We researched the loan industry and found eight strong lenders that offer debt consolidation loans. These providers can help you lower your interest rate, your monthly payments or both — and leave you with just one monthly payment. To determine our star ratings for each lender, we focused on four key categories: affordability, loan features, customer experience and customer reputation. In our reviews, we considered factors including rates, repayment terms, discounts and minimum and maximum loa...
CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates.
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 ...
Debt consolidation can simplify your debt payoff efforts and save you interest. But can it hurt your credit score? Learn more.
Best for good to excellent credit: LightStream Personal Loan ; Best for fast funding: Upgrade Personal Loan ; Best for high balances: SoFi Personal Loan
You may be able to get approved for a debt consolidation loan with bad credit, but not without drawbacks. Here are some things you need to know.
Learn how to get a debt consolidation loan with bad credit, if you should use an online lender, credit union or bank, and alternative ways to pay off debt.
Key takeaways ; The benefits of debt consolidation include saving money on interest, paying off debt more quickly and streamlining your finances. ; There are many options to consolidate debt, including balance transfer credit cards, home equity loans, debt consolidation loans and peer-to-peer loans. ; To choose the best debt consolidation strategy, assess your credit score and the types of debts you have, along with their balances and interest rates.
Consolidating credit card debt could simplify your monthly payments and help you save money on interest. We explain some common consolidation methods.
Compare the best debt consolidation loans for low payments, joint applicants and even bad credit borrowers with high-interest debts.