Got out of debt. Debt Consolidation Loan Companies will help you in 2019

Got out of debt. Debt Consolidation Loan Companies will help you in 2019

It can be stressful if you have several debts from different lenders. If you are in such a situation, it is advisable to take a debt consolidation loan. A debt consolidation loan is a loan offered by some financial institutions to help debtors to repay their old debts. It involves combining all your debts into one single monthly payment. When you are looking for companies that offer debt consolidation services, you will realize that there are many firms in the industry.

If the concept is new, you may get confused due to numerous industry terminologies and products available in the market. Some predatory lenders may also take advantage of new customers and offer misleading information. Ensure that you familiarize yourself with the terms used by different creditors before you start searching for a service provider. Most financial institutions in the country offer debt consolidation loans.

If you are overwhelmed by debts and you do not know where to start, consider visiting The company has been operational for almost a decade now. When you visit its website, you will find tools, resources, and programs that will help you to repay your debts with ease. It matches customers to debt consolidation loan firms with debtors, depending on their needs. Here is a list of debt consolidation loan firms you should consider:

1. Avant.

It is the ideal debt consolidation lender if you have an average credit score. The company was formed in 2012, and over 450,000 customers have benefited from its services. The total amount of the loans issued by Avant is $3 billion. It has received numerous prestigious awards due to its efforts to offer quality customer care services. Currently, the firm has a 95% satisfaction rate. Signing up for a debt consolidation loan from the company will give you access to resources that you need to repay your old debts. You are qualified to secure a debt consolidation loan from the company if your credit score ranges between 600 and 700. Avant does not specify the minimum income threshold that loan applicants should have. If your loan application is approved, you will receive the funds in as little as a day. You can secure a loan from the firm at an interest rate of as low as 9.95%. However, clients are required to pay $25 for late payment.

2. Upstart.

The company offers loans to borrowers with different credit scores. It is suitable for debtors who would like to borrow up to $50,000. Rates applied to debt consolidation loans can be as low as 7.98%. Upstart targets young borrowers with a short credit history. Some of the factors that the company considers when customers are applying for the loans include an applicant’s job history, alma matter, and GPA. Borrowers are allowed to repay the loan for a period of 3 to 5 years.

3. Discover Bank.

The financial institution operates in 50 states. Borrowers can apply for debt consolidation loans of up to $35,000. There are no extra fees if debtors pay their loans on time. Borrowers are allowed to repay a loan for up to 84 months. One of the qualification requirements for consolidation loans from the lender is having a minimum credit score of 660. Discover Bank allows debtors to use the loan in different ways, including home repairs and payment of medical bills. All applicants are required to use at least 70% of a loan to pay off old debts.

4. OneMain.

It is a suitable option for loan applicants with a low credit score. Borrowers can secure debt consolidation loans of up to $20,000 from the company. The rates applied on the loan can be as low as 18% while the maximum repayment period is 60 months. You can secure a loan from OneMain through its online platform or by visiting its 1600 branches in different parts of the country. However, the services can only be accessed by residents from 44 states.

5. LightStream.

The maximum loan amount that borrowers can get is $100,000, and the rates can be as low as 6.14%. Borrowers are allowed to repay their loans for as long as 84 months without any fees. Some of the drawbacks for borrowers include a requirement to provide proof of receiving a significant amount of income, substantial assets, and a decent credit score.

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