Online sex toys shop – SERRA CB http://serracb.org/ Tue, 02 Nov 2021 12:35:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://serracb.org/wp-content/uploads/2021/10/icon-1-120x120.png Online sex toys shop – SERRA CB http://serracb.org/ 32 32 Consumer and Business Debt Consolidation Market Analysis and Demand with Future Forecast to 2028 https://serracb.org/consumer-and-business-debt-consolidation-market-analysis-and-demand-with-future-forecast-to-2028/ https://serracb.org/consumer-and-business-debt-consolidation-market-analysis-and-demand-with-future-forecast-to-2028/#respond Tue, 02 Nov 2021 12:35:02 +0000 https://serracb.org/consumer-and-business-debt-consolidation-market-analysis-and-demand-with-future-forecast-to-2028/ “ Global Market Vision has added new statistical data titled Consumer and Business Debt Consolidation Market which provides detailed statistics on market industries and their framework. The assessment provides a 360 ° view and insight – outlining key results of the Consumer and Business Debt Consolidation Market, current scenario analysis that highlights the downturn aims […]]]>

Global Market Vision has added new statistical data titled Consumer and Business Debt Consolidation Market which provides detailed statistics on market industries and their framework. The assessment provides a 360 ° view and insight – outlining key results of the Consumer and Business Debt Consolidation Market, current scenario analysis that highlights the downturn aims to provide strategies and solutions unique by tracking and comparing the strategies of the main players. In addition, the study helps emerging players to better understand companies in terms of competition in order to make more informed decisions.

The report offers detailed information about major end-users and annual forecast from 2021 to 2028. Besides, it presents revenue forecast for each year along with sales and sales growth of the market. The forecast is offered by an in-depth study of the consumer and corporate debt consolidation market by knowledgeable analysts regarding the geographic assessment of the market. These forecasts are beneficial for better understanding the future prospects of the industry.

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This report examines major global companies and divides consumer and business debt consolidation by product type and end applications / industries, providing expert and in-depth analysis of key business trends and future development prospects of the market, of major drivers and constraints, profiles of the main obstacles, opportunities and challenges of the market.

Major Key Players in the Consumer and Business Debt Consolidation Market:

Discover Personal Loans (USA), Lending Club (USA), Payoff (USA), SoFi (USA), FreedomPlus (USA).

Market segmentation :

Based on type:

Credit card debt, Overdrafts or loans, Other

Based on demand:

Business, Private

The competitive landscape is also examined in depth to learn about the product and region expansion plans of major competitors, mergers and acquisitions, collaborations and affiliations. The report includes validated estimates of market size and future figures, along with CAGR and market share for major categories.

The study covers the following regions in terms of production, consumption, revenue, market share and growth rate, along with forecast:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, United Kingdom, Russia, Italy and rest of Europe)
  • Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and the rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)

Impact of Covid-19 on the Global Personal and Corporate Debt Consolidation Market

Consumer behavior has changed amid the COVID-19 pandemic. Industries will need to redesign their strategies to cope with changing market conditions. This report offers you an analysis of the impact of COVID-19 on the Consumer and Business Debt Consolidation market and will help you to create a business plan in accordance with new industry standards. In addition, speculation on the market recovery pattern is also included in the report.

Answers to key questions:

  • What is the size and CAGR of the consumer and business debt consolidation market?
  • What are the main drivers of the most profitable regional market?
  • What are the leading segments of the global market?
  • How will the consumer and business debt consolidation market develop in the years to come?
  • What are the main strategies adopted in the global market?
  • What is the nature of competition in the consumer and business debt consolidation market?
  • What growth boost or acceleration is the market carrying over the forecast period?
  • Which region could achieve the highest market share in the coming era?
  • What trends, challenges and obstacles will impact the development and sizing of the consumer and business debt consolidation market?

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What Are Personal Loans For Debt Consolidation? https://serracb.org/what-are-personal-loans-for-debt-consolidation/ https://serracb.org/what-are-personal-loans-for-debt-consolidation/#respond Tue, 02 Nov 2021 10:57:47 +0000 https://serracb.org/?p=216 Debt consolidation refers to the merging of multiple debts, including credit cards, personal loan, student loans and payday loans, into one larger. To have better paying terms such as lower interest rates and a cheaper monthly rate or both, debt consolidation is important. https://consolidationnow.com/ A debt consolidation loans is a type personal loan that finances consolidation […]]]>

Debt consolidation refers to the merging of multiple debts, including credit cards, personal loan, student loans and payday loans, into one larger. To have better paying terms such as lower interest rates and a cheaper monthly rate or both, debt consolidation is important. https://consolidationnow.com/

A debt consolidation loans is a type personal loan that finances consolidation and can also be used for paying off other existing debts.

A debt consolidation loan is one that allows you to pay off the money you owe. Once your loan is approved, you can get the funds to pay any debts that are not covered or close. Sometimes the lender can pay your creditors directly. The rate for debt consolidation loans is now your responsibility.

Most often, debt consolidation loans are used for credit cards debts. They usually have high rates. The loans can be offered by banks, credit cooperatives, or other online lenders.

Common Uses of Consolidation Loans Bad Credit

If there are no obvious benefits, debt consolidation should not be used. Most commonly, consolidation loans for debt are used to:

  • Get out faster of debt.
  • Lower your expenses by using interest.
  • Simpler financial operations, replacing several payments by one.
  • The ability to improve your credit score
  • Paying down the entire debt in installments is possible by reducing your payments.

A consolidation loan for debt is not always the best choice. It is not an option for you if your interestrate rises or if the total cost of the consolidation loans exceeds the benefits. It is also not possible to pay the monthly payment if your final rate increases.

How to Qualify to Receive the Best Debt Reconsolidation Loans

There are many criteria that can be used to obtain a consolidation loan for debt. They may differ from one lending company. However, the minimum set of requirements for obtaining a debt consolidation loan is:

  • Age – It is recommended that you have at least 18years of age.
  • S. citizenship.
  • Not in bankruptcy and foreclosure.
  • Credit score above 600 points
  • A debt to earnings ratio lower than 45 percent

The debt to Income (DTI), or the ratio of your income to debt, is the percentage that you use each month to pay it.

Excellent credit and a low DTI score are conditions that will give you the best interest rate and larger loan amounts.

You may still be able to get a loan even if your credit is not perfect. However, you will probably pay higher interest rates. Consider bringing a cosigner with good credit to increase your chances for better credit conditions. They will be responsible for paying your monthly bills if there are any problems.

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Best Debt Consolidation Loans: Top Debt Consolidation Companies For Payoff Loan And Bad Credit Loan| Consolidate Credit Card Debt | Paid Content | Cleveland https://serracb.org/best-debt-consolidation-loans-top-debt-consolidation-companies-for-payoff-loan-and-bad-credit-loan-consolidate-credit-card-debt-paid-content-cleveland/ https://serracb.org/best-debt-consolidation-loans-top-debt-consolidation-companies-for-payoff-loan-and-bad-credit-loan-consolidate-credit-card-debt-paid-content-cleveland/#respond Tue, 02 Nov 2021 10:44:44 +0000 https://serracb.org/?p=204 click to enlarge A lot of things can happen in life that can put you in a situation where you need a surefire way to kill your debts. But, things are not always simple, and sometimes life throws you a curveball. If your credit score is poor, this can be problematic, and one […]]]>

click to enlarge

A lot of things can happen in life that can put you in a situation where you need a surefire way to kill your debts. But, things are not always simple, and sometimes life throws you a curveball. If your credit score is poor, this can be problematic, and one solution is to take out a loan to consolidate that debt.

That way, you will have an easier time with your monthly payment, and you will also have another way to evaluate how you are paying off your obligations. In these cases, having access to more information cannot be a bad thing.

We do not want to waste your time, so all of the companies discussed here meet a set of requirements that will make your life easier. Furthermore, they have all guaranteed your credit score will not be negatively affected by seeing what they have to offer.

You can pre-qualify with all of them, and when you do, they will actually send you a breakdown of your chances of getting approved. To make things easier on you, we have divided the companies into two groups.

First, we will go through those companies that will loan you up to $10,000. Second, we will go through the companies who will consider you for a loan of a minimum of $10,000. Lastly, we will also answer some common questions.

So, after you are done reading our guide, you will have a good idea of what to expect.

Our Top List of the Top Debt Consolidation Loan Companies:

  1. CashUSA: Overall Best lender for Debt Consolidation Loans
  2. BillsHappen®: Most Reliable Debt Consolidation Services
  3. Credit Loan: Low-Interest Debt Consolidation Companies
  4. BadCreditLoans: Consolidate Credit Card Debt, Best For Bad Credit Loans

Let us look at our first four companies.

#1. CashUSA: Overall Best lender for Debt Consolidation Loans

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CashUSA is a great option to go with if you need a loan of up to $10,000, and we gave it an overall rating of 4.7/5.0 stars. In addition, they offer contracts from anywhere between 3 months and 6 years.

Their interest rates vary anywhere between 5.99% and 35.99%, and here is an actual example of one of their offers: $5,000 at 18.9% APR = $179.35/month for 36 months ($6,456.68 total).

There are a few things that need to be in order before you start pre-qualification, as these personal loans are unsecured. You must either have permanent residency or citizenship within the United States, and you must also be over 18 and make at least $1,000 per month after taxes.

You must also have a working email, phone number, and bank account. This company gives you a guaranteed decision after you pre-qualify, and if you are approved, you will be put in direct contact with a lender who has an offer for you.

=> Visit the official website of CashUSA for more information

#2. BillsHappen®: Most Reliable Debt Consolidation Services

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BillsHappen scored 4.7/5.0 stars, and they offer debt consolidation loans anywhere between $500 and $5,000 with varying interest rates and loan terms. Here is an actual example of a loan: $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total).

