Debt Consolidation Loans

 

 

 

 

Find a Debt Consolidation Loan Lender

Do you want to learn more about debt consolidation lenders?

What type of loans do the lenders offer?  Will you be approved with good credit, or do you need excellent credit? How much money can you get?

Bills.com researched top lenders. Get background information and pros and cons of leading providers.

 

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Debt Consolidation Lenders - A Quick Glance

SoFi serves its target market of well educated, high income or high potential income borrowers well. Their non-traditional underwriting criteria cause their personal loan funding to average about 7 days.

Avant offers loans to borrowers with FICO scores as low as 580. Their website states that most of their customers who receive a loan have scores between 600 and 700. Their credit requirements make Avant a good option for borrowers who would get turned down due to credit score by other lenders.

FreedomPlus offers loans of up to $35,000 to consumers with less-than-excellent credit scores. FreedomPlus focuses on lending to the approximately 42 million people with FICO credit scores between 600 and 700, who may not qualify for traditional bank loans.

Shopping for a Personal Debt Consolidation Loan

A debt consolidation loan offers you an opportunity to put your finances in order. It is even more accessible than ever to get a loan. You don't have to run around to banks or lenders. You can do all of the shopping on your computer, tablet, or phone.

When shopping for a debt consolidation loan, you want to consider your credit score, because that will affect the types of offers you get. Some lenders only offer loans to borrowers with good to excellent credit, while others provide personal loans to borrowers with bad credit.

It is easy to compare offers by looking at the loan term, interest rate, and fees. You can compare offers based on the APR, which is a reliable indicator of the actual cost of the loan since most unsecured loans are not paid off early.

Get more tips on shopping for a debt consolidation loan.

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Choosing The Right Type of Debt Consolidation Loan

A debt consolidation loan offers you an opportunity to put your finances in order. You can combine your credit card debts, medical bills, personal loans, and other types of debt into an affordable monthly payment. When shopping for a debt consolidation loan  ask yourself these  questions:

  • What type of loan do I want? An unsecured personal loan or a home equity mortgage loan?
  • What kind of payments can I afford?
  • Is my credit good enough to qualify for a debt consolidation loan?

The two most popular types of debt consolidation loans are personal loans and cash-out mortgages. If you can't qualify for either, then you will need to look for other debt-relief alternatives.

 

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