Compare Debt Consolidation Loans

From company profile and loan basics to services & features and customer support, we research everything you need to compare debt consolidation loans and make a decision. Learn how our editors compare the different factors of debt consolidation loans below.
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How we Compare Debt Consolidation Loans

Company Profile - 10%
Loan Basics - 30%
Additional Fees - 20%
Qualification - 10%
Application - 10%
Services & Features - 10%
Customer Support - 10%

Company Profile

Banks have traditionally been the source of debt consolidation loans. Credit unions and banks for example are also called Direct Lenders because they are the direct source for such loans. This is why people in the past searching for the best loan rates had to go from one lending institution to the other.

With the advent of internet and how information is shared, some of today’s companies offer Loan Matching services that lets consumers quickly compare multiple debt consolidation loans online. With a single application that can be quickly finished in a few minutes, consumers are instantly connected with multiple lenders.

There is no shortage of companies offering debt consolidation loans. This can certainly be confusing when the time comes to decide. Check for customer reviews as this gives you an accurate assessment on how people generally feel about the company and its services. If the general sentiment is negative then moving on to another company is definitely a better option.

Debt Consolidation Loans with the Best Company Profile:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
BBB RatingA+A+A-A+A+A-ANo Rating
TrustPilotNo Rating9.6No Rating8.
CreditKarma3.74.9No Rating4.8No Rating4.94.6No Rating
Participating States5047 + DC (TN, MS & NV are excluded50All States50Continental US, Alaska and HawaiiContinental US, Alaska and HawaiiResidents of some states may not be eligible for a short term cash loan based upon lender requirements
Loan Matching Service
Direct Lenders
FDIC Insure Trust Account
FTC Compliant

Loan Basics

The maximum loan amount depend on several factors and this vary from lender to lender. These factors can include your credit score, income and loan terms among others.  But before applying for a loan it is important that you determine the maximum amount you can pay back. After all, this is what got you into trouble in the first place.

Just like any type of loan, interest rates play a huge role in determining the amount of payments you make. While a good credit score translate to lower interest rates, people applying for debt consolidation loans have less than ideal credit scores. With this in mind, people could still get the best rates available by simply comparing loan offers from different loan providers.

Loan terms is another factor that should be considered when applying for a debt consolidation loan. Short term loans for example have lower interest rates. However, this translates to bigger monthly payments. Longer loan terms on the other hand have higher interest rates. This is because of the time needed for the loan providers to recover their money. Longer terms however mean lower monthly payments. This is because the principal loan amount is paid over a longer period.

Other factors to consider include processing or origination fees. The amount of fees collected is also subject to the loan provider. Loan fees are deducted only when the loan is received. Be wary of loan providers who charge fees prior to loan approval.

Debt Consolidation Loans with the Best Loan Basics:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
Minimum Loan Amount$2,500$5,000$1,000$1,000$100$1,000$1,000$1,000
Maximum Loan Amount$35,000 $100,000$100,000$40,000$10,000$50,000$35,000$35,000
Loan Terms36 - 84 months3, 5, or 7 years24 - 84 months 3 - 5 years6 mos - 5 years 3 - 5 Years2 - 5 Years6 months -60 months
APR6.99%-24.99%Fixed Rates - 5.95% – 14.24%; Variable Rates - 4.84% – 10.64%4.83%-35.99%5.99%-33.34%4.99%-29.95%4.89%-29.99%9.95%-36.00%Up to 35.99%
Interest Rate6.99%Starts at 4.8% Varies Not Stated29.95%Not StatedNot StatedNot Stated
Origination FeeNoneNoneVaries1%-6%Not Stated1%-6%0.95%-3.75%Not Stated
Late Payment Fee$39YesVaries$15 or 5% greater of the unpaid installment amountNone$15 or 5% greater of the unpaid installment amount$25 (Refundable with good behavior)Not Stated

Additional Fees

The costs of taking a debt consolidation loan does not only include interest payments. This can also include fees associated with closing out your loan. Be sure that you check this out with the lender to get a clearer picture of how much a loan is going to cost you.

Just like any type of business, lenders take great care in ensuring that they get the most out of the money they invest in. So while paying off your debt is highly ideal for both the lender and you, it also means that the lender won’t be making the same amount of money if loans are pair early. Prepayment penalties are charges made to borrowers who manage to pay their loans early. Look for lenders who don’t charge prepayment fees.

