You might have debt across several credit cards or have other kinds of debt, like from unexpected medical bills or do it yourself projects. As rates of interest have come down, now's a good time to get an unsecured loan to consolidate your multiple forms of debt into one balance.
If you choose debt consolidation is the right step, it•s vital that you shop around for the best kind of personal loan, rates and terms. Fortunately, PayPasser makes it simple to check loan rates and firms.
By taking out a personal loan for debt consolidation reduction, you could decrease your monthly obligations and total price by avoiding multiple rates of interest and late fees. In fact, recent data in the Federal Reserve found, within the first quarter of 2022, the typical charge card rates was 16.61 percent while the average interest rate for a 24-month personal loan was 9.63 percent.
You can take advantage of a web-based personal bank loan calculator to find out costs. Here is a list of the best lenders for you to consider.
1. Axos Bank
If you have good or excellent credit, you may consider Axos Bank, that provides short term loans along with a variety of terms. Axos has no prepayment penalty and funding is fast.
Borrowers with a high amount of debt to refinance, however, might need to keep looking. Axos limits loans to $35,000, which is less than some other lenders. The lender also needs a minimum credit score of 740, that could exclude some borrowers.
Axos• requires a soft credit assessment. Terms are as much as 5 years, without any prepayment penalty.
- Loan amount: $5,000 to $35,000
- Loan terms (years): 1, 2, 3, 4, 5
- Discounts: None
- Time to obtain funds: Next business day
Compare loans supplied by Axos along with other online lenders through PayPasser today.
2. LightStream
LightStream, the online lending division of SunTrust Bank, offers large loan limits to qualified borrowers, which can be helpful if you have debt as high as $100,000. The lending company doesn•t charge fees, and funding is fast.
However, LightStream doesn•t disclose its minimum income requirement, which makes it difficult to determine if you will qualify. Also, loans aren't readily available for residents of Rhode Island and Vermont.
LightStream needs a minimum credit rating of 660. The lender doesn•t require a soft credit pull and doesn•t charge fees. Terms are up to seven years.
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7
- Discounts: Autopay
- Time to obtain funds: As soon as the same business day
Compare loans provided by LightStream and other online lenders through PayPasser today.
3. Marcus
Marcus approves would-be borrowers with lots of information before applying, which can help you identify whether you•ll qualify. Borrowers need a minimum annual salary of $30,000 along with a credit rating of 660. The lender doesn•t charge fees and has relatively fast funding, compared to some other institutions. They also operate across all 50 states, in addition to U.S. territories, protectorates, and military abroad.
If you wanted to consolidate your financial troubles with another person, however, Marcus doesn•t offer joint applications.
Terms can be found as many as seven years. Marcus offers loans from $3,500 to $40,000, without any fees.
- Loan amount: $3,500 to $40,000
- Loan terms (years): 3, 4, 5, 6, 7
- Discounts: Autopay
- Time to obtain funds: As low as five days
Compare loans provided by Marcus along with other online lenders through PayPasser today.
4. Payoff
If you•ve got several types of debt, Payoff may be a good lender for you. It specializes in debt consolidation, as well as their loans are only able to be used for your purpose. The lender offers competitive rates and no prepayment penalty.
If your financial troubles totals more than $35,000, however, you•ll must find another lender. Payoff can also be slower to fund the borrowed funds that another lenders, and they charge an origination fee. Additionally, loans aren•t open to residents of Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Ohio, and West Virginia.
To be eligible for a financing from Payoff, you'll need a minimum credit score of 640. Terms vary from two- to five-year loans.
- Loan amount: $5,000 to $35,000
- Loan terms (years): 2, 3, 4, 5
- Discounts: None
- Time to get funds: As soon as 2 to 5 working days after verification
Compare loans provided by Payoff along with other online lenders through PayPasser today.
5. Prosper
Prosper is really a unique type of lender. The peer-to-peer platform matches borrowers with investors. When your loan is listed, investors can invest in funding it. Should you don•t receive your full amount after Fourteen days, no loan is created. One of the biggest advantages to Prosper is it doesn•t need a minimum income, and also the minimum required credit score is simply 640.
