When you have a lot of loans, it can be hard to keep up in paying them on time. If you find yourself late in making payment, it is time to consider in consolidating your loans. By consolidating your loans, you will only be making a single payment. The following are the 5 best debt consolidation loans.
LightStream offers personal loans for debt consolidation from 5,000 – $100,000. It offers competitive interest rate starting from 3.49% – 19.99%. If you want the lowest APR, you have to enroll in autopay. It offers 2 – 7 term lengths for the loan. If you want to apply LightStream loan, you need to have a minimum credit score of 660. There is no fee charges. The funds can be released within the same day after approval.
PenFed, also known as Pentagon Federal Credit Union, offers unsecured debt consolidation loans from $600 – $20,000. The perk is that there is no charges on origination, annual, and prepayment fees. However, they do have a late fee of $20 – $25. The term length of the loan is up to 5 years. PenFed loan charges an interest rate from 6.49% – 17.99%. You can apply for PenFed loan online or at their local branch.
3. OneMain Financial
OneMain Financial offers debt consolidation loans from $1,500 to $20,000 for borrowers with bad credit. Interest rate starts from 18% – 35.99%. OneMain Financial does charge origination fee which differ from state to state. If it charges a percentage, you will be charged 1 – 10% of the original loan amount. They also charge the origination fee by a flat rate from $25 – $400. Term length for OneMain Financial loan is from 2 – 5 years.
Discover offers debt consolidation loan from $2,500 – $35,000 for borrowers with good credit. Discover loans offers affordable interest rate from 6.99% to 24.99%. Loan term lengths are available from 3 – 7 years. You must have a minimum annual income of $25,000 to get approved for Discover loans. The best thing about Discover personal loans is that it does not have any origination, and prepayment fee. However, it does charge a late fee of $39. It does not allow cosigners. You cannot use Discover loans to consolidate educational or secured loans.
InnovativeFinance offers unsecured debt consolidation loan from $5,000 – $30,000 for borrowers with little credit history. It will take into account other factors during approval of the loan including education, earning potential, and employment history. Upstart loans have interest rates that start from 6.18% – 35.99%. The term lengths of the Upstart loan is from 3 – 5 years.