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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.
Monday, January 25th
National Debt Relief offers debt consolidation along with other customized financial solutions for customers with $7,500 or more in unsecured debt. They are successful as a result of their proactive efforts to identify the best options for each individual customer's financial needs. They have helped over 100,000 customers get back on their feet since opening their doors in 2009.
Debt consolidation shoppers can expect a professional experience when doing business with National Debt Relief. This starts with an informative and customer-friendly website that helps you understand the financial solutions available at National Debt Relief before speaking with a consultant.
The process is easy to get started with National Debt Relief. You simply complete an online form or call their dedicated debt help line at 1-888-919-1355 for assistance. You'll discuss your financial situation with one of their certified debt counselors, who will walk you through a free debt analysis to determine if debt consolidation or another route with help you best reach your financial goals faster. The staff at National Debt Relief are both knowledgeable and friendly, and we appreciate the level of professionalism and care they provide.
If the consultants recommend that debt settlement or debt negotiation are better routes than debt consolidation, you'll know you have other options to consider. The amount of savings available varies by the solution identified, as well as a number of factors that the debt consultant explains before you two make a final decision.
National Debt Relief has earned an impressive "A+" rating with the Better Business Bureau. This clearly indicates their dedication to the customer. They also offer a 100% satisfaction guarantee, which means if you're not happy with their service, you can cancel at any time without penalties or fees.
If you're looking to consolidate your creditor payments, you'll find that National Debt Relief is a reliable option. They employ friendly and knowledgeable staff to help you reduce your monthly payments and simplify your life. National Debt Relief (1-888-919-1355) earns our highest rating and is a great place to start.
Credit.org has a stellar reputation spanning more than 45 years in operation. Also known as Springboard Nonprofit Consumer Credit Management, this service offers non-profit financial coaching for a wide range of credit and debt concerns, including housing (foreclosure, reverse mortgage, pre-purchase), bankruptcy, student loans, and debt relief. The BBB rates credit.org as an "A+" accredited business across all of the services provided. Additionally, credit.org is accredited by the National Foundation for Credit Counseling (NFCC).
One of the most compelling reasons for considering credit.org is that many of their services are free of charge. For example, here's what you get when you choose to use their Debt and Credit Coaching:
Yes, you understood that correctly: you'll pay absolutely nothing to use credit.org's phone coaching for these services. Because this service is funded by donations and government grants, you are able to access a wealth of support at no cost to you.
Now, that's not to say that everything is free when you use credit.org for debt relief coaching. For example, if you're looking for a more traditional debt management plan - to help you pay off your debt faster, reduce your interest rates, create a realistic budget, consolidate payments, and/or stop collection calls - you may pay a small enrollment fee along with monthly service costs.
What are those fees? They vary according to a number of factors. After our investigation, we can tell you to anticipate an enrollment cost of around $35 and monthly fees up to $20. Your exact costs will depend on the state where you live, your personal situation, and whether you qualify for a reduction or waiver of your fees due to hardship. Unfortunately, we couldn't find specifics from credit.org about their eligibility requirements for those reductions/waivers.
We really appreciate that credit.org has so much to offer at no charge. And, for many consumers, some knowledgeable, friendly coaching may be all they need for debt relief - to identify the best steps to take next and the ideal resources to get them there. Plus, credit.org's fantastic reputation over nearly 5 decades is a huge advantage in an industry where it seems like some new financial or debt service is always popping up. For their wide range of services, including free coaching for consumers, credit.org earns very high marks and is worth your consideration.
CuraDebt has been in the financial solution business since 1996. They work with customers that have $10,000 or more of unsecured debt. Outside of debt consolidation, they also offer creditor negotiations, debt management, settlement, credit counseling and arbitration services to both individuals and small businesses.
CuraDebt treats each potential customer as an individual. At no cost to the consumer, they will confidentially review your current financial situation, as well as your short-term and long-term goals to make a recommendation. CuraDebt has access to the top A+ rated professionals and companies in the industry and will connect you with the right staff that can best help you reach your goals. The staff at CuraDebt are well trained professionals that are knowledgeable about available debt solutions, and can review the best options with you.
The process of getting started with CuraDebt includes a quick online form that requires your phone number and email address. During your initial call with CuraDebt, you'll be assigned a friendly,experienced financial counselor to walk you through your financial options. This person will not only closely review your personal financial situation, but they will also work with you to create a comprehensive solution to meet your needs and stay in contact with you while you progress through your debt resolution plan. This is a strong selling point at CuraDebt because no one wants to retell their story to staff members each time they have a question or concern.
CuraDebt professionally guides you through the effort to improve your financial situation and reach your goals. We liked that they not only offer debt consolidation but a whole host of debt relief solutions based on your individual needs. If you have $10,000 or more of unsecured debt, CuraDebt is worth your consideration.
