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Wednesday, September 28th
Upstart knows that a credit score isn't the only factor to consider when evaluating your loan consolidation application. They employ a sophisticated artificial intelligence process that looks beyond just your credit history - making it more likely that you'll be approved for your loan. Happy customers typically receive their money very quickly, and praise this service for being easy and affordable.
Payoff connects you with one of eight lenders in their network, getting you a personal loan so that you can consolidate debt by paying off your high-interest credit cards. While the BBB gives the company high marks, feedback from clients is much more mixed. Some have a great experience, while others describe a frustrating process from start to finish. There are more hassle-free options available if you want a loan to pay off your debt.
Maybe you've gotten overwhelmed by credit card payments and overdue bills, and now you're wondering if there's any light at the end of the tunnel. Or, perhaps you're a financially-savvy consumer who wants to take advantage of lower interest rates, in order to pay off your mounting credit cards bills. Debt consolidation can be a smart strategy either way.
What, exactly, is debt consolidation? It's important to understand that companies offering it may mean different things. For some, debt consolidation is offered as a personal loan: you borrow funds that you use to pay off all of your outstanding debts. Your interest rate should be much lower than your credit cards, and now you've got a simplified, single payment to make each month. This can be a great way to boost your credit score by reducing the likelihood of making late payments (or none at all) and get on your feet again financially. On the other hand, you're in charge of using your loan money responsibly - and not to buy things you don't need!
Other providers of debt consolidation take a more hands-on approach, giving you credit counseling and even going to bat for you with your creditors. The services they provide may include negotiating a lower debt amount or getting your debt forgiven altogether! You might pay a monthly fee for this kind of debt consolidation, or it might be a flat fee based on how much money they saved you overall.
Either route you choose, there are a lot of options out there. How can you decide which one is right for you? Keep these points in mind as you weigh out the possibilities:
TopConsumerReviews.com has evaluated and ranked the best debt consolidation options available today. We're confident that this information will help you choose a strategy to pay down your debts and get your finances in order!
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