Best Debt Consolidation Loans in November 2024

Upgrade is the newest company on our list. It’s been in business since 2016, and since then, it has managed to provide its customers with over $10 billion in loans.

The company’s co-founder and CEO, Renaud Laplanche, previously served as the CEO of LendingClub. With such an experienced person at the helm, it’s no surprise that this lending marketplace has become so successful.

Loan Requirements

The minimum requirements that you have to meet in order to acquire Upgrade’s loans are relatively lenient.

You have to be a US citizen, a permanent resident, or have a valid visa that allows you to live in the US. In some states, applicants have to be at least 19 years old, while in others the minimum age requirement is 18. 

APR, Fees, and Repayment Terms

Upgrade’s APR ranges between 9.99% and 35.99%, but the lowest rates require autopay and for a part of your loan to be paid off directly. You won’t be penalized for paying off your loan early, but you should be aware of three other fees. 

The first one is the 1.85% to 9.99% origination fee, which is a bit high compared to Upgrade’s competitors. Next up is the failed payment fee of $10, and lastly, the late payment fee of up to $10.

Upgrade offers loan terms between 24 and 84 months. It also has a low minimum loan amount of $1,000 and a high maximum loan amount of $50,000. 

Unique Features

Within a single business day, your loan could be both approved and funded. The maximum amount of time that you may have to wait is four business days, and that’s only if your bank takes a while to process the transaction.

The company’s new mobile app is available for both Android and iOS devices and is already a hit with users. They seem to appreciate the app’s intuitive and user-friendly interface. Also, new features are being added regularly.

If you have doubts about your credit score and know that a few negative notes on your credit reports might prevent you from getting good rates, you might want to think about taking advantage of Upgrade’s joint application option.

A co-applicant might help you qualify for more money and a better offer.

Customer Satisfaction

To contact the customer support representatives, you can either email them at [email protected] or call them at (844) 319-3909. During our tests, the customer support agents were courteous and knowledgeable.

Key Benefits:

• Wide range of loan amounts
• No prepayment fee
• Lenient loan requirements

Marcus Goldman started Goldman Sachs in New York in 1869. He was soon joined by his son-in-law, Samuel Sachs. In 2016, the company started offering online banking services under the name Marcus by Goldman Sachs.

Loan Requirements

You should know that to apply for a loan with this company, you need to be 19 in Alabama and 21 in Mississippi and Puerto Rico. In all other states, applicants have to be at least 18 years old.

A valid US bank account and a Social Security or Individual Tax Identification Number (TIN) are also required, along with a minimum FICO score of 720. You’ll also need a valid email address.

APR, Fees, and Repayment Terms

We can honestly say that Marcus offers some of the better offers on the market. One of the reasons for this is that its lowest estimated APR is 6.99%, while the highest one is just 24.99%. Add to that the absence of fees, and we are sold. 

With Marcus, “no fees” means exactly that. You won’t have to deal with any sign-up, late payment, or prepayment fees. However, late or missed payments may end up on your credit report as negative marks, and you might have to pay extra interest too.

When it comes to loan terms, you’ll have several options to choose from, which is especially important in this case since Marcus provides large debt consolidation loans with the minimum loan amount being slightly higher than average ($3,500).

Unique Features

Potential Marcus customers have a lot to look forward to, such as the mobile app, discounts, rewards, and due date adjustments. We’ll briefly go through them one by one.

Marcus’ mobile app is rated 4.3 on Google Play and 4.8 on the App Store. Both versions are very fast and safe, but some functionalities are only available to iOS phone users.

Customers that make on-time monthly payments for a year receive a reward in the form of a payment deferral. During the deferrals, you won’t accrue any additional interest or fees.

Lastly, Marcus allows its clients to change their due date up to three times. Note that you won’t be able to use this feature if you haven’t taken care of your previous debt obligations.

