Personal Loans for Debt Consolidation

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Personal Loans for Debt Consolidation

Paying off debt is the way to a healthy financial life. A debt consolidation loan could help you with your debt. A debt consolidation loan is where a lender will give you a personal loan that you are able to use to pay off your other debts. You will then need to pay fixed monthly installments over a period of time to pay the personal loan back.debt

The interest rate that you receive on the loan will depend on your credit history and this is usually fixed for the term of the loan.

Here is a look at the best personal loans for debt consolidation.

No Origination Fee Lender

Discover

This loan carries an APR between 6.99% and 24.99%, which is fixed. The loan amount that you are able to borrow is between $2500 and $35 000. The term of the loan is between 3 and 7 years. You will need to have a minimum credit score of 660. There is no origination fee, but they do charge a late fee of $39.

LightStream

LightStream offers APR’s that start at 2.99% to 4.99% and they can range up to 14.49%. The loan amount that you are able to take is between $5000 and $100 000. The term of the loan is between 2 and 7 years. The minimum credit score required is 680. There are no fees.

SoFi

The APR with SoFi is between 5.95% and 11.74%, which is fixed. The variable rate is from 4.73% and is capped at 12.49%. The loan amount that you are able to take is between $5000 and $100 000. The loan terms are 3, 5 and 7 years. You do not need a minimum credit score, as SoFi will consider credit in conjunction with underwriting standards. There are no origination fees. There is a late fee, which is the lesser of 4% of payment or $5.

Financial Discipline Lenders

PayOff

The APR is fixed and ranges between 8% and 22%. The loan amount that can be taken is between $5000 and $35 000. The term of the loan is 2 to 5 years. You will need to have a credit score of 720. There is a PayOff charge, which is called a PayOff Platform Fee, which ranges from 2% to 5% of the loan amount and is dependent on the term included in APR. There are no late fees.

Lenders That Allow Co-Signers

Backed Personal Loans

The APR is fixed and is between 2.90% and 16%. The loan amount that can be taken is between $3000 and $25 000. The term of the loan is 1 to 3 years. A borrower without a co-signer will need a minimum credit score of 660 and 720 with a co-signer. The origination fee is between 0.8% and 2%. The late fee is $20 that is charged after 15-day grace period.

Freedom Plus

The APR is between 7.93% and 29.9% and is fixed. Loan amounts range from $5000 to $35 000. The term of the loan is between 2 and 5 years. You will need to have a minimum credit score of 640, bot 700 or more is best. The origination fee is between 1.38% and 5%. The late fee is 5% of payment or $15.

 

Personal Loan Offers

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Here is a look at some personal loan offers.personal loans

Lending Club

With the Lending Club you are able to get a loan amount of $10 000. The APR estimate is between 7.75% – 8.99%. The estimated repayment that you will have to make is $312.

With this loan you are able to pay down your credit card or pay them off. You have the chance to make one low monthly payment that is fixed. You are able to build credit whilst you pay down your debt and the process is easy online.

Light Stream

With Light Stream you can get a loan of $10 000 and the APR estimate is as low as 5.99%. The estimated repayment that you will have to make is $304.

The debt consolidation rates are from 5.99% to 10.29%. There are no fees or prepayment penalties. They accept joint applications and you can get a loan between $5000 and $100 000.

Prosper

Prosper offers loan amounts of $10 000 with an APR estimate of 6.76% – 7.74%. The estimated repayment is $308.

The rates start at 5.99%. You will have access to the loan in just 5 minutes and you can get up to $35 000 in as little as 5 days.

Freedom Plus

The loan amount is $10 000 and the estimated APR is 15.56% – 21.05%. Your estimated repayment is between $349.40 – $377.01.

With Freedom Plus you will receive competitive rates and are able to get loans up to $35 000. The approval takes 24 hours and you have access to the money in 48 hours. There are no prepayment penalties, no collateral needed and no hidden fees.