This company helps its clients match with lenders and maintains its reputation by providing an easy process for requesting debt consolidation loans and excellent data protection. They require a few things for pre-qualification. First, you must be a citizen of the United States or have permanent residency.

They also need you to have an active bank account and a social security number. They do not charge any fees when connecting you to their network, so you can easily find a lender after pre-qualification.

=> Visit the official website of BillsHappen for more information

#3. Credit Loan: Low-Interest Debt Consolidation Companies

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Credit Loan scored 4.6/5.0 stars, and they offer loans starting as low as $250 all the way up to $5,000 with varying interest rates and terms. Here is an actual example of a loan: $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total)

This company started in 1998 and has helped over 750,000 people to date. Their pre-qualification process is extremely fast, and all it takes is filling in one form. Once you are approved, you can expect the wire to your account within 24 hours.

=> Visit the official website of Credit Loan for more information

#4. BadCreditLoans: Consolidate Credit Card Debt, Best For Bad Credit Loans

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BadCreditLoans scored 4.6/5.0 stars, and you can take out a debt consolidation loan starting at $500 and going up to $10,000 with interest rates between 5.99% and 35.99% and terms ranging anywhere from 3 months to 5 years. Here is an actual example of a loan: $2,000 loan at 19.9% APR = $183.63/month for 12 months ($2,203.56 total).

They started operating in 1998, and they specialize in helping people with a bad credit score. If you need your debt consolidated and your credit score is subprime, their pre-qualification process is near-instant.

To get started, you have to be an adult citizen of the U.S. You must also have a reliable salary every month and an active bank account and email address.

=> Visit the official website of BadCreditLoans for more information

Companies Who Will Finance Your Debt Over $10,000

It could be that you are in a situation where $10,000 simply will not cut it, and debt consolidation requires a larger sum.

So, we found four more companies that can connect you to a lender willing to go above $10,000, and they all accept you regardless of credit score. It is easy to pre-qualify, and once you are approved, you will receive the money quickly.

#5. Personal Loans

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This company specializes in customers with less-than-ideal credit, and we gave it a rating of 4.4/5.0 stars.

In order to pre-qualify, you have to be at least 18 years of age and a resident in the U.S. You also need a consistent salary, a functioning social security number, and a valid bank account.

=> Visit the official website of Personal Loans for more information

#6. Upstart

This company allows you to get funding as high as $50,000. They use a soft credit check, so there is no danger to your credit score. In addition, their rates are competitive within their field, mostly due to their investments in underwriting technology, which is fully proprietary.

Once you have gone through the pre-qualification process, Upstart will perform a hard credit check before the deal is sealed.

#7. LendingClub

This company works along with WebBank and can grant you funding up to $40,000, where their rates and terms vary. Pre-qualification for funding is done via a soft credit pull by filling out their forms. They will then give you an estimate as to what kind of rates you can expect.

All interest rates are fixed, without any penalties for prepaying (origination and being late do carry a fee, though). The general term for repaying is between three and five years.

#8. Upgrade

As long as you have credit scoring over 620, Upgrade has a pre-qualification process allowing funding as high as $50,000. Once pre-qualification is done, you will get matched with one of two partner businesses, including Cross River Bank for New Jersey and Blue Ridge Bank for Virginia.

Origination fees can be as high as 8%, and after 15 days of not paying, they can have penalties added in fees.

Companies Who Will Finance Your Debt as High as $10,000

We found four businesses that can help you out if you have a poor credit score. In fact, they actually specialize in doing so. Overall, these are services that match lenders with consumers. These businesses will use their own networks to find a deal that works for you, and the best part is that they can do this while performing what is known as a soft credit check.

That way, your credit score is not harmed during the pre-qualifying process, as no actual hard credit inquiries are made. So, you can rest easy knowing your credit score is safe.

Once you get your approval in order, the money is yours in the span of 24 business operating hours. Once you have it, you can use it however you want — debt consolidation included.

How You Can Consolidate Your Debt Via Loans

When you consolidate debt, generally with an unsecured loan, you use that money to take care of whatever it is you owe, such as credit, debt, or delinquent payments.

However, it should not just be any loan. A personal loan works best because it allows you to utilize the money however you see fit. Unlike student or car loans (or even mortgages), you are not bound to specific ways of using the money. Also, you will probably never find a better rate than loans offered for students by the federal government.

In best-case scenarios, whatever rate you have should be beneath the average weighted rates you currently pay. You can then lower what it is you end up paying over the interest. This even works if whatever loans you took out to consolidate debt have a longer repayment plan than what you currently have.

Additionally, shady lenders exist and will try to get you on the hook for what are known as payday loans. However, you are way better off getting funding via personal loans rather than falling victim to predatory business practices.

How it works is pretty simple:

  1. Evaluate your current situation and debts, and ensure you know how much you pay per month and the rate of interest. Make sure you have whatever it is you pay for your debts each month in total, along with all of the outstanding credit.
  2. Do research about the companies who can help you by reading our guide and following the links of the company you think can help you best. The links will take you right where you need to be.
  3. Make sure you go through the pre-qualification process and fill in the required information. These tend to include things like how much you pay for your house, how much you make, some basic personal details, and, of course, the loan amount of funding you are looking to get.
  4. Once you have been approved for pre-qualification, they will put you in contact with a direct lender using a matching service. If you are trying to use direct debt to find a lender to consolidate, you can also simply follow the steps. Whatever your situation, they will ask you for more details on the actual form for the debt consolidation loan. However, you are not required to accept any offer for funding simply by sending in the form.
  5. Once the company has agreed and the deal has been struck, you will be sent all of the information you need, including the loan terms, what you pay per month, the actual loan amount, and, of course, the interest rates. Depending on the situation, you may be allowed extra features that give you some ability to set some demands. Specifically, make sure you are not paying any penalties for prepaying and that you can actually afford it.
  6. Once you have accepted, you will need to agree and sign off on the form. It takes several days, and then the funds will be made available to you with a potential origination fee already subtracted.
  7. The funding you get can be used to pay off your current debts via the debt consolidation process. This works even if you have penalties for prepayment of interest that has accrued. Double-check the debt consolidation loan amount you need to pay off all debts and make the monthly payment, which you can do via check or online.
  8. The company will then send you their statement either by email or letter, which will show you currently have a credit card balance of $0. If this is not the case, pay immediately or risk accruing interest.
  9. Your previous debts have now been consolidated through your new funding. A great way to make sure nothing goes wrong is to have your money and payments wired automatically, so keep that option in mind. If you want to make a real impression, you can also pay extra, provided you are able.

Overall, consistency is key when consolidating your debt, and it would be a bad idea to start building up other debts while you are dealing with this one. If you are a credit card user, always make sure they are paid off.

As long as you do not accrue any new debt, you will ensure you have the most funds possible at your disposal so you can consolidate that debt fast. However, keep in mind that getting even deeper in debt while having all of this going on is the perfect recipe for a downward financial spiral to the point you may go bankrupt.

What if You Have Bad Credit?

Every company we discussed is open to working with you, even if your credit score is not the best. A few do have a minimum score they require, but others are more open-minded and take all of your financial factors into account. Should they approve you, the funds will be made available to you within 24 business hours.

It could be that your credit history complicates matters. In that case, you may want to think about:

  • Having someone else co-sign: Co-signers are people who will make sure your debt gets paid even when you cannot do so, and it is best if this person has no credit issues themselves. Generally, co-signers only get caught up in the mix when you fail to pay on time because, at that point, the company will go to them for the money that is owed.
  • Put up extra collateral: A debt consolidation loan is considered secured whenever it is backed up by other equity that will be forfeited in case of delinquent payments. These options are rare, but when exercised, they could result in the company turning whatever collateral you provided around for cash.
  • Think about transferring balances: If your only problem is related to credit cards, you may be better off doing a balance transfer. The best-case scenario is to start with a new credit card that allows balance transfers that have 0% APR for a year to a year and a half.
  • Raise your credit: Raising your credit score could be the strategy you need to adopt in order to get through the qualification process and start consolidating. This means you can never miss a payment, never run up your balances, and ensure your credit reports are scoured clean of any wrong or detracting data. Credit repair services can help you, but this can also be done solo.

Some companies, like Upstart, take a more esoteric approach and look at more than just your FICO scores. They have an A.I.-based model that approves more than 27% of clients with an APR below 16%. They will also take things like your education level and work history into account.

Innovation is always driving and enlarging the potential clients base for qualification, including those with poor credit. So, there is always hope for funding on the horizon.

Is There a Minimum Score That Is Needed in Order to Consolidate Debt?

No law is written in stone when it comes to minimum scores. Every company is unique, and they all have their own standards and methods to underwrite and choose debt consolidation loans for approval.

It is true that many companies will not look at your credit score during the pre-qualification process. However, you should keep in mind that at the end of the day, a lot of lenders might still choose to do so when deciding upon approval.

You often hear about needing a FICO score of 620 at most, or else you are out of luck for a personal loan. However, there have been cases where people with scores even at 520 have received approval. At the end of the day, there are several factors that have to do with you personally that will decide the outcome.

We talked before about how younger companies (such as Upstart) use new strategies for the underwriting process. Research has shown they can estimate how creditworthy you are based on the data on your mobile phone.

Below are a few pertinent facts that can be found just by granting access to the app on your phone so it can start the underwriting process:

  • The frequency with which you charge the phone (this indicates you are responsible in nature)
  • The distance you cover per 24 hours (research shows those who visit more varying locations can be more easily relied upon)
  • The debt consolidation loan amount of texting traffic per 24 hours (direct correlation with likelihood of being worthy of credit)
  • Including surnames in phone contacts (doing so, you will be perceived as more detail-oriented)
  • Timing your calls so you do not pay the highest rates (shows you know how to handle money)
  • Gambling (which, if you are, actually surprisingly works in your favor)
  • If you OVER CAPITALIZE text, instead of using proper punctuation (they unironically will hold this against you, so stop)

The bright side is that there is really no reason to be hesitant to look at what is out there even if your credit score is not the best. The FICO scoring system will not last forever, and over time, the market will find other methods to calculate how much funding you can receive.

