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Here's How Three Top Debt Consolidation Loan Companies Compare

Debt consolidation loans are a popular option for men and women looking to combine multiple debts under one “umbrella,” turning multiple monthly payments into one, easy-to-remember payment — sometimes at a lower interest rate. If you’ve been thinking about getting a debt consolidation loan yourself, you’ll find a lot of options. In fact, today there are so many debt consolidation loan companies, it can be difficult to figure out which company offers the best loan for your needs. Here’s a quick review of three of the top companies offering debt consolidation loans so you can get an overview of what’s available.


Debt Consolidation Loan Companies: How They Compare

 

Debt Consolidation Lenders for Any Credit:

Prosper

Prosper offers peer-to-peer lending, matching an array of lenders with people who need to borrow money. Prosper lets you borrow money for all sorts of needs, including debt consolidation for credit cards, personal loans, and even student loan debt. Prosper offers preapprovals for rate quotes and there’s no prepayment penalty if you wind up paying your loan off early. Loans are also available for people with debt-to-income ratios of up to 50 percent. The downside: Prosper caps loan maximums at $40K, and unless you have really good credit, you’ll wind up paying a high interest rate. There’s also an origination fee of up to five percent, and you’ll need a credit score of at least 640 to qualify. Prosper doesn’t allow cosigners.

Lending Club

Lending Club is another peer-to-peer lender, and it’s been around for a while. The preapproval process is simple and fast, but you’ll need good credit to qualify - typically near 700 - and your debt-to-income ratio can’t be more than 30 percent, so if you have a lot of debt, it may not be an option. The downside: As with any lender, the best rates are reserved for those with the best scores. If you have credit problems, you could pay a rate as high as about 36 percent. The maximum loan amount is capped at $40K.


Debt Consolidation Options for Bad Credit:

Avant

If you have fair to good credit, bank-based lender Avant could be a good choice. Unlike Prosper, you’ll only need a credit score of 580 to qualify for a loan with Avant, and there’s no minimum income requirement. Avant also offers preapprovals so you can see what kind of rate you’ll qualify for before signing any papers. There’s no prepayment penalty, and in most cases, you can get your funds the next business day. The downside: Interest rates tend to be higher than other lenders, and you can’t use a cosigner. Avant also charges an origination fee of 4.75 percent. The maximum loan amount is $35K, so if you have a lot of debts, this might not be your best choice.
 

Consolidation Loans for Bad Credit Aren’t the Only Option

Debt consolidation loans can be a good choice if you’ve got really great credit and a relatively low debt-to-income ratio. But they're not the only option out there — if you are looking for debt consolidation with bad credit history, they may not the best option.

 

CareOne’s debt management plans are an alternative to bad credit debt consolidation lenders. With a debt management plan, you can combine all your monthly payments into one monthly payment just like you can with a debt consolidation loan — but you don’t need excellent credit or collateral. And at CareOne, our providers will work with you to make sure your repayment plan is based on your needs, your financial goals and your budget, for a truly custom solution designed to get you out of debt as quickly — and painlessly — as possible. Getting out of debt starts with you. Take the next step and call CareOne today at 1-800-781-0843 or use our online form and find out how we can help you.

If you liked this you may also like:

  • How and Where to Get Debt Consolidation Loans for Bad Credit

    If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation

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