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Debt Consolidation Lenders [Best of 2020]

Dan Steadman

Financial Advisor, MoneyBeagle

Debt consolidation loans are one of the best ways to get out of debt quickly. They let you pay your debt off faster and spend less money doing so. That’s because you can usually get a lower interest rate and better terms when you consolidate debt.

There are a lot of debt consolidation loan companies out there. We’ve put together this list of different types of consolidation lenders. We’ll tell you a bit about each lender on the list so you can work with the best debt consolidation companies. We’ll also provide some links to helpful reviews of that lender.

You should use this information to make sure you’re getting the best deal on your consolidation loan. When you get the best deal, you get out of debt faster and you pay less in the process. That means you’ve got everything to gain and nothing to lose!

What are the Types of Debt Consolidation Loan Lenders?

General Debt Consolidation

Bank Debt Consolidation Lenders

Credit Union Debt Consolidation Lenders

Student Loan Debt Consolidation

Credit Card Debt Consolidation

Payday Debt Consolidation

Debt Consolidation Loan Lenders

General Debt Consolidation

These companies offer general consolidation loans. You can use them to consolidate other personal loans, credit card debt, or anything else. They’re a great place to start when you’re trying to get a feel for the different debt consolidation companies out there.

Marcus by Goldman Sachs

Marcus is a new company formed by Goldman Sachs. They specialize in making personal loans to consumers with all kinds of needs. Specifically, they offer no-fee, fixed-rate loans from $3,500 to $40,000.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Upstart

Upstart is an online lending that is good for people with little credit history. They do charge an origination fee and have a minimum credit score requirement of 620. However, they take other factors into consideration besides your credit score when considering your loan application.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Lending Club

Lending Club is a unique debt consolidation lender that works differently than a bank. Investors pool their money in lending club to give as loans to consumers. That means Lending Club might be more flexible than some other options out there.

Read what NerdWallet has to say about them here.

Read what Credit Karama has to say about them here.

Read their BBB Profile here.

Prosper

Prosper is a growing online lender that offers personal and consolidation loans for a wide range of needs. They require a minimum credit score of 570 and charge 2.4%-5% of the loan amount in an origination fee.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Upgrade

Upgrade is a personal lender that doesn’t have a minimum income requirement. Borrowers need a credit score of at least 620 and 3 years of credit history. They should also expect a 1%-6% origination fee.

Read what NerdWallet has to say about them here.

Read what Credit Karama has to say about them here.

Read their BBB profile here.

Avant

Avant is a good lender for people with lower credit scores. Getting an Avant debt consolidation loan requires a minimum score of 580. They don’t have a prepayment fee or a fee for paying by check. You should expect an origination fee of up to 4.75% of the loan amount.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Rocket Loans

Rocket Loans is a new company formed by Quicken. They require a minimum credit score of 640 and a minimum household income of $24,000. There’s no prepayment fee, but there is an origination fee of 1%-6%.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Freedom Plus

Freedom Plus, not to be mistaken for Freedom Debt Relief, is an excellent choice for consolidation loans. They give discounts for direct payment of creditors and for co-applications. They also offer loan consultations over the phone. Freedom Plus requires a credit score of 640 and charges an origination fee of 1.38%-5% of the loan amount.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Lending Point

Lending Point is a good option for people with a less than perfect credit score. So you can possibly consolidate debt with bad credit. They require a minimum gross income of $20,000 and a credit score of 600. Their origination fee of up to 6% can be paid up front or spread across your monthly payments.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB profile here.

OneMain Financial

OneMain Financial has been in business for almost 100 years. They special in working with people on debt consolidation bad credit scenarios. They don’t have a credit score requirement, but people that get approved average a score of 600-650. You will have to go to one of their branches for approval, but 95% of people live within 20 miles of a branch.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB profile here.

AmOne

Amone is a loan matching company that started in 1999. They match borrowers with lenders to help them get the best deal.

Read what Consumer Affairs has to say about them here.

Read what Credit Karama has to say about them here.

Read their BBB Profile here.

