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The Best Loan Consolidation Companies

Which Loan Consolidation Companies Are the Best?

Imagine you're juggling a bunch of balls, each representing a different loan - maybe for your car, your education, or some other big purchase. Sometimes it can feel like a lot to handle, right? Well, loan consolidation is like getting a bigger, sturdier basket to put all those balls in, making them easier to manage.

So, what exactly is loan consolidation? It's when you take multiple loans and combine them into one single loan. Instead of making several payments to different lenders each month, you make just one payment to a single lender. It's like streamlining your debts into a more manageable package.

Sunday, May 19th

2024 Loan Consolidation Company Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award National Debt Relief Review 5 Star Rating

National Debt Relief

5 Star Rating
  • Free initial consultation
  • Fees based on amount of money saved
  • New Customers: 1-888-413-0351
  • Should owe at least $7,500 in unsecured loans
  • Fees range from 15%-25% of your total enrolled debt
  • Average savings of 25% after NDR fees
  • Plans typically range from 24-48 months
  • "A+" rated and accredited by the BBB
  • Over 25 years in business
  • 100% satisfaction guarantee
  • Over 33,000 5-star client reviews
Top Consumer Reviews Best-In-Class Blue Ribbon Award

National Debt Relief has been a trusted name in helping individuals tackle their financial challenges since 2008. With their loan consolidation program, they offer a strategic approach to managing unsecured loans, providing relief and savings for thousands of families and individuals.

Only pay when they get results

National Debt Relief's loan consolidation service operates on a results-based model. Fees are only charged once settlements have been successfully negotiated with creditors. This means you'll only pay a fee if you approve the settlement offers and make at least one payment towards them. Fees typically range from 15% to 25% of the total enrolled debt, ensuring that you only pay when you see results.

Eligibility criteria

To qualify for National Debt Relief's loan consolidation program, you'll need at least $7,500 in unsecured loans. During a free consultation, their certified debt counselors will analyze your loans, review your budget, and discuss available options with you. There's no pressure to enroll immediately; you can take your time to consider the program and its benefits.

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Reduces what you owe

Once enrolled, National Debt Relief will negotiate with your lenders on your behalf, aiming to settle your accounts for less than what you originally owed. The fees for their services are based on the amount saved through these settlements. Most programs take between 24 to 48 months to complete, during which a flat monthly deposit to your account is paid, with NDR holding those funds in reserve until each loan is settled.

Your satisfaction is guaranteed

One of the standout features of National Debt Relief is their 100% satisfaction guarantee. If they're unable to settle any of your accounts or if you're unsatisfied with their service before any settlements are made, you can cancel anytime without penalties or fees.

Exceptional reputation

National Debt Relief's track record speaks for itself, with over 500,000 families and individuals helped and over $1 billion in loans paid off. They have earned an "A+" rating and accreditation from the Better Business Bureau, with over 33,000 five-star reviews from satisfied clients. Their proven results showcase significant reductions in loan amounts, with settlements ranging from 18% to 66% with various creditors.

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Case studies are compelling proof

Better yet, NDR invites you to see their stories for yourself, updated regularly with new cases where they've delivered major wins for loan consolidation clients. Take the story of Eric H., a government contractor and Harley enthusiast, who made a monthly payment of $765 and got a 37% savings on a total debt previously owed of $47,519. Or Michelle V., military college advisor and single mother of two, who saved 23% on a total debt of $19,164 with monthly payments of just $398. You'll have no trouble seeing yourself in the many situations featured on the National Debt Relief site, and it should give you hope that with a little bit of help (like loan consolidation), you can get out from under the crushing stress of owing too much in too many places.

#1 pick among loan consolidation options

You absolutely should consider working with National Debt Relief. Instead of simply consolidating your loans with yet another loan and thus potentially paying more in the long run, their program offers a pathway to significantly reduce or eliminate what you owe altogether. With dedicated advisors specializing in securing lower monthly payments, National Debt Relief stands out as a premier loan consolidation option for those seeking relief from overwhelming debt burdens. Reach out for your free consultation today.

