{"id":10544,"date":"2025-02-21T19:39:17","date_gmt":"2025-02-21T19:39:17","guid":{"rendered":"https:\/\/finderica.com\/?p=10544"},"modified":"2025-02-21T19:39:17","modified_gmt":"2025-02-21T19:39:17","slug":"best-debt-consolidation-loans-of-2025","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=10544","title":{"rendered":"Best Debt Consolidation Loans of 2025"},"content":{"rendered":"\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"lazyload clicker_number\" style=\"position: absolute; height: 1px; width: 100%\" alt=\"ScoreCard Research\" data-count=\"104.245.38.58,104.245.38.58, 108.162.246.19\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><\/p>\n<p><span style=\"font-weight: 400;\">A debt consolidation loan is a path to relief for a lot of people struggling to manage high-interest debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debt consolidation replaces your existing debts with a single loan, usually with more favorable terms. This could include a lower interest rate that\u2019ll save you money or a lower monthly payment and longer repayment period that gives you more breathing room.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These loans are a common debt payoff strategy, because they can often help you save money, pay off debt faster or both. If you feel like you\u2019re drowning in debt, they could extend the time it takes you to pay and take the stress off of keeping up with multiple monthly payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans are available from lenders as personal loans, sometimes marketed specifically as \u201cdebt consolidation loans\u201d and sometimes simply as personal loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We\u2019ve reviewed some of the top personal loan lenders online to help you find the best debt consolidation loans available for your financial situation and goals. You\u2019ll also learn how to choose the right one and key factors to consider during the decision-making process.\u00a0<\/span><\/p>\n<h2>Our Favorite Ways to Help Manage Your Debt<\/h2>\n<p>Too many of us know the feeling of being weighed down by debt. You can spend years making payments and feel like you\u2019ve barely made a dent in what you owe. If you\u2019re already doing everything you can to pay off debt and you\u2019re not getting very far, we found some tools to help. From debt consolidation to debt settlement, we found several ways you can start your journey to being debt free.<\/p>\n<h2><span style=\"font-weight: 400;\">What Is a Debt Consolidation Loan and How Does It Work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A debt consolidation loan is a type of personal loan you take out to pay off existing debts. It\u2019s most commonly used to pay off high-interest credit card debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The reason this is beneficial, even though you still have to repay the same amount of debt, is that personal loans come with much lower interest rates than most credit cards. You might have a few credit card balances accumulating interest at around 16% to 25%, while personal loans usually come with interest rates closer to 5% to 12%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans work exactly like personal loans on paper, except many lenders send loan funds directly to creditors for you. If they don\u2019t, you could still take out a personal loan and use the funds to pay off debts yourself.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To make a debt consolidation loan worth it, you should receive at least one of these benefits:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>A lower interest rate<\/b><span style=\"font-weight: 400;\"> (lower than the average of the debts you\u2019re paying off).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>A lower monthly payment<\/b><span style=\"font-weight: 400;\"> than the total of what you pay now. This could come with a higher interest rate and\/or longer repayment period, but it might be what you need for now to stay above water. You could refinance in the future for a better rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Quicker payoff.<\/b><span style=\"font-weight: 400;\"> A debt consolidation loan might come with a higher monthly payment. But if you can manage it, that could simplify your <\/span><span style=\"font-weight: 400;\">debt management<\/span><span style=\"font-weight: 400;\">, help you save on interest and get you out of debt faster.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Longer repayment.<\/b><span style=\"font-weight: 400;\"> If you\u2019re consolidating or refinancing existing loans with short repayment terms, a new loan could extend the time you have to repay by lowering your monthly payment. You\u2019ll likely pay more in interest this way, but it could ease your monthly commitments.<\/span><\/li>\n<\/ul>\n<p>Debt consolidation is different from debt settlement (though it\u2019s also a valuable tool for conquering debt). With debt settlement, companies like <a href=\"https:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7042&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\">National Debt Relief<\/a> can help negotiate down what you owe and make your payments more manageable.<\/p>\n<div class=\"adBorder\" id=\"thepe-320230909\">\n<h3>Drowning in Expenses?<\/h3>\n<p>Maybe you\u2019re scrambling after your car broke down. Or you got a medical bill you weren\u2019t expecting. Or inflation has finally pushed your budget over the edge. Take a breath. You don\u2019t need to go it alone.