Best Debt Consolidation Loans for November 2022
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Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms Account for all personal income, including salary, part-time pay, retirement, investments and rental properties. You do not need to include alimony, child support, or separate maintenance income unless you want it to have it considered as a basis for repaying a loan. Increase non-taxable income or benefits included by 25%.Apply
To receive an online debt consolidationl loan from Best Egg, a borrower must be a U.S. citizen or permanent resident. Loans are not available for people currently living in Iowa, Vermont, West Virginia, Washington, D.C., and the U.S. Territories. Best Egg does not have a cosigner option, so borrowers must qualify on their own. Borrowers should also have a debt-to-income ratio under 30%. Check rate with Bankrate Min. credit score: 640 Fixed APR From: 8.99% –29.99% Loan amount: $5,000– $40,000 Term lengths: 2 to 5 years Min. annual income: $30,000 Payoff's personal loans can be used only to consolidate credit card debt, and you can do so without unnecessary fees.
Best debt consolidation loans in November 2022
Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Mark Hamrick is Washington Bureau Chief for Bankrate. He is a national award-winning business and financial news journalist. Bankrate logo The Bankrate promiseHow to get a debt consolidation loan
1Determine how much you need to borrow
2Check your credit score
3Get prequalified
4Compare rates and loan terms
5Choose a lender and apply
How to choose the best lender
There are many factors to consider before choosing an individual lender. Here are some key things to keep in mind when comparing lenders. 1Approval requirements
2Interest rates
3Fees
4Loan amounts
5Repayment options
6Unique features
7Customer service
On this page
The Bankrate promise
Founded in 1976 as the , a print publisher for the banking industry, Bankrate has a long track record of helping people make smart financial decisions. We've maintained this reputation over four decades by prioritizing facts and experience over hype and hearsay, and quickly responding to economic trends that offer our users a more relevant experience.Advertiser DisclosureThe listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.Definition of terms Account for all personal income, including salary, part-time pay, retirement, investments and rental properties. You do not need to include alimony, child support, or separate maintenance income unless you want it to have it considered as a basis for repaying a loan. Increase non-taxable income or benefits included by 25%.Apply
Check Your Personal Loan Rates
Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.Bankrate’s scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience.The annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan.The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. 4.6Bankrate ScoreAPR from6.99- 21.49with AutopayLoan Amount$5k- $100kTerm: 2-7 yrMin. Credit Offer DetailsLender InfoBankrate's ViewLowest rate is for excellent credit only. Rates 6.99% - 21.49% APR w/autopay.*Loans from $5,000 - $100,000Same-day funding available (conditions apply)We guarantee your best-funded loan experience ever*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.99% APR with a term of 3 years would result in 36 monthly payments of $308.73. 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.Apply on partner site4.8Bankrate ScoreAPR from7.96- 35.97with AutoPayLoan Amount$1k- $50kTerm: 2-7 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal loans up to $50,000 with low fixed rates that will never changeAffordable monthly payments that fit your budget and no prepayment penalties Fast Funding —You should receive your funds within a day of clearing verifications†No obligation and no impact to your credit score when you check your rateUse your loan through Upgrade to pay on high interest credit cards, make a large purchase, finish that home improvement project, or almost any life event!Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. Check rate with Bankrate4.6Bankrate ScoreAPR from7.99- 35.99Loan Amount$2k- $50kTerm: 3-4 yrMin. Credit Offer DetailsLender InfoBankrate's ViewGet a personal loan up to $50,000 with a fixed APR from 7.99% to 35.99%Get money in as little as one business day, upon approval and verificationJoin more than 450,000 customers at a trusted company with an A+ BBB ratingUse it for almost anything: consolidate debt or other unexpected expensesDISCLOSURE UPDATE AS OF 08.2022 *Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 7.