TurboDebt Review 4.5 Star Rating

TurboDebt

4.5 Star Rating
  • Free initial consultation
  • Connects you with other debt consolidation partners
  • In business since 2020
  • Thousands of five-star reviews
  • "A-" rating from the BBB

TurboDebt is one of the newest options on our list of debt consolidation options. Opening its doors in 2020, they're the fastest-growing debt relief company we found, with over $15 billion in settled debt and over 500,000 enrolled clients nationwide.

Partner with major players

The first thing you need to understand about TurboDebt is that they're not a debt consolidation company in the traditional sense. Instead of offering you a debt relief program that they've developed in house, they partner with major debt consolidation companies who specialize in those programs. With a variety of companies and programs in their arsenal, they can refer you to the right company and program that makes the most sense for your particular financial needs.

Getting started is easy

Getting started with TurboDebt is easy. Simply use the slider on the page to show how much debt you currently have, and press Continue. The next page will ask whether you're currently paying on your debt. Depending on these answers, you also may be asked whether you have any unpaid taxes or unfiled tax returns. At this point TurboDebt determines whether you might quality for debt relief. If so, enter your contact information and they'll reach out for your free initial consultation.

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Free consultation

When TurboDebt contacts you, they'll want to know your unique financial situation. Their credit counselors are friendly, and they walk you through a number of simple questions. How much debt do you have? What types of debt does it include? Are you current on your payments? What is your income? All of these factors help them identify the right partner and program that can best meet your needs.

Types of debt

There are essentially 2 kinds of debt people can have: secured debt vs unsecured debt.

  • Secured debt is the kind of debt that is associated with an asset of some kind. For example, a car loan is specifically for a car, and a house loan is specifically for a home. In those cases, if you fall behind on payments, your car or home may be repossessed.
  • Unsecured debt, on the other hand, is not tied to any one particular asset. Credit cards are a great example of unsecured debt - you use your credit card for many different kinds of purchases. Other forms of unsecured debt include personal loans, business loans, or medical debt. If you fall behind on these payments, there's nothing for a creditor to repossess.

Thinking bankruptcy? Think again.

Sometimes, desperate people think bankruptcy could be a solution to their financial situation. TurboDebt does not provide bankruptcy services, although they may be able to recommend a local bankruptcy attorney in your area. But that should really be your last resort. For example, in bankruptcy you may be required to sell many of your assets to pay off your creditors. You'll take a big hit on your credit score, and your bankruptcy can follow you for up to 10 years - making it hard to get a house, a car, or even a job. You also may be required to meet with the people you owe money to, and live under a court-ordered budget for up to 5 years. And that's just for starters. Compared to this, a program where you could be debt-free at the end is absolutely worth pursuing.

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Approximate savings

How much can you save with TurboDebt? That's a great question, and is different for every person. If you're able to stay with the program and get all of your debt settled, TurboDebt claims a savings of 46% before fees (or a net savings of 25% once their fees are factored in). Many of their clients become debt-free in 24-48 months. Of course, your specific savings and timeframe will vary based on your financial situation; the TurboDebt credit counselor you talk to should be able to help with an accurate assessment.

Positive customer reviews

One of the best things we like about TurboDebt is their customer satisfaction. First off, in a relatively short time they've earned an impressive A- rating from the BBB. Secondly, they have a 4.9 rating on Trustpilot with over 7,500 5-star reviews, and a 4.8 rating with over 2,000 reviews on their Google business page. That may be why they're the fastest growing debt relief service today. Finally, the customer comments we've seen about their service are very positive. From fee transparency and friendly credit counselors, to positive experiences - such as one customer who went from being $84,000 in credit card debt to being debt free in just 8 months - people have a lot of good things to say about TurboDebt.

High rating

Although they're a relative new player in this space, TurboDebt has a lot of good things going for it. Their website is intuitive and easy to use. In less than a minute you can step through their questions to determine whether you're eligible for debt relief. Their initial call is free, and their credit counselors are knowledgeable and friendly while they get to know you and your financial needs. They have a strong reputation with the BBB, and thousands of customers who praise their service. If you're looking for help with your debt situation, TurboDebt stands ready to help and they receive one of our highest ratings.