<\/p>\n<p>When money is tight, <a href=\"https:\/\/partners.thepennyhoarder.com\/when-money-is-tight-sdyn-prt\/\/?aff_id=384&amp;aff_sub3=when-money-is-tight-sdyn-prt\/&amp;aff_sub4=191825\" target=\"_blank\" rel=\"noopener\">these resources<\/a> can help you manage unexpected expenses without stress.<\/p>\n<\/div>\n<h2><span style=\"font-weight: 400;\">Benefits of Using a Debt Consolidation Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans offer benefits such as reduced interest rates, lower monthly payments and simplified debt management. With these loans, you ideally take a new loan with a lower interest rate to pay off existing debts. Doing so reduces the amount of interest you pay over the life of the loan. This can lead to significant savings, especially if you are consolidating multiple high-interest accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As for lower monthly payments, this occurs when the loan extends the repayment period and\/or you secure a loan with a lower interest rate. This benefit helps to free up cash flow and add some breathing room in your monthly budget.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Plus, instead of juggling multiple payments, you\u2019ll consolidate all of your debts into a single payment. That makes it easier to track your progress and manage your debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And a debt consolidation loan can improve your credit score as long as you manage the loan responsibly. As you pay down your credit card debt, you\u2019ll lower your <\/span><span style=\"font-weight: 400;\">credit utilization ratio<\/span><span style=\"font-weight: 400;\">. This ratio is the percentage of your available credit that you\u2019re using. You\u2019ll also make on-time payments, which improves your payment history (a significant factor in your credit score).\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Choose the Best Debt Consolidation Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before you commit to any debt consolidation option, shop around to see what lenders can offer you. Your available terms could vary quite a bit from lender to lender because of how they evaluate your credit history and what kind of borrowers they\u2019re targeting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Online lending marketplaces like <a href=\"https:\/\/t.thepennyhoarder.com\/aff_c?offer_id=6370&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\">AmOne,<\/a><\/span><span style=\"font-weight: 400;\">\u00a0<\/span><a href=\"https:\/\/t.thepennyhoarder.com\/aff_c?offer_id=6513&amp;aff_id=2\" rel=\"sponsored noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">MoneyLion<\/span><\/a><span style=\"font-weight: 400;\"> or <a href=\"https:\/\/t.thepennyhoarder.com\/aff_c?offer_id=4880&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\">Credible<\/a> make it easy to quickly compare pre-qualified offers from lenders side-by-side, so they could save you some time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To choose the loan that fits your financial goals, consider these features:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest rate:<\/b><span style=\"font-weight: 400;\"> If your main goal is to save money, look for a debt consolidation loan with an interest rate that\u2019s lower than the average rate on your existing debts. Lenders typically offer lower interest rates with shorter repayment periods, so play with those factors to land on a rate that works for you.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monthly payment: <\/b><span style=\"font-weight: 400;\">Primarily, you need a monthly payment you\u2019re comfortable with. If you\u2019re overwhelmed by your current debt payment, refinancing or consolidating into a loan with a lower monthly payment could offer some relief. It\u2019ll probably come with a later payoff date, which could mean you pay more in interest over time \u2014 but that lower bill could make the difference between paying on time or not.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Repayment term:<\/b><span style=\"font-weight: 400;\"> This is the number of months or years you have to repay the loan. A longer term (or period) means lower monthly payments, but often comes with a higher interest rate and will mean more time for interest to accumulate. A shorter repayment term means a quicker payoff date, so if your goal is fast debt elimination, look for lenders that offer one- or two-year terms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fees:<\/b><span style=\"font-weight: 400;\"> Many of the lenders we list charge no fees, but some still charge an origination fee, which lops off a small percentage of your loan up front. Some companies also charge late payment fees and a few companies even charge a prepayment penalty, which means you could pay extra if you pay off the loan early.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans come with the typical costs included with any personal loan, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest: <\/b><span style=\"font-weight: 400;\">This is the extra you\u2019ll repay on top of the amount you borrow. Debt consolidation loan rates could be as low as 3.5% or as high as 35.99%, depending mostly on your credit. Avoid loans with a higher interest rate than your existing debt unless consolidation feels like your only option to meet your financial goals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Origination fees: <\/b><span style=\"font-weight: 400;\">A lot of lenders charge a fee up front just for making you the loan. It\u2019s usually charged as a percentage of the loan amount, around 2% or 3%, and it\u2019s deducted from the initial funds you receive. If your lender charges an origination fee, take that into account to make sure you get the