Note: CuraDebt services are not available to residents in the following states: CT, GA, KS, ND, SC, VT, WA, WV, PA, PR, OR.
SoFi, short for "Social Finance", bills itself as a modern personal finance company, and its clean, crisp, easy-to-use website definitely matches that description. And they're clearly making an impact in the lending industry. SoFi currently has a variety of products, including personal loans, mortgage loans and refinancing, student loan refinancing, and more.
SoFi's application process is straightforward: enter your personal information, such as your name and address, current employer and annual wages/salary, and post-secondary education information, and if SoFi is able to confirm your information you'll be able to see the loan and terms for which you qualify. If they are not able to confirm your data, you will be asked to enter your Social Security Number.
There is an easy-to-miss link at the bottom of the site called "Eligibility Criteria". We encourage potential borrowers to look through the information there, as several states are excluded from their personal loan program, and there are other state-specific details to be aware of. Also, it states that personal loan recipients must be US citizens or permanent resident aliens, be of the age of majority in their state of residence, and must be currently employed.
We love that SoFi publishes its personal loan rates and that there are no prepayment penalties or origination fees: "what you see is what you get". Their loan rates are consistently very competitive with other loan companies.
Loan terms from 2 to 7 years were available for both fixed and variable interest rate loans, in amounts ranging from $5,000 to $100,000.
SoFi also has several unique perks that we like, from referral bonuses for new members referred by current borrowers (both parties get a cash benefit), to unemployment protection that suspends payments required from borrowers - for up to 12 months over the course of the repayment term - who lose their job through no fault of their own. SoFi even provides help through its Career Strategy department to assist borrowers in their search for a new job!
If you're in the market for a personal loan, you'll definitely want to take a look at what SoFi has to offer. We give them a strong recommendation because of their low interest rates, transparency, and lack of loan fees.
Upstart is a peer-to-peer lending platform founded by former Googlers. At first glance, the site is neat and includes finance-related images such as pie charts and percentage signs to emphasize their purpose, which is to help people achieve their financial goals. The fonts are large, allowing easy reading, very helpful since financial information can be overwhelming. The site allows one to process information while pacing the reader through use of space and letter size.
Professional in look, the site however does not hope to impress in graphics or photos of people enjoying newfound financial freedom. Instead, the site uses facts and figures to communicate a serious, all-business tone. The only downside to this setup is that if a customer is not familiar with loans or borrowing lingo, they might be lost until they scroll to the bottom of the Home page to click on "Contact Us".
For customers who aren't sure where to begin, Upstart has a "Get Started" icon which asks them what they want to do. Upstart offers help with loan consolidation, paying off credit cards, paying medical bills, buying a car or other big purchases. Such a wide range of services is comforting to those seeking financial advice. The site also provides education to help you prepare for future financial decisions.
With respect to personal loans, Upstart is efficient. You can apply online and find out your rate within a few minutes. You're asked simple questions about your income and education history. Upstart then presents you with loan terms and options for payment. Once a customer agrees to the terms of the loan, funds are issued - sometimes, by the next business day. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Upstart's reputation is very solid - you'll quickly see links to articles on prominent sites like Fox, Bloomberg, and other news agencies, along with testimonials from satisfied clients. Their underwriting model uses machine learning and artificial intelligence techniques to underwrite borrowers based on many variables, including but not limited to credit score, income, education, and employment. Such details helped us gain more confidence in the success of this company's services.
We found the blog articles very helpful. With topics ranging from selecting health insurance to saving money on groceries, a person seeking financial security could benefit from the wisdom these articles offer. Unfortunately, this tool is found at the bottom of the Home page. The website would function more effectively if they included this option at the top of the page along with "Contact" and "Team" information because it is on these pages where we found answers to our initial questions.
While Upstart's website is good, it could use some enhancements to make it more user friendly. Still, Upstart earns high marks for their quick processing of loan applications and many helpful financial features.
LendingTree is one of the most recognized names in the personal loan market. They quickly connect borrowers with a wide variety of lenders that can meet their debt consolidation needs with loans ranging from $1,000 to $50,000.
As a connection service rather than a direct debt consolidation lender, the loan products LendingTree has to offer and their terms and conditions naturally vary with each individual lender. One advantage of using LendingTree is the ability to survey multiple lenders' consolidation offers without having to disclose one's identifying information to those lenders. You only have to make yourself know when you've made the decision to apply for the loan that best fits your debt consolidation needs. Borrowers can also use offers obtained on LendingTree to negotiate directly with lenders; LendingTree provides customers with lenders' direct contact information for that very purpose.