Curadebt Review 4.5 Star Rating

Curadebt

4.5 Star Rating
  • Free initial consultation
  • Minimum debt of $5,000 required
  • Fees only paid as debts are settled, typically no more than 20% of enrolled debt
  • No monthly fees
  • "A+" rated by the BBB
  • Available in many (but not all) states
  • In operation since 2000

CuraDebt is a top-shelf solution for loan consolidation, offering a comprehensive approach to managing various financial obligations. Established in 2000, CuraDebt has maintained a client-centric ethos, operating as a law firm dedicated to resolving debts nationwide. While originally headquartered in Irvine, California, they are now based in Hollywood, Florida, providing expert assistance to individuals grappling with unsecured loans and other types of debt.

Negotiates lower loan payments on your behalf

CuraDebt's expertise extends across a wide spectrum of ways that you may owe money, including credit cards, personal loans, medical bills, business debts, IRS debt, and more. Unlike traditional loan consolidation services, CuraDebt's approach doesn't involve taking out another loan. Instead, they employ direct negotiation tactics with creditors to secure substantial reductions in outstanding balances. By depositing funds into a dedicated account, you empower CuraDebt to negotiate on your behalf, aiming for significant savings ranging from 40 to 60 percent on average.

Healthy credit is a priority

Once you enroll with CuraDebt, you'll receive regular updates throughout the negotiation process, guiding you towards informed decision-making every step of the way. Once a settlement is reached, funds are promptly disbursed to creditors, streamlining the loan repayment process and alleviating your financial burdens efficiently. It's worth pointing out that CuraDebt's strategies are designed to minimize adverse effects on credit scores, prioritizing a pathway out of what you owe while laying the groundwork for future improvements to your credit score and your ability to borrow money (responsibly, of course).

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Competitive rates, but services aren't available nationwide

While specific fees aren't disclosed upfront, CuraDebt guarantees competitive rates, typically amounting to 20% or less of your total enrolled debt. You'll see big savings overall, even after factoring in the service costs. CuraDebt's track record speaks volumes, with countless success stories showcasing major reductions in outstanding debts, bolstering financial stability for clients in most locations nationwide. (Check for yourself, but our investigation led us to believe that the no-go states for CuraDebt are CT, HI, ID, KS, LA, ME, NH, NV, OR, SC, TN, UT, VT, and WV).

Well-regarded by clients and the BBB

CuraDebt maintains an exceptional reputation, underscored by an "A+" rating from the Better Business Bureau. With just a handful of complaints over the past few years, CuraDebt stands as a beacon of reliability and trustworthiness in the debt resolution landscape. Additionally, glowing reviews from satisfied clients highlight the effectiveness of CuraDebt's strategies, cementing its status as a go-to solution for anyone considering loan consolidation to get ahead of what they owe.

Trustworthy way to consolidate your loans

CuraDebt excels as a trusted partner for individuals seeking effective loan consolidation solutions. With a proven track record, transparent processes, and a client-focused approach, CuraDebt could be your lifeline if you're navigating the complexities of debt management. Whether you're grappling with credit card debt, medical bills, or high-interest loans, CuraDebt offers you a path to financial freedom and greater peace of mind.

Upstart Review 4.5 Star Rating

Upstart

4.5 Star Rating
  • Loan consolidation through a new loan
  • 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

Have you ever wished that banks would consider more than just your credit score when giving out consolidation loans? Maybe acknowledging that you have a good job and can handle a loan, even if you're still building your credit history? That's where Upstart comes in. Started by ex-Google pros, Upstart is changing how loans work by looking at your education, what you studied, and your work history to find the right banks or credit unions for you. Nice, right? No wonder they've helped over 2.9 million people with over $34 billion in loans.

Borrow up to $50K

Upstart offers loans for consolidating debts from $1,000 to $50,000, and the amount you can borrow depends partly on where you live. Usually, you pay back the loan in three to five years. Just watch out for origination fees, which can be as high as 8%, but they're rolled into the interest rate. The good news is, you can pay back the loan early or throw in extra payments whenever you want. Just make sure that the interest rate you're getting here is actually better than what you're currently paying on the loans you're trying to consolidate.

A few criteria you'll need to meet

Getting a loan from Upstart is pretty straightforward. You need a credit score of at least 580 (or 620 in some states), and no recent bankruptcies or unpaid bills. Plus, you have to be at least 18, make at least $12,000 a year, have a bank account in the US, and have a steady job or income. But if you live in Iowa or West Virginia, sorry, Upstart can't help you right now.

