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Best Debt Consolidation Loans: 2022 Picks

Written By
Julija A.
Updated
November 17,2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Debt payments can pile up like clothes in a laundry basket, but unlike dirty shirts and pants, you can’t get rid of them by pressing a few buttons on a machine. Of course, nothing is ever quite as bleak as it may seem, so don’t throw in the towel just yet. Instead, take a look at our suggestions for the best debt consolidation loans, choose one, and get your finances back on track.

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Best for: Fast funding

Upgrade

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Upgrade Logo
OVERVIEW

Despite being only several years old, Upgrade has already proven itself as a reliable lender. The company has provided over 15 million people with credit cards and debt consolidation loans, as well as loans for major purchases and home improvement. Read Review

  • Fast funding
  • Highly-rated mobile app
  • Co-signed loans
Check Rate
On Official Website
APR:
7.96%-35.97%
Minimum credit score requirement:
560
Term:
24-84 months
Minimum loan amount:
$1,000
Maximum loan amount:
$50,000
BBB rating:
A+
Best for: Overall service quality

Marcus by Goldman Sachs®

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Marcus by Goldman Sachs® Logo
OVERVIEW

Marcus is an online-only set of bank products operated by one of the largest investment banking enterprises in the world, Goldman Sachs. Due to its considerable experience and use of modern technology, customers are guaranteed top-notch financial services, including fixed-rate debt consolidation loans with absolutely no hidden fees. Read Review

  • Fixed-rate loans
  • No fees
  • On-time payment rewards
Check Rate
On Official Website
APR:
6.99%-24.99%
Minimum credit score requirement:
720
Term:
36-72 months
Minimum loan amount:
$3,500
Maximum loan amount:
$40,000
BBB rating:
A+
Best for: Borrowers with lower credit scores

Avant

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Avant Logo
OVERVIEW

Avant-branded credit products are issued by WebBank, an FDIC-insured, state-chartered industrial bank. This online lender’s main purpose is to assist middle-income consumers with imperfect credit histories. The company also takes special care of active-duty service members. They are entitled to the most affordable debt consolidation loans that Avant has to offer. Read Review

  • Loan refinancing
  • No prepayment penalties
  • SCRA benefits
Check Rate
On Bankrate Website
APR:
9.95%-35.95%
Minimum credit score requirement:
580
Term:
12-60 months
Minimum loan amount:
$2,000
Maximum loan amount:
$35,000
BBB rating:
A
Best for: Large loan amounts

SoFi

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

SoFi Logo
OVERVIEW

SoFi, which stands for “Social Finance,” gives out personal loans of up to $100,000 for things like credit card consolidation, home improvements, and more. The lender operates nationwide and is known for offering loans with no fees. In addition to providing personal loans to pay off credit card debt, SoFi also offers home loans, student loans, student loan refinancing, and small-business financing. Read Review

  • No origination, annual, or late fees
  • Prequalification won’t damage your score
  • Automatic payments
Check Rate
On Bankrate Website
APR:
7.99%-23.43%
Minimum credit score requirement:
No requirement (preferably 700)
Term:
36-84 months
Minimum loan amount:
$5,000
Maximum loan amount:
$100,000
BBB rating:
A+
Best for: Fair-credit applicants

Best Egg

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Best Egg Logo
OVERVIEW

Best Egg is an online lender that has been around since 2014 and is run by Marlette Funding, a financial services company. It offers average rates on debt consolidation loans to people with good and fair credit. The whole process from application to funding can be completed in just a few business days, and the lender doesn’t penalize early loan repayments. Read Review

  • Multiple loans available
  • Prequalification available
  • Fees and rates are clearly disclosed
Check Rate
On Bankrate Website
APR:
From 5.99%
Minimum Credit Score Requirement:
640
Term:
36-60 months
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$50,000
BBB rating:
A+
Best for: Fast approvals

LendingPoint

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LendingPoint Logo
OVERVIEW

No matter if your FICO score is in excellent shape or a little damaged, you’ll be able to qualify for a debt consolidation loan option at LendingPoint. This provider has an easy qualification process and more often than not provides a solid loan amount; however, its solutions can get a little expensive. Read Review