funds you need to cover your debt balances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Late fees:<\/b><span style=\"font-weight: 400;\"> Some lenders charge a late fee if you make a payment past the monthly due date. The fee is typically a percentage of the payment due or a flat fee. Take note of these in your loan agreement if your financial situation changes and you can\u2019t make payments on time. You might be able to avoid them by working with the lender to move your due date or ask for a deferment period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prepayment penalties:<\/b><span style=\"font-weight: 400;\"> Few lenders of debt consolidation loans charge these anymore, but double-check before you sign an agreement. Prepayment penalties are fees you owe if you repay ahead of schedule \u2014 either paying your loan balance off early or getting too far ahead on your monthly payments.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As you look for the right debt consolidation loan, you may find it helpful to use loan comparison tools and read customer reviews. With a loan comparison tool, make sure you\u2019re looking at more than just the interest rate. Include the factors we\u2019ve detailed above (repayment terms, loan terms, origination fees, late fees, prepayment penalties) in your analysis so you understand the full cost of the loan. It\u2019s also useful to input as much accurate information about your financial status as you can such as your credit score and debt. That way, you\u2019re seeing information that is relevant and tailored to your specific circumstances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don\u2019t forget about customer service and satisfaction ratings. Good customer service is essential, especially if an issue comes up during the loan term. With customer reviews, look for patterns. A one-off poor review or stellar review won\u2019t tell you much. But consistent issues and high praise can give you an idea of what to expect from the lender.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just be sure to verify the source. Ideally, reviews are coming from verified customers and the platforms have some kind of moderation process. Organize reviews from newest to oldest for an accurate reflection of the lender\u2019s current customer service.<\/span><\/p>\n<div>\n<h2><span style=\"font-weight: 400;\">Top Debt Consolidation Loans in February 2025<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are so many debt consolidation loans on the market that it can be overwhelming to determine which is best for your needs. To make things easier, we\u2019ve shared our top options below along with their key features, pros and cons.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Note: Loan terms accurate as of February 2025 and subject to change. See lenders for most up-to-date information.<\/span><\/i><\/p>\n<\/div>\n<div id=\"review-list-table\">\n<p class=\"review-list-table-title default\">Best Debt Consolidation Loans at a Glance                    <\/p>\n<div class=\"table-responsive\">\n<table class=\"table\">\n<thead>\n<tr>\n<th style=\"text-align: left;\">Company<\/th>\n<th style=\"text-align: left;\">APR with Autopay<\/th>\n<th style=\"text-align: left;\">Min. and Max. Loan Amounts<\/th>\n<th style=\"text-align: left;\">Loan Terms<\/th>\n<th style=\"text-align: left;\"><\/th>\n<th><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Universal Credit<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">11.69% \u2013 35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $50,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">36 &#8211; 60 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"https:\/\/www.universal-credit.com\/personal-loans\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Happy Money<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">8.95%-17.48%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$5,000 \u2013 $40,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">2 \u2013 5 years<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=5952&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">LightStream<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">7.99%\u201325.79% <\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$5,000 \u2013 $100,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">24 &#8211; 240 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"https:\/\/www.lightstream.com\/debt-consolidation\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Credible Personal Loans<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">6.94%-35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $200,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">1 \u2013 10 years<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=4880&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Upstart<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">7.4%-35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $50,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">3 or 5 years<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7564&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">SoFi<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">8.99% \u2013 29.49%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$5,000 \u2013 $100,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">2 \u2013 7 years<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7558&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Upgrade<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">9.99%-35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $50,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">24 \u2013 84 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7557&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Rocket Loans<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">8.966% \u2013 29.