Customer Satisfaction

Marcus’ customer support team is every bit as good as its low-rate consolidation loans. The agents are available via phone from Monday to Friday between 8 a.m. and 10 p.m. and on weekends from 9 a.m. to 7 p.m. But you might not even need to contact them since many tips and answers can be found on Marcus’s extensive Help Center and informative Tools & Resources section. 

_{Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.}

Avant is an Illinois-based company. It started out as AvantCredit in 2012 with the goal of assisting middle-income consumers. The company enjoys a great deal of success by offering small to medium-sized loans to those with less-than-perfect credit histories.

Loan Requirements

According to Avant, most of its customers have a credit score that’s between 600 and 700, but our research revealed that you might be able to qualify with a score as low as 580. Of course, the better your credit score, the lower your APR will be.

APR, Fees, and Repayment Terms

Avant provides some of the better offers on today's market, thanks to its lenient requirements. However, an APR that starts at 9.95% and goes all the way up to 35.95% is a bit steep for those with a good or excellent credit score.

If you fall into one of those categories, you’ll probably get a better deal with Marcus by Goldman Sachs or Happy Money. 

The lender is very open about its additional charges, which include an administration fee, a late fee, and a dishonored payment fee. You’ll be charged up to 4.75% for the administration fee, and the late fee amount and application depend on the state. For any payment that doesn’t go through, you’ll incur a fee of $15.

Avant’s debt consolidation loans range from $2,000 to $35,000 and are accompanied by both short and long repayment terms. This allows you to tailor the loan to your specific needs. 

Unique Features

The first thing that caught our eye with Avant was the SCRA discount. This allows service members to receive interest rates that don’t exceed 6%, and as an additional perk, they won’t have to bear the cost of any late or non-sufficient funds fees during active service.

We shouldn’t forget to mention Avant’s monthly credit reporting. Most customers start to see changes to their credit score after a few months.  

Also, all Avant customers can use the company’s mobile app to manage their loans at any time and from anywhere. It can be found on both Google Play and the App Store.

Customer Satisfaction

If you aren’t able to find what you’re looking for by browsing through Avant’s blog and FAQ page, you can call or email the customer support team Monday through Friday between 7 a.m. and 10 p.m. and even on weekends from 7 a.m. to 8 p.m.

We’ve seen numerous reviews that both praise Avant’s loans and frequently commend its knowledgeable support agents. 

 Key Benefits:

• Small loan amounts
• Low credit score requirements
• Excellent customer reviews

With zero fees and useful perks, such as unemployment protection, SoFi’s offer is hard to beat. The provider may only work with people who have good or excellent credit, but if you apply with a co-borrower, you can still get good rates even if you have bad credit.

Loan Requirements

To get a loan from SoFi, you must be at least the legal age of majority in your state and be able to sign a legally binding contract. Also, note that only US citizens, permanent residents, and appropriate visa holders can apply for funding from this provider.

Additionally, applicants must be employed or have sufficient income from other sources. 

Keep in mind the lender will also evaluate your credit score, financial history, and monthly income versus your expenses when determining your eligibility. Although this information isn’t available on SoFi’s site, our estimate is that mostly good- and excellent-credit applicants get approved.

Lastly, note that SoFi’s consolidation services aren’t available to residents of the state of Mississippi. 

APR, Fees, and Repayment Terms

SoFi’s loans come with fixed annual percentage rates ranging from 7.99% to 23.43%. Note that you can get a 0.25% rate deduction if you agree to make monthly payments by automatic monthly deduction from a savings or checking account.

While not all applicants can qualify for the lowest rates, SoFi still offers some of the market’s most competitive options. 

There are also no origination costs, annual fees, or late payment charges. 

The minimum loan amount you can apply for via SoFi is $5,000, while the maximum is $100,000. As far as the repayment period goes, you can opt for a term anywhere from three to seven years. 

Unique Features

SoFi offers unemployment protection to its borrowers. If you lose your job through no fault of your own, you’ll be able to apply for this benefit, provided that your loan is in good standing at the time of making the request.