If you choose to research debt loans using LendingTree, be aware that you will need to provide your credit score, which is used by lenders to determine if they would like to compete for your business. Even if you have a low credit score, you may still receive loan offers, because LendingTree works with such a large variety of lenders.
One thing to note is that LendingTree's main website takes you to the page for entering your information to get started in the consolidation quote process. There is very little other information on that page. We were able to determine that entering your personal information will not impact your credit report or your credit score, although we would have liked to see that fact clearly spelled out on LendingTree's landing page.
With a solid A+ rating from the Better Business Bureau, reliable history, and its ability to connect debt consolidation borrowers with a wide range of potential lenders, we give LendingTree good marks.
CareOne Debt Relief Services is unique among the debt consolidation programs we reviewed. You may not realize it at first glance, but they actually represent a collection of debt consolidation providers. CareOne works to match you with the best debt consolidation option that fits your specific financial needs. Because the work with total debt as low as $2,500, they can reach a wider range of consumers than some other programs in our review.
Debt consolidation companies have to meet rigorous professional standards in order to become a CareOne Debt Relief Services provider. These include access to customer account information 24 hours a day, 7 days a week; the ability to provide monthly statements to customers, and achieving the highest customer service expectations.
Completing the online application with CareOne is a quick and easy process. You enter some contact information about yourself (name, address, phone number), and then some information about your current debt load. Filling out the online form doesn't commit you to anything, it just gives the CareOne debt consolidation providers the information that they need in order to find the right debt program for your needs.
After you receive your free debt analysis and have a chance to review it, you may elect to enroll in a CareOne debt consolidation plan online or call to speak with an associate. When you enroll online, you'll get access to your free debt analysis, an online community the features debt experts, and free education resources.
The CareOne website is TrustE certified, which helps ensure safe online business practices and privacy considerations. The company is very professional, and the website is easy to navigate. If you have a total debt load from $2,500 and up, CareOne debt consolidation providers are an excellent choice.
Getting a debt consolidation loan can be a hassle, but it doesn't have to be. Credible simplifies the process by giving you access to more than a dozen lenders with a single application. Since 2012, this service has connected consumers with the loans they need, with fully-vetted partners that meet the highest criteria for transparency and fairness. In fact, almost all of the lenders in Credible's network are included in our reviews.
To be clear, you can't get a debt consolidaton loan from Credible directly. They are not a lender. Instead, your application (which only takes 5 minutes or less to complete) is used to give you a results list of lenders that meet your needs, with loans ranging from $1,000 to $100,000. During the consolidation loan application process, you'll provide critical details like your employment status and credit score range, educational background, and your Social Security number.
Credible performs a "soft pull" - which will not impact your credit score, as you may already know - and then matches you with lenders who are willing to give you a loan. It's up to you to determine which lender has the personal loan that is the best fit for your situation. Terms vary depending on which one you choose, but in general you can expect interest rates ranging from 5.99% up to 35.99%
One nice perk that Credible offers is a Best Rate Guarantee. If you find better rates with another lender and close on a consolidation loan with that provider, you could be eligible for a $200 payment from Credible. We recommend that you read the terms and conditions (by clicking on the Learn More button in the Best Rate Guarantee pop-out), because there are certain criteria that have to be met (like submitting your request within 7 days of closing on your consolidation loan with someone else).
We were very happy to see that Credible has a strong, positive reputation. They're accredited with the BBB and have earned an "A+" grade with them, and more than 3,000 customers have given this service a flawless 5-star rating. Compliments include praise for Credible's reliability and easy-to-use website.
Credible saves you time with a one-application-fits-all process that sends your loan application to multiple lenders. Remember you'll still want to make sure that the lender you ultimately select is giving you a consolidation loan that you can pay back on time and with interest rates you can afford.
For those looking to consolidate their debt, traditional debt consolidation may not be the most affordable option. Other solutions, such as a personal loan, may be cheaper in the long run. LendingClub is a top leader in the social lending market and serves to facilitate personal loans. A social lender simply means that individuals may provide the financing for personal loans. LendingClub's role is to bring together borrowers and lenders via a sophisticated and secure website and without a bank in the mix, borrowers are typically able to get a lower interest rate on their personal loan.
LendingClub currently holds an "A" Better Business Bureau rating and helps facilitate thousands of loans for happy customers and lenders each month. Shoppers can expect a loan rate between 6.95% and 35.89%. Best APR is available to borrowers with excellent credit.
To see if a lender is available for your needs is simple. You just input the amount to be borrowed, what the loan is for, your credit score, contact information, and income. LendingClub then works to validate this information before making the loan terms available for your selection. Once you choose a loan, personal lenders will have a few days to fund your request. Those borrowers with a better credit score typically have an easier time attracting lenders. In the end, not all customers have lenders that are willing to work with them.