Can My Credit Score Be Harmed if I Consolidate My Debt with a Loan?

Most application processes for loans allowing you to consolidate your debt will mandate a hard credit check of your credit history at some point. Simply put, they are going to contact either Equifax, Experian, or TransUnion, which are credit bureaus, and pull your credit report.

Hard credit checks have the potential to momentarily decrease your score by five to ten points. However, this only lasts for two years at most. After that, to pre-qualify, they will only perform a soft credit check that will leave your score alone.

You can still view these soft checks on your report, but no one else can. Any hard credit check does require your permission or an application for credit, but this is not the case for soft inquiries.

According to FICO, the reason hard checks affect your score (especially multiple in quick succession) is that it shows you may be in an economic bind.

Virtually every company will make sure to have your payments reported at the relevant bureaus, which means you alone are ultimately responsible for managing and raising credit.

Making sure you pay on time makes you worthy of credit, and the best debt consolidation can be used to relieve economic pressure on your profile regarding credit. Doing so will lower both your CU (credit utilization) and your DTI (debt-to-income ratio), so it can aid you in sprucing up any profile.

On the other hand, not paying on time will cause your score to go down. In particular, delinquent payments of more than one monthly payment will show up along with any write-offs or collections, which could affect your reports for as many as 84 months.

So, Which Debt Consolidation Loan Company Is Best?

Every company we have discussed in this guide is trustworthy and will keep to their end of the bargain. Still, you must also make sure you do the same thing from your end and avoid accruing any other debts while you pay this off.

Simply put, everything is on you.

Companies providing debt management, on the other hand, will take an active hand in making sure your debts get paid as part of the debt consolidation process. Businesses in these makers are competing for you to come to them. Unfortunately, some are shady. But, you can look at how we rated the top services, so you can get started here.

The Best Methods for Debt Consolidation

It can be a good move to consolidate your debt, provided you do so intelligently and with your personal affairs in mind:

  • Take out a loan personally: Personal loans are often used for unsecured debt consolidation. A loan like this does not just work on credit card debt, so you have more freedom with the funds. This is worth considering if you have a hard time qualifying for a credit card via a standard promotion.
  • Acquire relief for your debt: Most companies will strike up a deal where a part of your debt is forgiven via consolidating your payments through a settlement. You will no longer have to pay your debtors directly and will send the money to the company instead. They will then take care of the rest after setting up a plan. Doing this will lower your credit score, but it still beats going bankrupt.
  • Transfer your balance to another card: This method works well if you have had past issues with credit cards. So, you can get a fresh card with a balance transfer rate of 0% APR. A lot of companies offer this on introduction for a year to a year and a half. But, whatever card you take out must match your total loan amount, and often you do need a minimum credit score of 640.

Whatever you choose to do, keep the following things in mind:

  • Always make sure you can afford to pay so you will not go delinquent on any payments.
  • Do not acquire any new debt until you are done with this one.
  • Make a budget and stick to it.
  • Whatever rate you agree to for consolidating debt should be less than whatever debt you are paying off.
  • Make smart moves. With any big-ticket acquisitions, the 0% APR strategy works well as long as you make sure you can afford it.

You can raise your credit score by making smart moves, which makes your future life easier with more access to easier credit. If qualification is a problem due to not having a credit history, a debt consolidation loan where you can build credit may be your solution. Most credit unions and banks will offer these services.

What Should I Look Out for When Consolidating Debt?

Any loan you take out to consolidate your debt will generally be quite helpful. But, you must always remember that there are a few risks:

  • Can you afford it? If you cannot pay, do not take out the debt consolidation loan. Do not risk going delinquent on any payments. Instead, budget appropriately and plan ahead before sending out any applications. That way, you avoid getting burnt.
  • Mind your fees: Origination and other fees are the first things you should check for because they are often the landmine hidden beneath low rates. In cases like these, you could end up paying more, so it is not worth it.
  • Rates of interest: Always make sure the rate of the debt consolidation loan you take out is below whatever rate you have right now. If you do not, you are just wasting time and money. Never make any assumptions regarding rates, and always check APRs.
  • Length: In the best-case scenario, you would be wrapping up paying both your current debt and the loan with which you consolidated it around the same time. Having your repayment terms be longer does lower the money you pay per month and makes it so you pay more overall. You want to be done with this as soon as you can, so do not stretch it beyond reason.
  • Consistency: Since you are the one in charge of your money, you decide where it goes. The best-made plans will go belly up if you do not stick to them. So, do not get into any fresh debt until you are finished with this. If you do not, you may go bankrupt and get a summons to court.

The best way to make sure this does not happen to you is to read up on anything and everything you can. Additionally, always read the small lettering on the contracts and stick to your plan of action.

Is Taking Out a Loan the Right Move for Me?

Make the calculation. By this, we mean you should know exactly how much you pay monthly. You should also calculate how much you would pay per month and the total sum with fees included.

If your goal is to save as much money as possible, debt consolidation loans are a good idea. Even if you do not come out with a net profit, it may also help boost your credit score. So, always make sure to do so, and it is important to have the pros and cons of the different methods to give you a short breakdown.

Now, there are several pros and cons to different types of solutions. If you go for a balance transfer, you can expect a low introductory APR, as well as low minimum monthly payments. That way, you will not be subject to balance transfer fees.

This is mainly recommended for small to moderately-sized debts, but they typically require a good or better credit score. So, especially if you are dealing with credit card debt, this is an option you will want to consider.

If you have a larger debt and a poor credit score, a personal loan for debt may work better for you. They tend to have low regular APR and have fixed monthly payments, and they will often charge an origination fee. These work well if you have non-ideal credit for small to large debt consolidation. If you recognize yourself within this description, taking out a personal loan is something you should seriously consider as the best debt consolidation method.

Finally, there is the option of debt relief. If you have a large unsecured debt, this is the option you will want to consider. Often, if you are in this situation, your credit score will not be in a good spot.

Even if you have a very poor credit score, debt relief may offer a solution. They will negotiate with creditors on your behalf so you can get your debts settled, which includes having a portion of it forgiven. Debt relief works with standardized monthly payments.

It is in no way worth having your debt consolidated if, at the same time, you keep accruing more debt. If this is something you struggle with, you may want to seek contact with a credit counselor. These are professionals who are trained to help you make good financial decisions. So, if you have doubts regarding your ability to stick to your guns, do not hesitate to seek help, as you will be happy you did in the long run.

A lot of companies will also offer counseling services, and sometimes they will even mandate it. If this does happen, you are best off making sure you keep your relationship healthy with said companies by making timely payments. That way, getting your debt settled becomes a much less painful process.

Now, let us say you are so far down in the hole that your debts cannot possibly be consolidated through any loans. In this case, going bankrupt is a genuine concern, and bankruptcies can be seen on your reports for as long as a decade.

This is something you do not want because it will put your credit score right in the gutter. So, debt relief is probably your best option here. That way, you can make sure the actual payment process is streamlined and gives you a method to restore your credit score to a state where you once again have more financial freedom.

Conclusion: Even with Poor Credit, You Can Start Your Online Journey to Consolidate Your Debt

In our guide, we have gone through some online companies that will get you a surefire loan you can use to consolidate your debt. This means these companies promise to get you pre-qualified, which does not even affect your score. That way, you minimize any risks you would otherwise be taking. However, that does not mean your work is done simply by having read this guide, as there is always more you can do.

The data we have given you so far is a solid place to start, but always do further research on your own before signing anything. When appropriately utilized, taking out a debt consolidation loan can help you climb out of your financial hole. That way, you can raise your credit score to a point where you once again have access to the type of credit rates that are not likely to get you into the same bind again.


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https://serracb.org/best-debt-consolidation-loans-top-debt-consolidation-companies-for-payoff-loan-and-bad-credit-loan-consolidate-credit-card-debt-paid-content-cleveland/feed/ 0
Debt Consolidation vs. Personal Loan: What Is the Difference? https://serracb.org/debt-consolidation-vs-personal-loan-what-is-the-difference/ https://serracb.org/debt-consolidation-vs-personal-loan-what-is-the-difference/#respond Tue, 02 Nov 2021 10:44:19 +0000 https://serracb.org/?p=198 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000 to $35,000** 550 2, 3, 4, 5*
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.79% – 17.99% APR
$5,000 to $35,000 740 1, 2, 3, 4, 5
  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000 600 3, 5
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500 to $35,000 660 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 29.99% APR
$10,000 to $35,000 Not disclosed by lender 2, 3, 4, 5
  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000 to $40,000 600 3, 5
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


15.49% – 35.99% APR
$2,000 to $36,500 580 2, 3, 4
  • Fixed APR:

    15.49% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


2.49% – 19.99% APR
$5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.99% – 19.99% APR1
$3,500 to $40,0002 660

(TransUnion FICO®️ Score 9) 3, 4, 5, 6, 7
  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


18.0% – 35.99% APR
$1,500 to $20,000 None 2, 3, 4, 5
  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$5,000 to $40,000 600 2, 3, 4, 5
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 17.99% APR
$600 to $50,000
(depending on loan term) 660 1, 2, 3, 4, 5
  • Fixed APR:

    5.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.95% – 35.99% APR
$2,000 to $40,000 640 3, 5
  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.74% – 19.28% APR10
$5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Fixed APR:

