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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?
” If you already know debt consolidation is the right path for you, here is a preview of the best debt consolidation loans revealed by my research: Next, I’ll dive into more detail on each company.
I’ll later describe my methodology for choosing these three companies as the best debt consolidation loans online.
But before you take out a debt-consolidation loan with these or any other lenders, read on to make sure you know as much as possible about debt consolidation.
I’ll cover the basics of debt consolidation, types of loans, how it differs from other debt-relief programs, risks, alternatives, and how to avoid scams. When you consolidate your debts, you’re taking out a new, bigger loan to pay off a bunch of your existing debts.
Light Stream, a division of Sun Trust Bank, offers debt-consolidation loans from ,000 to 0,000 at extremely low APRs: 5.49% – 14.44% APR with Auto Pay*.
It also offers flexible terms from 24 to 84 months, and there are no fees. You’ll need top-notch credit, significant income, and substantial assets to qualify.
Here is a full list of the criteria I considered while making my picks: After considering all of these criteria, Lending Club, Avant, and Personal rose to the top of my list.Pros Avant focuses on offering access to loans to borrowers with slightly lower credit scores than Lending Club.Avant is not a peer-to-peer lender and offers access to loans through its lending platform.I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.Lending Club is the nation’s largest peer-to-peer lender.
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.