LendingClub vs OneMain Financial

Item: LendingClub vs OneMain Financial
Rating: 3.5

Sunday, August 1st

2021 Debt Consolidation Company Reviews

LendingClub

Fixed-rate debt consolidation loans from $1,000 to $40,000
Minimum loan amounts vary by state
APRs ranging from 8.05% to 35.89%
Origination fees ranging from 3% to 6%
All debt consolidation loans have repayment terms of at least 36 months

LendingClub used to crowdfund all of their debt consolidation loans through investors. But, after undergoing some changes, their lending is now structured more like a regular bank. They offer fixed-rate loans for debt consolidation with repayment terms of at least 36 months, and recent customer feedback is almost universally positive. You should have a good experience if you choose to get a consolidation loan here, but we're holding back a higher recommendation until the BBB provides an updated rating for LendingClub.

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OneMain Financial

Cost: Varies

OneMain brings to the table a long history of providing personal loans and a strong BBB rating. However, the website lacks important details and we found numerous accounts of expensive interest rates and fees.

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The 13 Best Debt Consolidation Companies

Where Can You Find the Best Debt Consolidation Company?

Debt consolidation can make a lot of sense for people with a high level of debt or paying a lot of bills. In these tough economic times many Americans are faced with significant credit card debt and are looking for help reducing their monthly payments. Debt consolidation is a method often used in this situation and helps consumers simplify their budget.

After consolidating their debt, many people report a reduced sense of stress. This is especially true when debt consolidation allows the consumer to better meet their obligations and get back on their feet financially. It's important to remember that after debt consolidation, consumers should closely monitor their finances and avoid taking on any new debt.

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What are the best Debt Consolidation Companies

Debt Consolidation Company FAQ

What is debt consolidation?

Debt consolidation is a strategy used to help consumers get control over high-interest debt and simplify their monthly payments. Instead of having multiple credit card bills and other accounts to pay, often with extremely high interest rates, debt consolidation reduces those individual debts into a single payment each month.

Is debt consolidation something I should consider? Do I qualify?

You may need to have a certain amount of unsecured debt to be accepted into a debt consolidation program (for example, $7,500 or more). If you're struggling to keep up with the minimum payments on your credit cards and loans, you could be a great candidate for debt consolidation.

Isn't debt consolidation basically taking out a loan?

That depends on the service, but yes: most debt consolidation programs give you a loan to pay off all of your outstanding debts. These loans usually have much lower interest rates and can help you get on top of your financial situation again.

Are there alternatives to debt consolidation?

Sure! You could try getting a traditional loan from your bank or credit union, borrow money from friends or family to pay off debts, or work on your side hustle to make extra cash to pay down what you owe. But, chances are good that you've tried that already and still find yourself struggling financially. Debt consolidation could help you handle it once and for all.

Will using a debt consolidation service improve my credit history?

It should. One of the biggest black marks on your credit score is having late or missed payments, and consolidating all of your debt into one monthly payment makes it more likely you'll pay on time.

How much will a debt consolidation plan cost?

That varies. Some providers don't charge anything for their services, offering counseling and other tools to teach you how to manage your money and pay down your debts. Or, if you're taking out a loan to pay off higher-interest accounts, your fees will include your interest and any other charges associated with your application. Be sure to get your plan in writing before you make a commitment, so that you'll know what to expect.

Is there a satisfaction guarantee?

Most of the time, no. If you take out a debt consolidation loan, it's on you to understand all of the terms and conditions before you sign off. However, there are a few fee-based services that do offer a 100% satisfaction guarantee that allows you to cancel without penalty.

Is debt consolidation legitimate?

Absolutely. Thousands of people use debt consolidation programs every year to tackle their toughest credit problems. It's a good idea to check out the reputation of any program you're considering: find out what other clients say about their experiences, see if the BBB has rated the company, and determine for yourself if their debt consolidation services are worth your time and (possibly) money.

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Finding the right debt consolidation program can be confusing for many individuals. Thankfully a number of reputable financial companies allow consumers to search and apply for debt consolidation online, from the convenience of their home. This increases the chances of finding the right debt consolidation program that meets their needs.

Before applying for a debt consolidation program, you should consider these important points:

Method. What options will the company provide you with in their debt consolidation program?
Cost. Does the company charge a fee to review your finances and identify financial solutions? What are the details you can anticipate with your debt consolidation program?
History. Does the company have a long history of successfully helping clients with their financial needs? Is this a company you can trust with debt consolidation?

TopConsumerReviews.com has reviewed and ranked the best Debt Consolidation programs available today. We hope you find these reviews helpful in finding a debt consolidation program that meets your financial needs!