credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” Facing a batch of bills can feel overwhelm, particularly with multiple due dates, amounts, and interest rates to keep track of. One option to more easily manage your bills is to take out a personal loanword to consolidate your debt, which will leave you with just one bill to deal with .
Here’s what you should know about how to consolidate bills:
What is a debt consolidation loan?
A debt consolidation loan is a character of personal loanword that ’ s used to pay off early debt — leaving you with a single loanword to repay over meter. additionally, you ’ ll have good one concern rate to consider adenine well as an accurate wages go steady .
You can use a personal loan to consolidate respective kinds of debt, such as :
- Credit cards
- Medical bills
- Payday loans
- Private student loans
- Unsecured personal loans
Learn More: Debt Consolidation vs. Personal Loan: What’s the Difference?
16 lenders for debt consolidation
If you ’ re thinking about taking out a debt consolidation lend to manage bills, it ’ south significant to shop around and compare as many lenders as you can. This way, you can find the correct loan for your situation .
here are credible ’ sulfur partner lenders that offer personal loans for debt consolidation :
Avant
Avant offers personal loans from $ 2,000 to $ 35,000* with repayment terms ranging from two to five years. If you have poor or fair credit, Avant might be a estimable choice for a debt consolidation loan .
4.6
Credible rating
credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The denounce criteria for lenders encompass 78 data points spanning sake rates, loanword terms, eligibility necessity transparency, refund options, fees, discounts, customer serve, cosigner options, and more. Read our wax methodology.
Rates and terms
Fees and Discounts
Customer have
Avant Personal Loans
Range of fixed rates available from this lender
Fixed APR
9.95% – 35.99% APR
Minimum credit score needed to qualify
Min. credit score 550
Total amount you can borrow from this lender
loanword sum $ 2,000 to $ 35,000**
How long it takes to receive your money
meter to fund arsenic soon as the following clientele day ( if approved by 4:30 post meridiem CT on a weekday )
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Compare rates from top personal loanword lenders to find the correct one for you .
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view Details
- Fixed APR : 9.95 % – 35.99 % APR
- variable april : N/A
- Min. recognition mark : 550
- loan come : $2,000 to $35,000**
- lend terms ( years ) : 2, 3, 4, 5*
- time to fund : As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Fees : Origination fee
- Discounts : Autopay
- eligibility : Available in all states except CO, IA, HI, VT, NV NY, WV
- Customer overhaul : Phone, email
- soft credit check : Yes
- lend servicer : Avant
- loan Uses : Debt consolidation, emergency expense, life event, home improvement, and other purposes
- Min. income : $1,200 monthly
Check Out: Bad Credit Loans
Axos Bank
With Axos Bank, you can borrow $ 10,000 to $ 50,000 with terms ranging from three to six years. If you ’ re approved for an Axos Bank lend, you could have your funds ampere soon as the adjacent business day .
4.2
Credible rating
credible lender ratings are evaluated by our column team with the help of our lend operations team. The rat criteria for lenders encompass 78 data points spanning concern rates, loanword terms, eligibility necessity foil, repayment options, fees, discounts, customer service, cosigner options, and more. Read our broad methodology.
Rates and terms
Fees and Discounts
Customer have
Axos Personal Loans
Range of fixed rates available from this lender
Fixed APR
7.29% – 17.99% APR
Minimum credit score needed to qualify
Min. credit score 700
Total amount you can borrow from this lender
loan sum $ 10,000 to $ 50,000
How long it takes to receive your money
time to fund following business day
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- Fixed APR : 7.29 % – 17.99 % APR
- variable april : N/A
- Min. credit score : 700
- lend total : $10,000 to $50,000
- loan terms ( years ) : 3 to 6
- time to fund : Next business day
- Fees : No prepayment penalty
- Discounts : None
- eligibility : Available in all 50 states
- Customer service : Phone
- soft credit check : Yes
- Min. income : Does not disclose
- loanword Uses : Debt consolidation, home improvement, self-employment, and other purposes
Best Egg
Best egg offers personal loans from $ 5,000 to $ 50,000 with terms from two to five years. If you ’ rhenium approved, you could get your funds within one to three business days after successful verification .