  • No prepayment fees
  • Fast funding times
  • Soft credit inquiry with prequalification
Check Rate
On Bankrate Website
APR:
7.99%-35.99%
Minimum credit score requirement:
580
Term:
24-72 months
Minimum loan amount:
$2,000
Maximum loan amount:
$36,500
BBB rating:
A
Best for: Loan consolidation marketplace

Prosper

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Prosper Logo
OVERVIEW

Founded in 2005, Prosper is a peer-to-peer marketplace that helps borrowers who need personal or debt consolidation loans connect with investors. Prosper’s main benefits are a quick and easy application process, quick funding, and affordable monthly rates. On the other hand, you’ll need to have a good credit score to get affordable monthly rates. Read Review

  • Phone support
  • Fixed-rate loans
  • Soft credit inquiry with pre-qualification
Check Rate
On Bankrate Website
APR:
6.99%-35.99%
Minimum credit score requirement:
560
Term:
36-60 months
Minimum loan amount:
$2,000
Maximum loan amount:
$40,000
BBB rating:
A+
Best for: Low monthly payments

LightStream

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LightStream Logo
OVERVIEW

LightStream has been in business since 2013, and it offers different kinds of personal loans, such as debt consolidation loans. People with good to excellent credit who want to consolidate debts between $5,000 and $100,000 should look into this provider. The repayment terms and rates depend on several factors, including a person’s loan amount and credit score. Read Review

  • Low loan rates
  • Joint accounts
  • Automated payments
Check Rate
On Bankrate Website
APR:
6.99%-21.99%
Minimum credit score requirement:
660
Term:
24-144 months (depending on the loan amount)
Minimum loan amount:
$5,000
Maximum loan amount:
$100,000
BBB rating:
A+
Best for: Consolidating credit card debt

Happy Money

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Happy Money Logo
OVERVIEW

Happy Money (formerly Payoff) offers highly affordable loans through its lending platform. This California-based company reports your payment history to all three primary credit bureaus, and if you’re diligent about making your monthly credit card consolidation loan payments on time, you’ll almost certainly see a notable credit score improvement. Read Review

  • Reports payments to credit bureaus
  • Low loan rates
  • Soft credit inquiry prequalification
Check Rate
On Bankrate Website
APR:
7.99%-29.99%
Minimum credit score requirement:
640
Term:
From 24-60 months
Minimum loan amount:
$5,000
Maximum loan amount:
$40,000
BBB rating:
A+
Best for: Low loan amounts

Credible

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Credible Logo
OVERVIEW

Credible is a well-known online loan marketplace that has been around since 2012. It helps its customers find debt consolidation and other loans from multiple lenders. Credible reviews and updates its network of lenders to give borrowers with different credit scores plenty of options to choose from. Lastly, their website has a loan calculator that helps people who want to borrow money figure out how much they will save. Read Review

  • Almost twenty lenders on offer
  • Savings calculator
  • A wide range of loan amounts
Check Rate
On Official Website
APR:
5.40%-35.99%
Minimum credit score requirement:
700
Term:
24-84 months
Minimum loan amount:
$600
Maximum loan amount:
$100,000
BBB rating:
A+
Best for: Direct payments to creditors

LendingClub

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

LendingClub Logo
OVERVIEW

Since its founding in 2007, LendingClub has assisted millions of people with acquiring loans. It’s known for its simple and fast application process, and innovative solutions. Perhaps the most memorable thing about the company is that it’ll send your debt consolidation loan proceeds directly to your creditors. Read Review

  • Direct payments to creditors
  • Easy application process
  • Automatic payments
Check Rate
On Bankrate Website
APR:
8.30%-36%
Minimum credit score requirement:
600
Term:
24-60 months
Minimum loan amount:
$1,000
Maximum loan amount:
$40,000
BBB rating:
A
Best for: Mobile app

OneMain Financial

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

OneMain Financial Logo
OVERVIEW

OneMain Financial is one of the largest lending companies in the US. It has been in business since 1912. In addition to offering debt consolidation loans for people with poor credit, the lender provides several types of secured and unsecured funding solutions. The financial company has almost 1,500 brick-and-mortar locations in 44 states. Read Review

  • Get prequalified with a soft credit check
  • Options for bad-credit applicants
  • Lets you choose your payment date
Check Rate
On Bankrate Website
APR:
18.00%-35.99%
Minimum credit score requirement:
N/A
Term:
24-60 months
Minimum loan amount:
$1,500
Maximum loan amount:
$20,000
BBB rating:
A+
Evaluation Criteria

Our Methodology for Reviewing Debt Consolidation Loans

Applying for a personal loan may seem like a pretty straightforward process: you find the loan with the lowest interest rate and apply for it. This is a good approach to a certain extent because the loan rate is one of the key factors you need to consider.