SoFi

SoFi is an innovative online lender. They have flexible payment options and let you change your due date. They also don’t charge late fees. Their minimum credit score requirement is 680, and borrowers tend to have an annual income of more than $100,000.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Peerform

Peerform matches borrowers with individual lenders. The company is designed to help people with low credit scores. They require a minimum score of 600 and one year of credit history. Debt consolidation loans have slightly lower rates than their other products. Low interest rate debt consolidation is what makes this option attractive to begin with.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Lightstream

LightSteam is an excellent option for debt consolidation. The company is operated by SunTrust bank. They offer longer terms than a lot of other lenders. They also offer higher borrowing amounts with lower rates than you’ll find elsewhere. You need a credit score of 660 and several years of credit history to qualify.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

NetCredit

NetCredit offers loans up of to $10,000 for debt consolidation. They look at lots of factors besides your credit score. They also offer next day funding.

Read what Consumer Affairs has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

 

Another option that didn't make the list this time but is worth mentioning LendingTree debt consolidation loans. As always compare customer reviews before committing to any one of these companies.

 

Debt Consolidation Loan Lenders

Bank Debt Consolidation Lenders

Online lenders are great for many people. However, some people still prefer working with a brick-and-mortar bank for their lending needs. We’ve put together a list of the most popular banks for debt consolidation. Many of these services, such as Chase debt consolidation, offer discounts if you’re already a customer with the bank. Read about debt consolidation vs personal loan do it yourself options.

Wells Fargo

Wells Fargo is one of the oldest banks in the country. They are also one of the few banks that offer unsecured personal loans for customers. Wells Fargo debt consolidation requires a higher credit score than many of the online lenders and discounts if you have a checking account with them.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Citizens Bank

Citizens Bank does most of its debt consolidation work with student borrowers. They’re one of the few options for people to consolidate student loan debt if they aren’t US citizens or didn’t graduate from college.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

TD Bank

TD Bank offers secured and unsecured personal loans which can be used for debt consolidation. They don’t have any limit on how much they’ll lend for secured loans. Their fixed rate loans go from 8.99%-16.24% and their variable rate loans are at 6.42%.

Read what ValuePenguin has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Fifth Third Bank

Fifth Third Bank was founded in Ohio and has branches in 14 states. The bank’s subsidiaries have branches in many other banks. They offer secured and unsecured loans at fixed and variable rates. Secured loans will get better rates than unsecured loans.

Read what WalletHub has to say about them here.

Read what Personal Loans Hub has to say about them here.

Read their BBB Profile here.

Credit Union Debt Consolidation Lenders

Credit unions are a popular alternative to banks. They’re more oriented towards helping their customers and don’t have the same profit requirements that traditional banks do. That means it might be easier to qualify for a consolidation loan through a credit union. You also might get lower rates.

PSECU

PSECU is a not for profit credit union. They serve more than 400,000 members and carry more than $5 billion in assets. They offer a variety of personal loans that can be used for debt consolidation.

Read what WalletHub has to say about them here.

Read what Revdex has to say about them here.

Read their BBB Profile here.

United Nations Federal Credit Union

UNFCU is a smaller credit union. They have 2 branches and assets of about $3.5 billion. It is member owned and not for profit. The offer personal loans and consolidation loans for people that work with the United Nations.

Read what WalletHub has to say about them here.

Read what Credit Unions Online has to say about them here.

Read their BBB Profile here.

Fairwinds Credit Union

Fairwinds Credit Union has more than 180,000 members, mostly located in central Florida. They have 36 branches and assets of $1.6 billion. They have secured and unsecured personal loans for debt consolidation.

Read what WalletHub has to say about them here.

Read their Yelp Reviews here.

Read their BBB Profile here.

America First Credit Union

America First Credit Union has 1000 branches and assets of nearly $5.5 billion. They are headquartered in Riverdale UT. They provide consolidation loans for members of the credit union.

Read what WalletHub has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

UNIFY Financial Credit Union

UNIFY Financial Credit Union is a nationwide credit union. You can live anywhere in the US and access their services. They have more than 190,000 accounts and $2 billion in assets.

