If your desk is awash with monthly bills, you're not alone. In fact, billion casino royal:the latest research from The Ascent shows that the average unsecured loan bala🍬nce is $9ꦰ,896.
One of the smartest financial moves to make is getting the best debt consolidation loan, especially if you want a lower interest rate or to combine multiples debt payments into one.Lending Partner | Min. Credit Score | Loan Amounts | Apr Range | Next Steps |
---|---|---|---|---|
2024 Award Winner
SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 680 | Loan Amounts: $5,000 - $100,000 | APR Range: Fixed: 8.99%-29.99% APR (with all discounts) | |
LightStream
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 660 | Loan Amounts: $5,000 - $100,000 | APR Range: 8.89%-24.89% (w/ AutoPay)* | |
2024 Award Winner
Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 580 | Loan Amounts: $1,000 - $50,000 | APR Range: 8.49%- 35.99% APR | |
LendingClub
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 600 | Loan Amounts: $1,000 - $40,000 | APR Range: 9.57% - 36.00% | |
Rocket Loans
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 640 | Loan Amounts: $2,000 to $45,000; min. $5,001 in Ohio | APR Range: 9.116% to 29.99% |
|
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
When you're looking to consolidate debt, Upgrade is worth a closer look. Let's say you 🍬have a bunch of little charges, spread across several credit 𝐆cards (darn you, Starbucks!). Upgrade provides personal loans as small as $1,000. If the idea of debt that minor sounds like bliss because high-interest credit has you by the neck, loans up to $50,000 are available to qualified applicants.
Once approved and papers have been signed, the funds will hit a borrower's bank account within four days (often sooner). Terms stretch from two to seven years, allowing you more control over the monthly payment. However, no cosigners are allowed, which is a bummer if your credit score has taken a nosedive. Plus, if your credit score is on the low end, billion casino royal:origination fees up to 9.99% can be costly. Once an application is꧙ made, Upgrade conducts a soft credit check, which means your credit score won't get dinged.
In debt but still rocking a (fairly) healthy credit score? LightStream personal loans are available from $5,000 to $100,000, with no origination fees or prepayment penalties🐈. Loan terms ranging from 24 to 48 months allow you to control your monthly payment to some degree. Although you'll need a credit score of 660 or greater, LightStream does allow co-applicants (yes!). If you've been approved for a personal loan by another lender, LightStream will beat that lender's rate by 0.1%.
SoFi requires a good credit score of 680 or higher. However, if you qualify, the lender offers some pretty attractive benefits, including♚ loan amounts from $5,000 to $100,000. You can also bring a co-borrower if you don't qualify on your own. The lender also considers alternative sources to determine creditworthiness for borrowers who haven't had time to build a long creditꦅ history. Unlike many lenders, SoFi charges no origination fee or prepayment penalty.
LendingClub is a fintech company working with a network of investors. These inves꧂tors are specifically looking for people they can loan money to. Loans are available from $1,000 to $40,000, with terms of 36 or 60 months. Because it's a network of investors, there's a gooဣd chance you will find funding.
Sorry to sound like a broken record here, but if you have a low credit score you're going to get bonked with a much higher interest rate than borrowers with strong credit. If you have a high credit score, you may be better off borrowing from a lender that doesn't charge fees. LendingClub origination fees run from 3% to 6%. That's money you could keep in your bank account.
Did you know that Rocket offers more than home loans? Yep. Rocket also provides personal loans, ideal for consolidating the high-interest debt that's weighing you down. If your credit score is 640 or higher you are eligible to apply for a loan ranging from $2,000 to $45,000. The fly in the ointment is that you could face an origination fee as high as 7% (can you tell we truly dislike origination fees?). Repayment terms are either 36 or 60 months, and you can expect same-day loan approval. You may even receive s⛦ame-day funding.
For more information, check out our list of billion casino royal:best personal loans 𝔍for bad credit.
Lending Partner | Min. Credit Score | Loan Amounts | APR Range | Best For |
---|---|---|---|---|
billion casino royal:SoFi Personal Loans | 680 | $5,000 - $100,000 | Fixed: 8.99%-29.99% APR (with all discounts) | Low APR for borrowers with high income |
billion casino royal:LightStream | 660 | $5,000 - $100,000 | 8.89%-24.89% (w/ AutoPay)* | Borrowers with good credit |
Upgrade | 580 | $1,000 - $50,000 | 8.49%- 35.99% APR | Debt consolidation and fair credit |
LendingClub | 600 | $1,000 - $40,000 | 9.57% - 36.00% | Low APR for borrowers with good to excellent credit scores |
Rocket Loans | 640 | $2,000 to $45,000; min. $5,001 in Ohio | 9.116% to 29.99% | Flexible personal loans |
Credit card refinancing involves transferring your credit card balance to a card with a lower interest rate (more on this in a moment). Debt consolidation streamlines multiple debt payments into a single payment, using a billion casino royal:personal loan.
A billion casino royal:balance transfer card offers an introductory rate, most often a 0% APR for a set time period (typically 12 to 21 months). You apply online, give the new credit card company a list of the balances you want to be transferred, and wait to hear back from it. Trꦇansfer fees usuaꦓlly range from 3% and 5% of the balance transferred. But beware: The card's interest rate will rise dramatically as soon as the intro period ends. You should plan to pay the card off in full before then.
If you owe less on your home than it's worth, that means you have equity and can borrow against it. If you use a billion casino royal:home equity loan for ♔deb🦩t consolidation, you'll owe your mortgage lender instead of your other creditors (like credit card issuers). The interest rate might be lower on a home equity loan than you'd pay on a credit card or personal loan. The danger is that you could lose your home if you miss payments.
While the best move with a 401(k) plan -- or any other retirement plan -- is to leave it alone and let it grow, some plans do allow for borrowing. You don't have to worry about your credit score when borrowing from your 401(k) because no credit check is required. A billion casino royal:401(k) loan generally lets you borrow 50% of your 401(k) balance 🐎or $50,000, whichever is less (with some exce🦄ptions). When you take out a 401(k) loan, you pay interest to yourself by putting your interest payments back into your retirement account. However, if you don't pay back the loan within five years, you will owe income tax and a penalty of 10%.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of billion casino royal:publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley🎃 Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of billion casino royal:publishing standards and editorial integrity while maintaining professional s🔯eparation from the analysts and editors on other Motley Fool brands.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.