However, to choose the very best debt consolidation loan, you need to look at a few more details. To spare you the trouble, we’ve done the research for you, and here are the rating criteria we used.

Loan Requirements

Before evaluating APRs, we check the requirements you have to fulfill in order to receive your loan. Firstly, you have to be 18 or older as well as a US resident. If you meet these requirements, the lenders will proceed to look at your credit score eligibility, credit history, and debt-to-income ratio

To get the most budget-friendly debt consolidation loan rates, you’ll usually need a good or excellent credit score. Although scoring scales tend to differ, the majority of lenders consider any number that’s 660 or above to be good.

However, having a score that’s lower than that doesn’t mean you’ll be disqualified immediately. 

On our list, you’ll find several lenders and P2P platforms that accept borrowers with fair and even poor credit scores.

A person’s credit history is another important factor that lenders look at. They need to know that you’ve been financially responsible in the past. But we’re aware of the fact that slip-ups happen, and we make sure that the debt consolidation loan companies we examine aren’t too strict when it comes to the number of negative marks on your credit reports.

Lastly, lenders like to see a debt-to-income ratio of 36% or less. You can figure out your debt-to-income ratio by dividing your monthly debt payments by your gross monthly income.

Not all companies we look at disclose this information on their websites, but some do reveal the annual income they require from their borrowers.  

Of course, certain lenders have a few extra conditions that play a part in our evaluation process, but the ones we’ve listed are of the utmost importance to credit consolidation loan providers.

Annual Percentage Rate and Fees

Debt consolidation should make your life easier, not make your financial situation worse. That’s why we focus on finding the lowest APRs on the market. As opposed to the interest rate, the APR doesn’t just tell you the annual interest charges; it also includes the fees and other costs that come with your loan. 

Since it provides a lot more information, the APR is what we look at when comparing loans. Note that some lenders charge non-sufficient funds, late payment, and early payment fees that aren’t reflected in the APR.

Repayment Terms

No one likes owing money, so it’s understandable why the majority of people consider the most attractive debt consolidation loan option to be the one with the shortest term.

Although you should definitely strive to free yourself from debt as soon as possible, you need to take into account the cost of the monthly payments. Not everyone can afford high loan rates for the sake of getting rid of their debt quickly. 

So, it’s up to you to look carefully at your budget and choose the option that works best for you. In order to help you with that, our list includes several companies that offer a wide selection of loan terms. 

Unique Features

Often, the top-rated debt consolidation companies offer unique benefits to their customers, such as same-day funding, discounts, or credit bureau reporting. Even though these aren’t crucial for picking loans, they can be quite helpful when it comes to deciding between two similar lenders.

Customer Satisfaction

The last thing we analyze are the efforts companies exert to maintain good relationships with their customers. After all, it can be extremely aggravating to have an important question and be forced to wait hours for someone to answer it or give you incorrect information.

The leading debt consolidation companies are usually very attentive to their clients. So, you should expect polite agents who are well-informed about all loan-related matters. The agents have reasonably long working hours.

