What Is Debt Consolidation? ; At its core, debt consolidation is a strategy designed to simplify your financial life. It involves bundling multiple debts, like credit card balances, personal loans and medical bills, into a single, more manageable loan. This consolidated debt comes with a fixed interest rate and one monthly payment, making it easier to keep track of your financial obligations. Typically, debt consolidation follows a straightforward process. First, you should make a list of all of your outstanding debts. These debts can include c ...
Lender, Best for, APR, Loan amount ; PenFed, Low APR, 8.99% to 17.99%, Up to $50,000 ; Discover, Widely available low APR, 7.99% to 24.99%, $2,500 to $40,000 ; Upgrade, Best overall, 9.99% to 35.99%, $1,000 to $50,000 ; Best Egg, A secured loan, 7.99% to 35.99%, $2,000 to $50,000 ; LightStream, Low fees, 9.49% to 25.49%, $5,000 to $100,000 ; Avant, Bad credit, 9.95% to 35.99%, $2,000 to $35,000 ; Happy Money, Customer-friendly terms, 11.72% to 17.99%, $5,000 to $40,000 ; LendingClub, Using a co-signer, 6.34% to 35.89%, $1,000 to $40,000 ; Upstart, Thin credit history, 7.4% to 35.99%, $1,000 to $50,000 ; National Debt Relief, Free consultation with a debt specialist, 5.99% to 35.99%, $35,00 to $40,000
Key takeaways ; A debt consolidation loan is primarily meant to save money on interest by securing a lower APR and a shorter payoff timeline. ; Bad credit debt consolidation loans may not be as effective due to the higher interest rates. ; Improve your chances of getting a good deal by checking your credit report for errors, raising your score, shopping around and looking into secured options.
Get a 0.50% discount ; Loan amount ; Min. credit score
The overall lower interest rate is an advantage that debt consolidation loan offers to consumers. Lenders have fixed costs to process payments and repayment can spread out over a larger...
The Best Debt Business Consolidation Loans Make Repayment Easier. It’s easy for a small business to get into multiple forms of debt. Maybe you took out a loan to get your business up and running, opened a business credit card to help you stock up on inventory and opened up a line of credit to help you buy new equipment. Being in debt to multiple lenders at once can be confusing and complicated, especially when dealing with varying business loan interest rates and fluctuating payments. ...
In this Guide: ; What Is a Debt Consolidation Loan? ; How To Get a Debt Consolidation Loan in 8 Steps ; Pros and Cons of Debt Consolidation Loans
Bad credit can be debilitating—and when you’re looking for options to get out of debt, it’s hard to find lenders that can help. A debt consolidation loan can simplify your finances, but qualifying for this type of loan can be tricky. If you’re in this situation, you need to know what you can do and where to go for help. There are some moves you can make to put yourself in a better position for getting that loan. You might be wondering what exactly is considered a “bad” credit score a...
SoFi ; APRs : 8.99% to 25.03%*, Loan amount : $5,000 to $100,000, Minimum credit score : 680
Published April 09, 2024 ; Written by Heidi Rivera and Kellye Guinan ; Edited by Pippin Wilbers ; Reviewed by Erin Lowry