    4.74% – 19.28% APR10
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


8.93% – 35.93% APR7
$1,000 to $20,000 560 3, 5
  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000 to $50,000 560 2, 3, 5, 6
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000 to $50,0005 580 3 to 5 years4
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms


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Debt Consolidation vs. Bankruptcy: How to Choose https://serracb.org/debt-consolidation-vs-bankruptcy-how-to-choose/ https://serracb.org/debt-consolidation-vs-bankruptcy-how-to-choose/#respond Tue, 02 Nov 2021 10:44:13 +0000 https://serracb.org/?p=195 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000 to $35,000** 550 2, 3, 4, 5*
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.79% – 17.99% APR
$5,000 to $35,000 740 1, 2, 3, 4, 5
  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000 600 2, 3, 4, 5
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500 to $35,000 660 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 29.99% APR
$10,000 to $35,000 Not disclosed by lender 2, 3, 4, 5
  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000 to $40,000 600 3, 5
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


2.49% – 19.99% APR
$5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.99% – 19.99% APR1
$3,500 to $40,0002 660

(TransUnion FICO®️ Score 9) 3, 4, 5, 6, 7
  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$5,000 to $40,000 600 2, 3, 4, 5
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 17.99% APR
$600 to $50,000
(depending on loan term) 660 1, 2, 3, 4, 5
  • Fixed APR:

    5.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.95% – 35.99% APR
$2,000 to $40,000 640 3, 5
  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.74% – 19.28% APR10
$5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Fixed APR:

    4.74% – 19.28% APR10
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000 to $50,000 560 2, 3, 5, 6
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000 to $50,0005 580 3 to 5 years4
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms


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How Debt Consolidation Loans Can Help Your Credit Score https://serracb.org/how-debt-consolidation-loans-can-help-your-credit-score/ https://serracb.org/how-debt-consolidation-loans-can-help-your-credit-score/#respond Tue, 02 Nov 2021 10:43:06 +0000 https://serracb.org/?p=192 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000 to $35,000** 550 2, 3, 4, 5*
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.79% – 17.99% APR
$5,000 to $35,000 740 1, 2, 3, 4, 5
  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000 600 2, 3, 4, 5
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500 to $35,000 660 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 29.99% APR
$10,000 to $50,000 Not disclosed by lender 2, 3, 4, 5
  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000 to $40,000 600 3, 5
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


15.49% – 35.99% APR
$2,000 to $36,500 580 2, 3, 4
  • Fixed APR:

    15.49% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


2.49% – 19.99% APR
$5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.99% – 19.99% APR1
$3,500 to $40,0002 660

(TransUnion FICO®️ Score 9) 3, 4, 5, 6, 7
  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


18.0% – 35.99% APR
$1,500 to $20,000 None 2, 3, 4, 5
  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$5,000 to $40,000 600 2, 3, 4, 5
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 17.99% APR
$600 to $50,000
(depending on loan term) 660 1, 2, 3, 4, 5
  • Fixed APR:

    5.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.95% – 35.99% APR
$2,000 to $40,000 640 3, 5
  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.74% – 19.28% APR10
$5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Fixed APR:

    4.74% – 19.28% APR10
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


8.93% – 35.93% APR7
$1,000 to $50,000 560 3 to 5 years 8
  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000 to $50,000 560 2, 3, 5, 6
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000 to $50,0005 580 3 to 5 years4
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms


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Texas Debt Consolidation: How to Get a Personal Loan https://serracb.org/texas-debt-consolidation-how-to-get-a-personal-loan/ https://serracb.org/texas-debt-consolidation-how-to-get-a-personal-loan/#respond Tue, 02 Nov 2021 10:42:47 +0000 https://serracb.org/?p=189 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000 to $35,000** 550 2, 3, 4, 5*
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.79% – 17.99% APR
$5,000 to $35,000 740 1, 2, 3, 4, 5
  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000 600 2, 3, 4, 5
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500 to $35,000 660 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 29.99% APR
$10,000 to $50,000 Not disclosed by lender 2, 3, 4, 5
  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000 to $40,000 600 3, 5
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


15.49% – 35.99% APR
$2,000 to $36,500 580 2, 3, 4
  • Fixed APR:

    15.49% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


2.49% – 19.99% APR
$5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.99% – 19.99% APR1
$3,500 to $40,0002 660

(TransUnion FICO®️ Score 9) 3, 4, 5, 6, 7
  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


18.0% – 35.99% APR
$1,500 to $20,000 None 2, 3, 4, 5
  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$5,000 to $40,000 600 2, 3, 4, 5
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 17.99% APR
$600 to $50,000
(depending on loan term) 660 1, 2, 3, 4, 5
  • Fixed APR:

    5.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.95% – 35.99% APR
$2,000 to $40,000 640 3, 5
  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.74% – 19.28% APR10
$5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Fixed APR:

    4.74% – 19.28% APR10
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


8.93% – 35.93% APR7
$1,000 to $50,000 560 3 to 5 years 8
  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000 to $50,000 560 2, 3, 5, 6
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000 to $50,0005 580 3 to 5 years4
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms


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Best Debt Consolidation Loans in November 2021 https://serracb.org/best-debt-consolidation-loans-in-november-2021/ https://serracb.org/best-debt-consolidation-loans-in-november-2021/#respond Tue, 02 Nov 2021 10:42:40 +0000 https://serracb.org/?p=186 Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. American consumers had a total of $820 billion in credit card […]]]>

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

American consumers had a total of $820 billion in credit card debt at the end of 2020, according to the Federal Reserve Bank of New York. Although total debt obliglations were lower in 2020 than in the years before, consumer debt (credit cards, auto, and personal loans) still accounted for 5.4% of American households’ disposable income. 

If you have a lot of high-interest debt, such as credit card debt, personal loans, medical loans, or payday loans, a debt consolidation loan could be a good option. If you consolidate this debt into a single loan with a lower interest rate than your existing debt, you can save on interest, pay off your debts faster, and streamline your finances with one monthly payment. 

Keep in mind that a debt consolidation loan only makes sense if you can get an interest rate that’s lower than the current interest rate of your existing debts. You should also take into account any fees. Always comparison shop between multiple lenders to get the best rate possible, then run the numbers yourself to see if a debt consolidation loan makes sense for your personal situation. 

If you’re looking for a place to start, here are our picks for the best debt consolidation loans. 

Best Debt Consolidation Loan Rates in November 2021

INSTITUTION CURRENT APR LOAN TERM RANGE MIN. LOAN AMT. MAX LOAN AMT. MINIMUM CREDIT SCORE REQUIRED
LightStream 2.49% to 19.99% (0.50% autopay discount included) 2 to 7 years $5,000 $100,000 Not specified
SoFi 4.99% to 19.53% (0.25% AutoPay discount included) 3 to 7 years $5,000 $100,000 680
Payoff 5.99% to 24.99% 2 to 5 years $5,000 $40,000 640
Best Egg 5.99% to 35.99% 3 to 5 years $2,000 $50,000 640
Marcus by Goldman Sachs 6.99% to 19.99% (0.25% AutoPay discount included) 3 to 6 years $3,500 $40,000 Not specified
Discover 5.99% to 24.99% 3 to 7 years $2,500 $35,000 Not specified
Rocket Loans 5.97% to 29.99% (0.30% AutoPay discount included) 3 to 5 years $2,000 $45,000 540

How We Chose These Lenders

This list does not represent the entire market. We began by analyzing the most commonly reviewed and searched-for debt consolidation loan rates. We only included lenders that offered loans marketed specifically as debt consolidation loans. However, it’s worth noting that other lenders offer personal loans that can be used for debt consolidation purposes too. Then, we cut out any lenders based on the following criteria:

  1. We eliminated lenders that don’t make it easy to find essential loan information like APRs, fees, minimum and maximum loan amounts, and available loan terms on their websites without entering an email or other personal information. Many lenders prominently display this information on their sites, making it easy to compare to other lenders. If you are in the market for a debt consolidation loan, we’d recommend a transparent lender that doesn’t require personal information for a rate comparison.
  2. We ruled out any lenders whose max APR exceeds 30%. Since the goal of a debt consolidation loan is to consolidate your existing high-interest debt into a single loan with a lower interest rate, we believe that it makes sense to feature lenders whose average interest rates are lower than the average credit card interest rate. Keep in mind that the rates listed on lender websites are only general ranges with the minimum and maximum rates. The rate you qualify for will likely fall somewhere between and will depend on factors like your credit score and loan term. The only way to know the exact rate you’ll get is to prequalify or apply for a loan. 
  3. Our list only features direct lenders rather than intermediaries or loan marketplaces. We also ruled out credit unions, which have unique membership requirements and limit the number of people who could easily consider them for a loan. Credit unions can offer competitive rates to those who qualify; check your local area or use a credit union locator to compare rates.
  4. Also, none of these lenders charge any fees or penalties for early payments or otherwise paying off your loan early. We don’t think you should ever have to pay a fee to get out of debt faster. We will never recommend a personal loan that includes such a fee or penalty.
  5. Finally, we eliminated any lenders that did not have an A rating or higher with the Better Business Bureau

The above rates and loan information is accurate as of November 1, 2021. The NextAdvisor editorial team updates this information regularly, though it is possible APRs and other information changed since it was last updated. Some lenders may offer a rate discount if you pay with AutoPay. If the advertised rates include an AutoPay discount, it will be clearly marked. Also, some loan offerings may be specific to where you live. Keep in mind that the longest loan terms and largest loan amounts may only be available to borrowers with the best credit.

Lender Overview

LightStream

Overview: A division of Truist Bank, LightStream offers fee-free debt consolidation loans with no fees for borrowers with good to excellent credit.