4.1
Credible rating
credible lender ratings are evaluated by our column team with the help of our loanword operations team. The denounce criteria for lenders encompass 78 data points spanning interest rates, loanword terms, eligibility prerequisite transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer experience
Best Egg Personal Loans
Range of fixed rates available from this lender
Fixed APR
4.99% – 35.99% APR
Minimum credit score needed to qualify
Min. citation score 600
Total amount you can borrow from this lender
loanword come $ 2,000 to $ 50,000
How long it takes to receive your money
time to fund a soon as 1 – 3 occupation days after successful verification
Ready to find a personal loan?
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horizon Details
- Fixed APR : 4.99 % – 35.99 % APR
- varying april : N/A
- Min. credit mark : 600
- lend measure : $2,000 to $50,000
- loan terms ( years ) : 2, 3, 4, 5
- time to investment company : As soon as 1 – 3 business days after successful verification
- Fees : Origination fee
- Discounts : None
- eligibility : Available in all states except DC, IA, VT, and WV
- Customer service : Phone
- easy credit check mark : Yes
- loanword servicer : Best Egg and Blue Ridge Bank
- Min. income : None
- lend Uses : Credit card refinancing, debt consolidation, home improvement, and other purposes
Discover
If you ’ ra looking for a longer repayment term on a debt consolidation lend, Discover might be a good choice. You can borrow $ 2,500 to $ 35,000 with repayment terms ranging from three to seven years .
merely keep in mind that while a longer term could get you a lower monthly requital, you ’ ll besides pay more in concern over prison term .
4.4
Credible rating
credible lender ratings are evaluated by our editorial team with the assistant of our lend operations team. The evaluation criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility necessity foil, repayment options, fees, discounts, customer service, cosigner options, and more. Read our entire methodology.
Rates and terms
Fees and Discounts
Customer experience
Discover Personal Loans
Range of fixed rates available from this lender
Fixed APR
5.99% – 24.99% APR
Minimum credit score needed to qualify
Min. recognition score 660
Total amount you can borrow from this lender
lend measure $ 2,500 to $ 35,000
How long it takes to receive your money
time to fund adenine soon as the future business day after toleration
Ready to find a personal loan?
Compare rates from exceed personal loan lenders to find the right one for you .
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Checking rates won’t affect your credit score
opinion Details
- Fixed APR : 5.99 % – 24.99 % APR
- Min. citation mark : 660
- loan come : $2,500 to $35,000
- loanword terms ( years ) : 3, 4, 5, 6, 7
- meter to fund : As soon as the next business day after acceptance
- Fees : Late fee
- Discounts : None
- eligibility : Available in all 50 states
- Customer military service : Phone
- soft credit check : Yes
- lend Uses : Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Happy Money
happy Money personal loans range from $ 5,000 to $ 40,000 and are specifically designed for credit card consolidation. additionally, Happy Money offers free FICO score updates and will work with you on payments if you lose your subcontract .
4.5
Credible rating
credible lender ratings are evaluated by our editorial team with the serve of our lend operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility necessity foil, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer know
Happy Money Personal Loans
Range of fixed rates available from this lender
Fixed APR
5.99% – 24.99% APR
Minimum credit score needed to qualify
Min. credit score 600
Total amount you can borrow from this lender
lend sum $ 5,000 to $ 40,000
How long it takes to receive your money
time to fund arsenic soon as 2 – 5 clientele days after verification
Ready to find a personal loan?
Compare rates from top personal lend lenders to find the right one for you .
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opinion Details
- Fixed APR : 5.99 % – 24.99 % APR
- Min. credit grade : 600
- lend total : $5,000 to $40,000
- loanword terms ( years ) : 2, 3, 4, 5
- time to investment company : As soon as 2 – 5 business days after verification
- Fees : Origination fee
- Discounts : None
- eligibility : Available in all states except MA, NV, and OH
- Customer overhaul : Phone, email, chat
- soft citation check : Yes
- Min. income : None
- loan Uses : Debt consolidation and credit card consolidation only
Learn More: Personal Loans from Banks: Where to Get Loans
FreedomPlus
With FreedomPlus, you can borrow $ 7,500 to $ 50,000 with refund terms from two to five years. additionally, you might get a lower pace from FreedomPlus if you use at least 85 % of the lend proceeds to pay off existing debt .