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Easy application

One of the best things about Upstart is how easy it is to apply. Just fill in basic info like your name, where you live, how much you make, where you work, and what you studied. Upstart then checks your credit (but it won't hurt your score), and within minutes, you could have a number of loan offers from the 100+ vetted banks and credit unions in Upstart's network. If you say yes and complete the full application with one of those lenders, the money could be in your bank account by the next business day.

5-star reviews from over 40,000 clients

Upstart's got an "A+" rating from the Better Business Bureau and over 40,000 people have given them five stars on Trustpilot. Yes, there are a few complaints, but mostly it's because some clients didn't read all the loan details. Most people love how fast Upstart gets them their money and how easy it is to use, especially on their phones.

Great pick for consolidation loans

So, if you're thinking about getting a loan to merge all your debts into one, Upstart's a great place to start. It's super simple to apply, you could get your loan proceeds fast, and most clients are really happy with this service. That's why Upstart's consolidation loans get a near-perfect rating from us.

SoFi Review 4 Star Rating

SoFi

4 Star Rating
  • Loan consolidation through a new loan
  • 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
  • Unemployment protection benefits on all loans
  • 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, also known as Social Finance, got its start in 2011 thanks to the minds of Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. Originally centered on refinancing student loans, the company has since broadened its horizons, offering an array of financial services like personal loans, mortgages, and investment options. With a whopping two million members and a staggering $50 billion in funded loans, SoFi has solidified its position as a major player in the financial technology sector.

Unlocking the power of loan consolidation

If you're in the market for a solid consolidation loan, SoFi might just be your just-right fit. Their personal loans, ranging from $5,000 to $100,000, are not only suitable for various expenses but also perfect for consolidating what you currently owe. With repayment terms from 2 to 7 years, SoFi provides flexibility that lets you breathe a little easier. Plus, most loans are funded quickly, often on the same day or the next. Just remember to double-check the fine print, as there might be origination fees as high as 7% rolled into your loan's APR, despite what assurances you might have read elsewhere on the site (look at the fine print).

Perks to pad your wallet

One of the neat perks SoFi offers is the chance to trim your interest rate. Enroll in autopay and enjoy a respectable 0.25% APR discount. And, if you set up direct deposit to your SoFi account, you could score an additional half-percentage point off your interest rate.

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Cheers from satisfied borrowers

SoFi proudly flaunts its "A+" rating from the Better Business Bureau and boasts over 7,000 five-star ratings on Trustpilot. While a few grievances have surfaced, they've been handled with care, and most are unrelated to loan products or anything to do with loan consolidation.

Reliable source of consolidation loans

For those eyeing loan consolidation, SoFi presents an enticing option, offering convenience and flexibility. While they might not always offer the absolute best rates and terms, their commitment to customer satisfaction and innovative features make them a lender worth taking a closer look at. SoFi could very well be the resource you've been searching for to consolidate your loans and take charge of your financial future.

SuperMoney Review 4 Star Rating

SuperMoney

4 Star Rating
  • Loan consolidation through a new loan
  • Loan referral platform
  • Transparent about their partners
  • Excellent resource for evaluating loan providers
  • Plenty of reviews from other borrowers
  • Loans available from $500 to $100,000
  • Operating since 2013

When it comes to wrangling high-interest loans, you can rely on SuperMoney to help you get into a better financial situation. With over a decade of experience, this platform has helped thousands of clients by connecting them with trusted lenders and processing over $10 billion in financing requests. SuperMoney provides comprehensive reviews of each partnered financial institution, offering reassurance that whichever path you choose for your loan consolidation, you're in capable hands.

Harnessing personal loans for consolidation up to $100K

Loan consolidation through SuperMoney primarily takes the form of a personal loan. The financial institutions in their network offer funding up to $100,000 at the time of this review. After you fill out the initial inquiry and SuperMoney confirms your identity with a soft credit check, you'll be shown several loan possibilities from various lenders on the platform. As with any loan consolidation option, your rate and terms will be influenced by factors such as credit score, total debt amount, and employment status.