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$2,000 \u2013 $45,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">36 or 60 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"https:\/\/www.rocketloans.com\/debt-consolidation-personal-loans\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Discover<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">7.99%-24.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$2,500 &#8211; $40,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">36 &#8211; 84 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"https:\/\/www.discover.com\/personal-loans\/debt-consolidation\/#Debt-Consolidation-Services\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">LendingClub<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">8.91%-35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $40,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">24 &#8211; 60 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7556&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Prosper<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">8.99%-35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$2,000 \u2013 $50,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">2 or 5 years<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7560&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">Avant<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">9.95% \u2013 35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$2,000 \u2013 $35,000<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">24 \u2013 60 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7563&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<tr>\n<td class=\"column_1\" style=\"text-align: left; font-weight: normal;\">LendingPoint<\/td>\n<td class=\"column_2\" style=\"text-align: left; font-weight: normal;\">7.99% \u2013 35.99%<\/td>\n<td class=\"column_3\" style=\"text-align: left; font-weight: normal;\">$1,000 \u2013 $36,500<\/td>\n<td class=\"column_4\" style=\"text-align: left; font-weight: normal;\">24 \u2013 72 months<\/td>\n<td class=\"column_5\" style=\"text-align: left; font-weight: normal;\">\n\t\t\t\t\t\t\t<\/td>\n<td class=\"link_column\">\n\t\t\t\t\t\t<a class=\"rl_cta\" href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7561&amp;aff_id=2\" target=\"_blank\" rel=\"noopener\">SEE DETAILS<\/a>\t\t\t\t\t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h3><b>Universal Credit: Best for Credit Scores below 600<\/b><\/h3>\n<p><a href=\"https:\/\/www.universal-credit.com\/personal-loans\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Universal Credit<\/span><\/a><span style=\"font-weight: 400;\"> is designed especially for debt consolidation and pay off. It offers rate discounts of between one and two percentage points \u2014 pretty significant! \u2014 for borrowers who use a Universal Credit personal loan to directly pay off credit card debt. Loans are available for borrowers with fair or bad credit (minimum credit score of 560), often within one day, and have a fixed interest rate. The APR is 11.69\u201335.99% on loan amounts of $1,000-$50,000.<\/span><\/p>\n<h3><b>Happy Money: Best for Community-Based Lenders<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Happy Money\u2019s<\/span><span style=\"font-weight: 400;\"> Payoff Loan is designed specially for credit card debt consolidation. The financial tech company works with community credit unions and mission-driven community banks to provide personal loans to pay off your debt directly. Choose the plan that works best for you, whether it\u2019s a lower monthly payment, lower interest rate or earlier payoff date. The APR is 8.95%-17.48% on loan amounts of $5,000 \u2013 $40,000, and the minimum credit score is 640.<\/span><\/p>\n<h3><b>LightStream: Best for Good to Excellent Credit<\/b><\/h3>\n<p><a href=\"https:\/\/www.lightstream.com\/debt-consolidation\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LightStream\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> personal loans for borrowers with good or excellent credit (minimum credit score of 660) can help you get hold of up to $100,000 as soon as the same day you\u2019re approved. It also eschews fees and offers to beat the rate of any competitor \u2014 just submit information about a lower rate you\u2019re offered elsewhere, and LightStream will offer you a rate 0.10 percentage points lower through its Rate Beat program.<\/span> <span style=\"font-weight: 400;\">It offers APRs ranging from 7.99%\u201325.79% .<\/span><\/p>\n<h3><b>Credible: Best for Low Loan Amounts<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Credible<\/span><span style=\"font-weight: 400;\"> is a lending marketplace that can help you find debt consolidation loans as low as $1,000. You don\u2019t have to worry about Credible selling your information like other comparison sites \u2014 it only gets paid when you accept a loan offer, so it won\u2019t help lenders pester you. You can use the site to compare loan offers side by side and click through to the lender\u2019s site to officially apply.<\/span> The APR is 6.94%-35.99%<span style=\"font-weight: 400;\"> on loan amounts from $1,000 \u2013 $200,000 with a minimum credit score of 580.