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 Loans for Good, Fair and Bad Credit

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Personal Loans for Good, Fair and Bad Credit

An unsecured personal loan can be a great way to consolidate your debt and have a lower rate fixed monthly payment. The interest that you are charged and other terms of a personal loan will be greatly influenced by your credit score and other factors.personal loan

If you are looking for a personal loan for good, fair or even bad credit, take a look at these offers below.

SoFi

With SoFi you are able to lend from $5000 to $100 000. The rates are between 4.73 to 11.74%. With this loan you will need to have a credit score of 700 or more. There are no origination fees and it is available in 47 states

Upstart

With Upstart you are able to borrow between $3000 and $35 000. The interest rate varies from 4.66 to 29.99%. You will need to have a minimum FICO score of 640. Upstart will take your education and job history into account. You are able to access your funds the next business day.

Discover

With Discover you are able to get a personal loan of between $2500 and $30 000. The APR rates are between 6.99 and 29.99%. You will need to have a minimum FICO score of 620. This loan is available in 50 states and there is no origination fee.

Payoff

You can borrow between $5000 and $25 000. The APR rate is 8 and 22%. You will need to have a minimum FICO score of 660. The loan is available in 31 states and can only be used for credit card refinancing.

Lending Club

With Lending Club you can borrow between $1000 and $40 000. The interest rates are between 5.99 and 35.96%. The minimum FICO score is 600. The loan is available in 49 states.

Prosper

You are able to borrow between $2000 and $35 000. The interest varies between 5.99 and 36%. You will need to have a minimum FICO score of 640. The loan is available in 43 states.

Pave

With Pave you can borrow between $3000 and $25000. The APR is between 6 and 26.26%. The minimum FICO score is 660. This loan is good for those that have a shorter credit history. The loan can be obtained in 34 states.

LightStream

You are able to borrow between $5000 and $100 000. The APR is charged between 2.99 and 14.49% and the minimum FICO score is 680. LightStream offer same day funding in certain circumstances. There are no origination fees and they do not issue college or business loans.

Earnest

With Earnest you can borrow between $2000 and $50 000. The APR is 5.25 – 12%. You will need to have a credit score of 700 to qualify. There are no origination fees and it is available in 36 states.

LendingPoint

You are able to borrow between $3500 and $20 000. The APR is 17.46 and 35.99%. The minimum FICO is 600. They do accept poor credit and is available in 13 states.

Vouch

With Vouch you can borrow between $2000 and $15 000. The APR is 10.68 to 29.99%. The minimum FICO is 600. They do accept poor credit. Your interest rate can be lowered or your loan amount can be increased when there is one or more co-signer.

Peerform

With Peerform you are able to borrow between $1000 and $25 000. The APR rates are between 7.12 and 29.99%. The minimum FICO is 600. Peerform accepts poor credit.

OneMain

OneMain allows you to borrow between $1500 and $15 000. The APR rates are 12.99 and 35.99%. OneMain accepts poor credit. There is same day funding in one of the 1100 locations if you are approved by noon. The loan is available in 43 states.

Avant

Avant allows you to borrow between $1000 and $35 000. The interest rate is charged between 9.95 and 36%. The minimum FICO score is 580. Poor credit is accepted. There is next day business funding and it is available in 46 states.