If you have several high-interest loans, debt consolidation can help you manage your finances by combining multiple debts into a single payment. We researched and selected the five best debt consolidation loans to help you get back on track and adequately manage your monthly bills.
Our Top Picks for Best Debt Consolidation Loans
Best Debt Consolidation Loans Review
- No fees for loan application, origination or prepayment penalty
- No appraisals
- Choose when you want to receive your money
- Rate discount when you choose autopay
- Minimum loan amount is $5,000
- Autopay discount option only available before loan funding
- Lowest rates require excellent credit
LightStream is our top choice for borrowers with good to excellent credit who don’t want to pay origination fees or prepayment penalties on their debt consolidation loan. The company offers personal loans up to $100,000 with funding available the same day of approval, and has one of the lowest annual percentage rates (APR), starting at 5.93% with an autopay discount.
LightStream also features a completely online application and a debt consolidation loan calculator with a soft credit check that won’t lower your score. With its Rate Beat Program, LightStream claims it will lower your rate by .10 percentage points if you are approved by a competing lender for an unsecured loan with the same terms.
LightStream holds the #1 spot on J.D. Power’s Consumer Lending Satisfaction Study of 2020.
- Fixed rates from 4.99%-19.63% with autopay discount
- No late fees on personal loans
- Pay lenders directly
- Funds are not available on the same day of approval
- Loan terms start at three years up to seven years
- Minimum loan amount is $5,000
SoFi offers credit card consolidation loans rates starting at 4.99% APR with AutoPay. Most lenders have interest rates up to 35.99%, but SoFi caps their competitive rates at 19.63% APR with AutoPay discount. If the customer declines the AutoPay option, interest rates will be higher.
SoFi’s personal loans have no fees, and customers can make payments and check their loan status on the SoFi mobile app, available for iOS and Android. The company also offers online prequalification with a soft credit pull, fixed rates for the life of the loan, and a fixed payment schedule.
SoFi takes the #4 spot in JD Power’s Consumer Lending Satisfaction Study of 2020.
- APR starts at 5.99%
- Apply and check application status online
- The loan is funded 1-2 business days after approval
- Loans are up to only $50,000
- You need to be a member …….