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The 7 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.

Wednesday, July 28th

2021 Debt 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
  • Cost: National Debt Relief offers a free consultation to examine your financial situation. Based on this analysis, they can offer you a custom debt solution with no upfront fees.
  • New Customers: (800) 300-9550
Top Consumer Reviews Best-In-Class Blue Ribbon Award

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 (800) 300-9550 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.

Best Debt Consolidation Companies

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 (800-300-9550) earns our highest rating and is a great place to start.

Credit.org Review 4.5 Star Rating

Credit.org

4.5 Star Rating
  • Cost: Most of the services offered are free. Some of the coaching services have a nominal fee depending on your circumstances.

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:

  • Complete Financial Review
  • Free Credit Education
  • Debt Resolution Options and Suggestions
  • Resources and Referrals
  • Personalized Financial Action Plan
  • Ongoing Support
Best Debt Consolidation Companies

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 Review 4.5 Star Rating

Curadebt

4.5 Star Rating
  • Cost: CuraDebt counselors provide a free review of your outstanding debt to determine the best route. Based on their analysis, they will refer you to either a commission-based or fixed-fee program.

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.

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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.

Upstart Review 4 Star Rating

Upstart

4 Star Rating
  • Cost: Varies

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.

Best Debt Consolidation Companies

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.

SoFi Review 4 Star Rating

SoFi

4 Star Rating
  • Cost: Varies

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.

Best Debt Consolidation Companies

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.

LendingTree Review 4 Star Rating

LendingTree

4 Star Rating
  • Cost: Varies by lender

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.

Best Debt Consolidation Companies

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.

Avant Review 4 Star Rating

Avant

4 Star Rating
  • Cost: Varies by state and borrower qualifications

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.

Best Debt Consolidation Companies

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:

  • You provide basic information about yourself, such as your full name and address, income details, and social security number
  • After you receive your electronic loan offer, you digitally sign the contract they send
  • If approved, you could receive your money as soon as the very next business day*

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.

Compare the Best Reviews

Continued from above...

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!

The Best Debt Consolidation Companies Compare Debt Consolidation Companies Compare Debt Consolidation Company Reviews What are the best Debt Consolidation Companies Best Debt Consolidation Company Reviews

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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