<\/span><\/p>\n<h3><b>Upstart: Best for Non-Traditional Credit History<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7564&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Upstart<\/span><\/a><span style=\"font-weight: 400;\"> is technically a technology company, not a lender or a marketplace. Its platform uses proprietary AI to connect you with partner lenders, and you manage the loan entirely through the platform. Upstart uses more than a traditional credit score to assess your creditworthiness, so factors like your education and income could help you get a loan even if you have a low or no credit score. The APR is between 7.4%-35.99% on loan amounts from $1,000 \u2013 $50,000 and a minimum credit score of 580.<\/span><\/p>\n<h3><b>SoFi: Best for SoFi Customers<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7558&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">SoFi<\/span><\/a><span style=\"font-weight: 400;\"> is an online bank that offers financial services ranging from banking to student loans to investing. It offers debt consolidation loans with no fees, and you can apply and manage your account right from its convenient app. You can qualify for a discounted interest rate if you\u2019re an existing SoFi member with a free SoFi bank account or other product in the app. The APR is between 8.99% \u2013 29.49% on loan amounts from $5,000 \u2013 $100,000 with a minimum credit score of 600.<\/span><\/p>\n<h3><b>Upgrade: Best for Raising Credit Score<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7557&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Upgrade<\/span><\/a><span style=\"font-weight: 400;\"> is a financial tech platform designed to help you raise your credit score through checking, credit cards, credit monitoring and personal loans. It offers debt management and payoff in one platform, and you may qualify for a debt consolidation loan with a fair or bad credit score as low as 580. There also are zero repayment penalties. The APR is 9.99% \u2013 35.99% on loan amounts from $1,000 \u2013 $50,000<\/span><\/p>\n<h3><b>Rocket Loans: Best for Transparent Process<\/b><\/h3>\n<p><a href=\"https:\/\/www.rocketloans.com\/debt-consolidation-personal-loans\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rocket Loans<\/span><\/a><span style=\"font-weight: 400;\"> lets you apply online for a debt consolidation personal loan in minutes. The online application starts with a transparent overview of the process, so you know what to expect at each step as you await your loan. You can verify your income and identity entirely online, so you don\u2019t have to worry about phone calls or snail mail slowing down the process. Enjoy no prepayment penalties and same-day funding. The APR is 8.966% \u2013 29.99% on loan amounts from $2,000 \u2013 $45,000 with a minimum credit score of 610.\u00a0<\/span><\/p>\n<h3><b>Discover: Best for Flexible Repayment Options<\/b><\/h3>\n<p><a href=\"https:\/\/www.discover.com\/personal-loans\/debt-consolidation\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Discover\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> debt consolidation loans are fee-free and available to borrowers with a credit score as low as 660. Its repayment assistance options are robust compared to many competitors: If your financial situation changes, you could apply for payment deferral, a short-term shift to interest-only payments or extend your repayment period for lower monthly payments. The APR is 7.99%-24.99% on loan amounts from<\/span> <span style=\"font-weight: 400;\">$2,500 \u2013 $40,000.<\/span><\/p>\n<div class=\"adBorder\" id=\"thepe-1987417302\">\n<h3>Psst\u2026 Can We Let You In On a Few Secrets?<\/h3>\n<p>You know the saying: Secrets, secrets are no fun. Which is why we\u2019re shouting <a href=\"https:\/\/partners.thepennyhoarder.com\/smarten-up-americans-prt\/?aff_id=384&amp;aff_sub3=smarten-up-americans-prt\/&amp;aff_sub4=191760\" target=\"_blank\" rel=\"noopener\">these simple money secrets<\/a> from the rooftops.<\/p>\n<p>Millions of adults <em>still<\/em> don\u2019t know that you can become a real estate investor for as little as 10 bucks. Or that you can earn $500 a month reviewing games and products you love. Or that you can get $300 just for signing up for a checking account.<\/p>\n<p><a href=\"https:\/\/partners.thepennyhoarder.com\/smarten-up-americans-prt\/?aff_id=384&amp;aff_sub3=smarten-up-americans-prt\/&amp;aff_sub4=191760\" rel=\"false noopener\" target=\"_blank\">Read more secrets<\/a>\u00a0and start earning and saving today!<\/p>\n<\/div>\n<h3><b>LendingClub: Best for Bad Credit Loans<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7556&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">LendingClub<\/span><\/a><span style=\"font-weight: 400;\"> calls itself an \u201conline marketplace bank.\u201d It offers checking accounts and personal loans, including loans for debt consolidation, up to $40,000. It can be a good option if you have a low credit score; loans may be available for lenders with scores as low as 600. You\u2019ll get funds within 48 hours and there are no repayments penalties. The APR is 8.91%-35.99%<\/span>\u00a0<span style=\"font-weight: 400;\">on loan amounts as low as $1,000 with a minimum credit score of<\/span> <span style=\"font-weight: 400;\">600.<\/span><\/p>\n<h3><b>Prosper: Best for Peer-to-Peer Borrowing<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7560&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Prosper<\/span><\/a><span style=\"font-weight: 400;\"> is one of few peer-to-peer lending platforms left \u2014 individuals and financial institutions can invest in personal loans to support borrowers and earn a little bit of a return. You don\u2019t have to deal with investors directly; Prosper manages the application and loan origination. Loans are available from $2,000 to $50,000 with a credit score as low as 600. The APR is 8.99%-35.99% with no prepayment penalty.