Pros: LightStream charges no fees on its loans and offers the Rate Beat program, which will offer a rate 0.1% lower than rates from competing lenders for the same loan term, with certain conditions. LightStream also offers a $100 Loan Experience Guarantee, where if you’re not satisfied with the service you received and explain why in a questionnaire, the company will send you $100.

Cons: LightStream requires you to go through the entire application process (including a hard credit inquiry, which can affect your credit score) to know the exact rate you’ll get, making it hard to shop around and compare with other lenders.

LIGHTSTREAM
Current APR 2.49% to 19.99% (0.50% autopay discount included)
Loan Term Range 2 to 7 years
Loan Amount $5,000 to $100,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

SoFi

Overview: SoFi offers no fees, a way to prequalify online, and other perks. But loan eligibility is limited to those with good credit scores and who are currently or soon-to-be employed or have another source of income. 

Pros: SoFi charges no origination fees or late fees (although you’ll still be on the hook for interest on late payments). SoFi offers an unemployment protection program that will pause your payments and provide job placement assistance if you lose your job.

Cons: SoFi has stricter eligibility requirements than other lenders on this list. In addition to credit score requirements, you also have to be currently employed, have sufficient income from other sources, or have an offer of employment that starts within 90 days to qualify for a loan. Finally, SoFi loans are not available to residents of Mississippi. 

SOFI
Current APR 4.99% to 19.53% (0.25% AutoPay discount included)
Loan Term Range 3 to 7 years
Loan Amount $5,000 to $100,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score 680
Minimum Annual Income None specified, but employment or alternative income is required
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Payoff

Overview: Payoff by Happy Money specializes in debt consolidation loans and has lower credit score requirements than some other lenders on this list. You can also prequalify online without a hard credit check. 

Pros: Payoff has a minimum FICO credit score requirement of 640, which is considered in the “fair” range by Experian. This makes Payoff more accessible to those who may not have good or excellent credit. Keep in mind, though, that credit score isn’t the only determining factor lenders use when deciding whether to grant you a loan. Payoff members also get free monthly FICO score updates.

Cons: You need to have at least three years of established credit to qualify for a Payoff loan. In addition, Payoff loans aren’t available in Massachusetts, Mississippi, Nebraska, and Nevada.

PAYOFF
Current APR 5.99% to 24.99%
Loan Term Range 2 to 5 years
Loan Amount $5,000 to $40,000
Prepayment Penalty None
Origination Fee 0% to 5%
Minimum Credit Score 640, and three years of established credit
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Best Egg

Overview: Best Egg offers debt consolidation loans with a quick application process and the option to prequalify online. Like Payoff, Best Egg offers loans to borrowers with “fair” credit (640 and above). 

Pros: Best Egg has a quick online application process, allowing you to receive funds in as little as one business day. 

Cons: Although Best Egg offers loans to those with fair credit, getting the lowest APR advertised requires you to have an annual income of at least $100,000 and a minimum FICO credit score of 700.

BEST EGG
Current APR 5.99% to 35.99%
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $50,000
Prepayment Penalty None
Origination Fee 0.99% to 5.99%; at least 4.99% for loan terms longer than four years
Minimum Credit Score 640; 700+ for the lowest APR
Minimum Annual Income $100,000 minimum individual annual income for the lowest APR
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Marcus by Goldman Sachs

Overview: Marcus, a subsidiary of Goldman Sachs, offers fee-free debt consolidation loans for borrowers with good-to-excellent credit. 

Pros: Marcus offers an on-time payment reward where if you pay your loan on time and in full every month for 12 months, you can get an interest-free payment deferral for one month. Marcus also charges no origination fees, sign-up fees, or late fees. 

Cons: Although Marcus doesn’t specify a minimum credit score needed to qualify for a loan, it does say you’ll need good or excellent credit (700-850) to get the lowest rates.

MARCUS BY GOLDMAN SACHS
Current APR 6.99% to 19.99% (0.25% AutoPay discount included)
Loan Term Range 3 to 6 years
Loan Amount $3,500 to $40,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified; borrowers with scores of 700-850 can get lower rates and larger loan amounts)
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Discover

Overview: This popular banking and credit card company also offers debt consolidation loans with no origination fees, flexible repayment terms, and same-day decisions in most cases. 

Pros: Discover charges no origination fees, and no other fees, as long as you pay on time. Discover offers a same-day decision in most cases, as well as an option to pay off creditors directly. If you change your mind about needing the loan, you’ll pay no interest if you return the loan funds within 30 days. 

Cons: You need a minimum household income of $25,000 to qualify for a Discover loan. In addition, you can’t use the loan to pay off a secured loan or directly pay off a Discover credit card. 

DISCOVER
Current APR 5.99% to 24.99%
Loan Term Range 3 to 7 years
Loan Amount $2,500 to $35,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified
Minimum Annual Income $25,000 household income
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Rocket Loans

Overview: Rocket Loans, a subsidiary of mortgage company Quicken Loans, offers debt consolidation loans for people with “poor” credit, although you may pay higher interest rates. 

Pros: Rocket Loans requires a minimum credit score of 540, making it a viable option for people with “poor” credit. Rocket Loans offers online preapproval as well as same-day funding.

Cons: The maximum interest rate for Rocket Loans is on the high side of the spectrum for this list, although the minimum interest rate is on the low side. Keep in mind that the exact interest rate you’ll get depends on your credit score, and those with poor credit will typically get higher rates. Rocket Loans only offers two loan terms: 3 years and 5 years. 

ROCKET LOANS
Current APR 5.97% to 29.99% (0.30% AutoPay discount included)
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $45,000
Prepayment Penalty None
Origination Fee 1% to 6%
Minimum Credit Score 540
Minimum Annual Income $24,000
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

What is Debt Consolidation?

Debt consolidation is when you consolidate multiple sources of debt — for example, credit cards, personal loans, payday loans, or medical bills — into a single loan. Some common reasons for consolidating debt include:

  • Simplifying your finances by combining your debt into a single monthly payment
  • Consolidating high-interest debt, like credit card debt, into a lower-interest loan
  • Consolidating debt with a variable interest rate into a fixed-rate loan
  • Reducing your monthly payment by getting a longer loan term
  • Being able to budget better with fixed, monthly payments

The two most common ways of consolidating debt are balance transfer credit cards and debt consolidation loans. With a debt consolidation loan, you take out a loan to pay off your existing debt and pay off the new loan over a fixed time period. A balance transfer credit card comes with an introductory 0% APR, making it a good move if you qualify for one of these cards. Whether you use a balance transfer credit card or a debt consolidation loan, it is essential to make a plan to pay off the consolidated debt before the loan term ends or an introductory APR expires.

What is a Debt Consolidation Loan? 

A debt consolidation loan is a type of personal loan taken out for the purpose of consolidating debt. Although many lenders offer products specifically called debt consolidation loans, they’re typically the same as personal loans and have the same loan terms and APRs, just under a different name. Some debt consolidation loans might offer benefits geared toward those looking to consolidate debt, such as the option to pay your lenders directly through the loan provider, saving you a step. 

Debt consolidation loans typically fall into two categories: secured and unsecured. Secured loans require you to put up an asset — such as a home or car — as collateral, which the lender can seize if you default on your loan. Unsecured loans don’t require collateral. Because secured loans are less risky for the lender, they typically have lower APRs and credit score requirements. However, be careful when taking out a secured loan; if you fall behind on your payments, you could lose your collateral. In general, you want to avoid trading any unsecured debt for secured debt since that increases your risk. 

Benefits of a Debt Consolidation Loan 

A debt consolidation loan can help you pay off debt and improve your financial health when used correctly. Some benefits of a debt consolidation loan include:

  • Lower APR. If you have high-interest debt like credit card debt, you may be able to consolidate your debt into a loan with a lower APR. A lower APR means you’ll pay less interest over the life of the loan, and you may even be able to pay off your debt faster as a result. Keep in mind the exact rate depends on factors like your credit score and debt-to-income ratio, so you’ll need to prequalify for a loan or get a quote to see your rate. A debt consolidation loan is likely not a good idea if you can’t get a lower APR than your current one. Also, be aware that fees may cut into your savings; before taking out a debt consolidation loan, always crunch the numbers to see how much you can save.
  • Regular, fixed-rate payments. If you have lots of credit card debt with no plan to pay it off, a debt consolidation loan can help. With a debt consolidation loan, you’ll make regular monthly payments with a fixed payoff date to help you budget better. You’ll also get a fixed interest rate, as opposed to a variable APR with credit cards, eliminating any surprise changes in interest charges. 
  • Streamline your finances. If you have multiple sources of debt, such as several credit cards or personal loans, combining them all into a single monthly payment can simplify your finances and help you better keep track of your payment deadlines. A single missed payment on a credit card or loan can result in hefty fees or a significant drop in your credit score. A debt consolidation loan can help you avoid missing payments by reducing the number of separate bills you need to pay.

Keep in mind, a debt consolidation loan will only help you if you go in with a plan to pay off the debt. Before taking out a debt consolidation loan:

  • Calculate the interest and fees to make sure you’re saving money
  • Build the loan payments into your budget
  • Keep track of payment deadlines to make sure you don’t miss a payment. 

Debt Consolidation Loan vs. Balance Transfer Credit Card 

One popular alternative to a debt consolidation loan is a balance transfer credit card. A balance transfer credit card is a credit card that offers a 0% APR introductory period, which typically ranges from 6 to 20 months. You can use a balance transfer credit card to consolidate debt by putting your existing debts onto the credit card and paying it off before the introductory period expires, thus paying no interest on the balance. (Though you may have to pay a balance transfer fee, usually around 3%.)

The biggest draw of a balance transfer credit card is paying off the balance before the introductory period expires and, consequently, paying no interest at all. Having a plan to pay off debt is even more important when using a balance transfer card, or you’ll be stuck with high APRs once the introductory period ends. The best balance transfer cards are typically available only to those with good or excellent credit, making them less accessible than personal loans for those with poor or fair credit.

