Debt consolidation loans can be a game-changer for people juggling multiple loans, credit cards, or high-interest debt. By merging multiple loans into a single loan, you can get lower interest rates and simplify your payments into one monthly bill. If you like this idea, finding top-rated debt consolidation loan providers is crucial.
Fortunately, we have some good recommendations for debt consolidation loan lenders to help you with your finances. Let’s check out the explanation.
Top 6 Debt Consolidation Loan Providers
Our top picks for the best debt consolidation lenders this year are compiled in the following list. Help yourself find one!
1. Upgrade
As one of the top-rated debt consolidation loan providers, Upgrade is friendly for borrowers with bad credit scores. The lender offers flexible requirements and features like joint loans, autopay discounts, credit monitoring, and mobile apps. This company generally received positive feedback from customers.
Pros and Con
This provider has some advantages and disadvantages, as follows.
| Pro | Con |
| Flexible requirements Direct payment to creditors Secured and joint loans | High APR Expensive origination fee |
Who It’s For
Upgrade is ideal for less creditworthy individuals or those looking for small loans. Additionally, the provider allows combined loans to help clients qualify for a larger loan with a better interest rate.
For further info, here’s a breakdown of Upgrade.
- Minimum credit score: 580
- Maximum debt-to-income ratio: 75%
- APR (Annual Percentage Rate): 9.99% to 35.99%
- Loan amount: $1,000–$50,000
- Terms length: 2 to 7 years
- Origination fee: 1.85% to 9.99%
2. LightStream
LightStream is the best support for borrowers with good-to-excellent credits. The provider offers generous loans with beneficial features, like autopay discount, low starting APR, and rate beat program. As a result, it can help you save more money.
Pros and Cons
LightStream offers both benefits and drawbacks. Here’s a closer look.
| Pro | Con |
| Low APR rates Fast approval and funding No Additional Fee Long repayment terms | High minimum loan amount No pre-qualification available Must have good-to-excellent credits |
Who It’s For?
LightStream is suitable for borrowers with strong credit who wish to get loans with lower rates and long-term repayment.
These are the primary terms set forth by this provider.
- Minimum credit score: 660
- APR (Annual Percentage Rate): 7.99% to 25.29%
- Loan amount: $5,000–$100,000
- Terms length: 2 to 7 years
3. Happy Money
Happy Money is often listed as one of the top-rated debt consolidation loan providers. Focused only on credit card debt consolidation, this lender can assist you in paying off your debt efficiently.
Pros and Cons
Let’s go over its advantages and disadvantages for better consideration.
| Pro | Con |
| Low maximum APR Prequalification available Fast approval Payment protection | High minimum APR No joint loan Origination fee Good credit requirement |
Who It’s For?
Happy Money is the best if you want to focus on paying off your debt. The Payoff feature helps you stay motivated, allowing you to track your progress and see your credit card report.
Below are the detailed terms of this lender.
- Minimum credit score: 640
- Maximum debt-to-income ratio: 55%
- APR (Annual Percentage Rate): 11.72% to 17.99%
- Loan amount: $5,000–$40,000
- Terms length: 2 to 5 years
- Origination fee: up to 7%
4. SoFi
SoFi, or Social Finance, is considered one of the top-rated debt consolidation loan providers due to its excellent customer support. The company lets you process funding in one day. On top of that, this lender offers a variety of discounts to assist you save money.
Pros and Cons
With SoFI, there are some perks and pitfalls. Here’s the overview.
| Pro | Con |
| Multiple discounts Same-day approval available Prequalification without a hard inquiry Joint loans Mobile apps Hardship assistance | High minimum loan amount The origination fee for a lower rate High credit requirement |
Who It’s For?
SoFi is best for borrowers with good-to-excellent credit who want to process the loan faster. Moreover, the provider allows you to manage your loan efficiently through mobile apps. Furthermore, this lender could provide support in case you lose your job and ability to pay the bills.
For further details, see the description below.
- Minimum credit score: 680
- APR (Annual Percentage Rate): 8.99% to 29.99%
- Loan amount: $5,000–$100,000
- Terms length: 2 to 7 years
- Origination fee: up to 7%
5. Discover
Discover is considered one of the top-rated debt consolidation loan providers due to its commitment to offering the best customer service and lower interest rates. The lender offers long repayment terms without an origination fee. Furthermore, this company provides a mobile app to streamline your progress.
Pros and Cons
There are strong and weak points with this lender. Here’s what you should know.
| Pro | Con |
| Direct payment to creditors. High-rated customer service. Fast funding Long repayment terms | No discount for autopay No joint loans Good credit is required Late fee |
Who It’s For?
Discover is a good option if you are looking for a debt consolidation company that provides zero upfront fees, competitive rates, quick funding, and flexible repayment terms. Check out the key terms below.
- Minimum credit score: 660
- APR (Annual Percentage Rate): 7.99% to 24.99%
- Loan amount: $2,500–$40,000
- Terms length: 3 to 7 years
- Late fee: $39
6. LendingClub
LendingClub offers a huge help for debt consolidation. The lender allows you to pay your creditors directly and simplifies the process. Moreover, you can change the payment date, making it easier to manage your finances.
Pros and Cons
Here are some benefits and drawbacks of LendingClub you should know.
| Pro | Con |
| Direct payment to creditors. Join loan options Prequalification options Option to change payment date | No discount for autopay Origination fee |
Who It’s For?
LendingClub is suitable for good and fair credit. Additionally, the provider accepts joint applications to help less-than-good credit. Besides, LendingClub’s Member Center can aid you with some features, like a credit score.
Let’s check the further information below.
- Minimum credit score: 600
- Maximum debt-to-income ratio: 40%
- APR (Annual Percentage Rate): 9.06% to 35.99%
- Loan amount: $1,000–$40,000
- Terms length: 2 to 6 years
- Origination fee: 3% to 8%
Find Top-rated Debt Consolidation Loan Providers for the Best Financial Support!
Choosing the correct lender might have a significant impact. Choosing one of these top-rated debt consolidation loan providers could be the first step toward financial freedom. Always compare and shop around. Review each company’s terms, fees, and rates to make sure they meet your needs.