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...
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit score services to help you make smart decisions with your money. Debt management is a way to get your debt under control through financial planning and budgeting. The goal of a debt management plan is to lower your current debt and move toward eliminating it. Effective debt management can prevent la ...
Best for good to excellent credit: LightStream Personal Loan ; Best for fast funding: Upgrade Personal Loan ; Best for high balances: SoFi Personal Loan
11 best debt consolidation loans ; Best overall: Discover · Best for recent college graduates: Upstart · Best for bad credit: OneMain Financial · Best for coapplicants: Achieve · Best for low monthly payments: LightStream · Best for comparing lenders: MoneyLion · Best for customer service: Best Egg · Best for smaller loan amounts: PenFed Credit Union · Best for member perks: SoFi · Best for line of credit: Tally · Best for a HELOC: U.S. Bank
, Credit cards, Debt consolidation loan ; APR, 23%., 15%. ; Monthly payment, $300., $278. ; Payoff period, 4.5 years., 4 years. ; Interest paid, $6,200., $3,359.
How to get out of debt ; Consolidate your debt · Focus on high-interest debt · Start with the small balances · Pay more than the minimum payment · Consider debt relief · Bottom line
Money’s Main Takeaways ; If you qualify for a favorable interest rate, make your loan payments on time and don’t accrue any more bad debt in the process, debt consolidation loans can be an effective way to pay off high interest debt. The best debt consolidation loans offer pre qualification, online approval, flexible terms, competitive interest rates — and don’t have fees or prepayment penalties. This type of loan is often used to consolidate high interest credit card debt for a lower ra...
In this Guide: What Is a Debt Consolidation Loan? · How To Get a Debt Consolidation Loan · Applying For a Debt Consolidation Loan · Pros and Cons of Debt Consolidation Loans · Is a Debt Consolidation Loan Right for You? · The Bottom Line: Qualifying for a Debt Consolidation Loan · FAQs
What is a debt consolidation loan? ; Debt consolidation loans let you merge your debts by lending you a lump sum of money that pays off everything you owe to all your existing lenders. This means you’ll be left with just one monthly repayment to a single loan provider. Debt consolidation loans can be used to pay off credit cards, store cards, overdrafts, buy-now-pay-later debt, and other personal loans. The goal of a consolidation loan is to simplify your repayments, as well as hopefully reduc...
SoFi ; APRs : 8.99% to 25.03%*, Loan amount : $5,000 to $100,000, Minimum credit score : 680