4.1
Credible rating
credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement foil, refund options, fees, discounts, customer overhaul, cosigner options, and more. Read our entire methodology.
Rates and terms
Fees and Discounts
Customer know
FreedomPlus Personal Loans
Range of fixed rates available from this lender
Fixed APR
7.99% – 29.99% APR
Minimum credit score needed to qualify
Min. credit sexual conquest Does not disclose
Total amount you can borrow from this lender
lend measure $ 10,000 to $ 50,000
How long it takes to receive your money
meter to fund a soon as 2 business days
Ready to find a personal loan?
Compare rates from exceed personal loan lenders to find the right one for you .
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view Details
- Fixed APR : 7.99 % – 29.99 % APR
- Min. credit sexual conquest : Does not disclose
- loan sum : $10,000 to $50,000
- loanword terms ( years ) : 2, 3, 4, 5
- time to fund : As soon as 2 business days
- Fees : Origination fee
- Discounts : No
- eligibility : Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
- Customer military service : Phone
- soft credit check : Yes
- Min. income : None
- lend Uses : Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
LendingClub
LendingClub is one of the few lenders that allow cosigners on personal loans, which could make it a thoroughly choice if you need a cosigner to get approved. even if you don ’ t need a cosigner to qualify, having one might get you a lower interest rate than you ’ vitamin d get on your own .
With LendingClub, you can borrow $ 1,000 to $ 40,000 with a three- or five-year term .
4.3
Credible rating
credible lender ratings are evaluated by our column team with the help oneself of our lend operations team. The rate criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our fully methodology.
Rates and terms
Fees and Discounts
Customer experience
LendingClub Personal Loans
Range of fixed rates available from this lender
Fixed APR
7.04% – 35.89% APR
Minimum credit score needed to qualify
Min. credit score 600
Total amount you can borrow from this lender
loan total $ 1,000 to $ 40,000
How long it takes to receive your money
clock time to fund normally takes about 2 days†
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you .
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horizon Details
- Fixed APR : 7.04 % – 35.89 % APR
- Min. credit sexual conquest : 600
- lend amount : $1,000 to $40,000
- lend terms ( years ) : 3, 5
- time to fund : Usually takes about 2 days†
- Fees : Origination fee
- Discounts : None
- eligibility : Available in all 50 states
- Customer service : Phone, email
- soft credit discipline : Yes
- loan servicer : LendingClub Bank
- Min. income : None
- loan Uses : Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
LendingPoint
LendingPoint specializes in working with borrowers who have near-prime credit rating — generally meaning credit scores in the upper 500s or 600s. You can borrow $ 2,000 to $ 36,500 with terms ranging from two to five years .
4.5
Credible rating
credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The rate criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement foil, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full moon methodology.
Rates and terms
Fees and Discounts
Customer experience
LendingPoint Personal Loans
Range of fixed rates available from this lender
Fixed APR
7.99% – 35.99% APR
Minimum credit score needed to qualify
Min. credit score 580
Total amount you can borrow from this lender
lend sum $ 2,000 to $ 36,500
How long it takes to receive your money
fourth dimension to fund ampere soon as the following business day
Ready to find a personal loan?
Compare rates from top personal loanword lenders to find the proper one for you .
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view Details
- Fixed APR : 7.99 % – 35.99 % APR
- Min. credit score : 580
- lend sum : $2,000 to $36,500
- lend terms ( years ) : 2, 3, 4
- time to fund : As soon as the next business day
- Fees : Origination fee
- Discounts : Autopay
- eligibility : Available in all states except NV and WV
- Customer military service : Phone, email
- soft credit check : Yes
- Min. income : $20,000
- loanword Uses : Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
LightStream
If you need to consolidate a big total of debt, LightStream could be a effective option — you can borrow $ 5,000 to $ 100,000 with terms from two to seven years. If you ’ ra approved, you could have your funds american samoa soon as the same clientele day .
4.9
Credible rating
credible lender ratings are evaluated by our column team with the help of our loanword operations team. The rat criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our wide methodology.