If you get approved, SoFi will temporarily pause your monthly bill while you look for another job opportunity. Note that you’ll still incur interest and have to pay it off; however, your payment history won’t be affected.

Customer Satisfaction

SoFi has a comprehensive FAQ page with detailed answers to the most commonly asked questions. If you have a question that is not already answered or you simply wish to discuss things with an agent, you can get in touch with the support team via phone, email, or Twitter. 

Customer service representatives’ working hours are from 5 a.m. until 7 p.m. Monday through Thursday and from 5 a.m. until 5 p.m. Friday through Sunday.

Key Benefits:

• No fees
• Allows co-applicants
• Unemployment protection

Launched in 2014, Best Egg is an online lender that offers personal funding solutions. Given its loose eligibility requirements and fast funding times, this financing provider’s options are considered as some of the best for fair-credit applicants who need the money fast. 

Loan Requirements

To qualify for a personal loan from Best Egg, you’ll need at least a fair credit score. According to the lender’s site, those with a FICO score above 640 are in a good position to qualify for attractive rates. 

When evaluating loan applications, Best Egg also takes prospective borrowers’ debt-to-income ratio into account. The lower your DTI, the better the chance you have of qualifying.

Applicants with a DTI below 36% are favored by the lender and have a better chance of qualifying for better rates.

Prospective borrowers also need to demonstrate that they have a source of income to be able to repay the loan. While there isn’t a minimum income requirement, according to the site, a higher income secures a lower APR.

APR, Fees, and Repayment Terms

Best Egg’s loans come with an APR of at least 5.99%. Note that not only your borrower qualifications but also the loan term you decide to go for may affect your rate. In addition to the interest rate, you’ll also be charged an origination fee of between 0.99% and 8.99% of your loan amount.

As one of the leading banks on the market, Cross River Bank, the originator of Best Egg’s funding solutions, offers loan amounts that start at $2,000 and stop at $50,000.

However, there are a few exceptions: residents of Georgia have a minimum loan amount of $3,000; Ohio and New Mexico, $5,000; and Massachusetts, $6,500. 

Bear in mind that, while you can get a second Best Egg loan, your total loan balances can’t exceed $50,000.

As far as repayment goes, Best Egg’s personal loans have a minimum term of 36 months and a maximum term of 60 months. Still, you’ll be given a chance to repay the loan early without facing any penalties. 

Unique Features

Prospective borrowers don’t need more than a few minutes to complete the application. After that, the lender takes just a few minutes to extend you an offer. 

Once your application is approved, you can expect the funds to appear in your account in as little as one business day. Still, according to Best Egg, the funding can take up to three days. 

Customer Satisfaction

No matter if you need debt consolidation or any other type of refinancing, you won’t have any problems finding your way around Best Egg’s site and exploring your funding options.

Still, should you have any questions, you can always get in touch with Best Egg’s customer support via phone, social media, or the provider’s account portal. 

There’s also a comprehensive help page with answers to commonly asked questions and useful instructions. 

Key Benefits:

• Low rates for fair-credit applicants
• No prepayment penalties
• Fast funding

LendingPoint is a Georgia-based online funding provider specializing in unsecured personal loans geared toward fair-credit consumers. To check approval odds, the lender prequalifies borrowers using soft credit checks, which don’t affect their credit score.

LendingPoint doesn’t impose penalty fees; however, in comparison with other debt consolidation lenders, the cost of its funding solutions can be quite high.

Loan Requirements

To qualify for loans offered by LendingPoint, you’ll need to be at least 18 years old and an American citizen or permanent resident (with a government-issued photo ID and a Social Security number).

Additionally, you must have a bank account in your name and a minimum annual income of $35,000 to qualify.

LendingPoint doesn’t disclose the exact credit score requirements; however, our estimate is that you’ll need a score of at least 580.

Note that the lender looks at more than just your current debt-to-income ratio when deciding whether or not to give you money, and the lender doesn’t allow co-signers.

LendingPoint provides financing solutions to consumers in 48 states and the District of Columbia. You won’t be able to use this lender's options if you live in Nevada or West Virginia. 