<\/span><\/p>\n<h3><b>Avant: Best for Fair Credit Loans<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7563&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Avant<\/span><\/a><span style=\"font-weight: 400;\"> offers personal loans up to $35,000, with funding as soon as the next business day after approval. The lender\u2019s minimum credit score is just 580; most borrowers have FICO scores between 600 and 700. The APR is 9.95\u201335.99% on loan amounts from $2,000 \u2013 $35,000.<\/span><\/p>\n<h3><b>LendingPoint: Best for Fair Credit Borrowers<\/b><\/h3>\n<p><a href=\"http:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7561&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">LendingPoint<\/span><\/a><span style=\"font-weight: 400;\"> assesses creditworthiness with a proprietary algorithm that looks beyond traditional FICO scores, so it\u2019s able to lend to borrowers with scores as low as 600. Its loans are available in every state except Nevada and West Virginia. The APR is 7.99% \u2013 35.99% on loan amounts from $1,000 \u2013 $36,500.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Apply for a Debt Consolidation Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Ready to apply for a debt consolidation loan? Here\u2019s a step-by-step guide on how to do so:<\/span><\/p>\n<h4><b>Assess Your Financial Situation<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Start by making sure you understand your current financial situation. List out all of your current debts, from credit card balances to auto loans and student loans. Jot down the outstanding amounts, interest rates and minimum monthly payments. Then, calculate your total debt so you know how much debt you need to consolidate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, assess your monthly income and essential expenses. You want to determine how much you can afford to pay each month on your new loan.\u00a0<\/span><\/p>\n<h4><b>Check Your Credit Score<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Don\u2019t skip this step. Your credit score plays a key role in determining your eligibility for a debt consolidation loan and the interest rate you\u2019ll be offered. You can request a copy of your credit report from major credit bureaus, and you\u2019re entitled to one free report per year from each bureau through <\/span><a href=\"http:\/\/annualcreditreport.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">AnnualCreditReport.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you review your credit score, look for any inaccuracies. You can dispute errors with the corresponding credit bureau. If you have any overdue accounts, do what you can to get those taken care of before applying for a loan.\u00a0<\/span><\/p>\n<h4><b>Do Your Research<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Use online comparison loans and articles like this one to compare interest rates, fees, loan terms and reviews. Look for the most favorable terms and rates that will work with your credit score and needs. You may find some lenders have prequalification options where you can see your potential terms without requiring a hard inquiry on your credit. This is a good avenue to pursue to narrow down your options.<\/span><\/p>\n<h4><b>Get All Your Ducks in a Row<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Before you apply, make it easy on yourself by gathering the following documents:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal identification (e.g. driver\u2019s license, passport, social security card)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of income such as recent pay stubs and tax returns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Statements and documentation for the debt you want to consolidate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recent bank statements<\/span><\/li>\n<\/ul>\n<h4><b>Choose Your Lender and Apply<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve narrowed down your options and selected your lender, fill out your application. Be as thorough and as accurate as possible. You may need to upload or scan documents into the application. Make sure you understand every aspect of the loan and its conditions before signing and submitting. Monitor the application status via email or through the lender\u2019s portal. If you\u2019re approved, you\u2019ll receive details via a final loan offer. This information should be reviewed carefully to ensure it matches what was offered during the application process.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Factors to Consider When Comparing Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As you consider debt consolidation loan options, there are some factors to be aware of that will impact the total cost of the loan. Here\u2019s what to keep in mind:<\/span><\/p>\n<h4><b> Interest Rates<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Interest rates are first on this list for a reason. The interest rate you receive on your loan will significantly impact the total amount you end up repaying. You\u2019ll want to understand if you have a fixed or variable interest rate as well as the annual percentage rate (APR). A fixed interest rate will remain constant throughout the life of your loan so your monthly payment will be predictable. A variable rate, on the other hand, can change over time based on market conditions. As for the APR, this figure tells you the total cost of borrowing, including the interest rate and any additional fees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When looking at debt consolidation loans and interest rates, research current rates before applying and consider how your credit score will affect what you\u2019re offered.