Rates and terms
Fees and Discounts
Customer feel
LightStream Personal Loans
Range of fixed rates available from this lender
Fixed APR
3.99% – 19.99% APR
Minimum credit score needed to qualify
Min. recognition score 660
Total amount you can borrow from this lender
loanword measure $ 5,000 to $ 100,000
How long it takes to receive your money
meter to fund equally soon as the same business day
Ready to find a personal loan?
Compare rates from top personal lend lenders to find the right one for you .
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Checking rates won’t affect your credit score
position Details
- Fixed APR : 3.99 % – 19.99 % APR
- Min. citation score : 660
- lend amount : $5,000 to $100,000
- loan terms ( years ) : 2, 3, 4, 5, 6, 7*
- time to fund : As soon as the same business day
- Fees : None
- Discounts : Autopay
- eligibility : Available in all states except RI and VT
- Customer overhaul : Phone, email
- balmy credit check : No
- loanword servicer : LightStream
- Min. income : Does not disclose
- loan Uses : Credit card refinancing, debt consolidation, home improvement, and other purposes
Check Out: How to Get a Fast Personal Loan for Quick Cash
Marcus
Marcus personal loans range from $ 3,500 to $ 40,0002 with repayment terms from three to six years. additionally, if you make 12 consecutive on-time monthly payments on a Marcus loan, you can defer one payment interest-free .
4.3
Credible rating
credible lender ratings are evaluated by our editorial team with the help of our lend operations team. The fink criteria for lenders encompass 78 data points spanning pastime rates, loan terms, eligibility prerequisite transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer experience
Marcus Personal Loans
Range of fixed rates available from this lender
Fixed APR
6.99% – 19.99% APR1
Minimum credit score needed to qualify
Min. credit score 660
( TransUnion FICO®️ Score 9 )
Total amount you can borrow from this lender
loanword amount $ 3,500 to $ 40,0002
How long it takes to receive your money
time to fund many Marcus customers receive funds in deoxyadenosine monophosphate little as three days
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right matchless for you .
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opinion Details
- Fixed APR : 6.99 % – 19.99 % APR1
- Min. recognition score : 660
(TransUnion FICO®️ Score 9) - loanword sum : $3,500 to $40,0002
- loan terms ( years ) : 3, 4, 5, 6
- prison term to fund : Many Marcus customers receive funds in as little as three days
- Fees : None
- Discounts : Autopay
- eligibility : Available in all 50 states
- Customer servicing : Phone
- soft credit check mark : Yes
- loan servicer : Goldman Sachs
- Min. income : $30,000
- loanword Uses : Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
OneMain Financial
OneMain Financial might be a good choice if you have below-average accredit : Unlike many other personal loan lenders, it has no required minimum accredit score and will besides consider your net income, outstanding debt, and live expenses to determine creditworthiness .
With OneMain Financial, you can borrow $ 1,500 to $ 20,000 with terms from two to five years. Keep in heed that larger lend amounts might require collateral .
4.1
Credible rating
credible lender ratings are evaluated by our editorial team with the help oneself of our lend operations team. The rate criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility prerequisite transparency, repayment options, fees, discounts, customer servicing, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer experience
OneMain Financial Personal Loans
Range of fixed rates available from this lender
Fixed APR
18.0% – 35.99% APR
Minimum credit score needed to qualify
Min. credit score none
Total amount you can borrow from this lender
loan amount $ 1,500 to $ 20,000
How long it takes to receive your money
meter to fund a soon as the lapp day, but normally requires a visit to a branch office
Ready to find a personal loan?
Compare rates from exceed personal loanword lenders to find the properly one for you .
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opinion Details
- Fixed APR : 18.0 % – 35.99 % APR
- Min. credit score : None
- loanword amount : $1,500 to $20,000
- lend terms ( years ) : 2, 3, 4, 5
- time to fund : As soon as the same day, but usually requires a visit to a branch office
- Fees : Origination fee
- Discounts : None
- eligibility : Must have photo I.D. issued by U.S. federal, state or local government
- Customer service : Phone, email
- easy credit match : Yes
- Min. income : Does not disclose
Learn More: Credit Card Consolidation Loans
PenFed
If you entirely want to consolidate a belittled come of debt, PenFed might be a good option — you can borrow deoxyadenosine monophosphate little as $ 600 up to $ 50,000 with terms ranging from one to five years .