Debt consolidation loan borrowers are people who find themselves having difficulty making payments on their existing loans. This is different from a person who is taking out a home loan for example who is generally more financially capable of making payments. In the unfortunate event that you find yourself missing payments, lenders are most likely to charge late or missed loan payments. Be sure to discuss this with your lender and learn how much this would cost you.

Debt Consolidation Loans with the Best Additional Fees:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
Upfront Fees
Consultation Fees
Fees and ChargesYesN/AN/A$7 Check Processing Fee and $15 Unsuccessful Payment FeeYesN/A $15 Unsuccessful Payment FeeN/A
Pre-Payment Penalties


Debt consolidation is a financial strategy that allows people who find themselves unable to pay their existing debt to restructure their debt into a single account. Debt consolidation makes debt payments easier by allowing you to work with a single company. It gives you the option of paying existing loans that are past its maturity date and stop recurring interest payments.

Qualifying for a debt consolidation loan depends on several factors which are similar to those in any type of loan. But because you are in a less than ideal position financially, opt for lenders who can extend loans to borrowers with a poor credit score.

  • Credit Score
  • Employment history
  • Additional sources of income

With debt consolidation you are now able to make smaller payments with lower interest rates and more time to make those payments. Debt consolidation is just one of the debt-relief strategies that can be employed for those who find themselves struggling with debt payments.

If you are having problems qualifying for lower interest rates please check our Top Ten List of Credit Repair Services.

Debt Consolidation Loans with the Best Qualification:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
Proof of Income
Credit History
Financial Stability
Minimum Credit ScoreNot Stated680+Varies660639 and below620600Not Stated


A credit check plays a large role in helping lenders determine the maximum loan amount and interest rate. With the nature of debt consolidation loans as a financial instrument to help pay existing loans, interest rates are definitely higher compared to other types of loans. This is because borrowers are considered high risk thus the higher interest rates.

Faced with this reality, lenders may lower their minimum credit score requirements accordingly. Loan matching services in general offer a simple online application process that require little information from debt consolidation borrowers. This information is then submitted to multiple lenders and borrowers are given results based on matching lenders.

Applying for a debt consolidation loan may require simple information such as your personal details, Social Security Number, address, checking and financial information. Borrowers are also required to be US citizens or at least permanent residents to qualify.

Initially applying for a debt consolidation loan can be done by submitting information online. However, some lenders may require hard copies or fax documentation in order to proceed with your loan application.

Debt Consolidation Loans with the Best Application:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
Online Application
Response TimeA few minutes15 minutes Just a few minutes Within few MinutesA few minutesWithin 24 hoursWithin 24 hoursWithin few Minutes
Direct Deposit
18+ Years of Age
US Citizen or Permanent Resident
Social Security Number
Home Address
Email Address
Checking Account

Services and Features

People applying for debt consolidation loans are under enormous stress to make payments on their previous loans. And any type of help in terms of the services that a lender can provide makes this a little bit easier.

Online application that can be done in minutes, loan consultants, direct deposits are just some of the services which makes the whole process less stressful. Most lenders in our Top Ten list offer a convenient online application process which can be accomplished in a few minutes. Loan Matching services for example give you the option of comparing loan offers from multiple lenders. This helps borrowers make better informed decisions in terms of selecting the best loans with the best rate.

Debt Consolidation Loans with the Best Services and Features:

Customer Support

A little bit of assistance can go a long way in applying for a debt consolidation loan easier. Customer support from these companies are available in a variety of channels which includes emails, online chat or help lines. Some lenders even have dedicated loan experts that help you through the process of applying and getting approved.

Since most lenders have an online application portal, sensitive personal and financial information is shared online. Check the lender’s website if it is secured with encryption. The company’s privacy policy can also give you an idea on how it uses your personal information. Some lenders may use your information in their marketing campaigns or even share it with other companies. The result is an endless barrage of phone and email marketing offers.

Debt Consolidation Loans with the Best Customer Support:

DiscoverSoFiEVEN FinancialLightStreamLoanStartLending ClubMoneyTodayUpstartProsperAvantSignature LoansLendingTree
Loan Consultant

Full Debt Consolidation Loans Comparison

Company ProfileLoan BasicsAdditional FeesQualificationApplicationServices and FeaturesCustomer Support
EVEN Financial9.
LightStream Debt Consolidation Loans8.
LoanStart Personal Loans9.
Lending Club8.
Prosper Debt Consolidation0.
Signature Loans7.
LendingTree Personal Loans0.
Select 2 debt consolidation loans companies to compare

Latest Reviews

Atlanta, Georgia
need help with discoer

[email protected]
Brownsville, Texas
consolidate present current debt and payoff charge offs

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