Top Debt Consolidation Loans of April 2024

Best Debt Consolidation Loans of April 2024

Debt consolidation can be an effective way to streamline payments and potentially reduce your interest charges. The best personal loans for debt consolidation offer low annual percentage rates (APRs) and flexible repayment terms, while avoiding fees like prepayment penalties, so you can retire debt early without having to pay a fee.

Upgrade

BEST FOR BAD CREDIT

Minimum Credit Score

580

APR range

8.49% to 35.99%

Loan amounts

$1,000 to $50,000

Why Should We Pick?

Upgrade stands apart for providing loans to people with bad credit. Upgrade has a substantially lower minimum credit requirement (580) than other lenders, and there is no minimum income requirement. The loan amounts range from $1,000 to $50,000, with durations of two to seven years.

Pros

Cons

  • A low minimum credit score requirement
  • Borrowers might use loans to finance their business expenses.
  • Provides direct lender payoff for debt consolidation loans.
  • High APR range.
  • charges costs for origination, late payment, and insufficient cash.

Eligibility:

  • Minimum credit score is 580.
  • There is no minimum income requirement.
  • allows co-applicants.

Loan uses:

  • Debt consolidation
  • Home Projects
  • Large costs.
  • Business costs

Universal Credit

BEST FOR COMPARING MULTIPLE OFFERS

Minimum Credit Score

580

APR range

11.69% to 35.99%

Loan amounts

$1,000 to $50,000

Why Should We Pick?

Universal Credit is an online lending company that provides personal loans ranging from $1,000 to $50,000 via its partners, allowing borrowers to compare various offers at once. While Universal Credit makes obtaining a personal loan possible even for those with bad credit, company charges hefty APRs and a 5.25% to 9.99% origination fee on all personal loans.

Pros

Cons

  • Flexible qualifying requirements
  • Next-day funding
  • No prepayment penalty
  • High APRs.
  • All personal loans carry an origination fee ranging from 5.25% to 9.99%.

Eligibility:

  • Minimum credit score is 580.
  • Minimum income requirements: Does not reveal.
  • Does not accept co-signers or co-borrowers.

Loan uses:

  • Debt consolidation
  • Expensive home project.

Happy Money

BEST FOR FLEXIBLE REPAYMENT TERMS

Minimum Credit Score

640

APR range

11.72% to 17.99%

Loan amounts

$5,000 to $40,000

Why Should We Pick?

Happy Money offers lending terms ranging from two to five years, as well as loan amounts ranging from $5,000 to $40,000, distinguishing the lender for its flexible repayment alternatives for customers looking to consolidate debt. While Happy Money charges an origination fee ranging from 0% to 5%, there are no late fees, yearly fees, or prepayment penalties.

Pros:

Cons:

  • Directly pays third-party creditors.
  • Offers competitive APRs
  • Helps borrowers achieve financial wellness through the Peace program.
  • May levy an origination fee.
  • Repayment terms are limited.
  • Requires a minimum credit history of three years.

Eligibility:

  • Minimum credit score is 640.
  • Minimum credit history: three years.
  • Maximum debt-to-income ratio: 50 percent.

Loan uses:

  • Debt consolidation

Read More: Private Student Loan Rates March 28, 2024 – Loan Rate Hike

Achieve

BEST FOR PAYING OFF CREDIT CARD DEBT

Minimum Credit Score

620

APR range

8.99% to 35.99%

Loan amounts

$7,500 to $40,000

Why Should We Pick?

Achieve is a good choice for debt consolidation loans due to its flexible loan periods (two to five years) and loan sizes ($7,500 to $40,000). These properties make it easier to consolidate a big amount of debt, spread payments over a longer period of time, and lower monthly payments.

Pros

Cons

  • Flexible repayment arrangements.
  • Allows coborrowers.
  • Funds available within 48 hours
  • Application is not completely online.
  • Implements a minimum income requirement.
  • High minimum loan amount

Eligibility:

  • Minimum credit score: 620.
  • Minimum annual income is $21,500.
  • Allows for cosigners and co-applicants.

Loan uses:

  • Debt consolidation
  • Home Projects
  • Medical expenses.
  • Travel expenses

Discover

BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS

Minimum Credit Score

660

APR range

7.99% to 24.99%

Loan amounts

$2,500 to $40,000

Why Should We Pick?

Discover distinguishes itself with its online and mobile banking features, a well-regarded customer support team, and speedy funding. Loans range from $2,500 to $40,000 and can be provided for three to seven years.

Pros

Cons

  • Option to pay creditors directly.
  • There are no origination costs or prepayment penalties.
  • Directly pays creditors.
  • Charges late fees.
  • Low maximum loan amount.

Eligibility:

  • Minimum credit score is 660.
  • Minimum household income is $25,000.
  • Does not accept co-signers or co-borrowers.

Loan uses:

  • Medical bills.
  • Business costs
  • Home Renovation

Best Egg

BEST FOR DEBT CONSOLIDATION PERKS

Minimum Credit Score

640

APR range

8.99% to 35.99%

Loan amounts

$2,000 to $50,000

Why Should We Pick?

Best Egg is a financing platform that is ideal for consumers seeking to consolidate credit card debt. Once you accept a debt consolidation loan, Best Egg’s Direct Pay function will pay off your credit card balances automatically. Best Egg offers payment terms ranging from three to five years, making it an excellent option for consolidating existing debts and spreading payments out over time.

Pros

Cons

  • Loan lengths available for up to five years.
  • Low minimum APR
  • No prepayment penalty
  • Does not provide direct payments to third-party creditors.
  • charges an origination fee.
  • Maximum repayment duration is five years.

Eligibility:

  • Minimum credit score: Does not disclose.
  • Minimum annual income: Does not reveal.
  • Does not accept co-signers.

Loan uses:

  • Debt consolidation

LightStream

BEST FOR LOW INTEREST RATES

Minimum Credit Score

660

APR range

7.49% to 25.49%

with autopay

Loan amounts

$5,000 to $100,000

Why Should We Pick?

LightStream provides customers with competitive interest rates and a large maximum loan amount. Repayment durations range from two to seven years, making it a good choice for people looking to spread out the payment of substantial bills over time. LightStream loans also offer no origination, late, or prepayment penalties.

Pros

Cons

  • There are no origination, prepayment, or late fees.
  • Low and competitive pricing.
  • Fast approval and funding.
  • No prequalification procedure.
  • There is no due date flexibility.
  • Limitations on the utilization of loan proceeds

Eligibility:

  • Applicants should have several years’ credit history.
  • Minimum credit score is 660.
  • Cannot prequalify.

Loan uses:

  • Large costs.
  • Finance land, timeshares, and tiny houses.
  • Home project

The personal loan interest rates are determined by various factors, such the borrower’s reliability, the lender, the loan amount, and the payback duration. Personal loan interest rates typically range between 5.99% to 36%, with the lowest rates going to buyers with exceptional credit.

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