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    You are at:Home » Personal Loans for Debt Consolidation: Reviewed

    Personal Loans for Debt Consolidation: Reviewed

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    By pps-DUEditor on April 28, 2021 Finance

    If you have several types of debt that carry high-interest rates, you could benefit from a debt consolidation loan. Debt consolidation is a process through which you take out a new loan to cover all your outstanding debt.

    An advantage of this strategy is that you will have a single monthly payment with a potentially lower interest rate. To make it easier for you, we’ve listed the pros and cons of top debt consolidation loan providers.

    Upstart

    Pros

    Ideal for those with low or no credit history

    No minimum credit score history requirement

    Speedy loan funding in one business day

    Some products offer options to credit lenders directly

    APR starting at 7.57%

    Cons

    Only two repayment terms available

    Includes origination fees

    Potentially high APR up to 35.99%

    Avant

    Pros

    A minimum credit score requirement of 550

    APR varies between 9.95% and 35.99%, depending on your credit history

    Payment date change allowed

    Offers loans against collateral

    Next business day funding

    Cons

    Administration fees of 4.75% apply

    No option to directly credit funds to lenders

    Best Egg

    Pros

    Attractive APR between 9.3% and 12.8%

    Minimum credit score requirement of 600

    Homeowners have access to secured loan options

    Quick loan funding process; one business day

    Cons

    Charges fees for late payment and loan origination

    Repayment restricted to two term options

    Upgrade

    Pros

    Low credit score requirement of 580

    Loan amounts starting at $1,000 up to a maximum of $50,000

    Access to discounted rates for autopay and direct lender payments

    Provides options for joint, cosigned, and secured loans

    Fixed-rate loan

    Cons

    Fees included for late payments and origination

    Potentially high APR up to 35.97%

    SoFi

    Pros

    APR between 5.99% and 18.85%

    No lender fees

    Allowance for joint loans

    Includes protection against unemployment

    Easy loan management through a dedicated app

    Cons

    Non-availability of secured loans

    Minimum credit score requirement of 680

    Requires proof of employment

    While a lender may have attractive debt consolidation options available, you must read and understand the fine print before signing up. Along with the information above, comparison websites and loan advisors could help you find a debt consolidation loan that best suits your financial needs.

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