Keep in judgment that while you don ’ t have to be a PenFed member to apply, you ’ ll have to join the credit union if you are approved and choose to accept the lend .
4.5
Credible rating
credible lender ratings are evaluated by our editorial team with the aid of our lend operations team. The rate criteria for lenders encompass 78 data points spanning concern rates, loanword terms, eligibility prerequisite transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full moon methodology.
Rates and terms
Fees and Discounts
Customer experience
PenFed Personal Loans
Range of fixed rates available from this lender
Fixed APR
5.49% – 17.99% APR
Minimum credit score needed to qualify
Min. credit score 660
Total amount you can borrow from this lender
lend come $ 600 to $ 50,000*
How long it takes to receive your money
time to fund 2 to 4 business days after verification
Ready to find a personal loan?
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- Fixed APR : 5.49 % – 17.99 % APR
- Min. credit score : 660
- loanword total : $600 to $50,000*
- loan terms ( years ) : 1, 2, 3, 4, 5
- time to fund : 2 to 4 business days after verification
- Fees : None
- Discounts : None
- eligibility : Does not disclose
- Customer serve : Phone, email
- piano recognition check : No
- Min. income : Does not disclose
- lend Uses : Debt consolidation, home improvement, transportation, medical, dental, life events
Prosper
Prosper offers personal loans from $ 2,000 to $ 40,000 with three- or five-year terms. Keep in thinker that because Prosper is a peer-to-peer lender and investors must commit to funding your lend, it could take longer to get your funds .
On average, the process takes three to five occupation days from begin to origin .
4.5
Credible rating
credible lender ratings are evaluated by our editorial team with the serve of our lend operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility requirement foil, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer know
Prosper Personal Loans
Range of fixed rates available from this lender
Fixed APR
7.95% – 35.99% APR
Minimum credit score needed to qualify
Min. credit score 640
Total amount you can borrow from this lender
lend amount $ 2,000 to $ 40,000
How long it takes to receive your money
prison term to fund equally soon as one business day
Ready to find a personal loan?
Compare rates from top personal loanword lenders to find the right matchless for you .
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view Details
- Fixed APR : 7.95 % – 35.99 % APR
- Min. credit score : 640
- loan sum : $2,000 to $40,000
- lend terms ( years ) : 3, 5
- meter to fund : As soon as one business day
- Fees : Origination fee
- Discounts : None
- eligibility : Available in all states except IA, ND, WV
- Customer service : Phone, email
- soft credit check : Yes
- Min. income : None
- loanword Uses : Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
SoFi
SoFi is another lender that offers big personal loans — you can borrow $ 5,000 to $ 100,000 with refund terms ranging from two to seven years. If you ’ re approved, you ’ ll besides have entree to respective perks, such as unemployment protection, career coach, and investment advice .
4.9
Credible rating
credible lender ratings are evaluated by our column team with the help of our lend operations team. The evaluation criteria for lenders encompass 78 data points spanning sake rates, loanword terms, eligibility prerequisite transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer experience
SoFi Personal Loans
Range of fixed rates available from this lender
Fixed APR
6.99% – 21.28% APR10
Minimum credit score needed to qualify
Min. citation grade Does not disclose
Total amount you can borrow from this lender
lend come $ 5,000 to $ 100,000
How long it takes to receive your money
time to fund 3 business days
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you .
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- Fixed APR : 6.99 % – 21.28 % APR10
- Min. credit score : Does not disclose
- loan amount : $5,000 to $100,000
- loan terms ( years ) : 2, 3, 4, 5, 6, 7
- time to fund : 3 business days
- Fees : None
- Discounts : Autopay
- eligibility : Available in all states except MS
- Customer military service : Phone, email
- easy credit check : Yes
- Min. income : Does not disclose
- lend Uses : Solely for personal, family, or household uses
Upgrade
With Upgrade, you can borrow $ 1,000 to $ 50,000 with three- or five-year terms. Upgrade besides offers unblock credit monitor and educational resources that could help you build your credit over clock .
