidation loan in Wyoming. It has a MoneyGeek score of 95 out of 100. Its low APR, which starts at 10.49%, can reduce the overall interest paid over the life of the loan, saving you money.

It also offers a high loan amount, allowing you to consolidate multiple debts into one loan, simplifying your payments. Additionally, its flexible repayment terms can help tailor the loan to fit your financial situation, making it easier to manage your debt.

Best Debt Consolidation Loan in Wyoming 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 Wyoming for 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.

It has no origination fees, which means you won't have to pay extra just to get the loan. Additionally, rate discounts are available, helping you save even more over the life of the loan. Affordability isn't just about interest rates; it's also about minimizing fees and taking advantage of discounts.

Best Debt Consolidation Loan in Wyoming 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 Wyoming 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 6 to 60 months.

Borrowers needing a longer period to repay their debt can benefit from the 60-month repayment term, making monthly payments more manageable. Additionally, those needing funds quickly to consolidate high-interest debts can receive funds within three business days, reducing the time they spend paying higher interest rates.

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

Rocket Loans features a fast approval process and flexible loan terms. For example, a borrower can quickly consolidate multiple debts into one loan, reducing the stress of managing multiple payments. Additionally, the flexible loan terms allow borrowers to choose a repayment plan that fits their financial situation, making it easier to manage their debt effectively.

Should You Get a Loan to Consolidate Debt in Wyoming?

Using a debt consolidation loan in Wyoming 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 secure better terms on a debt consolidation loan in Wyoming, affecting interest rates and monthly payments.

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    High-Interest Debt

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

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    Multiple Payments

    Combining several monthly payments into one with a debt consolidation loan in Wyoming simplifies financial management. One payment is easier than juggling five.

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    Lower Monthly Payments

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

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: This means you'll end up paying more each month than you currently do, which can strain your budget further.
  • When you can pay off your debt within a year: If you can manage to clear your debt in a year without consolidation, it's better to avoid the additional interest and fees.
  • When your income and employment are unstable: Uncertain income makes it risky to commit to new monthly payments, potentially leading to missed payments and further financial trouble.
  • When your debt-to-income ratio is high: A high DTI ratio, such as above 40%, may result in loan denial or unfavorable terms, making it harder to manage your debt.

How to Get a Debt Consolidation Loan in Wyoming

The average personal loan debt in Wyoming is $108,846, which is higher than the overall U.S. average of $104,215. In Wyoming, the average monthly debt is $9,071.

Knowing how to use a personal loan to consolidate debt in Wyoming can streamline your payments and potentially reduce interest rates. Going into the process unaware can result in higher interest rates and a damaged 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 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 to better understand your chances of loan approval with specific lenders.

  2. 2

    Compare loan terms from lenders

    Compare loan terms from multiple lenders. Contact lenders to ensure you can use a loan for debt consolidation. 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 in the long run. For example, lenders in Wyoming like Achieve and PNC offer rate discounts.

  4. 4

    Watch out for fees and penalties

    Some lender features could be drawbacks. In Wyoming, lenders like Avant charge an origination fee and Prosper charges a late fee. These fees can impact your short- and long-term finances.

  5. 5

    Get prequalified

    Prequalification helps borrowers gauge eligibility without affecting their credit score. It involves a soft credit check, which doesn't impact your credit.

  6. 6

    Complete your loan application

    Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application. This will make the process faster and smoother.

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

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 Wyoming, check your credit report for errors and pay down existing debts to improve your financial standing.

You can also consider reaching out to 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 consolidate your debt without accruing interest for a promotional period, which can save you money on interest payments.

FAQ: Debt Consolidation Loans in Wyoming

MoneyGeek addresses common questions borrowers have about debt consolidation loans in Wyoming to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Wyoming?

What's the best debt consolidation loan lender in Wyoming?

Can I get a debt consolidation loan in Wyoming if I have bad credit?

Can a credit counseling agency in Wyoming help manage debt?

When should I get a debt consolidation loan in Wyoming?

MoneyGeek analyzed 24 national lenders licensed to do business in Wyoming, 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 December 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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