Loans starting as low as $500

A noteworthy advantage: SuperMoney provides loans starting as low as $500. This flexibility contrasts with some other loan consolidation services that mandate a minimum unsecured debt of $10,000. SuperMoney offers the perfect solution to borrow precisely what you need for consolidation, without overextending your finances. It's important to note, however, that you'll need discipline to allocate the loan proceeds towards paying off your current loans rather than indulging in discretionary spending, because SuperMoney's lending partners won't send your loan funds directly to your current lender(s).

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Protecting your privacy is paramount

At SuperMoney, safeguarding your privacy is a top priority. The personal information you share in the quick online application, including employment status and credit score, is strictly used to match you with suitable lenders. Unlike some competitors, SuperMoney is committed to not selling your information to third-party marketers, sparing you from an inundated inbox of unwanted offers.

5-star reviews from satisfied clients

Although SuperMoney lacks a Better Business Bureau listing, over 400 individuals have turned to Trustpilot to extol the virtues of this consolidation loan referral platform. Clients praise its seamless process for comparing multiple loan offers with a single application and attest to the ease of securing the necessary funding.

A dependable avenue for loan consolidation

SuperMoney emerges as a dependable option for loan consolidation. The platform's user-friendly interface, in-depth lender insights, and unwavering commitment to privacy set it apart in the financial services realm. While the terms of your loan ultimately hinge on your chosen lender and unique financial profile, SuperMoney serves as a reliable starting point for your loan consolidation "comparison shopping" . Our solid rating for SuperMoney is a reflection of our confidence in this service's ability to empower you in your pursuit of financial stability.

Happy Money Review 4 Star Rating

Happy Money

4 Star Rating
  • Loan consolidation through a new loan
  • Loan amounts from $5,000 to $40,000
  • Origination fees of 1.5%-5.5%
  • Payback terms from 2-5 years
  • Funds can be deposited to your bank account within 3-6 business days, or directly to your credit cards within 30 days
  • "A+" rated and accredited by the BBB
  • In business since 2009
  • Has helped over 300,000 individuals with $6 billion in personal loans

Happy Money, formerly known as Payoff, has been on a mission since 2009 to liberate everyday people from the shackles of high-interest borrowing and usher them toward financial freedom. Partnering with reputable banks and credit unions like MSUFCU, Veridian, and Alliant, they've facilitated over $6 billion in loan consolidation for an impressive 300,000 clients.

Not just for consolidating credit card debt

As you browse the site, you may conclude that Happy Money's primary focus is consolidating credit card debt. Their personal loans, ranging from $5,000 to $40,000 and spanning 2 to 5 years, are tailor-made for this purpose. They even offer the option to send your loan proceeds directly to your credit card companies, ensuring you don't stray from your debt-reduction goals. However, if you're seeking to consolidate non-credit card debt, you're still in luck.

Good for loan consolidation

We reached out to the Happy Money team to ask if it's possible to use their funding for loan consolidation (and not just credit cards). We got a quick, pleasant response from a real person (not just a bot!). Dylan explained, "The Payoff Loan is intended to be used as a tool to help our members gain access to funds to help them towards their goals and happiness to do the things they want to do. The Payoff Loan can be used for any personal, family, or household purpose." So there you have it! But, you'll have to send the loan proceeds to your current lenders yourself: Happy Money only makes direct disbursements to credit card companies.

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Qualification criteria

To secure a consolidation loan through Happy Money, you'll generally need a credit score of 640 or above, with no current delinquencies, and a credit history spanning at least three years. They'll also evaluate your debt-to-income ratio and overall credit utilization.

Competitive interest rates

Happy Money offers attractive interest rates inclusive of an origination fee of 1.5% to 5.5%. Compared to typical credit card rates, these numbers are quite appealing. It's also nice to see that they don't max out at the legal limit of 35.99% APR: that communicates to us that Happy Money isn't trying to make the biggest possible profit off of its clients.

Flexible fund disbursement

Begin by checking your rate with a brief two-minute online questionnaire, which won't affect your credit score. Happy Money also provides the option to receive offers from related companies, giving you more control over who contacts you and not just requiring you to consent to spammy messages. Once you've accepted terms and completed the full application, expect funds within 3 to 6 business days for bank deposits or reflected on your credit card balance within 30 days. So, if you're trying to not just consolidate loans but also pay off some of your credit cards, Happy Money is one of the only options on our list that lets you split up where your loan proceeds go.

