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Upstart vs SoFi

Saturday, June 22nd

2024 Debt Consolidation Company Reviews

Upstart Review 4.5 Star Rating

Upstart

4.5 Star Rating
  • Debt consolidation through loans
  • Borrow between $1,000 and $50,000
  • Factors in more than just your credit score to determine eligibility
  • Connects you to a vast network of over 100 banks and credit unions
  • Most loans funded within 24 hours
  • Available in 48 states (excluding Iowa and West Virginia)
  • "A+" rated and accredited by the BBB
  • Over 40,000 five-star reviews from clients

Upstart can give you a jumpstart on debt consolidation through a loan, especially if you're having trouble qualifying based on your credit score alone. Their holistic qualification process takes your educational background and earning potential into account when deciding to connect you with personal loans that can be used to pay off higher-interest debt. While it'll be up to you to use your funds accordingly, you'll have no issues with the service here itself: over 40,000 people have given Upstart a perfect five-star rating. This is the first place we'd go when looking for a debt consolidation loan.

SoFi Review 4 Star Rating

SoFi

4 Star Rating
  • Debt consolidation through personal loans
  • Loans available from $5,000 to $100,000
  • Rates may include origination fees of up to 7%
  • Flexible repayment terms spanning from 2 to 7 years
  • Most loans funded same or next day
  • Available in all states except Mississippi
  • Live customer support 7 days a week
  • "A+" BBB rating
  • Thousands of 5-star ratings from happy clients

SoFi, with over two million members and $50 billion in loans, offers debt consolidation via personal loans from $5,000 to $100,000. You can choose to repay the loan over 2 to 7 years. Funds are usually available quickly, sometimes even on the same or next day. If you sign up for autopay, you might save on interest. While you should keep an eye on origination fees here, SoFi has an "A+" rating from the BBB and thousands of five-star ratings on Trustpilot, making it a reliable option for consolidating debt through personal loans.

Which Debt Consolidation Company is the Best?

Picture this: you've got a bunch of debts hanging over your head, like credit card balances, student loans, and maybe even a car payment or two. It's like juggling flaming torches while walking on a tightrope. Stressful, right? That's where debt consolidation swoops in, to help your finances feel a little less like being in the circus.

Debt consolidation is essentially rolling all your debts into one easy-to-manage account. Instead of keeping track of multiple payments with different interest rates, due dates, and creditor phone numbers, you bundle them up into a single, more manageable monthly payment. You borrow enough money to pay off all your existing debts, then focus on repaying just that one loan.

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Debt Consolidation Company FAQ

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.
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.
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.
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.
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.
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.
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.
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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Continued from above...

With debt consolidation, you get to hit the reset button on your finances, giving you a fresh start with a simpler repayment plan. Plus, personal loans often come with lower interest rates than credit cards, which can save you some serious cash in the long run.

Before continuing, let's clear up some terminology confusion. Debt consolidation, debt restructuring, and debt management might sound like they're cut from the same financial cloth, but they each have their own distinct flavors.

Debt consolidation is all about streamlining multiple debts into one manageable payment, usually through a loan or balance transfer. Debt restructuring, on the other hand, involves renegotiating the terms of your debts with creditors to make them more manageable. This could mean extending the repayment period, reducing interest rates, or even forgiving a portion of the debt. And then there's debt management, which is like having a wise old sage by your side, guiding you through the treacherous forest of debt. Debt management plans, often offered by credit counseling agencies, could potentially help you organize your finances, create a budget, and negotiate with creditors to lower interest rates or fees.

Where should you turn for the right debt consolidation for your unique financial situation? Great question. Here are some criteria you can use to sort through today's most popular options:

  • Method of consolidating debt. Will you be taking out a loan and paying off all of your existing creditors (like credit card companies)? Is there more to the company's strategy for helping you get ahead financially?
  • Eligibility requirements. Some companies have some basic eligibility criteria to meet. That could be a minimum amount of unsecured debt (usually around $5000+), a minimum credit score (if you're taking out a new loan), or a certain amount of monthly income.
  • Costs. You should be on the lookout for any fees associated with your debt consolidation plan. That could be an origination fee on a new loan, in addition to interest, or a fee for a debt settlement program.
  • Education and support. How much help do you want with your debt consolidation? Are you looking for a relatively hands-off relationship like a loan, or more guidance with respect to your finances (so you don't need to go through debt consolidation again in the future)?
  • Reputation. Take a look at what others have said about the lender or provider you're considering. Is support available when you need it, to answer your questions at any stage of the process? Has the company been evaluated by the Better Business Bureau? Have people like you said that their financial situation was improved by working with the debt consolidation company?

Debt doesn't have to be a four-letter word. With the right tools (like the insights in our reviews and rankings at Top Consumer Reviews), you can get all the information you need about the most popular sources of debt consolidation today, in order to wrangle your debts into submission and reclaim control of your financial future.

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