If questions come up, you can speak to a LendingClub representative for assistance. Like any peer-to-peer lending company, a fee is assessed in order to cover costs. Also, you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms.
If you're looking for an affordable debt consolidation loan between $1,000 and $40,000, LendingClub may be a solution that works well for your financial situation instead of traditional debt consolidation options.
Avant is one of the newest providers in the debt consolidation loans marketplace. They opened their doors in 2012 and received their first accreditation with the Better Business Bureau in March 2015. They currently have an A+ rating with the BBB.
Avant provides access to one of the larger ranges of debt consolidation loans available, anywhere from $2,000 to $35,000. Loans through the Avant platform include terms from 2 to 5 years. As an example, a $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
Although Avant is relatively new to the online lending business, the Avant platform has issued more than $1 Billion in loans with over 450,000 customers. Their Chicago offices hold nearly 500 employees that are dedicated to providing affordable loans to consumers in need, and they bring a professionalism and dedication that is welcome to this industry.
There are no extra charges for prepayment of your consolidation loan, although late fees may apply if a payment is missed. Customer service is available 7 days a week.
Another area where Avant earns high marks is in how quickly they provide access to funds. The Avant platform can often provide funding for your loan as soon as the next business day* through direct deposit.
Avant's debt consolidation loan application and approval process is very simple:
We're encouraged to see this lending platform enter the debt consolidation marketplace and earn such a high BBB rating in such a short period of time. With their quick loan application process and lack of exorbitant fees, Avant easily earns very good marks.
A free, no obligation review of your credit situation is available at American Debt Enders. This company has been in the financial solution business since 2007. Some of their services include debt consolidation, debt settlement and credit repair. We liked that the American Debt Enders website offers easy-to-read information that helps educate the consumer on the pros and cons of each financial program they offer.
If after your free debt review it's identified that debt consolidation is the best route for you, American Debt Enders requires at least $5,000 in unsecured debt to take you on as a client. Their Debt consolidation services can also entail lower interest rate negotiation and payments for each unsecured loan to have your credit cards paid off in approximately 5 years.
American Debt Enders is a no-nonsense, New York based company that is helpful to the client with their information abundant website and friendly counselors. They do a good job of both educating the consumer and identifying viable solutions to assist those that have accumulated too much debt. If you're looking to simplify your creditor payments American Debt Enders offers programs that are worth considering.
OneMain Financial is a big name in the consumer loan market and has been business since 1920 under various names. They offer personal loans and mortgages to consumers and have earned an A+ rating from the Better Business Bureau.
OneMain earns high marks for history and their current BBB rating but miss the mark with website friendliness. Their current interest rates and respective fees are hidden within their website making it hard to identify if OneMain is worth your consideration. Customers must speak to a customer service representatives at OneMain to identify the basic information that most companies are more than willing to provide on their website.
Customer feedback of their experiences at OneMain frequently reported very high interest rates, and hidden fees and mandatory loan insurance. Some customers identified a 25%-38% typical loan rate before expensive fees.
For those looking for a debt consolidation loan, OneMain will lend money to those with lower credit ratings and no collateral, but the cost seems to be a very high interest rate and spotty customer service. This company appears strong and solvent so it is a legitimate lending source, but we had concerns with the cost associated with borrowing money from OneMain and if that would help or hinders customers efforts to improve their financial situation.
Debt Consolidation Care is a Nevada based debt consolidation and settlement company offering services since 2004. Their website is abundant with information but lacks a professional appearance and will be a turn off for many visitors. They have a lot of debt relief information to share but unfortunately do so in a disorganized, unprofessional, and outdated manner.
Along with an unprofessional website, we had concerns with the background of the owner. The website identifies the owner as someone enrolled in law school to better understand laws pertaining to debt relief. This was a bit unsettling as we would prefer to work with those that are experts and have completed the necessary education to avoid potential lawsuits. Further, Debt Consolidation Care also offers forums and poor quality videos to help consumers become more informed about their debt relief options. We found the videos to be unprofessional.
To get started with Debt Consolidation Care, customers must provide a name, phone number, email, and unsecured debt amount. Once submitted the company will call back to discuss the actual program available at Debt Consolidation. At the time of our review we attempted to get assistance via the Live Chat but no operators were available to assist. We also noted that the BBB provides an A rating for this company but doesn't list it as a debt settlement provider. We thought this was a bit strange. The lack of a transparent pricing structure, minimum debt requirement, and the states where Debt Consolidation Care services, proved to be disappointing.
If you're in the market for assistance with debt consolidation, we recommend you consider a higher ranked company that puts more effort into customer service and professionalism.
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:
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!
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