4.3
Credible rating
credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The rat criteria for lenders encompass 78 data points spanning matter to rates, loanword terms, eligibility requirement transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer experience
Upgrade Personal Loans
Range of fixed rates available from this lender
Fixed APR
5.94% – 35.97% APR
Minimum credit score needed to qualify
Min. credit seduce 560
Total amount you can borrow from this lender
loan sum $ 1,000 to $ 50,000*
How long it takes to receive your money
time to fund Within a day of clearing necessary verifications
Ready to find a personal loan?
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- Fixed APR : 5.94 % – 35.97 % APR
- Min. credit score : 560
- lend amount : $1,000 to $50,000*
- loan terms ( years ) : 2, 3, 5, 6
- fourth dimension to fund : Within a day of clearing necessary verifications
- Fees : Origination fee
- Discounts : Autopay
- eligibility : Available in all states except West Virginia
- Customer avail : Email
- soft credit check : Yes
- Min. income : Does not disclose
- lend Uses : Debt consolidation, credit card refinancing, home improvement, and other purposes
Upstart
If you have little to no credit history, Upstart could be a good option — in addition to your credit score, it besides considers your education and occupation history to determine creditworthiness. With Upstart, you can borrow $ 1,000 to $ 50,0005 .
4.6
Credible rating
credible lender ratings are evaluated by our column team with the avail of our loan operations team. The evaluation criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our wax methodology.
Rates and terms
Fees and Discounts
Customer experience
Upstart Personal Loans
Range of fixed rates available from this lender
Fixed APR
4.37% – 35.99% APR4
Minimum credit score needed to qualify
Min. credit grudge 580
Total amount you can borrow from this lender
lend amount $ 1,000 to $ 50,0005
How long it takes to receive your money
time to fund As fast as 1 business day6
Ready to find a personal loan?
Compare rates from crown personal loanword lenders to find the right one for you .
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position Details
- Fixed APR : 4.37 % – 35.99 % APR4
- Min. credit score : 580
- lend measure : $1,000 to $50,0005
- loan terms ( years ) : 3 to 5 years4
- time to fund : As fast as 1 business day6
- Fees : Origination fee
- Discounts : None
- eligibility : Available in all 50 states
- Customer service : Phone, email
- piano credit see : Yes
- Min. income : $12,000
- lend Uses : Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Check Out: How to Get a Personal Loan With a 600 Credit Score
How to consolidate bills with a debt consolidation loan
If you ’ re fix to take out a personal loan for debt consolidation, follow these four steps :
- Research and compare lenders. Be sure to compare as many lenders as possible to find the right loan for your situation. Consider not only interest rates but also repayment terms and any fees charged by the lender.
- Pick a loan option. After you’ve shopped around and compared lenders, choose the loan option that best suits your needs.
- Complete the application. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval. You can then use the funds to pay off your old bills.
Benefits of using a debt consolidation loan
There are several likely benefits of using a debt consolidation lend, such as :
- Lower monthly payments: If you take out a debt consolidation loan and opt for a longer repayment term, you could get a lower monthly payment — lessening the strain on your budget. Just keep in mind that choosing a longer term means you’ll pay more in interest over time.
- Lower interest rate: Depending on your credit, you might qualify for a lower interest rate on a debt consolidation loan compared to what you’ve been paying. This could save you money on interest charges and might even help you pay off your debt faster.
- One payment due date: Paying off your old debt with a debt consolidation loan will leave you with just one loan and one payment due date to manage.
Learn More: How to Get a Debt Consolidation Loan for Bad Credit
Debt consolidation loan vs. credit card
Another potential way to consolidate your debt is through a accredit poster. hera are a few points to consider if you ’ re comparing a debt consolidation loan vs. a credit tease :
- 0% APR introductory periods: Some credit cards — such as certain balance transfer cards — offer 0% APR introductory periods. If you can repay your balance by the time this period ends, you won’t pay any interest. But if you can’t repay your balance by the time this period ends, you could be stuck with some hefty interest charges.
- Higher interest rates: Credit card interest rates are often higher than personal loan rates — meaning you could end up paying more in interest by consolidating debt with a credit card. Additionally, credit cards often have variable rates, which could increase in the future depending on market conditions.
- Potential fees: Depending on the card, you might have to pay fees, such as annual fees or balance transfer fees. However, keep in mind that personal loans sometimes come with fees, too — for example, many personal loan lenders charge origination fees.