Personal Loan Balance Transfer Credit Card
• Installment loan
• Fixed interest rate for the loan term
• More options for those with poor or fair credit
• May charge an application fee, origination fee, prepayment penalty, and other fees
• Credit card
• 0% APR introductory period, then high variable APR
• Fewer options for those with poor or fair credit
• May charge a balance transfer fee, a monthly credit card fee, and other fees

Alternatives to a Debt Consolidation Loan

In addition to balance transfer credit cards, there are several other alternatives to debt consolidation loans or personal loans for consolidating debt. These include:

Home Equity Loan or HELOC

You can tap into your home equity for immediate cash with either a home equity loan or home equity line of credit (HELOC). A home equity loan is a secured installment loan where you borrow a lump sum and pay it back, with interest, over a fixed period. A HELOC is a revolving line of credit that works like a credit card, where you can withdraw as much cash as you need (up to the credit limit) during the draw period and pay it back during the repayment period.  Home equity loans and HELOCs use your home equity as collateral and may have lower rates than unsecured personal loans or credit cards. Be aware, though, that if you default on the loan, the lender could foreclose on your house. 

Cash-Out Refinance

Similar to a home equity loan or HELOC, a cash-out refinance also lets you use your house as a means of accessing cash. The process just works differently. With a cash-out refinance, you take out a new mortgage with a larger value than your current mortgage, pay off your old mortgage with the money, and keep the difference as cash. Since mortgage rates are relatively low right now, a cash-out refinance may be a better deal than a home equity loan, HELOC, or personal loan. 

Credit Counseling

If you’re struggling with debt, many credit counseling agencies offer services to help you make a debt repayment plan and get your finances back on track. Credit counseling is different from debt settlement, where for-profit companies negotiate with your creditors in an attempt to get them to settle your debt for less than the total amount owed. Debt settlement companies typically charge hefty fees for their services, and settling your debt for less than the original amount can severely hurt your credit score. Credit counseling is typically offered for free or for a small fee by nonprofit organizations. 


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Best debt consolidation loans for fall 2021 https://serracb.org/best-debt-consolidation-loans-for-fall-2021/ https://serracb.org/best-debt-consolidation-loans-for-fall-2021/#respond Tue, 02 Nov 2021 10:34:49 +0000 https://serracb.org/?p=183 Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Debt consolidation loans allow you to […]]]>

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Debt consolidation loans allow you to combine multiple balances into one simple payment, often with a lower interest rate. (iStock)

If you have a pile of credit cards or a stack of bills you’re struggling to keep track of, you might consider a debt consolidation loan. 

Personal loans for debt consolidation allow you to pay off existing, higher-interest debts and replace them with a single loan with a lower, fixed monthly payment. However, like any credit product, debt consolidation loans have their advantages and disadvantages. This article covers both. 

What’s a debt consolidation loan and how does it work?

A personal loan for debt consolidation is a new loan you take out to pay off your existing debt. Effectively, you’re refinancing your old debt with the new loan. 

A debt consolidation loan typically has a lower interest rate than credit cards, so your new loan may have a lower monthly payment than your current debt. That means you may pay down your debt faster with the debt consolidation loan. You also have just one monthly payment to keep track of, rather than the varying due dates and amounts of your current debt. 

However, your credit score will influence the interest rate you’re able to get on a debt consolidation loan. A better credit score typically means you can qualify for a better rate, and the inverse is also true. You’ll want to make sure the debt consolidation loan you take out will have a lower rate than you’re currently paying on your debt.

And, if you take out a debt consolidation loan to pay off high-interest credit cards, it’s important to avoid taking on new credit card debt once the initial balance is paid off.

Credible makes it easy to compare rates for debt consolidation personal loans from multiple lenders.

Best debt consolidation loans for fall 2021

As you shop for a personal loan for debt consolidation, you may consider a few of the following lenders. These lenders are Credible partners. 

Avant

Avant may give you a personal loan even if your credit score is less than great, but be aware the lender charges some fees, including origination fees.

  • Minimum credit score: 550
  • Loan terms: $2,000 to $35,000
  • Fees: Origination (up to 4.75%), late and dishonored payment
  • Might be good for: People with poor to fair credit

Axos

Axos offers a simple and fast application that the lender says takes only three minutes, but you’ll need a relatively high credit score to qualify.

  • Minimum credit score: 740
  • Loan terms: $5,000 to $50,000
  • Fees: Origination (1% to 2%), late and insufficient funds
  • Might be good for: People with good credit

Best Egg

Best Egg says it can offer you a decision on whether you’re approved for a loan within just a few minutes.

  • Minimum credit score: 600
  • Loan terms: $2,000 to $50,000
  • Fees: Origination (0.99% to 5.99%)
  • Might be good for: People who want a quick decision on their loan

Discover

Discover offers personal loans with no origination fee, customer service available seven days a week and allows you to return the loan funds within 30 days without paying interest.

  • Minimum credit score: 660
  • Loan terms: $2,500 to $35,000
  • Fees: Late
  • Might be good for: People who can pay off their loan quickly

FreedomPlus

Using a FreedomPlus loan to pay off debt may make it easier to qualify for a better rate.

  • Minimum credit score: Not disclosed
  • Loan terms: $7,500 to $50,000
  • Fees: Origination (1.99% to 4.99%)
  • Might be good for: People using the loan to pay off debt

LendingClub

LendingClub will pay off your creditors directly when you’re approved for a debt consolidation loan, saving you the hassle.

  • Minimum credit score: 600
  • Loan terms: $1,000 to $40,000
  • Fees: Origination (3% to 6%), late
  • Might be good for: People who want their debts paid directly

LendingPoint

LendingPoint says its technology can assess your financial situation beyond just your credit score and offer loans specially tailored to you.

  • Minimum credit score: 580
  • Loan terms: $2,000 to $36,500
  • Fees: Origination (up to 6%)
  • Might be good for: People with lower credit scores

LightStream

LightStream offers personal loans of up to $100,000, and your loan can be delivered as soon as the same day.

  • Minimum credit score: 660
  • Loan terms: $5,000 to $100,000
  • Fees: None
  • Might be good for: People who need a larger loan

Marcus by Goldman Sachs

After making 12 on-time payments, Marcus allows customers to choose to skip a month with no extra interest accrued.

  • Minimum credit score: 660
  • Loan terms: $3,500 to $40,000
  • Fees: None
  • Might be good for: People who want the ability to skip a month’s payment

OneMain Financial

OneMain Financial doesn’t require a minimum credit score, making this a good option for people establishing a credit history.

  • Minimum credit score: None
  • Loan terms: $1,500 to $20,000
  • Fees: Origination (1% to 10% or $25 to $500), late and non-sufficient funds
  • Might be good for: People with poor credit

Payoff

Payoff loans are designed for consolidating credit card debt, and the company says its customers see an average credit score boost of 40 points within months.

  • Minimum credit score: 600
  • Loan terms: $5,000 to $40,000
  • Fees: Origination (up to 5%)
  • Might be good for: People with significant credit card debt

PenFed

With a minimum loan of $600, PenFed offers among the smallest loans on the market.

  • Minimum credit score: 670
  • Loan terms: $600 to $50,000
  • Fees: Late and insufficient funds
  • Might be good for: People who need a small loan

Prosper

Prosper gives you multiple loan offers from their investors, meaning you may have many different rate and term options in one place.

  • Minimum credit score: 640
  • Loan terms: $2,000 to $40,000
  • Fees: Origination (2.41% to 5%), check payment, late and insufficient funds
  • Might be good for: People who want to see different loan options

SoFi

SoFi offers “unemployment protection,” pausing your payments if you lose your job, and helping you find a new one.

  • Minimum credit score: Not disclosed
  • Loan terms: $5,000 to $100,000
  • Fees: None
  • Might be good for: People in career transition

Universal Credit

Universal Credit’s minimum credit score is one of the lowest on the market, offering a good option if you’re still building your credit.

  • Minimum credit score: 560
  • Loan terms: $1,000 to $50,000
  • Fees: Origination (4.25% to 8%), late
  • Might be good for: People building their credit

Upgrade

Upgrade makes it easy to compare the monthly payments you’ll need to make with varying loan terms.

  • Minimum credit score: 560
  • Loan terms: $1,000 to $50,000
  • Fees: Origination (2.9% to 8%), late
  • Might be good for: People deciding what size loan fits their budget

Upstart

Upstart considers more than just your credit score when making a loan decision, also evaluating your education and job history.

  • Minimum credit score: 580
  • Loan terms: $1,000 to $50,000
  • Fees: Origination (0% to 8%), late, insufficient funds and paper copy
  • Might be good for: People with a strong record at work or school

Other lenders to consider

The following three lenders are not Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a debt consolidation loan.

Figure

Figure’s loan application is completely online, but you can reach support by phone seven days a week.

  • Minimum credit score: 680
  • Loan terms: $5,000 to $50,000
  • Fees: Origination (up to 3%)
  • Might be good for: People who want help with their application

Rocket Loans

Rocket Loans can make a pre-approval decision in seconds and funds loans as soon as the same day.

  • Minimum credit score: 650
  • Loan terms: $2,000 to $45,000
  • Fees: Origination (1% to 6%), late and insufficient funds
  • Might be good for: People who need their money quickly

Wells Fargo

Wells Fargo can fund its personal loans as soon as the same day, and the bank offers discounts for people who have a checking account with Wells Fargo.

  • Minimum credit score: Not disclosed
  • Loan terms: $3,000 to $100,000
  • Fees: Late and insufficient funds
  • Might be good for: People who bank with Wells Fargo

Methodology

Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service department and via email support. Each data point was verified to make sure it was up to date.

