After making the decision that debt consolidation is the best option for you, the next step is choosing a lender. Here we have listed some of the top lenders available that will help answer your questions and get you back on the path toward financial freedom.
This online lending division of Sun Trust Bank offers large loan limits to those who qualify to borrow. You must have a credit score of 660 or higher to meet their qualifications. Light Stream is known for their lack of fees and they do not require a soft credit pull. Their loan terms can go up to 7 years and there lending amount caps at $100,000.
This lender requires a minimum annual income of $30,000 and a credit score of 660 or higher. They operate in all 50 states, some U.S. territories, and armed forces serving abroad. Its important to note that they do not offer joint applications meaning you cannot consolidate your debt with another person. Marcus loan amount ranges from $35,000 to $40,000 with no fees. They take around five days to get the funds to you.
Avant is a great online lending platform that only requires borrowers to have a credit score of 580 along with a minimum annual income of $24,000. They do charge an origination fee of about 4.75 percent. They are known for their speedy fund distribution, you can get access to your loan as soon as the following business day.
If your credit is in the good to excellent range Axos bank is a great option for you. They require a minimum credit score of 740. They offer a variety of terms for unsecured loans and there is no prepayment penalty. They are perfect if you need a smaller loan to consolidate your debts as they limit loans to $35,000, which is slightly lower than other lenders. Their loan terms can range from 1-5 years depending on your situation and you will be able to get your funds as soon as the next business day once approved.
Prosper is a slightly different type of lender. They operate by listing your loan and then matching it with an investor. The great thing about them is that they do not require a minimum income, only a minimum credit score of 640. The only downside to this lender is that they charge a fee of up to 5%. You can be lent a maximum of $40,000.
SoFi is great for those that have a large amount of debt, as they offer up to $100,000 if you have a good to excellent credit rating. Some of the perks they have to offer include member’s only events and career coaching.
Payoff offers consolidation loans all over the U.S. excluding Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Ohio, and West Virginia. They require a credit score of 640 to qualify and their loan limit is $35,000 with a max loan term of 5 years. They specialize in debt consolidation and offer competitive rates.
This lender is great for those with fair credit as they only require a minimum credit score of 600. They offer tools to help you improve and maintain your score with free credit monitoring and alerts. They also offer financial education for anyone wanting to learn how to make more financially smart choices in the future. Upgrades loan amount is maxed out at $35,000 with a 3 or 5 year term.
This online lending platform secured their loans through lending partners. They do require a soft check of your credit upon loan application. They also look at your education and job history which can be helpful if you are a college student or graduate in need of assistance. They have a rather high fee of up to 8% but their lending max goes all the way up to $50,000.
These are just a few of the great lenders that are out there. When choosing a lender, especially for the purpose of a consolidating your debt, it is important to look at the fees to make sure you will be able to afford them. You don’t want to end up paying more than you have to. Also looking at the term of the loan is a good idea because you will be able to better establish a budget to stick to while you are paying it off. Getting the best rate with the best terms will help you to get out of debt as quickly and efficiently as possible.