Best debt consolidation loans: Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt, but occasionally it can also refer to a country’s fiscal approach to consolidate corporate debt or government debt.
Best Debt Consolidation Loans
| Loan companies | APR range | Loan amount | Credit required | Origination fee | Repayment terms |
|---|---|---|---|---|---|
| LightStream | 3.99% – 19.99% | $5,000 – $100,000 | Not specified | No origination fee | 24 to 144 months |
| Marcus by Goldman Sachs | 6.99% – 19.99% | $3,500 – $40,000 | Not specified | No origination fee | 36 to 72 months |
| Happy Money | 5.99% – 24.99% | $5,000 – $40,000 | 640 | 0.00% – 5.00% | 24 and 60 months |
| Prosper | 7.95% – 35.99% | $2,000 – $40,000 | 640 | 2.41% – 5.00% | 36 or 60 months |
| SoFi | 6.99% – 22.23% | $5,000 – $100,000 | 680 | No origination fee | 24 to 84 months |
| Upgrade | 6.55% – 35.97% | $1,000 – $50,000 | 620 | 2.90% – 8.00% | 36 or 60 months |
| Upstart | 4.37% – 35.99% | $1,000 – $50,000 | 600 | 0.00% – 8.00% | 36 or 60 months |
| Wells Fargo | 5.74% – 24.24% | $3,000 – $100,000 | 620 | None | 12 to 84 months |
Does a debt consolidation loan affect your credit score?
Debt consolidation loans can hurt your credit, but it’s only temporary. When consolidating debt, your credit is checked, which can lower your credit score. Consolidating multiple accounts into one loan can also lower your credit utilization ratio, which can also hurt your score.
What is the minimum credit score for a debt consolidation loan?
580
What qualifies for debt consolidation?
4 major debt consolidation qualifications