\u00a0<\/span><\/p>\n<h4><b> Loan Terms<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The loan term is the length of time over which you\u2019ll repay the loan. The term will affect your monthly payment and the amount of interest you paid. Usually, a shorter term leads to higher monthly payments but lower total interest costs. You accrue less interest this way because you are paying off the principal at a faster rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a longer term debt consolidation loan, your monthly payments will be lower. However, you\u2019ll pay more total interest because you are paying down your principal at a slower rate.\u00a0<\/span><\/p>\n<h4><b> Fees and Penalties<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans typically have origination fees. This is a fee charged by the lenders to process your application. It is generally a percentage of the loan amount and can be deducted from the loan or paid by you upfront. You may also encounter prepayment penalties if you pay off your loan before the loan term ends. Likewise, it\u2019s good to be aware of potential late fees for missed or late payments. Consider setting up automatic payments to avoid this fee.\u00a0<\/span><\/p>\n<h4><b> Credit Score Requirements<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Lenders use your credit score to determine your eligibility for the loan. It will impact how much you are approved to borrow, the terms and interest rates. Generally, the higher your credit score, the more favorable terms and rates you will receive. Before applying for a loan, do what you can to improve your score by avoiding other hard inquiries as well as late or missed payments.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Credit Card Consolidation Loans vs. Personal Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A credit card consolidation loan typically involves transferring outstanding balances from multiple credit cards to a single credit card with a lower interest rate. They may also offer 0% APR for a certain period of time as an incentive to <\/span><span style=\"font-weight: 400;\">perform a balance transfer<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The advantages of credit card consolidation loans include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lower interest rates than existing credit cards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Promotional offers such as 0% APR\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">One single payment<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The following disadvantages are important to be aware of:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High interest rates post promotion<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Balance transfer fees (typically 3 to 5% of the transferred amount)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit limits, which may not be enough to cover your full balance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Impact to credit as they require a hard inquiry<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A personal loan, on the other hand, is an unsecured loan provided by a bank, credit union or other lender. It is used to pay off or down debts. The borrower then makes monthly payments on the loan at a fixed interest rate. Here are the pros to this means of debt consolidation:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No transfer fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fixed interest rates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">May allow you to borrow a larger amount than with a credit card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consolidated payments<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Compared to credit card consolidation loans, personal loans have some cons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher interest rates if you have a low credit score<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">May have origination fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shorter repayment terms<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To determine which is right for you, consider your outstanding debt, income and credit score. If you have a high credit score and relatively low balance, a credit card consolidation loan may be a better choice. If you have a lower credit score and more debt to pay off, a personal loan may be the better option.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Alternatives to Debt Consolidation Loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Debt consolidation loans aren\u2019t the only avenue for tackling your debt. Consider these other options and their effect on your credit score and financial goals before committing to a loan:<\/span><\/p>\n<p><b>Balance transfer cards:<\/b><span style=\"font-weight: 400;\"> These credit cards let you transfer the outstanding balance of an existing card, or several, to a new creditor. Balance transfer cards usually offer an interest-free period of about a year to 21 months, giving you time to pay down your debt without worrying about interest.<\/span><\/p>\n<p><strong>Debt Settlement<\/strong>: You can negotiate with creditors to reduce what you owe, also known as debt settlement. You can also go through companies like <a href=\"https:\/\/t.thepennyhoarder.com\/aff_c?offer_id=7042&amp;aff_id=2\" rel=\"nofollow noopener\" target=\"_blank\">National Debt Relief<\/a>, which will do the negotiating for you.<\/p>\n<p><b>Refinancing:<\/b><span style=\"font-weight: 400;\"> If you have a single loan with unfavorable terms, you could return to the lender and ask to refinance. This could get you a lower interest rate or different monthly payment, depending on your financial situation and needs.