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CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates.
Compare NerdWallet's expert picks for the best debt consolidation loans from companies like Discover, Upgrade and SoFi. Consolidate credit card and other debts for faster payoff.
Best for good to excellent credit: LightStream Personal Loan ; Best for fast funding: Upgrade Personal Loan ; Best for high balances: SoFi Personal Loan
Key Takeaways ; Discover, SoFi, and Upstart are some of our top choices for debt consolidation loan lenders. ; A debt consolidation loan merges your existing debts into one new, fixed-rate installment loan. ; Debt consolidation loans can help you manage your debt with a single monthly payment, lower interest rates, and a clear repayment timeline.
Pros & Cons ; Low starting interest rate · No prepayment fees · Less paperwork and faster approval ; Potentially high origination fee · Not available in all states · No joint applications
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.
The best debt consolidation loans for bad credit include loans from Upgrade, Universal Credit, LendingClub and Achieve. Learn more about each to find out which is the best loan company for you.
Save money and simplify your life with a lower, fixed-rate debt consolidation loan from PenFed Credit Union today.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews. If you're juggling credit card payments, it can feel tough to stay on track and get ahead. Through credit card debt consolidation, it's possible to simplify the repayment process and merge multiple payments into one, ideally with a better interest rate. You do this by taking out a new loan ...