10 Best Debt Consolidation Loans of 2017

Searching for the best debt consolidation companies? We give you the list of 2017 Top Debt Consolidation services.

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A debt consolidation loan is when a person takes out a single personal loan in order to pay off other debts, such as balances on high-interest credit cards. The borrower then makes fixed, monthly payments to the lender for a set time period, usually between two to five years.

Instead of paying multiple small, unsecured loans, their new single payment is usually less than the combined ones of the previous debts, generally due to a lower interest rate. Consumers usually resort to a debt consolidation loan when they’re having a hard time making payments on multiple small loans, or are unable to negotiate a better interest rate. If their consolidation loan is secured with an asset—most commonly their house—, the IRS can even offer a tax deduction.

One of the most important things to consider when choosing a lender for your debt consolidation is precisely whether the loan will be secured by a form of collateral—which can be easier to obtain, especially if your credit affected—, or unsecured. Also consider possible costs and fees, such as an early repayment penalty, and the interest rate you can qualify for. Above all, compare different lenders before making a final decision, as that is the easiest way to get the best deal.

Though debt consolidation can help boost the borrower’s credit score in the long term, if the principal is paid off more quickly than it would have been without the loan, debt consolidation may also extend the loan term significantly, in which case the potential savings will be offset by paying more interest over time.  If they opt for a secured loan, they will also put their assets in jeopardy, and if they don’t modify the habits that led them into debt, it may result in an even more precarious fiscal situation.

Top 10 Companies

#1
Discover
9.6 / 10
  • Lock in lower fixed rate
  • Make only one payment per month
  • Systematically erase up to $35,000 of your higher interest debt
  • Rates ranging from 6.99% to 24.99% APR
  • Payment plans from 36 to 84 months
  • Debt consolidation calculator
#2
SoFi
9.6 / 10
  • Fixed rates from 5.70% - 14.24% APR (with AutoPay)
  • No origination fees or pre-payment penalties
  • Borrow from $5,000 up to $100,000 at fixed rates
  • Sign documents electronically and receive funds directly to your account
  • Simple online application and quick pre-approvals
  • Personal loan calculator
#3
  • Compare and shop loans options from multiple carriers
  • Takes less than a minute to search loans
  • Enter loan amount to get started
  • Loan amount up to $100,000
  • Quick pre-approval process
  • No credit score impact
#4
LightStream
Our Partner
9.0 / 10
  • Get loan between $5,000 and $100,000
  • Flexible terms
  • Low Fixed Rates with no Fees
  • No origination fee
#5
LoanStart
Our Partner
8.9 / 10

 

  • Request $1,000 to $35,000 for Credit Card Consolidation, Home Renovation, Major Purchase, Medical Bills, and more.
  • Completely FREE and secure loan-finding service that DOESN’T impact your credit score.
  • Huge network of lenders and lending partners.
  • Find out in minutes, repay in 24 to 84 months.
  • APR range from 4.84%-35.99%, minimum credit score 580+.
  • Get money in as soon as one business day.
#6
Lending Club
8.9 / 10
  • A+ BBB Accredited
  • Reduce your interest rate by an average of 30%
  • Improve your credit score by 75%
  • Personal Loan Calculator
  • No credit score impact
  • Fast online application in just minutes
#7
MoneyToday
8.8 / 10
  • Online Lenders Alliance Accredited
  • Credit options from $300 to $10,000
  • Get started by simply entering your zip code
  • View rates and amount of approval in as little as 90 seconds
  • Request more cash at anytime
#8
Upstart
8.8 / 10
  • No prepayment penalty
  • Get rates without affecting your credit score
  • Rates from 4.89% to 29.99% APR
  • Loan amount from $1,000 to $50,000
  • 3 to 5 years loan term
  • Seen on NBC News, Fox Business, Forbes, and Bloomberg
#9
Prosper
Our Partner
8.7 / 10
  • Fixed rates start at 5.99%
  • Get up to $35,000 in loans
  • 5 years maximum loan period
  • No hidden fees, no prepayment penalties
  • Requires 640+ credit rating
#10
Avant
8.4 / 10
  • Consolidate debts into simple monthly payments
  • Payments over the course of 24 to 60 months
  • Flexible and personalized loan for your needs
  • Fixed interest from 9.95% to 36.00% APR
  • Deposit funds directly into your bank account
  • Fund deposit as soon as the next day
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Best Debt Consolidation Loans: Summed Up

RankCompany NameStrengths
1DiscoverBest Overall
2SoFiLoan Basics, Application
3EVEN FinancialLoan Basics, Qualification
4LightStreamServices and Features, Customer Support

How We Compare Debt Consolidation Loans

Select 2 debt consolidation loans companies to compare
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Company Profile - 10%
Loan Basics - 30%
Additional Fees - 20%
Qualification - 10%
Application - 10%
Services & Features - 10%
Customer Support - 10%
Editor's Choice
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