Read what WalletHub has to say about them here.

Read what Deposit Accounts has to say about them here.

Read their BBB Profile Here.

Credit Union of America

Credit Union of America is headquartered in Wichita, KS. They have 22 branches and assets of more than $480 million.

Read what WalletHub has to say about them here.

Read what Deposit Accounts has to say about them here.

Read their BBB Profile here.

Community First Credit Union

Community First Credit Union started in 1975 and focuses on serving their members. They are based in Appleton WI.

Read what WalletHub has to say about them here.

Read what NerdWallet has to say about them here.

Read their BBB Profile here.

Debt Consolidation Loan Lenders

Student Loan Debt Consolidation

Student loans are one of the fastest growing sources of debt in the country. The cost of school keeps going up and more jobs than ever require a college education. Consolidating student loans can be a great way to lower and simplify your payments to get out of debt faster.

Earnest

Earnest is a unique lender in that that look at a borrower’s earning potential. That means they might be willing to approve student loan debt consolidation loans that other companies aren’t willing to look at. They offer customizable payments and flexible terms. They also don’t charge late fees. However, you can’t apply with a co-signer.

Read what NerdWallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

Education Loan Finance

Education Loan Finance, also known as Elfi, focuses on a highly responsive customer service. They aren’t as flexible with terms as some other companies, but they do offer dedicated loan advisors to ensure that borrowers make the right choice.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Nationwide Bank

Nationwide Bank is a lender that specializes in student loan debt relief. They aren’t well reviewed by most organizations. They’ve been accused of illegal actions by the FTC and 12 state attorneys general.

Read what Nerdwallet has to say about them here.

Read what Credit Karma has to say about them here.

Read their BBB Profile here.

LendKey

LendKey is a service that puts borrowers together with credit unions and community banks. That means you can use Lendkey to find the best match for your student debt consolidation loan needs. They offer extended payments and interest only payments, which is rare for student loan refinancing companies. However, you can get the loans in Main, Nevada, North Dakota, Rhode Island, or West Virginia.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Splash Financial

Splash Financial is focused on helping medical students refinance their debt from medical school. They’re based in Cleveland, OH and are fairly new. While they’re focused on medical students, they’ll refinance loans for any profession. You can pay $1 per month through your fellowship and residency for up to 84 months and they offer up to 18 months of hardship forbearance.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Common Bond

Common Bond is an online-only lender that focuses on helping students refinance their debt. You can get deferment and forbearance, usually more generously than other student loan consolidation companies. They also have a program that allows for co-signer release. They have terms of 5,7,10,15, and 20 years.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Credible

Credible is an online marketplace that looks to match borrowers and lenders. They don’t have any minimum requirements. They also accept co-signer applications if you’re worried about getting approved. They allow you to compare rates and lenders without a hard credit check.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Laurel Road

Laurel Road is designed to refinance federal and private student loans. It allows doctors and dentists to refinance as soon as they match to a fellowship or residency program. As a result, it’s an excellent option for people in those professions. You can get co-signer release, but they don’t offer academic deferment.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read what Consumer’s Advocate has to say about them here.

College Ave

College Ave was founded in 2014. They offer private student loans and refinancing and consolidation of student loans. They focus on undergraduate loans. There’s no set forbearance policy, students are dealt with on a case-by-case basis. They do have co-signer release, but international students can’t apply.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

PenFed

PenFed offers student loan consolidation to a wide range of professionals. They have lower income requirements than many other lenders. They’re also unique in that they allow married couples to refinance together. However, there’s no deferment or forbearance programs. You also can’t get a personalized rate through a soft credit check.

Read what NerdWallet has to say about them here.

Read what Student Loan Hero has to say about them here.

Read their BBB Profile here.

Credit Card Debt Consolidation

Credit Card debt is the third highest debt category in the country. Also, credit cards usually have high interest rates compared to personal loans. That means lots of people can benefit from using a consolidation loan to pay off their credit cards. This can for a lot of people be the fastest way to pay off debt.