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 600 FICO score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.Check rate with Bankrate4.6Bankrate ScoreAPR from8.99- 29.99Loan Amount$5k- $40kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewNo prepayment penalties, application fees, late fees, or hidden fees. Because no one wants to do thatYou can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 5.99% and 24.99% APR"This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements."Check rate with Bankrate4.8Bankrate ScoreAPR from6.99- 24.99Loan Amount$3.5k- $40kTerm: 3-6 yrMin. Credit Offer DetailsLender InfoBankrate's ViewNo Fees We don't deduct a sign-up fee from your loan amount.Loans from $3,500 to $40,000 and fixed rates from 6.99% to 24.99% APR. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates. Discount when enrolled in AutopayYou may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debtYour loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for detailsCheck rate with Bankrate4.4Bankrate ScoreAPR from7.99- 35.99Loan Amount$2k- $37kTerm: 2-6 yrMin. Credit Offer DetailsLender InfoBankrate's View“”* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms, and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.Check rate with Bankrate4.3Bankrate ScoreAPR from8.30- 36.00Loan Amount$1k- $40kTerm: 3-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewWe’ve helped over 4 million members start their journey out of debtGet your cash in as little as 48 hours 1 Check your rate with no impact to your credit score 2Take advantage of unique offerings—balance transfer loans, joint applications, auto loans, and other member perks.A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 6.34% to 35.89% and is determined at the time of application. Origination fee ranges from 2% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of 3/15/22 and are subject to change without notice. 1. Between July 2021 and September 2021, more than two-thirds of personal loans issued by LendingClub Bank were funded within 48 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. 2. Checking your loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A hard credit inquiry, which is visible to you and others, and which may affect your credit score, only appears on your credit report if and when a loan is issued to you. Your loan APR will depend upon your credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and your credit usage and history. Unless otherwise specified, all loans and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment. Deposit accounts are subject to approval. Only deposit products are FDIC insured. “LendingClub” and the “LC” symbol, and “Radius” and the “R” symbol, are trademarks of LendingClub Bank. 2022 LendingClub Bank. All rights reserved.Check rate with Bankrate4.5Bankrate ScoreAPR from9.95- 35.95Loan Amount$2k- $35kTerm: 1-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal loans from $2,000 to $35,000 online.Competitive rates from 9.95% - 35.99% APR and terms from 24 to 60 monthsChecking your loan options has no impact to your credit score.Fast Decisions, see your loan options in minutesFunding as soon as next business daynullCheck rate with Bankrate3.8Bankrate ScoreAPR from18.00- 35.99Loan Amount$1.5k- $20kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewPersonal and auto loans from $1,500-$20,000 (GA minimum $1,500 existing customers for new loans $3100 for others)A quick decision on your loan requestClear loan terms with no hidden fees and no prepayment penaltiesApply online, by phone or at your local branch.Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.Check rate with Bankrate4.6Bankrate ScoreAPR from7.99- 29.99Loan Amount$12k- $50kTerm: 2-5 yrMin. Credit Offer DetailsLender InfoBankrate's ViewBorrow $10,000 to $40,000Rates as low as 5.99% APR - terms applyNo prepayment fees everA+ rated from the BBBAll loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank, N.A., Members FDIC, Equal Housing Lenders. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Terms and conditions apply. Loans are not available to residents of all states. Minimum loan amounts vary due to state-specific legal restrictions – please call a FreedomPlus representative for further details. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 7.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four-year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. *To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Loan origination fees vary from 1.99% to 4.99%, though most loans will have a loan origination fee of 4.99%. ** Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.Check rate with Bankrate Close XThe Bankrate guide to choosing the best debt consolidation loan