<\/span><\/p>\n<p><b>Debt forgiveness: <\/b><span style=\"font-weight: 400;\">A debt management plan usually comes with some amount of forgiven debt, which could offer a tremendous amount of relief. You might also be able to negotiate a reduced repayment amount on your own directly with your creditors. This kind of settlement usually shows up on your credit report as a negative mark.<\/span><\/p>\n<p><b>Deferment:<\/b><span style=\"font-weight: 400;\"> Check the terms of your existing debt to see if your lender offers deferment or other flexible repayment options. You may just need a month or two off of monthly payments or interest to get back on track, and that could save you the trouble of applying for a whole new loan.<\/span><\/p>\n<div class=\"adBorder\" id=\"thepe-1513123854\">\n<h3>We Dare You to Take Control of Your Debt<\/h3>\n<p>Up for a debt challenge?<\/p>\n<p>In 10 days, <a href=\"https:\/\/partners.thepennyhoarder.com\/organize-your-finances-prt\/?aff_id=384&amp;aff_sub3=organize-your-finances-prt\/&amp;aff_sub4=191929\" rel=\"false noopener\" target=\"_blank\">these 10 practical steps<\/a>\u00a0could help you get back on the right financial track.<\/p>\n<\/div>\n<h2><span style=\"font-weight: 400;\">Tips for Getting the Best Debt Consolidation Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To get the best debt consolidation loan for your financial needs, focus on the following:<\/span><\/p>\n<ul>\n<li>Your credit.<span style=\"font-weight: 400;\"> By now, you\u2019ve hopefully obtained a copy of your credit report and checked for any inaccuracies. These errors should be disputed and resolved before applying for a loan, if possible.<\/span><\/li>\n<li>Pay bills on time.<b> <span style=\"font-weight: 400;\">Set up reminder or automatic payments to maintain your bill payment history. Catch up on any overdue accounts.<\/span><\/b><\/li>\n<li>Keep balances low<span style=\"font-weight: 400;\">. Try to keep your credit utilization ratio to 30% or lower.\u00a0<\/span><\/li>\n<li>Avoid hard inquiries. <span style=\"font-weight: 400;\">Each hard inquiry (credit check when applying for credit) can lower your credit score at least temporarily.<\/span><\/li>\n<li>Cut unnecessary expenses. <span style=\"font-weight: 400;\">Curb spending as much as you can so you\u2019ll have more funds to put toward repaying your loan.<\/span><\/li>\n<li>Shop around. <span style=\"font-weight: 400;\">Look at potential offers from banks, credit unions and other lenders to get a full picture of your options. Use prequalification where available and search for promotional rates.\u00a0<\/span><\/li>\n<li>Avoid common pitfalls. <span style=\"font-weight: 400;\">Don\u2019t forget to factor in origination fees, prepayment penalties and the total cost of the loan as you make your decision.<\/span><\/li>\n<li>Negotiate terms and rates. <span style=\"font-weight: 400;\">If you have good credit and multiple offers, you can potentially negotiate the repayment terms and rates with lenders. You may also want to consider asking the lender to waive the application or origination fee.\u00a0<\/span><\/li>\n<li>Look for red flags.<span style=\"font-weight: 400;\"> Avoid lenders that have extremely high fees or interest rates. Always read the fine print, and don\u2019t be afraid to walk away from lenders that use high-pressure tactics. It\u2019s also wise to verify licensing and check for any complaints raised by other borrowers.\u00a0<\/span><\/li>\n<\/ul>\n<p><i>Contributor Dana Miranda is a Certified Educator in Personal Finance\u00ae who has written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and Inc. Magazine. Freelancer Veronica Matthews contributed to this post.\u00a0<\/i><\/p>\n<p>        <!-- ACF Financial Disclaimer --><\/p>\n<p>        <!-- End ACF Financial Disclaimer --><\/p>\n<p>        <!-- Newsletter Signup Form --><\/p>\n<div class=\"newsletter-signup-wrapper-for-digioh\">\n<div class=\"col-xs-12 newsletter-wrap flex-row\">\n<div class=\"container flex-container\">\n<div class=\"col-xs-12 new-newsletter-form\">\n<p class=\"text-subheading\">Ready to stop worrying about money?<\/p>\n<p class=\"text-get-daily\">Get the SS Daily<\/p>\n<p class=\"email-privacy-policy-blurb-white\">\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>        <!-- End Newsletter Signup Form --><\/p><\/div>\n<p><script type=\"text\/javascript\" id=\"wp-fcapi-js-before\">\n\/* <![CDATA[ *\/\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '263664193816679');\n\/* ]]> *\/\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.thepennyhoarder.com\/debt\/best-debt-consolidation-loans\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A debt consolidation loan is a path to relief for a lot of people struggling to manage high-interest debt. Debt consolidation replaces your existing debts with a single loan, usually with more favorable terms. This could include a lower interest rate that\u2019ll save you money or a lower monthly payment and longer repayment period that<\/p>\n","protected":false},"author":1,"featured_media":10545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[221],"tags":[467,367,469],"class_list":{"0":"post-10544","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-debt","8":"tag-consolidation","9":"tag-debt","10":"tag-loans"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/10544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10544"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/10544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/10545"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}