Bank of America is the second largest bank in the USA, with over $2 trillion in assets. Bank of America is a known and trusted provider of a wide range of financial services and has over 4,600 branch locations in the country.
B of A used to adverstise a debt consolidation loan called the CleanSweep or CleanSweep Line of Credit. Currently, for people in need of a debt consolidation loan, Bank of America offers two alternatives, One is a balance transfer offer on a credit card (though you can't consolidate an existing Bank of America credit card). The other debt consolidation loan option is to use your home equity and consolidate with a cash-out refinance or HELOC.
Bank of America is a leading issuer of credit cards and debt instruments, and also offers debt consolidation loans to Bank of America consumers with debt.
Related Provider Reviews: Bank of America Mortgage and Bank of America Reverse Mortgage
Freedom Debt Relief (FDR) is the largest debt settlement companies in the industry. Freedom Debt Relief was founded in 2002 by Brad Stroh and Andrew Housser, two Stanford Business School Graduates. The company has served over 500,000 consumers, settling over $8 billion. Freedom Debt Relief is on the board of directors of The American Fair Credit Council (AFCC).
Freedom Debt Relief has won many awards including Best Places to Work in Phoenix 2016 and 2017, Best Places to Work in San Francisco, Entrepreneurs of the Year from Ernst & Young, Fast 100 list by Entrepreneur Magazine, Inc. 500, and others). Freedom Debt Relief's debt consultants are IAPDA certified. The company is one of the few to be AFCC- and BSI-certified for excellent customer relationships.
Money Management has a long history of helping consumers by providing financial tools, budgeting advice and counseling, and debt management programs. They are very experienced in helping consumers get out of debt.
Their website is easy to navigate and they offer a live chat feature for consumers who are considering their services.
The company has an A+ rating with the Better Business Bureau.
Money Management charges a $39 set-up fee for their Debt Management Plan. Sates place a cap on the monthly service fee. Based on some research Bills.com did, MMI has a higher monthly service fee than some other credit counseling firms.
Overall, MMI seems to be a good option for people seeking consumer credit counseling services as a solution to their debt problems.
Wells Fargo offers unsecured personal loans geared towards borrowers with strong financial profiles, borrowers with strong credit, an affordable debt loan, and with assets.
You don't need to be strong in each area to qualify for a loan, but you do in order to get the best rates.
Wells Fargo reserves their best rates for customers who have excellent credit scores, above 760.
Wells Fargo offers loans to customers with good credit, with scores of between 700 and 759, and to some fair credit borrowers, with scores of 621-699. (Each lender can set its own definition for excellent, good, and fair credit, which is one reason why it is wise to shop around.)
Debt-to-income ratios (DTI) are another key factor Wells Fargo uses to qualify borrowers. The best rates require a DTI less than 35%. DTIs of 36%-49% may qualify, but with higher rates. Above 50%, expect high rates, lower loan amounts approved, or to be turned down.
Wells Fargo offers excellent service in their branches and a very informative website. It is true that certain problems have come to light in their business practices but that doesn't negate that the vast majority of their customers were getting good products at fair prices.
Wells Fargo is worth looking at as a personal loan option, especially if you have strong credit and low DTI.
Consolidation Plus offers an unsecured personal loan that can be a great option for someone enrolled in a debt settlement program. It slashes the time it takes to settle the debts with creditors, reducing the chances of aggressive collection efforts by a creditor. Consolidation Plus does not currently accept unsolicited loan applications. Origination fees are charged, but there are no pre-payment penalties if you can pay off the loan early.
Consolidation Plus is owned by the Freedom Financial Network, which also owns Bills.com.
Prosper has over funded over $15 billion in loans, since 2005, serving over 900,000 borrowers. Prosper is a pioneer of peer-to-peer lending (also called p2p lending). Peer-to-peer lending provides a marketplace that matches consumers seeking a personal loan at an attractive interest rate with consumers seeking to invest and receive a good return. Borrowers who are approved by Prosper receive money due to the funds provided by the consumers who invest in them through Prosper.
Prosper offers loans between $2,000 and $40,000, at interest rates between 6.95% and 35.99% APR, as of May 2019. To determine if you qualify for a loan and what rate you are offered if you do, Prosper looks at your credit score, credit history, and the information on your loan application.
Prosper personal loans have an origination fee that ranges from 2.41% to 5.00%, depending on how creditworthy a borrower Prosper rates you. The fee is taken from your loan proceeds before they are transfered to you.
If you lend through Prosper, you can invest as little as $25 in each loan you select. Prosper charges investors a 1% annual servicing fee.
The most common reason borrowers apply for a Prosper personal loan is for debt consolidation.
Lending Club is a peer-to-peer lender. It was founded in 2007. As of December 31st, 2017, ending Club has originated $33 billion in loans. Lending Club matches borrowers with investors. You can work with them in either capacity. Creditworthy borrowers get loans at competitive rates and investors can make attractive returns.Lending Club has complaints, but not out of order relative to their size and scale. Lending Club has expanded its offerings, adding business loans from $5,000 to $300,000, auto refinancing loans, and loans to pay medical expenses.
US Bank offers top of the line customer service and highly values each individual relationship with their borrowers. They offer an online application form to expedite the debt consolidation loan process.
If you are currently a US Bank's customer with an excellent credit score, then their personal debt consolidation loans and home equity mortgages are a good way to consolidate debt.
However, their small loan (payday like) Simple Loan solution should only be used in rare cases and not as a form of dealing with debt. If you are suffering a financial hardship, then check out other debt relief solutions, including a debt settlement solution.
OneMain Financial offers personal loans that are unsecured (no collateral required) and and secured (collateral required), depending on your credit score, credit history, income, and expenses.
OneMain Financial's target customer has a lower than average credit score. OneMain will approve some borrowers with FICO scores below 600.
Related to OneMain's focus on borrowers with less than good credit, OneMain's interest rates are at the high end. Their lowest interest rate, which was 16.05% on an unsecured loan (as of December 2018) is higher than the lowest rate from many personal loan lenders. That is less important to you than who is offering you the best loan. OneMain's looser requirements around credit score means that they are good source to check out if your credit score is below 640.
OneMain Financial charges an origination fee that is taken out of the funds before you get them.
OneMain Financial has a website with nice design that is easy-to-use. You can start an application online, but, in most cases, you will have to visit a branch location in order to finalize your loan.
With over 1600 branches, OneMain Financial has wide coverage. For example, in California, they have over 100 branches. In Montana, they have 6. Still, there are going to be consumers who don't want to go into a branch or for whom doing so is inconvenient.
American Credit Foundation's website emphasizes its debt management plan. Unlike most other Consumer Credit Counseling Services, their website doesn't focus on educating consumers or the other services they provide.
Regarding the debt management plan (DMP) that American Credit Foundation offers, based on research by Bills.com, they don't charge a set up fee, where many firms do. They do charge a monthly service fee that is capped at $39, but may be less.
American Credit Foundation quotes a program of an exact length, not an estimate.
ACF did not present a detailed plan in writing prior to signing up. They quoted a program of an exact length, but did not break down the interest rates they would obtain from each creditor. Not presenting a plan in black and white, so a consumer can easily compare it with other proposals differs from the other credit counseling firms Bills.com researched.