APR, Fees, and Repayment Terms

LendingPoint may offer some of the easiest loans to get in terms of borrower acceptance, but these easily attainable funding solutions can get expensive. Depending on your creditworthiness, you’ll face a fixed APR between 7.99% and 35.99%. 

As far as fees go, the lender doesn’t impose application costs and won’t penalize you for completing your repayment early. However, note that, depending on your state of residence, you may face an origination fee of up to 8%.

The smallest loan amount you can apply for with LendingPoint is $2,000, while the largest debt consolidation loan applicants can get is $36,500. The repayment period ranges from 24 to 72 months.

Unique Features

One of the best things about this lender is that, even if you are quoted a high APR, you’ll still be able to save on interest by repaying your loan early, as there are no prepayment penalties. 

Quick funding is another excellent feature. You’ll see if you can prequalify in just a few seconds. If you decide to proceed with the offer, loan approval takes a few hours. Finally, you won’t need to wait more than a business day for the funds to land in your account. 

Customer Satisfaction

LendingPoint has one of the better customer support systems we’ve seen. Should you have any questions about funding solutions, the provider’s support team will be there to help you. Options to get in touch include phone and email. There’s also a solid FAQ page that we suggest you explore.

Key Benefits:

• Options for low-credit applicants
• No prepayment penalties
• No application fees

Prosper is a San Francisco-based online marketplace established in 2005. It works as a peer-to-peer platform, meaning that it helps borrowers find investors willing to fund their loans. Prosper has already helped fund over $23 billion in loans to over 1,370,000 clients.

Loan Requirements

To qualify for a loan from Prosper, you need to have a credit score of at least 560. Prosper reviews your application and awards you a score that the lenders then use to decide whether or not you’re a good candidate for a loan.

Once your application is accepted, you’ll still get to choose among loan of​​fers from the lenders. 

APR, Fees, and Repayment Terms

Like many other lending platforms, Prosper charges origination fees. The fee is charged when setting up your loan and ranges from 2.41% to 5% of the loan amount. 

Another fee that you should be familiar with is a late payment fee. It can be either 5% of your monthly payment or $15, whichever is greater. 

Prosper is not flexible when it comes to repayment terms, either. There are two repayment options: three-year or five-year repayment programs. Other lenders on our list offer more diversity regarding repayment terms for loans to consolidate debts.

If you want to pay off your debts faster, Prosper would still make a great choice, while you might be better off with a different provider if you’re in need of a longer repayment term. 

Unique Features

A good thing about Prosper is that you can consolidate small debts (as little as $2,000) and get reasonable monthly rates. Unfortunately, there’s no option to apply for a loan bigger than $40,000, meaning that if you have a lot of debt on your credit cards or unpaid loans, Prosper won’t be a good fit for you. 

Customer Satisfaction

Prosper has an A+ rating on BBB and a 4.7 on Trustpilot. Clients praise the company for its easy and fast application process, fast funding, and good interest rates. Proper also has effective customer service, with agents that are polite and respond quickly. 

You can contact the support team via phone and email. They are available during business days, from 9 a.m. to 8 p.m. and 6 a.m. to 5 p.m. and on Saturdays from 9 a.m. to 5:30 p.m. and from 6 a.m. to 2:30 p.m. on Sundays.

Key Benefits:

• Fast application process
• Pre-approval
• Effective customer support 

LightStream is a subsidiary of SunTrust Bank, a reputable American financial institution. LightStream has been in business since 2013 and offers unsecured personal loans for purchases and consolidating debt. It provides digital-only services through online and mobile banking apps.

Loan Requirements

Generally, you need to have a strong credit score, regular income, and an asset that will serve as collateral if you fail to pay off your debt.

Next, you need to allow electronic records and confirm that you will sign your loan agreement with electronic signatures.

LightStream allows you to choose an individual or joint debt consolidation loan. LightStream will require a valid credit card, provided by Visa or Mastercard, and some personal information like your name, address, and Social Security number.

