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This new peer-to-peer lender will consider factors such as your alma mater, job history, major, and even your grades and test scores when deciding on APRs, which range from 6% to 29.99%.
Upstart also only makes three-year or five-year loans, so if you want a longer or shorter term, you’re out of luck.
The best debt consolidation loans have a balance of low fees, competitive interest rates, and flexible terms.
Here is a full list of the criteria I considered while making my picks: After considering all of these criteria, Lending Club, Avant, and Personal rose to the top of my list.
I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.
Pros Personal can help connect you with lenders in all 50 states. Several types of loans are on offer (though eligibility will vary by state): peer-to-peer loans, bank loans, and installment loans.Pros Avant focuses on offering access to loans to borrowers with slightly lower credit scores than Lending Club.Avant is not a peer-to-peer lender and offers access to loans through its lending platform.Its website is easy to navigate, with clearly disclosed rates and fees.Prosper does charge an origination fee of 1% to 5% of your loan, and there are fees for late payments ( or 5% of the outstanding amount) and unsuccessful payments ( per occurrence).
One Main is a solid option for borrowers who may not have the best credit.