Best Debt Consolidation Loans of 2022
Debt consolidation is the replacement of multiple debts to a single debt. You can use this to consolidate credit card debt, bills payment, etc., into one.
Personal loans are key for debt consolidation, so you’ll need a personal loan if you want to consolidate your debt. So, you don’t have to pay all your debts, including credit card debt, separately.
With your personal loan, it becomes easy for you to consolidate debt, including credit card debt. So, you wouldn’t need to contend with multiple debts as you would be consolidating debt into one.
In this post, we have researched, and we will be providing a list of companies that offer the best debt consolidation loans. Read on to find out about these companies that provide the best debt consolidation loans.
Table of Contents
Overview: Best Debt Consolidation Loans
Best Debt Consolidation Loan: Detailed Insight
Best Egg: Most Advanced Platform
Best Egg is a leading online lending platform founded in 2014 and backed by Marlette Funding which will offer you personal loans which you can use to consolidate debt. Best Egg is on this list of company that offers personal loans for best debt consolidation loans because you can apply and get your loan the same day.
One of the most interesting things about this company is that it is relatively new and has grown to become quite accessible through its use of technology. Being a relatively new lending platform means the company understands what modern customer wants and, as such, offer personal loans from $2,000.
However, the maximum amount of personal loans it offers is $35,000 to qualified customers, although it can bump it up to $50,000. In addition, its fixed-rate loans begin from a low 5.99% which means repayment can be easy, and repayment can be 3 or 5 years.
This best debt consolidation loan company collects an origination fee which is between 0.99% and 5.99% of the loan. However, you can pay off your loans early without extra cost as this best consolidation loan company doesn’t collect prepayment penalties.
↳ Best Feature?
Best Egg offers personal loans which you can use for many purposes including debt consolidation which includes credit card debt. With a minimum credit score of 640, you can access bank account loans starting from $2,000 to $35,000, although it can be boosted to $50,000.
Best Egg has a quick response time, and this is one of the reasons many customers enjoy doing business with them. They have funded above 630,000 loans, and you can get your loan the same day that you apply with a minimum credit score of 640.
↳ Who is it Best For?
If you are tech-savvy, Best Egg is best for you to obtain personal loans, which you can use for debt consolidation at favorable debt consolidation rates. Best Egg is listed as one of the best debt consolidation loan companies as you don’t need a minimum income, but you need a 640 minimum credit score.
Also, if you need urgent personal loans for debt consolidation of existing debt and high-interest debts, Best Egg is your best bet. This is because you will get the personal loans you need almost immediately without the need for prepayment penalties for early debt repayment.
Click Here to Know More About Best Egg Debt Consolidation Loan.
LightStream: Best Loan Terms
Let there be LightStream; LightStream is also a digital lending platform for personal loans for debt consolidation. The company doesn’t collect origination fees or prepayment penalties on its debt consolidation loan, making it one of the best debt consolidation loans.
LightStream is a consumer favorite as its debt consolidation loan is cheaper than what is mostly obtainable in the debt consolidation loan market. Its low APR rate starts from 5.93% and with auto-pay discount, its no origination fee, prepayment penalty, etc., makes it one of the best debt consolidation loans.
Applying for a LightStream debt consolidation loan is easy as it is done online without the need to visit any physical branch or get any form. As soon as you are done applying, your debt consolidation loan is funded into your account almost immediately.
To qualify for this one of the best consolidation loans in the market, you must have a minimum credit score of 670. This credit score will qualify you for one of the best debt consolidation loans within the range of $5,000 to $100,000
↳ Best Feature?
Notwithstanding the quick funding for your debt consolidation loan and the amounts, LightStream has a rate beat program. This program ensures that LightStream will reduce your by .10 points percent if you have an unsecured loan with a competing lender.
However, the competitive lender for these unsecured personal loans must approve you before your qualify for this program. In addition, you will be able to enjoy longer loan terms of debt payments of about 12 years which is longer than what most companies offer, and there is no prepayment penalty.
↳ Who is it Best For?
LightStream is your best bet if you are looking for debt consolidation loans that won’t hurt you as there are easy debt payments. There are no originating fees, no prepayment penalty, and you will get a soft credit pull that won’t affect your credit score.
Also, if you are looking for a debt consolidation loan that you can take your time paying, LightStream is your best option. LightStream offers personal loans for debt consolidation with a maximum loan term of up to 12 years and a maximum amount of $100,000.
Click Here to Know More About LightStream Debt Consolidation Loan.
Payoff: Best Designed Debt Consolidation
Payoff is a financial wellness company whose motto is to help you pay off for your loans, credit card debt, etc. Like the lending platforms we have analyzed above, Payoff is also an online lending platform with a twist as it works with lending partners that loan.
Payoff isn’t a normal lending platform as it coordinates with lenders to help you get the best debt consolidation loans. Payoff debt consolidation loans are within what people call the fair credit range as you only need a minimum credit score of 640 with favorable interest.
In addition, the California-based personal loan for consolidation loan firm provides loans up to the amount of $40,000 with a minimum loan amount of $5,000. However, you have to pay an origination fee between 2.41% and 0.99% depending on your credit score, income to debt ratio, and term of repayment.
This personal loan for debt consolidation company offers its personal loan terms of a minimum of 2 years and a maximum of 5. Although its minimum credit score is 640, you stand a better chance of securing this one of the best personal loans with a 705 credit score.
↳ Best Feature?
Customers enjoy Payoff as one of the best debt consolidation loan companies because of its customer-friendly terms. These friendly terms show in the way Payoff’s personal loans are designed for high interest and credit card debt.
Also, this personal loan company is not a bank in the real sense, it has a network of lenders ready to provide the loans you need for you. This financial institution has the purpose of helping you get rid of your high-interest debt and helping you improve your personal finance.
↳ Who is it Best For?
With a credit score of 640, these lending institutions will help you with a personal loan for debt consolidation, even if you have poor credit scores. Ordinarily, only people with credit scores of over 700 usually get loans, but this financial institution will give you a chance with your poor credit scores.
Notwithstanding your bad credit scores, you must have at least a credit history of 3 years and less than 50% debt to income ratio. Meeting these requirements with your bad credit could most likely qualify you for a personal loan with this one of the best debt consolidation loan companies.
Click Here to Know More About PayOff Debt Consolidation Loan.
OneMain Financial: Best Credit Score Minimum Requirement