You’ll need to have a pretty good credit score to apply, as this provider requires applicants to have a score of at least 660 to be approved for a loan. 

APR, Fees, and Repayment Terms

The APR ranges between 8.49% and 25.99%. However, the final rate depends on your credit score, loan amount, and terms of repayment. The better your credit score is, the better interest rate you’ll get. 

For example, with a good credit score, a loan amount of $10,000, and 36 months of repayment, you can get an APR of 8.49%, making your monthly payments $315.63.

If you want to calculate your monthly payments, you can do that through the LightStream website. Type the amount you want to consolidate, and LightStream will show you several repayment options with estimated payments.

Unique Features

The rates can be even lower if you sign up for the autopay system. In this case, your payments will be 0.50 percentage points lower than with the invoicing system.

However, you need to choose an auto-payment discount during your application procedure, as this discount can’t be used afterward.

Another great thing about this provider is that each LightStream account can be managed with a mobile app. Depending on your preferred mobile device, you can download the app from the App Store or Google Play.

The app enables you to check up on your next payment, track your monthly spendings, make payments, or even apply for another financial product.

Customer Satisfaction

LightStream’s reputation speaks for itself. Existing clients say that LightStream approves debt consolidation loans quickly and funds accounts within one business day after the approval date.

This financial institution is accredited by the BBB and boasts an A+ score. 

Key Benefits:

• Fixed monthly rates
• Low APR 
• Fast funding

Happy Money (ex-Payoff) excels at making credit card debt consolidation easy and stress-free. If you have fair or good credit, which would imply that you’re qualified for a low rate with a lender, Happy Money is definitely a good choice for you. Its sole weakness is that you can only use the loans to pay off credit cards.

Loan Requirements

For Happy Money to connect you to a lender, your credit score must be at least 640, which is lower than what most companies require. Also, you can’t have any delinquencies on your credit reports, and your debt-to-income ratio must be under 50%.

APR, Fees, and Repayment Terms

Happy Money’s credit card consolidation loans are among the most affordable on the market, with an APR that starts at just 7.99% or 9.24% for loans above $15,000. Note that you’ll have to pay a one-time origination fee, too. The fee depends on the loan amount, term, and your credit quality.

You’ll be happy to know that the repayment periods are quite reasonable as well. Happy Money offers terms between two and five years.

Unique Features

Not only can you get affrodable loans, but thanks to its monthly credit reporting, your on-time payments will almost certainly boost your credit score.

The company reports your credit history to all three primary credit bureaus (Experian, Equifax, and TransUnion).

You can prequalify for a loan without worrying about the inquiry negatively impacting their credit score. That’s because Happy Money uses soft credit pulls to check the eligibility of applicants.  

Customer Satisfaction

Happy Money has Member Advocates that provide customer support. If you happen to need their assistance, you can get in touch with them Monday through Friday from 6 a.m. to 6 p.m. and Saturday and Sunday from 6 a.m. to 3 p.m.

There are three ways to contact the company: via phone, email, and live chat.

Key Benefits:

• No prepayment penalty
• Supportive customer support
• Regular reporting to major credit bureaus

LendingClub is a well-known name in the financial industry. Since 2007, it has been offering debt consolidation services to many customers with fair credit.

Loan Requirements

To be eligible for a loan with LendingClub, a customer must meet several standard requirements: be a US citizen, a permanent resident, or have a long-term visa, be no less than 18 years old; and have a confirmable bank account.

Unfortunately, residents of Iowa and US territories aren’t eligible for LendingClub's services. 

APR, Fees, and Repayment Terms

LendingClub’s APRs range between 8.30% and 36%, which is a bit higher than what some of its competitors offer. If you choose this company to be your lender, you are obliged to pay the origination fee, which ranges between 3% and 6% of the loan amount. 

The company deserves praise for its transparency because it clearly outlines the fees that are included in the APR and those that aren’t. It’s safe to say that if you choose its debt consolidation program, LendingClub will keep you informed of what’s going on with your loan at all times.