The downside is that the process may take longer than other lenders. Also, Prosper charges an origination fee of up to 5 percent, and residents of Iowa, North Dakota, and West Virginia cannot apply.
Prosper offers three- and five-year terms. Qualifying does need a soft credit assessment.
- Loan amount: $2,000 to $40,000
- Loan terms (years): 3, 5
- Discounts: None
- Time to get funds: An average of five days after accepting your offer
Compare loans provided by Prosper along with other online lenders through PayPasser today.
6. SoFi
SoFi is yet another option for those who have a lot of debt. It provides loans up to $100,000 for those who have good or excellent credit. SoFi also offers perks to the customers, including career coaching and members-only events. And the lender doesn•t charge fees on its loans.
However, it may be harder to qualify for financing from SoFi than from some other lenders as the organization doesn•t disclose its minimum credit rating or income requirements.
Terms are available as many as seven years, which may be a helpful payment term for big loans. Also, SoFi does need a soft credit assessment.
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7
- Discounts: Autopay
- Time to get funds: 3 business days
Compare loans provided by SoFi and other online lenders through PayPasser today.
7. Upgrade
Borrowers with fair credit might consider Upgrade. The online lending platform requires a credit score of 600, that is lower than some other lenders. Upgrade offers tools to help you protect or enhance your score, such as free credit monitoring, alerts and financial education.
One from the disadvantages in Upgrade, though, is that it charges an origination fee of up to 6 %. Also, customer support is just available by email. Additionally, residents of Connecticut, Colorado, Iowa, Maryland, Vermont and West Virginia aren•t eligible.
Upgrade offers relation to three or 5 years. Upgrade does need a soft credit assessment.
- Loan amount: $1,000 to $35,000 ($3,005 minimum in GA; $6,005 minimum in MA)
- Loan terms (years): 3, 5
- Discounts: Autopay
- Time to get funds: In a day of clearing necessary verifications
Compare loans supplied by Upgrade along with other online lenders through PayPasser today.
8. Avant
If you•re just starting your career, Avant is an online lending platform that has modest requirements. To qualify, borrowers need a minimum credit rating of 580 as well as an annual income of $24,000. The lending company also offers fast funding and no prepayment penalty
One of Avant•s drawbacks is that it charges an origination fee as high as 4.75 %. And its services aren't available everywhere: residents of Colorado, Connecticut, Hawaii, Louisiana, Nevada, New York, South Carolina, Vermont, and West Virginia aren•t eligible.
Avant offers terms that range from 2 to 5 years. Rates here are some of the highest. You can be eligible for a a price reduction if you use autopay.
- Loan amount: $2,000 to $35,000
- Loan terms (years): 2, 3, 4, 5
- Discounts: Autopay
- Time to obtain funds: As soon because the next business day
Compare loans provided by Avant along with other online lenders through PayPasser today.
9. Upstart
Upstart is an online lending platform that secures loans through lending partners. The evaluation process includes a soft check of your credit score. The lending company also examines your education, major, and job history, which could be helpful for college students and graduates.
Upstart does have a high origination fee•as much as 8 percent. Also, the lending company doesn•t offer borrowers any discounts, for example for setting up autopay.
Terms that are offered range from three to five years. Upgrade doesn•t charge a prepayment penalty.
- Loan amount: $1,000 to $50,000
- Loan terms (years): 3 to 5 years
- Discounts: None
- Time to obtain funds: As soon as 1 to 3 business days
Compare loans supplied by Upstart and other online lenders through PayPasser today.
Other personal loan lenders to consider
In accessory for these lenders, there are nine others you can consider for consolidating your debt. These lenders aren't offered through PayPasser, though, and that means you cannot easily compare their rates as you can with PayPasser•s partner lenders.
- Citizens Bank
- Discover
- Earnest
- HSBC
- Laurel Road
- One Main Financial
- PenFed Credit Union
- PNC
- Rocket Loans
Bottom line
Make sure you appear at rates, terms, and details like fees and perks before you sign the contract for a new personal loan.
Doing your research takes time, but PayPasser makes it easy to check rates from multiple lenders. Complete just one form to request rates from multiple lenders. The process won•t affect your credit rating, and you can compare offers to get the best lender. Using the best rate and terms, you are able to work to eliminate debt as fast as possible.
