Top 100 consolidating lenders

Paying off more than one debt at a time is not uncommon.But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.Once you’ve crunched the numbers and determined that debt consolidation is right for you, you then have to face the daunting task of finding a trustworthy company that offers debt consolidation loans.

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To help you narrow down your search and learn more about different online lenders, here’s a quick breakdown of the top three online lenders for debt consolidation loans.

Eligibility: Available in 46 states; minimum credit score of 580 Amount: $1,000 to $35,000 Interest rate: 9.95% to 36% Repayment Term: 12 to 60 months Avant is your best bet if you don’t have a high credit score since they also consider income when determining your eligibility. Get a low fixed rate loan without any hidden fees and no pre-payment penalties. Check Your Rate Eligibility: available in 47 states; minimum credit score of 640 Amount: $2,000 to $40,000 Interest rate: 5.99% to 35.89% Repayment Term: 36 or 60 months Fees: origination or “closing fee” of 1% to 6%; late fees are $15 or 5% of outstanding amount (whichever is larger); failed payment fee is $15 Prosper was the first peer-to-peer lender on the market offering an alternative choice to traditional loans.

With a personal loan you’ll have just one repayment to make every week, fortnight or month over a set term – you can usually choose your own frequency of repayments.

And if the interest rate on the personal loan is lower than your credit card rates – and they often can be – this can help you get ahead in reducing your overall debt.

Sometimes you reach a point where debt becomes overwhelming.

Late payments, medical bills and personal emergencies can all add to a mounting amount of debt. Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.That said, it can be a tedious process and incredibly overwhelming to find a company to trust when a quick Google search turns up so many companies offering similar services.Don’t get scammed by online companies that complicate the process and tack on costly services that you don’t want or don’t need.When you start pursuing debt management options, you may get many mixed messages from those in the debt relief industry.

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