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"A+" from the BBB

The Better Business Bureau has nothing but the highest regard for Happy Money. Clients describe the process of getting a loan here as smooth and free from any nasty surprises. When we looked over at Trustpilot, we were initially bothered to see a bunch of negative ratings; however, taking a further look revealed that most of the complainers had been scammed by a company in the UK that had nothing to do with the real Happy Money business. Whew!

Excellent choice for a consolidation loan

Happy Money's consolidation loans offer favorable interest rates and terms, reasonable fees, and a fantastic reputation. While there's definitely an emphasis on credit card debt here, you can use Happy Money's Payoff loan to easily consolidate not just credit cards but any other higher-interest loans you may have.

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating
  • Loan consolidation through a new loan
  • Loans available up to $50,000
  • Referral service connects you with up to five lending partners
  • APRs vary
  • Repayment terms range from 24 to 84+ months
  • "A+" rated by the BBB
  • In operation for nearly 30 years

Since its inception in 1998, LendingTree has been a leading name in online financial matchmaking. Specializing in connecting everyday consumers with a variety of financial products, from loans to credit cards and small business funding, LendingTree boasts an extensive network of trusted partners eager to assist with your financial needs, including loan consolidation through personal loans.

A wealth of options for lender comparisons

Setting itself apart from platforms with limited lender choices, LendingTree offers a wide array of financial partners. Transparency reigns supreme here, with detailed insights provided about each partner's background and customer feedback. This transparency offers crucial peace of mind, especially when considering lenders that may be unfamiliar to you (or if you're just using LendingTree to research financial institutions).

It all comes down to your lender selection

The rates and terms you're offered for your consolidation loan ultimately hinge on the lender you choose. Wondering about loan amounts and interest rates? That naturally varies based on factors like your credit history, income, and borrowing needs. Generally, LendingTree's partners can fund loans up to $50,000, with interest rates determined by the individual lenders. While LendingTree assures borrowers that no loans through their service carry an APR higher than 35.99%, your specific offers are only revealed upon application.

A straightforward application process

Getting started with LendingTree is a breeze. Simply specify the amount you need to borrow for loan consolidation and your preferred timeframe for receiving the funds, ranging from "ASAP" to "just browsing." Then, provide some basic details like your birthdate, credit score range, annual income, and address. LendingTree will verify your identity using this information, potentially requesting the last four digits of your SSN for a soft credit check if needed.

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Receive offers from up to 5 lending partners

Once your identity is confirmed, you'll unlock offers from lenders within LendingTree's network eager to provide you with a loan for your consolidation needs. Take your time to thoroughly compare these offers before proceeding with a full application to your chosen financial institution.

Positive reviews overshadowed by some marketing annoyances

Although this platform has an "A+" BBB rating and collects thousands of five-star reviews on Trustpilot, LendingTree has received criticism for inundating users with excessive unwanted communications post-inquiry submission. This issue isn't exactly unique to LendingTree, but it's something to be aware of if you're trying to avoid an inbox full of spam.

A reliable resource despite the spam

Despite this hiccup, LendingTree remains a solid option for those seeking new loans to consolidate existing ones. Although we could live without the annoyance of third-party marketing, LendingTree still gets a good rating for its ample, fully-vetted lending network and easy-to-use interface.

Upstart Disclosure

(1) Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

(3) The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 22.00% and 60 monthly payments of $25.03 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,018 including a $600 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

(4) 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.

Compare the Best Reviews

Continued from above...

For someone who's struggling to keep track of multiple loans or who wants to lower their monthly payments, consolidation can be a smart move. It can simplify their financial life and potentially save them money in the long run. It can also be beneficial for those who want to switch from variable interest rates to a fixed rate, providing stability and predictability in their payments.

How does loan consolidation work? In the first way, you need to apply for a consolidation loan through a reputable lender. They'll look at your credit history, income, and other factors to determine if you qualify. Once approved, they'll pay off your existing loans (or they'll send you the funds and it's up to you to transfer the payment), and you'll start making payments on the new consolidated loan.

