The best debt consolidation loans have a balance of low fees, competitive interest rates, and flexible terms.
The website is clean and transparent, with easy-to-find rates and fees, a clear description of the lending process, and a streamlined rate-quote tool.
Lending Club also requires a minimum credit score of 600 and has slightly stricter criteria for making a loan than other leading debt consolidation loan companies, including a stricter debt-to-income ratio and more reliance on credit history.
APRs range from 5.99% to 35.99% for loans up to $35,000.
Several types of loans are on offer (though eligibility will vary by state): peer-to-peer loans, bank loans, and installment loans.
While it’s not as drastic as debt settlement or debt management, debt consolidation has its own pitfalls that you need to be aware of.
If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.
That means you’ll pay less each month to just one lender instead of many.
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