How can I get a debt consolidation loan?

When you’re ready to move forward with a personal loan for debt consolidation, here are the steps you’ll need to take.

  • Take stock of your debt. Make a list of all the debts you want to consolidate. List all the accounts you have open, including the company name and balance. Also note the due dates, because you don’t want to miss a payment while you’re working on your loan application. Total up the outstanding balances to determine how large a debt consolidation loan you’ll need.
  • Comparison shop. It’s worthwhile to get quotes from multiple lenders to find the best interest rates, fees and terms you can qualify for. Using a site like Credible, you can easily compare offers from a number of lenders with just a little bit of your personal information.
  • Prequalify. Most lenders have an online form you can fill out to receive a personalized quote and prequalify for a loan. Prequalifying typically requires a soft credit check, where the lender pulls your credit to give you an accurate assessment. These “soft pulls” don’t affect your credit score. You’ll generally need to use your Social Security number.
  • Apply. Once you’ve selected the lender you want to go with, the company will give you instructions on how to proceed from the prequalifying process. Generally, you’ll need to submit a bit more information for the formal application.
  • Close. Closing on a personal loan for debt consolidation typically doesn’t take long. You’ll need to sign documents acknowledging the terms of the loan and then the proceeds will be deposited into your bank account.

You can review rates from multiple lenders and apply for a personal loan using Credible.

How much can I save with a debt consolidation loan?

If you have high-interest debt, using a debt consolidation loan can save you a significant amount of money on your monthly payments. You can pay off your debt years faster and pay tens of thousands less in interest over the course of the loan.

Let’s look at an example for $10,000 in credit card debt at an average APR of 29%. Most credit card companies require a minimum payment of between 2% and 4% of your credit card balances, meaning your minimum payment is between $200 and $400 per month. Making minimum payments of $245, it would take about 15 years to pay off your total debt, and you’d pay more than $34,000 in interest. And that’s assuming your APR doesn’t change and your balance doesn’t increase with new charges. 

With a $10,000 debt consolidation loan for five years and an interest rate of 14.35%, the average on the Credible marketplace for the week of Sept. 20, you’d have a monthly payment of $235 — quite similar to your minimum payment on your credit card. However, you’ll be done paying off the loan in just five years and pay just over $4,000 in interest. A seven-year personal loan would put your monthly payment at $189, and your total interest paid at a little more than $5,900. You can dig out of your debt more quickly and with much less out of your pocket.

What factors should I consider in a debt consolidation loan?

As you evaluate your debt consolidation loan options, be sure to compare and consider the following:

  • Interest rate and APR — The interest rate is the amount you pay to borrow money. This is how the lender makes money. You’ll likely see this expressed as APR, or annual percentage rate. This is a broader measure that takes into account the interest rate and any fees, and represents the true cost of borrowing money. The lower the interest rate and APR, the lower your monthly payments will be and the less in interest you’ll pay over the life of the loan. People with higher credit scores typically can qualify for the lowest rates.
  • Fees Not all lenders charge fees, but many do. One of the most common is an origination fee, usually charged as a percentage of the loan amount. This money is deducted from the amount you receive from the loan. If you have excellent credit, you’ll likely be able to find a personal loan for debt consolidation that doesn’t require an origination fee. Lenders may charge other fees, too, such as an application fee, prepayment penalty or late payment fees.
  • Loan terms The term of the loan is the length of time you have to repay. Repayment terms can be as short as one year, or as long as seven years or more. The longer your term, the lower your monthly payment will be — but the more you will ultimately pay in interest over the life of the loan. In general, you want the shortest term possible with a monthly payment that fits comfortably in your budget.

Debt consolidation loan alternatives

A personal loan for debt consolidation isn’t your only option. Here are a few others you may consider:

  • 0% balance transfer credit card These are credit cards that allow you to transfer balances from other cards onto them and not pay interest for a period of time — at least six months. This can give you some breathing room to pay down your debt without racking up new interest charges. However, after the 0% introductory period ends, you’ll be left with a much higher interest rate. You may also run into fees for transferring the balance. You may need good to excellent credit to qualify for a 0% card.
  • Home equity loan If you own your home, you may have built up equity. Equity is the difference between what the home is worth and the amount you owe on your mortgage. Banks and other lenders will allow you to borrow against this equity using a home equity loan or home equity line of credit (HELOC). These loans typically have lower interest rates than you’d find on a debt consolidation loan. However, you may pay higher closing costs and you also put your home at risk of foreclosure if you fail to make your payments.
  • 401(k) loan You may be able to borrow against the money you have saved in your company’s retirement plan. These loans also have lower interest rates, and won’t affect your credit score. However, you won’t be earning as much on your investment during the period of the loan and you may be forced to repay the money quickly if you end your employment. You may also face tax penalties if you fail to repay the money on time.

Comparison shopping for personal loans using a website like Credible can help ensure you find the best debt consolidation loan for your needs.


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5 Best Debt Consolidation Loans of 2021 https://serracb.org/5-best-debt-consolidation-loans-of-2021/ https://serracb.org/5-best-debt-consolidation-loans-of-2021/#respond Tue, 02 Nov 2021 10:09:26 +0000 https://serracb.org/?p=177 If you have several high-interest loans, debt consolidation can help you manage your finances by combining multiple debts into a single payment. We researched and selected the five best debt consolidation loans to help you get back on track and adequately manage your monthly bills. Our Top Picks for Best Debt Consolidation Loans Best Debt […]]]>

If you have several high-interest loans, debt consolidation can help you manage your finances by combining multiple debts into a single payment. We researched and selected the five best debt consolidation loans to help you get back on track and adequately manage your monthly bills.

Our Top Picks for Best Debt Consolidation Loans

Best Debt Consolidation Loans Review

  • No fees for loan application, origination or prepayment penalty
  • No appraisals
  • Choose when you want to receive your money
  • Rate discount when you choose autopay
  • Minimum loan amount is $5,000
  • Autopay discount option only available before loan funding
  • Lowest rates require excellent credit

LightStream is our top choice for borrowers with good to excellent credit who don’t want to pay origination fees or prepayment penalties on their debt consolidation loan. The company offers personal loans up to $100,000 with funding available the same day of approval, and has one of the lowest annual percentage rates (APR), starting at 5.93% with an autopay discount.

LightStream also features a completely online application and a debt consolidation loan calculator with a soft credit check that won’t lower your score. With its Rate Beat Program, LightStream claims it will lower your rate by .10 percentage points if you are approved by a competing lender for an unsecured loan with the same terms.

LightStream holds the #1 spot on J.D. Power’s Consumer Lending Satisfaction Study of 2020.

  • Fixed rates from 4.99%-19.63% with autopay discount
  • No late fees on personal loans
  • Pay lenders directly
  • Funds are not available on the same day of approval
  • Loan terms start at three years up to seven years
  • Minimum loan amount is $5,000

SoFi offers credit card consolidation loans rates starting at 4.99% APR with AutoPay. Most lenders have interest rates up to 35.99%, but SoFi caps their competitive rates at 19.63% APR with AutoPay discount. If the customer declines the AutoPay option, interest rates will be higher.

SoFi’s personal loans have no fees, and customers can make payments and check their loan status on the SoFi mobile app, available for iOS and Android. The company also offers online prequalification with a soft credit pull, fixed rates for the life of the loan, and a fixed payment schedule.

SoFi takes the #4 spot in JD Power’s Consumer Lending Satisfaction Study of 2020.

  • APR starts at 5.99%
  • Apply and check application status online
  • The loan is funded 1-2 business days after approval
  • Loans are up to only $50,000
  • You need to be a member of the credit union to apply

PenFed personal loans start at $600, making it the best lender for someone with debt obligations under $1000. This lender has fixed interest rates, a debt-to-income calculator, and an online application. PenFed also has a mobile application for iOS and Android where members can check their loan status, make loan payments, mobile deposits, and transfer your money between accounts.

To become a member of the PenFed credit union, customers have to open a savings account with a minimum deposit of $5. After approval, the loan is disbursed within 1-2 business days. The APR rate at the time of loan approval is based on creditworthiness, a credit inquiry, and the length of the PenFed membership.

PenFed is not part of J.D. Power’s Consumer Lending Satisfaction Study of 2020; however, it made it to our top list for its low interest rates and no loan fees.

  • Works with any type of credit
  • Online application process
  • Online loan calculator
  • Credit requirements depend on the company selected
  • Some lenders will charge an origination fee of 1-6% of the loan amount

With partnerships with LendingClub, SoFi, Avant, and Marcus by Goldman Sachs, among others, Fiona stands out for providing debt consolidation options for people with any type of credit. Fiona also offers no application fee or prepayment penalty, a complete online application process, and customer service by email or phone.

Fiona loan offers include refinancing for secured and unsecured loans including auto, student loan, and mortgage refinance. The company also provides customers with a reference blog about debt repayment and other financial advice.

Fiona is not part of J.D Power’s Consumer Lending Satisfaction Study; however, some of its partners are on the 2020 list.

  • Several debt consolidation options: balance transfer, personal loans, home equity loans, student consolidation loans
  • Application assistance by loan specialists
  • Discover mobile application
  • Eligibility requirement of a minimum household annual income of $25,000
  • Late payment fee of $39

Discover offers a wide variety of options for debt consolidation. Customers can select a credit card balance transfer with a promotional interest rate, apply for a personal loan, or use their home equity for debt consolidation. Discover doesn’t charge any origination fees, and its personal loan rates are between 6.99%-24.99% APR.

Discover offers customer service 24/7 over the phone and has a mobile app for iOS and Android that allows customers to check their FICO score, access their bank account, make payments, and check balances, among other features.

Discover holds the #3 spot for J.D. Power’s Consumer Lending Satisfaction Study of 2020.

