Best rates for consolidating debt
You can use debt consolidation loans to pay off any kind of debt, but most people use them to pay off high interest personal loans, auto loans, or credit cards.
This type of loan can also make sense if interest rates suddenly fall or if your credit score or income improve and you can qualify for a lower rate.
The process for getting the best debt consolidation loans can be relatively easy since you can now apply for them online with a quick application.
The best debt consolidation loans will also simplify your bill payments by giving you just one single payment to worry about and keep track of every month instead of multiple loans.
Best for: Quick Funding, Flexible Repayment, No Fees, High Loan Amounts Light Stream tops the list as our best debt consolidation loan lender for borrowers with good credit.
Light Stream also leads the categories of High Loan Amounts, Flexible Repayment, and No Fees. This allows borrowers to decide between paying their loans off fast – saving them money in interest – or extending their repayment over a longer period of time – giving them a lower monthly payment., but the average credit score of approved borrowers is 700.
The lender also requires that you have a high income, about 1,000, on average.
Like Light Stream, So Fi charges no fees which can help keep the total cost of your loan low relative to other lenders.
Our company may receive compensation from partners seen on our website. Many people won’t think twice about buying a different brand of yogurt to save a few dollars, but they might not think to consolidate their debt in order to save hundreds or even thousands of dollars in interest and lower their payments.