Why trust Bankrate? Bankrate has been comparing and surveying lenders and financial products for over 40 years. Hundreds of top news organizations rely on Bankrate as a trusted source of information. Bankrate strives to help you make smart, informed decisions about your finances. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. A debt consolidation loan can help you manage your debts more effectively, but only if you find a loan that works for your situation. When shopping for the best debt consolidation loan, look for the lowest interest rate, a loan amount that meets your needs, an affordable and workable repayment term and low to no fees. Loan details presented here are current as of September 23, 2022. Check the lenders' websites for the latest information. The top lenders listed below are selected based on factors such as APR, loan amounts, fees, credit requirements and broad availability.What is debt consolidation
is a process where multiple debts, often from things like credit cards, are rolled into a single payment. This can make it easier to pay off debt faster and keep track of how much debt you have. One of the most common ways to consolidate debt is through .How does debt consolidation work
A debt consolidation loan is one of the most common and . You apply to borrow the amount that you owe on your existing debts. Once approved for the loan, you receive the funds and use them to pay off your credit cards or other loans. In some cases, the funds can be sent directly to your creditors. From there, you begin making monthly payments on your new debt consolidation loan. These loans are unsecured, which means you do not need to put up collateral. Personal loans also have fixed interest rates and monthly payments.How do I choose the best debt consolidation loan lender
It's important to get a debt consolidation loan that fits your budget and helps you reach your goal of eliminating debt. Many lenders will prequalify you without making a hard inquiry into your credit. Prequalification gives you a good idea of the rate, loan amount and loan term that you could qualify for. You can then use those to and decide which is best for you based on the following factors: Annual percentage rates. Your APR is determined by your credit score and other financial factors. This is the amount charged on top of your principal amount every month. Loan cost. When you shop, compare the total cost of each loan, including origination fees and other charges. A large number of fees can outweigh the benefits of a low APR. Lender features. Potentially helpful features to search for are things like the new lender making direct payments to your previous creditors, credit monitoring, hardship programs and other customer service programs.Compare debt consolidation loan lenders in November 2022
LENDER EST. APR LOAN TERM LOAN AMOUNT BEST FOR MIN. CREDIT SCORE 7.99%–35.99% 3–4 years $2,000–$50,000 High-income earners with good credit 600 8.99%–29.99% 2–5 years $5,000–$40,000 Consolidating credit card debt 640 6.99% – 21.49% (with autopay) 2–7 years $5,000–$100,000 High-dollar loans and longer repayment terms Not specified 7.74%–17.99% 1–5 years $600–$50,000 Smaller loans with a credit union Not specified 18.00%–35.99% 2–5 years $1,500–$20,000 Fair to poor credit Not specified 6.99%–24.99% 3–7 years $2,500–$35,000 Good credit and next-day funding 660 5.60%–35.99% 3 years or 5 years $1,000–$50,000 Consumers with little credit history No Minimum 6.99%–24.99% (with autopay) 3–6 years $3,500–$40,000 Consolidating large debts 660 Check rate with Bankrate Min. credit score: 600 Fixed APR From: 7.99% –35.99% Loan amount: $2,000– $50,000 Term lengths: 3 to 4 years Min. annual income: $0 The best rates and terms go to borrowers who earn $100,000 or more and have a credit score of at least 600, which is "good" on the FICO scale.Pros & Cons
Pros
No penalty if you pay off your consolidation loan ahead of schedule Direct payment for credit card debt consolidation Flexible due dateCons
Loan details such as terms and rates are not clear on website $15 returned payment fee APRs as high as 35.99%Eligibility & More
Origination fees range from 0.99 percent to 8.99 percent and is taken off the top of the loan, so the money you get will be lower than the total amount but you will still need to pay the loan amount you are quoted in full.To receive an online debt consolidationl loan from Best Egg, a borrower must be a U.S. citizen or permanent resident. Loans are not available for people currently living in Iowa, Vermont, West Virginia, Washington, D.C., and the U.S. Territories. Best Egg does not have a cosigner option, so borrowers must qualify on their own. Borrowers should also have a debt-to-income ratio under 30%. Check rate with Bankrate Min. credit score: 640 Fixed APR From: 8.99% –29.99% Loan amount: $5,000– $40,000 Term lengths: 2 to 5 years Min. annual income: $30,000 Payoff's personal loans can be used only to consolidate credit card debt, and you can do so without unnecessary fees.