How to Find the Best Debt Consolidation Loans

A debt consolidation loan can help you manage your debts in a better way. It should offer a low interest rate, a loan amount that matches your needs, an affordable repayment term, and low or no fees. We’ve chosen the top lenders in this category based on their APR, loan amounts, fees, and credit requirements.

SoFi

SoFi offers competitive debt consolidation loans with low interest rates and flexible terms. Customers with better credit scores may be eligible for discounts and same-day funding. The company’s debt consolidation loans are available to anyone with a credit score in the high 600s or higher. These loans help customers improve their money management skills and credit scores. The company’s clients rate SoFi highly.

SoFi debt consolidation loans have several features that make them a good option for borrowers with multiple debt accounts. They offer a range of loan amounts from $5,000 to $100,000. However, loans over $20,000 may require additional underwriting. WalletHub offers a pre-qualification tool to help borrowers compare rates.

One of the best features of a SoFi debt consolidation loan is that it has no prepayment penalties. Customers can extend their loan terms as long as seven years. Although this can result in higher interest payments, it can save them money in the long run. Moreover, the company also offers flexible payment terms.

Upgrade

When you apply for debt consolidation loans with Upgrade, you can expect a low interest rate and flexible terms. Their customer service representatives are available by phone and email during business hours, Monday through Friday, 5:00 a.m. to 7:00 p.m. PST, and on Saturday and Sunday from 5:00 a.m. to 6:00 p.m. PST. They also offer a customer portal that lets you manage your account. From there, you can update your contact and banking information, track your progress, and sign up for automatic payments or one-time payments.

Although the company focuses on unsecured personal loans, it also offers secured personal loans and auto loans. In addition, it offers rewards checking accounts and credit cards. Personal loans from Upgrade are available in nearly every state, except for Washington, D.C. The company’s lending policies prevent its loans from being used for gambling, investing, or college expenses. Moreover, you will not face a prepayment penalty if you fail to make your payments on time.

When choosing a debt consolidation loan, consider all of your options carefully. For example, if you have a low credit score, consider an autopay option. You can set the due date to fit your budget. You can also choose the duration of your payments.

LightStream

LightStream offers debt consolidation loans at competitive rates. The lender’s rates depend on the amount of money you need, the term of the loan, and your credit score. They also plant a tree for every loan they make, and are committed to helping protect forests worldwide. If you find a better rate with a competing lender, LightStream will match it.

LightStream debt consolidation loans are ideal for people who want to simplify their monthly payments. They also provide a fixed payment plan and lower interest rates than many credit card companies. These loans are available for people with good to excellent credit and a stable income. To apply, you simply fill out the online application form. If you qualify, the funds can be available the same day.

LightStream is a bank-owned company that provides same-day funding. This means that if you apply for funding before the end of the business day, your funds will be available the same day. Once approved, you have 30 days to transfer the funds to your account. LightStream has earned the highest customer satisfaction rating among personal loan lenders.

Upstart

Upstart debt consolidation loans may be an appealing option for those in need of debt relief. These loans come with low interest rates and allow borrowers to make only two payments each month. Upstart also offers loans in all 50 states and offers two different repayment terms. However, you must be aware of some restrictions and costs.

First of all, applicants must have a minimum of a 300 credit score. They also must have a personal bank account with a routing number. Additionally, applicants must be at least 18 years old and a legal resident of one of the 50 U.S. states. Members of the military are exempt from this requirement.

When applying for an Upstart debt consolidation loan, applicants must provide information about their income, credit score, and purpose of borrowing money. The company will then look at a variety of factors, including the applicant’s ability to repay the loan, their education level, and their earning potential. Upstart does not offer a mobile app, so you must go online to submit your application.