Another way is to hire a company to negotiate with your current lenders. You make payments into an account that the service uses to strategically pay down your loans: maybe you can get one negotiated down from $10,000 to $6,000, which will be paid from what you've already put into the designated account, minus a fee based on the amount you saved. This stops you from having to take out yet another loan to pay off the ones you currently have.

However, loan consolidation might not be the best idea for everyone. For example, if you're already close to paying off your loans or if you have loans with really low interest rates, it might not be worth it. Additionally, if you're eligible for loan forgiveness programs or income-driven repayment plans, consolidating your loans could make you ineligible for these benefits.

Which option is the best to choose for loan consolidation? There are many good possibilities out there, so here are a few criteria to check out as you decide:

  • Loan terms. One important thing to note is that when you consolidate your loans, the terms of the new loan may be different from your original loans. This means your interest rate, monthly payment, and repayment timeline could change. So, it's crucial to carefully review the terms and make sure you understand how it will impact your finances before moving forward.
  • Available loan amount. Can the lender approve a new loan that will cover all of your existing loans?
  • Extra benefits. Some providers of consolidation loans include perks like interest rate discounts when you set up autopay, or unemployment protection that pauses loan repayments if you lose your job. You may also want to choose a service that gives you credit counseling or other help, so that the new loan will be a long-term benefit for your overall financial well-being.
  • Reputation. Choose loan consolidation with a provider that is known for offering top-notch customer service, with no ugly surprises during the application process or over the course of your repayments.

Ready to simplify your financial life with loan consolidation? The experts at Top Consumer Reviews have evaluated and ranked some of the most popular options out there today, so that you can streamline your payments, lower your monthly bills, or switch to a more manageable repayment plan.

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Loan Consolidation Company FAQ

Imagine getting enough money to pay off all of your outstanding loans in one fell swoop: that's the essence of loan consolidation. Instead of making multiple payments every month - for your credit card loans, student loans, and so on - you pay them off with a bigger loan at a lower interest rate. Now, you have one monthly payment to make instead of several.
If you have more than one loan, especially with high interest rates, loan consolidation is definitely worth looking into. It can also be one of several strategies you use to avoid bankruptcy, by simplifying your budget and helping you get on top of your finances.
In some cases, yes. There are counseling services that work with consumers like you, to evaluate your financial situation and determine the best course of action; their recommendations may or may not include taking out a loan to consolidate your loans. A new loan makes sense if your existing loans have high interest rates or if you're having a difficult time keeping track of your payment due dates and being on time.
Yes, and only you can decide which approach is right for you. Some people borrow money from friends or family to pay down loans. Others try to negotiate with the lenders to lower interest rates, or to get a deferment or forbearance put in place during times of economic downturns. There's also the possibility of working a side hustle to make extra money. But, when those attempts fail, what then? Loan consolidation provides a hassle-free alternative that makes good financial sense for many consumers.
If you use it wisely, it should. Having all of your loans consolidated into a single payment will reduce your credit utilization, and it'll make it more likely that you don't have missing or late payments. Both of these things will raise your credit score.
It varies. For loan consolidation that happens with a new personal loan, you can expect to pay interest, as well as origination fees of 1-6% of the total loan amount. If you're taking advantage of financial counseling services that offer loan consolidation, they may come free of charge. A few counseling providers charge for their programs; be sure you know exactly what you're getting before you commit to a loan consolidation plan.
If you opt for counseling services only, chances are good that you'll get them at no cost. Some providers may charge a fee for specific services, and in that case you may be able to get your money back if you don't feel that the help you got was worth the cost. If you're getting a new loan for consolidation purposes, there's not likely to be a way to reverse it (especially if you've already spent the loan proceeds!).
Absolutely. In fact, consolidation is one of the top purposes listed by Americans taking out a personal loan! It can be a smart way to reduce your interest payments, make it more likely that you'll be on time, and get back on track financially. But, it's up to you to use the consolidation loan wisely: to pay off all of your smaller loans with the funds you get, and not spend it on unnecessary things! Also, as you choose a resource to use for your loan consolidation, be sure to check out the provider's reputation with the Better Business Bureau and any other client feedback. That will give you the peace of mind that comes from knowing you've made a good choice for your financial future.

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