Quick Breakdown

12 Debt Consolidation Loans for 2022:

  • Upgrade - Best for fast funding
  • Marcus by Goldman Sachs® - Best overall
  • Avant - Best for borrowers with lower credit scores
  • SoFi - Best for large loan amounts
  • Best Egg - Best for fair-credit applicants
  • LendingPoint - Best for fast approvals
  • Lightstream - Best for low monthly payments
  • Prosper - Best loan consolidation marketplace
  • Happy Money - Best for consolidating credit card debt
  • Credible – Best for low loan amounts

  • LendingClub - Best for direct payments to creditors
  • OneMain Financial - Best mobile app

Detailed Reviews of Debt Consolidation Companies

Upgrade Review

Overview
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
7.96%-35.97%
Term:
24-84 months
Minimum Loan Amount:
$1,000
Maximum Loan Amount:
$50,000

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 fixed-rate personal loans for debt consolidation 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 7.96% and 35.97%, but the lowest loan rates require autopay and for a part of your loan to be paid off directly. You won’t be penalized for paying off your debt consolidation personal loan early, but you should be aware of three other fees. 

The first one is the 1.85% to 8.99% 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

Fast debt consolidation loans are Upgrade’s specialty. 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 personal loans for debt consolidation, 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 better debt consolidation loan rates.

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. The many customer reviews we’ve read indicate that our experience wasn’t an exception.

Key Benefits:

  • Wide range of loan amounts
  • No prepayment fee
  • Lenient loan requirements
+ Show more
Read Full Review

Marcus by Goldman Sachs® Review

Overview
5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
6.99%-24.99%
Term:
From 36-72 months
Minimum Loan Amount:
$3,500
Maximum Loan Amount:
$40,000

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. Its low-interest consolidation loans and no-fee policy give it an indisputable edge over its competitors.

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 low-interest personal loans for debt consolidation 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.

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Avant Review

Overview
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
9.95%-35.95%
Term:
12-60 months
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$35,000

Avant is a great Illinois-based debt consolidation loan 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 debt consolidation loans for bad credit 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 small 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 personal loans for debt consolidation 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 online 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
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SoFi Review

Overview
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
7.99%-23.43%
Term:
36-84 months
Minimum Loan Amount:
$5,000
Maximum Loan Amount:
$100,000

With zero fees and useful perks, such as unemployment protection, SoFi’s unsecured personal loans for debt consolidation are 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 personal loan for debt consolidation 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 vs. 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 credit card loan consolidation services aren’t available to residents of the state of Mississippi. 

APR, Fees, and Repayment Terms

SoFi’s personal 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. 

Another reason SoFi is considered one of the best credit card consolidation companies is its no-fee policy. There are 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 debt consolidation 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 debt consolidation loans with an agent, you can get in touch with the lender 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
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Best Egg Review

Overview
3.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
From 5.99%
Term:
36-60 months
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$50,000

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 for their debt consolidation loans.

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 for debt consolidation loans, 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

Online debt consolidation reviews praise this provider’s straightforward online application and fast funding times. 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 for your credit card debt 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
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LendingPoint Review

Overview
3.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
7.99%-35.99%
Term:
24-72 months
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$36,500

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 for bad-credit applicants, the cost of its funding solutions can be quite high.

Loan Requirements

To qualify for debt consolidation solutions 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 for those on the hunt for the best credit card consolidation loans; 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 debt consolidation 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 funding provider 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
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Prosper Review

Overview
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
6.99%-35.99%
Term:
36-60 months
Minimum Loan Amount:
$2,000
Maximum Loan Amount:
$40,000

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.

Among unsecured debt consolidation loans, the platform offers individual or joint personal loans. There are also loan options for health care financing and home equity loans. 

Loan Requirements

To qualify for a debt consolidation 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

If you apply for loans to consolidate debt through Prosper, you should keep in mind that there will be additional fees. 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 this debt consolidation 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 

 

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Lightstream Review

Overview
5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
6.99%-21.99%
Term:
24-144 months
Minimum Loan Amount:
$5,000
Maximum Loan Amount:
$100,000

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.

LightStream made it to our list of consolidation loans because of its low APR offer for consumers with good credit scores. 

Loan Requirements

If you think about applying at LightStream, first make sure you fulfill the provider’s 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. Whether you are applying for a credit card or 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 for a loan with LightStream, as this provider requires applicants to have a score of at least 660 to be approved for a loan. 

APR, Fees, and Repayment Terms

LightStream offers some of the lowest-interest debt consolidation loans, with an APR that ranges between 6.99% and 21.99%. 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 6.99%, making your monthly payments $309, while a more gradual repayment approach over 72 months leaves you with $188 monthly installments.