Although we weren’t able to retrieve this information from LendingClub’s website, we were able to estimate that the minimum credit score that the lender accepts is around 600.

When it comes to the repayment period, LendingClub gives you two options: if you wish to repay the loan sooner, you can do so in as little as two years. If you’d rather take your time, you can choose to repay it within five years.

The ultimate decision on the repayment term depends on whether you choose a small debt consolidation loan or a large one. That said, LendingClub’s minimum loan amount is $1,000, while $40,000 is the maximum.

Unique Features

Should you consider LendingClub, know that you won’t be disregarded for your below-average credit score.

The lender gives you the option of a joint application, which means you can add a co-signer with a better credit score and significantly improve your chances of getting low rates from designated lenders.

Customer Satisfaction

LendingClub has a Resource Center where you can find the answer to any question you have about its services, along with numerous insights into how you can improve your financial standing.

If you prefer direct input from a customer support representative, you can call them from Monday to Friday between 5 a.m. and 5 p.m. and on Saturday between 8 a.m. and 5 p.m.. 

Key Benefits:

• Transparent
• Offers joint applications
• Services available in 49 states

With almost 1,400 branches in 44 states in addition to its online presence, OneMain Financial is one of America’s largest lenders.

Not only does it offer debt consolidation, but it also provides auto loans, funding solutions for home improvements, vacation loans, and several other personal financing types. 

OneMain’s loan amounts range from $1,500 to $20,000, and the lender won’t disregard your application if you have fair or even poor credit.

In some states, the minimum loan size may be higher: $2,100 in Alabama, $3,000 in California, $3,000 in Ohio, $2,600 in Virginia, $2,000 in North Dakota, and $3,100 in Georgia, unless you are a present customer. 

Loan Requirements

Unlike some other lenders on our list, OneMain Financial doesn’t disclose any of its eligibility requirements.

Still, according to the provider’s site, the candidates should be able to meet their other financial obligations, such as mortgage and rent payments, and still afford the loan. 

There isn’t a minimum credit score threshold as the lender relies on a proprietary underwriting system that evaluates several data poin​​ts about a prospective borrower.

Consumers can get prequalified to get an idea of a loan offer without damaging their credit score. It’s also important to mention that OneMain accepts co-signers. 

APR, Fees, and Repayment Terms

OneMain Financial will charge you a fixed APR between 18.00% and 35.99%, a slightly higher rate in comparison to its competitors.

This provider charges origination fees. Depending on the state where you apply for a loan, you may be charged a flat fee ranging from $25 to $500 or a percentage-based charge anywhere between 1% and 10% of your loan amount. 

OneMain Financial also imposes late payment fees. Once again, depending on the state where you request the loan, making a late payment will cost you either $5 to $30 per item or 1.5% to 15% of the delinquent portion of your monthly payment amount.

Note that the lender may also charge you a nonsufficient-funds fee, ranging from $10 to $50 per payment returned.

If you decide to consolidate your credit card debt (or any other type of debt) with the help of OneMain Financial, you should know that this provider offers personal loans starting at $1,500 and going up to $20,000. As far as repayment options go, you can opt for a 24-, 36-, 48-, or 60-month term. 

Unique Features

Unlike most of its competitors, OneMain has a mobile app that borrowers can use to check their accounts and manage payments.

Another feature that puts OneMain among the top of the pack is that it lets its users choose their payment date when they sign a loan agreement. You can request one due date change per 12 months.

It’s also important to mention that the lender allows you to apply for funding with a co-applicant and reports payment information to the three major credit bureaus. 

Customer Satisfaction

If you have questions about applying for a personal loan or run into any issues, there are several ways to get in touch with OneMain Financial. You can reach the lender via phone, mobile app, or the contact form provided on the site. 

There’s also a comprehensive help page with detailed answers to the most commonly asked questions and educational resources.

Key Benefits:

• No credit score requirements
• Fast funding times
• Mobile app