Debt Consolidation Loans

If you have multiple payments to different lenders, like credit cards or loans, you can apply for a debt consolidation loan to consolidate all your debt into one lower monthly payment.

Debt Consolidation Loans

Compare top debt consolidation loans lenders to pay off your debt in one single lower monthly payment. Start now.
Loans for debt consolidations explained. What are they and how to get one? This quick guide covers everything you need to know.
Conquering your debt is easy once you find the right provider. Check out top debt settlement companies to see which one works best for you.
Personal loan lenders offer different services and interest rates. Review the different lenders available and find one that is right for you.

What Is Debt Consolidation?

Debt consolidation – not to be confused with debt settlement – is just like it sounds. It’s a simple way to use a personal loan to consolidate multiple unsecured debts (like credit cards, medical bills, payday loans) into one monthly bill. For example, instead of making payments to multiple creditors, you make a single payment to the debt consolidation loan’s lender instead.

Because personal loan rates can be lower than credit card rates (which have an average of around 15% APR), it’s possible to save a lot of money in interest rate payments. By extension, this could help lower monthly payments and/or pay down debt faster.

The best way to compare apples to apples is to get personalized rates for your current situation. It’s effortless – almost like searching for a flight or hotel.

Debt Consolidation Loans Pros

  • Potentially lower interest rates vs. credit cards
  • Easy application process
  • Less risk since an unsecured personal loan isn’t tied to an asset
  • Funds usually come through quickly
  • Potential credit score increase

Debt Consolidation Loan Lenders

View here some banks and financial companies offering debt consolidation loans:

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Check Into Cash

  • Speed: 60 seconds qualification process with funds released in 24 hours
  • Flexibility: Choose payday loans repaid on next payday or installment loans or repaid in few months
  • Nationwide Reach: Online payday loans are available in 22 states
  • Gold Standard: Consistent “best practices” standards for the personal loan industry according to the Community Financial Services Association of America (CFSA).
Fiona
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Fiona Personal Loans

  • Get matched with prequalified loan offers
  • Save time comparing pre-approved loans in one place
  • Check your loan options with no impact on your credit score
  • Get your money as soon as next business day
Monevo Personal Loans
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Monevo

  • Save time: Get connected and compare loan providers in under a minute
  • Credit Score: Check your options to take a loan with no impact on your credit score
  • Transparency: Easily review all the lenders that work with Monevo
  • Award-winners: The company has won several international awards
Upstart
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Upstart Loans

  • Get loans at very low interest rates
  • Process your application very quickly to get funds in 1-2 days
  • It takes only minutes to apply and get rates with their automated service
  • Available across most states

Debt Consolidation Loans Cons

  • Sometimes lenders charge origination fees. Double-check the numbers & do a bit of “comparison shopping” to make sure you get the best offer available.
  • Teaser rates require a high credit score (somewhere between 780-850). Note that it’s pretty easy to get rates personalized to you.
  • There aren’t many options available (if at all) for credit scores below 600.

Consolidate your loans into one single monthly payment

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