Other lenders we considered

National Debt Relief

  • Negotiate with creditors to settle outstanding debt
  • Online quote
  • Only work with clients that have at least $7,500 in debt
  • A fee of 15-25% of the debt amount

National Debt Relief didn’t make it to our main list because qualifying borrowers need to have at least $7,500 in high-interest debt. Also, they charge a fee of at least 15% of the debt amount. National Debt Relief is not a loan originator but instead a debt management service.

AM One

  • Helps with credit improvement if the loan is denied
  • US-based live support
  • Credit requirements depend on the company selected
  • No information about fees on the website
  • Credit requirements and APR depend on the company selected

There is not enough information about interest rates and loan fees on AM One’s website to include this lender in our top list. With AM One, interest rates and loan fees depend on the lender the borrower is matched with at the time of approval.

Upgrade

  • Funds within 24 hours after approval
  • No prepayment penalty
  • All personal loans have a 2.9% to 8% origination fee
  • The lowest rates require autopay and paying off a portion of existing debt directly

Upgrade didn’t make it into our main list because of its high origination fee and not ranking in J.D. Power’s Consumer Lending Satisfaction Study.

Best Egg

  • Approval in minutes
  • APR from 5.99%-35.99%
  • Below average in J.D. Power’s Consumer Lending Satisfaction Study
  • Origination fee of 0.99-5.99% of the loan amount

Best Egg is not part of our main list because of its high origination fee and below-average ranking in J.D. Power’s Consumer Lending Satisfaction Study.

Lending Club

  • Customized loan options
  • 15-days grace period after the due date to pay without penalties
  • Origination fee of 3-6% of the loan amount
  • Higher APR rates than other lenders, starting at 7.04%

Lending Club, a marketplace for debt consolidation loans, didn’t make it into our top selection because of its origination fee and higher interest rates than other lenders on our list.

OneMain Financial

  • Debt consolidation calculator
  • Loan specialist counseling
  • APR from 18%-35.99%
  • Late payment fees from 1.5-15% of loan payment
  • Origination fees from 1-10% of the loan amount

OneMain Financial is not part of our best personal loan list because of its high APR rates, origination fees, and late payment fees compared to other lenders on our list. Also, this lender scored a below-average rate in JD Power’s Consumer Lending Satisfaction Study.

Avant

  • Funded one day after approval
  • No prepayment penalty
  • Administration fee up to 4.75%
  • APR from 9.95%-35.99%

Avant didn’t make it into our top list because of its high interest rate and administration fee. Also, this lender rated below average in J.D. Power’s study about consumer lending satisfaction.

Marcus by Goldman Sachs

  • No fees
  • Loan options within 5 minutes
  • Loan disbursed within five days after approval
  • Rates from 6.99% APR to 19.99%
  • Not suitable for smaller debt

Marcus by Goldman Sachs isn’t on our top list because of their interest rates and longer waiting time for loan disbursement compared to other lenders.

Upstart

  • Loans from $1,000-$50,000
  • Check loan rate online
  • Only offers three and five years terms
  • FICO or Vantage Score of at least 600

Upstart didn’t make it into our best debt consolidation loans list because of their limited-term offering and below-average score on J.D. Power’s study. Upstart could be a good option for people with fair credit to excellent credit scores.

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Debt relief won’t fix all your debt problems, but can be a good option for some consumers

If you owe $15,000 or more in debt, Freedom can help you lessen the amount you owe and make managing your debt easier.

Enroll in a Debt Relief Program

Debt Consolidation Loans Guide

In this guide, you can find information about how debt consolidation loans work, step-by-step processes on how to apply, and other alternatives for debt management.

What is a debt consolidation loan?

A debt consolidation loan is an unsecured personal loan that combines several debts into one installment loan payment with a lower interest rate (APR). It’s designed to help borrowers manage credit card debt and unsecured debt with an outstanding balance and high APR rates.

There are different types of debt consolidation options:

  • Personal loan: unsecured loan to pay for existing debt, finance a big purchase, pay medical bills or cover home improvements or renovations
  • Balance transfer: when credit card debt is transferred to another credit card with a lower interest rate
  • Home equity loans and home equity lines of credit: lets the customer borrow money against its home equity. These are only tax-deductible when used for home improvements.

How does debt consolidation work?

Debt consolidation loans gather several debts into a new loan. The borrower uses the loan proceeds to pay other accounts, lowering their credit usage to one single lower monthly payment. Some financial institutions pay the lenders directly instead of depositing the loan money into a bank account.

How to get a debt consolidation loan

  1. Check your credit score. This will help you obtain quotes without incurring multiple hard credit inquiries. Equifax, Experian, and TransUnion are the three main credit bureaus.
  2. Make a list of all your debt and credit utilization.
  3. Check what interest rate you’re currently paying on your credit cards and other outstanding debt.
  4. Research lenders, their interest rates, loan terms and fees.
  5. Use a loan or a debt-to-income ratio calculator to get an idea of the rate you can obtain with your credit score and what payment options are the best for you.
  6. Decide on a lender that offers a lower interest rate — and lower payment — than what you currently have.
  7. If the pre-approved loan has a higher interest rate than what you’re currently paying for in your accounts, ask a co-borrower with good credit to co-sign it.
  8. Apply for a loan.
  9. Analyze your offer and accept it.
  10. Obtain the loan funds and pay your debt.

If your loan application is denied because of poor or no credit, the next step should be to improve your credit score and credit history. To fix your credit, you can find a credit repair service or research and improve your credit report on your own.

Does debt consolidation affect your credit score?

Yes, debt consolidation can have a negative or positive impact on your credit score. It all depends on the borrower making the right choices when it comes to loan selection. It’s important to know that debt consolidation is not a strategy to increase your credit score; however, it can prove to be beneficial in the long run if the borrowers make on-time payments and don’t incur any new debt.

Alternatives to debt consolidation loans

Instead of applying for a personal loan to consolidate debt, lenders and credit card companies offer other options to their customers.

Home equity loans (HELOCs)

Home equity loans and home equity lines of credit let the customer borrow money against its home equity. Home equity is the difference between the value or amount your home could be sold for and what you owe to the mortgage lender. With a loan, the home equity is disbursed in one payment, with a line of credit you can draw from the funds as needed. HELOCs come as loans or lines of credit. Both are only tax-deductible when used for home improvements.

Balance transfer credit cards

Moving balances from a card with a high APR rate to another credit card with a lower APR rate is an option to consolidate credit card debt. Many credit card companies offer no interest rates on their cards for 12 months, allowing customers to pay or lower their debt during that time.

Bankruptcy

Bankruptcy is a legal action taken by people or businesses unable to manage outstanding debt. It should be the last resource for dealing with creditors and debt issues. According to The United States Department of Justice, several repayment options are available when filing for bankruptcy.

The most common are:

  • Chapter 7: when a trustee takes control of your property to sell it or turn it into a profit to pay your creditors. Depending on the state you live in, and which federal laws apply to it, you’ll be able to keep some of your properties.
  • Chapter 13: A court approves a repayment plan where you agree to pay part of your wages to your creditors. A trustee will be appointed by the court to collect the money from you and make sure that the payment plan is completed.

Not all debt can be discharged by the court when you file for bankruptcy. Some of the debt that cannot be discharged is:

  • Child support
  • Student loans
  • Court fines
  • And most taxes

Bankruptcy will appear on your credit report for around ten years, making it more challenging to apply and be approved for credit in the future.

Try to avoid payday loans, which are loans given at a very high interest rate and have to be completely paid back when the borrower receives their next paycheck.

Debt Consolidation Loans FAQ

How do debt consolidation companies work?

Debt consolidation companies work with people to reduce their monthly debt by consolidating multiple debts into one. Some of these companies charge a fee of the debt amount to help their customers. Besides hiring a debt consolidation company, you can achieve debt consolidation through personal loans, balance credit cards, or home equity loans/lines of credit.

How to get a debt consolidation loan with bad credit?

There are companies, like Fiona, that work with customers with poor credit. For people with a bad or no credit history, APR rates are usually higher than those with excellent credit scores. Another option is to repair your credit and increase your credit score before applying for a personal loan.

Debt consolidation or bankruptcy, which is better?

Bankruptcy should be the last resort to managing your debt. Debt consolidation is a better option than bankruptcy and, with time, can help increase your credit score and improve its history. Bankruptcy stays in your credit report for up to 10 years.

What is the best debt consolidation loan?

In our selection of best debt consolidation loans, we recommend lenders that can help according to the needs of their borrowers. If you’re interested in paying no fees, we recommend LightStream. For lower interest rates, we recommend SoFi, and for bad credit, we recommend Fiona.

Where can I get a debt consolidation loan?

You can apply for a debt consolidation loan online using one of our recommendations, or you can also apply for a loan at banks, credit unions, online marketplaces, or through a debt consolidation agency like National Debt Relief.

How to get approved for a debt consolidation loan?

Before applying for a debt consolidation loan, check your credit score and debt-to-income ratio. Many borrowers require a minimum credit score of around 600 to qualify for a personal loan. You can research lenders, check rates, and apply for those who fit the criteria with that information. If your quotes come back with a high interest rate, consider applying with a co-signer, it can improve your chances of getting a better interest rate and lower monthly payment.

How We Chose the Best Debt Consolidation Loans

To select the best debt consolidation loans we took into consideration,

  • Lenders offering low APR Rates, a variety of loan repayment terms, access to loan specialists, an online application, debt calculator, fast funding, no application fees or a low origination fee
  • J.D. Power Consumer Lending Satisfaction Study: This study measures overall customer satisfaction based on application and approval process, loan management, offerings, and terms and closing
  • Companies with customer service available through phone, chat, or email

Summary of Money’s Best Debt Consolidation Loans of 2021


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