Payoff

Payoff is one of the few debt consolidation lenders that specializes in credit card debt consolidation. In fact, they only deal with credit card consolidation. They charge an origination fee of 0%-5%, and applicants need a credit score of 640 or greater and 3 years of credit history. Ask us about bill consolidation loans for bad credit.

Read what NerdWallet has to say about them here.

Read what Credit Karama has to say about them here.

Read their BBB Profile here.

BankRate

Bankrate offers secure and unsecured loans for debt consolidation. The minimum loan amount is $1,000 and the maximum amount is $35,000. Their terms run from 3 – 7 years. They allow you to compare loan options from multiple lenders to find the best one for you.

Read what Consumer’s Advocate has to say about them here.

Read what WalletHub has to stay about them here.

Read their BBB Profile here.

Even Financial

Even Financial is another example of a loan marketplace. You can use it to find personal loan offers from various lenders. They have been the source of more than $200 million in personal loans since 2017. You can use the personal loans for debt consolidation. Even Financial matches you with the lenders that are most likely to give you the best rate.

Read what Student Loan Hero has to say here.

Read what Consumer’s Advocate has to say about them here.

Read their BBB Profile here.

Cash USA

Cash USA has a nationwide loan matching service that allows people to get up to $10,000 and terms of up to 72 months for personal loans to put towards debt consolidation. They specialize in working with people with less than perfect credit and use soft credit checks to preview rates.

Read what Consumer’s Advocate has to say about them here.

Read what Scam Finance has to say about them here.

Read their BBB Profile here.

Payday Debt Consolidation

Payday loans can be tempting. Sometimes they feel like they only way you’ll be able to cover your bills or unforeseen costs. However, the terms and rates on payday loans can be overwhelming. Lenders, like Discover debt consolidation, specialize in consolidating payday loan debt to get people back on track.

OVLG

Oak View Law Group offers debt settlement and consolidation options. They charge you based on how much debt you’re working with. You need to have at least $1,000 in debt to enroll in their services, which is an incredibly low amount relative to other options.

Read what Top 10 Reviews has to say about them here.

Read what Best Debt Companies has to say about them here.

Read their BBB Profile here.

Federated Financial

Federated Financial offers a variety of services. They specialize in payday loan and debt consolidation programs. They also work as a consumer education company, focusing on financial management.

Read what Ripoff Report has to say about them here.

Read what Credit Boards has to say about them here.

Read their BBB Profile here.

Harris Goldberg Financial

Harris Goldberg offers payday loan consolidation and other debt consolidation services. They also work on credit repair and credit card consolidation loan options. The company is owned by One focus Financial, which is itself a payday lender.

Read what Complaints Board has to say about them here.

Read their BBB Profile here.

National Debt Relief

National Debt Relief offers debt consolidation and debt settlement services. They’re one of the largest debt relief services in the country.

Read what Consumer Affairs has to say about them here.

Read what Top 10 Reviews has to say about them here.

Read their BBB Profile here.

Accredited Debt Relief

Accredited debt Relief offers debt settlement and consolidation services. You need a minimum debt of $1,000 to be eligible. The fees for debt reduction range from 15-25%.

Read what Top 10 Reviews has to say about them here.

Read what Consumer Affairs has to say about them here.

Read their BBB Profile here.

CountryWide Debt Relief

CountryWide Debt Relief offers consolidation loans and other non-bankruptcy debt solutions for consumers. Their team has more than 30 years of experience helping people get out of debt.

Read what Consumer Affairs has to say about them here.

Read what Super Money has to say about them here.

Read their BBB Profile here.

Dan Steadman

Dan Steadman

Financial Advisor, MoneyBeagle

Dan is one of the top financial experts when it comes to debt consolidation. With more than 20 years of experience helping people tackle debt, he has a unique insight when it comes to solving debt-related problems. 

Dan got his start when he went to work for a bank after getting his Business Degree. He worked his way up and became a loan officer. This position gave him unique insights into the ways that financial products work and how people can utilize different financial products to improve their lives. He’s seen hundreds of success stories and just as many failures – so he knows what steps are most likely to help his readers.

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