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

Low-interest loan consolidation 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

Not all debt consolidation organizations have satisfied clients, but 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
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Happy Money Review

Overview
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
7.99%-29.99%
Term:
From 24 to 60 months
Minimum Loan Amount:
$5,000
Maximum Loan Amount:
$40,000

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 some of the foremost debt consolidation loans for fair credit through Happy Money, 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).

Those who are considering a low-rate debt consolidation loan through Happy Money can prequalify for one 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 this debt consolidation company: via phone, email, and live chat.

Key Benefits:

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

Overview
4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
5.40%-35.99%
Term:
24-84 months
Minimum Loan Amount:
$600
Maximum Loan Amount:
$100,000

Credible is an online loan marketplace that has been helping people find the best debt consolidation and other types of loans from multiple lenders since 2012.

A wide loan range, starting at $600 and going up to $100,000, plus loan repayment terms starting at 24 months, rank Credible among the top debt consolidation companies on the market. According to online ratings, past and existing clients keep the marketplace in high regard. 

Loan Requirements

Credible lets you compare offers from different lenders, each of which sets its own eligibility rules. Thus, the best way to learn whether you are eligible for a debt consolidation loan is to fill out a form on the Credible website.

The process is simple and lasts a few minutes. You'll receive prequalified rates from lenders you qualify for immediately. 

APR, Fees, and Repayment Terms

APR rates for debt consolidation programs vary from one lender to another, so you should compare them thoroughly to find out which works best for you.

What’s certain, though, is that the lowest APR you can find on the Credible website is 5.40%, while the highest is 35.99%. The APR depends on various parameters, including the loan amount and credit score. 

You may need to pay an origination fee to get the best personal loan for credit card consolidation through this platform, but that depends on the lender. While some providers don’t charge an origination fee, others may charge as much as 8% of the loan amount. 

As for repayment terms with Credible, those range from 24 to 84 months. 

Unique Features

The personal loan savings calculator on Credible makes it easy to figure out how much money you could save with the best debt consolidation loans.

Once you get offers from lenders, enter parameters such as loan amount, loan term, and interest rate to calculate how much you’ll save in total interest compared to the loans you’re currently paying. 

Moreover, you can quickly scan any available lender’s APR and loan term through a user-friendly table. To do so, set the loan amount, estimated credit score, and APR filters, and you’ll be able to compare different options.

You will also find other related information about personal loans for debt consolidation, such as how long it takes to get the money, whether extra fees are involved, and if co-signers are allowed. 

Customer Satisfaction

Credible has a reliable customer support team that clients consistently laud. You can contact them via email, live chat, or phone if you have any queries or concerns, and the agents will be happy to assist you.

Credible’s website also has an extensive FAQ section where you can find various information regarding your loans. But if you’d like to speak to an actual person when taking a loan to consolidate debt, feel free to call 866-540-6005. If you’re more of an email kind of person, write to [email protected]

Key Benefits:

  • Various lenders to compare
  • Straightforward application procedure
  • A wide range of loan amounts and terms
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LendingClub Review

Overview
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
8.30%-36%
Term:
24-60 months
Minimum Loan Amount:
$1,000
Maximum Loan Amount:
$40,000

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. The company mastered the art of quick and painless debt consolidation by providing direct payments to creditors.

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 looking for debt consolidation companies aren’t eligible for LendingClub 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 programs, 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 consolidation loan 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
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OneMain Financial Review

Overview
4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

APR:
18.00%-35.99%
Term:
24-60 months
Minimum Loan Amount:
$1,500
Maximum Loan Amount:
$20,000

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

Not only does it offer some of the best debt consolidation loans you can find on the market, 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 best candidates for its lowest-interest debt consolidation loan 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.

Even though it offers top-rated consolidation loans for bad credit, 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 highest-rated loan consolidation companies 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. To learn more about getting a personal loan to pay off debt, you can ask your questions via phone, mobile app, or the contact form provided on the lender’s 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
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A Guide to Debt Consolidation Loans

Working to get out of debt can cause a lot of stress and anxiety, especially when you’re not sure where to start. Taking a look at a few debt consolidation options might be a good idea, especially if keeping track of several debt obligations is becoming too much for you.