How much would you pay with a debt consolidation loan vs. credit card? This mainly depends on the interest rate you get as well as how much time you take to pay the loan off. Here’s how the two would compare if you wanted to pay off $20,000 in debt in five years:
- Debt consolidation loan: If you took out a five-year personal loan with the average APR of 13.20%, you would have a monthly payment of $457 and would pay $7,247 in interest over time — $2,017 less than with the credit card.
- Credit card: If you got a credit card with the average APR of 16.13%, you would have a monthly payment of $487 and would end up paying $9,264 in interest to pay off your $20,000 balance in five years.
This chiefly depends on the concern rate you get arsenic well as how much time you take to pay the loanword off. here ’ s how the two would compare if you wanted to pay off $ 20,000 in debt in five years : No matter which type of consolidation lend you choose, it ’ second authoritative to consider how much that loanword will cost you over time. This way, you can prepare for any total expenses. You can estimate how much you ’ ll pay for a loan using our personal lend calculator below .
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Check Out: How Debt Consolidation Loans Can Help Your Credit Score
Other options for bill consolidation
A debt consolidation loanword or credit calling card aren ’ t your only options for consolidating your bills. here are a few other alternatives to consider :
- Home equity loan: This type of loan lets homeowners tap into the equity of their homes. If you’re considering a home equity loan vs. a personal loan, keep in mind that home equity loans often come with lower interest rates than personal loans. However, because a home equity loan is secured by your house, you risk losing it if you can’t make your payments.
- Home equity line of credit: This is another potential way to access the equity of your home. Unlike a home equity loan, a home equity line of credit (HELOC) is a type of revolving credit — meaning you can repeatedly draw on and pay off your credit line, similar to a credit card. Just remember that you could lose your home if you default on a HELOC. You could also consider an unsecured personal line of credit — while it would likely come with a higher interest rate, you wouldn’t risk losing collateral.
- Student loan refinancing: If you’re specifically planning to consolidate student loans, refinancing your student loans is likely a better option compared to a debt consolidation loan. In fact, most personal loan lenders don’t allow their loans to be used for student loan consolidation. Additionally, refinanced student loans often come with lower interest rates than personal loans.
Tip: While you can refinance both federal and private student loans, refinancing federal loans will cost you your federal benefits and protections — such as access to income-driven repayment and student loan forgiveness programs.
While you can refinance both union and private scholar loans, refinancing federal loans will cost you your federal benefits and protections — such as access to income-driven repayment and scholar loanword forgiveness programs. If you ’ rhenium struggling to make federal student loan payments, reach out to your servicer to see what options might be available to you. Keep Reading: Personal Loan vs. Line of Credit: How to Choose
About Rates and Terms: Rates for personal loans provided by lenders on the credible platform range between 3.99 % -35.99 % APR with terms from 12 to 84 months. Rates presented admit lender discounts for enrolling in autopay and commitment programs, where applicable. actual rates may be unlike from the rates advertised and/or shown and will be based on the lender ’ south eligibility criteria, which include factors such as credit rating score, loan total, lend term, credit usage and history, and vary based on lend aim. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter lend terms. The origin tip charged by the lenders on our platform ranges from 0 % to 8 %. Each lender has their own qualification criteria with obedience to their autopay and loyalty discounts ( for example, some lenders require the borrower to elect autopay prior to loan fund in order to qualify for the autopay discount rate ). All rates are determined by the lender and must be agreed upon between the borrower and the borrower ’ second chosen lender. For a loan of $ 10,000 with a three class repayment period, an matter to rate of 7.99 %, a $ 350 origin fee and an APR of 11.51 %, the borrower will receive $ 9,650 at the prison term of loan fund and will make 36 monthly payments of $ 313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loanword contract and any deduction programs enrolled in included in the APR/interest pace throughout the animation of the loan, the borrower will pay a total of $ 11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Read more: Credit Saint Credit Repair Review
About the writer
Emily Guy Birken
Emily Guy Birken is a credible agency on student loans and personal finance. Her work has been featured by Forbes, Kiplinger ’ mho, Huffington Post, MSN Money, and The Washington Post on-line .
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