Debt Consolidation Loans

Debt Consolidation Loans

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.

Debt Consolidation Loans
Debt Consolidation Loans

Best Debt Consolidation Loans

Loan companiesAPR rangeLoan amountCredit requiredOrigination feeRepayment terms
LightStream3.99% – 19.99%$5,000 – $100,000Not specifiedNo origination fee24 to 144 months
Marcus by Goldman Sachs6.99% – 19.99%$3,500 – $40,000Not specifiedNo origination fee36 to 72 months
Happy Money5.99% – 24.99%$5,000 – $40,0006400.00% – 5.00%24 and 60 months
Prosper7.95% – 35.99%$2,000 – $40,0006402.41% – 5.00%36 or 60 months
SoFi6.99% – 22.23%$5,000 – $100,000680No origination fee24 to 84 months
Upgrade6.55% – 35.97%$1,000 – $50,0006202.90% – 8.00%36 or 60 months
Upstart4.37% – 35.99%$1,000 – $50,0006000.00% – 8.00%36 or 60 months
Wells Fargo5.74% – 24.24%$3,000 – $100,000620None12 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

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