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.
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
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 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.
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
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.
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.