Our short guide is here to help you decide if this is the right move for you.

What Is Debt Consolidation?

Let’s begin by clarifying exactly what debt consolidation means. To consolidate debt is to take out a loan that you can use to pay off all of your existing smaller debts. The point is to have a single monthly payment that you can easily keep track of and to lower the total debt amount.

Your debt consolidation loans of choice should come with a relatively reasonable APR, so that the total sum of your previous debts ends up being lower than the overall cost of your new loan.

That’s why we recommend that you carefully inspect your finances, shop around, and not settle for the very first lender that seems decent.

How Does Debt Consolidation Work?

When picking out loans intended for debt consolidation, you’ll usually be presented with two types: the first one involves the lender paying your creditors directly, while the second type relies on you using your loan proceeds to take care of your debts yourself. 

It’s hard to say which of these two is the best debt consolidation tactic since the final outcome is the same. Although it can be somewhat faster and easier to just let someone else deal with your creditors for a change.

Is Debt Consolidation a Good Idea?

Whether debt consolidation is a good idea or not depends solely on your financial situation and the loans for which you are eligible. Those able to pay less, in the long run, should definitely consider this option.

If you’re the kind of person who is diligent about making all of their payments on time, you could benefit from consolidating your debt since some debt consolidation companies offer credit reporting.

That’s not to say that there aren’t any downsides to this debt relief method, one of which is usually a longer repayment period. But once you’ve weighed all the pros and cons, it’s often the best solution available. 

Debt Consolidation Alternatives

If you’re uncertain whether debt consolidation is right for you, there are a few things that you can try instead. 

We sometimes overlook the easiest solutions because they seem too simple to work. One such option is to create a strict budget and repayment strategy. You’d be surprised how much of a difference a little discipline can make.

Another alternative to getting a loan for debt consolidation is debt settlement, which is essentially attempting to persuade your creditors to accept a single reduced payment and forgive the rest. People usually hire debt settlement companies to do this on their behalf. 

The last suggestion we have is for you to consider getting a balance transfer card, ideally one with 0% APR. These are available through promotional offers. In order to take full advantage of this card, you need to pay off your entire debt during the time period during which your interest isn’t compounded.

Lender

APR

Repayment term

Loan amount

Best for

Happy Money

7.99%-29.99%

24-60 months

$5,000-$40,000

Consolidating credit card debt 

Upgrade

7.46%-35.97%

24-84 months

$1,000-$50,000

Fast funding

Avant

9.95%-35.95%

12-60 months

$2,000-$35,000

Borrowers with lower credit scores

SoFi

7.99%-23.43%

36-84 months

$5,000-$100,000

Large loan amounts

Best Egg

From 5.99%

36-60 months

$2,000-$50,000

Fair-credit applicants

LendingPoint

7.99%-35.99%

24-72 months

$2,000-$36,500

Fast approvals

Marcus by Goldman Sachs®

6.99%-24.99% 

36-72 months

$3,500-$40,000

Best overall

LendingClub

8.30%-36%

24-60 months

$1,000-$40,000

Direct payments to creditors

OneMain Financial

18.00%-35.99%

24-60 months

$1,500-$20,000

Mobile app

LightStream

6.99%-21.99%

24-144 months 

$5,000-$100,000

Lowest monthly payments 

Prosper 

6.99%-35.99%

36-60 months 

$2,000-$40,000

Loan consolidation marketplace 

Credible

5.73%-35.99%

24-84 months

$600-$100,000

Low loan amounts

FAQ

What is the smartest way to consolidate debt?

+

The smartest way to consolidate debt is to find the best interest rate on a debt consolidation loan that also comes with favorable terms. Alternatively, you could get a balance transfer credit card or try settling your debt.

Do consolidation loans hurt your credit score?

+

Consolidating your debt can temporarily hurt your credit score. However, a growing number of loan companies are offering bureau reporting, which means that if you keep repaying your loan responsibly, that information becomes part of your credit reports and eventually leads to a credit score boost.

Who offers the best debt consolidation loans?

+

Marcus by Goldman Sachs offers some of the best debt consolidation loans. It’s hard to find a better deal than its low APR, flexible loan terms, and wide range of unique features.