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Best Debt Consolidation Loans for 2019

Steve NicastroJuly 18, 2019

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Debt consolidation loans help borrowers combine multiple high-interest debts into a single payment. Compare our picks for the best loan options for all credit scores.

Our pick for

Fair credit and paying off credit card debt

Payoff

on Payoff's website

on Payoff's website

Min. Credit Score

640

Est. APR

5.99-24.99%

Loan Amount

$5,000-$35,000

Pros

  • Low starting rates.
  • Flexible payments.
  • Offers financial guidance.

Cons

  • No co-sign or secured loan option.
  • Does not offer direct payoff to creditors.
Read full review

Qualifications

  • Minimum credit score of 640.
  • Minimum credit history: 2 years.
  • Minimum annual income: $40,000.
  • Debt-to-income ratio: less than 50%.

Available Term Lengths

  • 2 to 5 years

Fees

  • Origination fee: 0% - 5%.

Disclaimer: This does not constitute an actual commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to enable us to verify your income, assets, and financial condition. Your interest rate and terms for which you are approved will be shown to you as part of the online application process. Most applicants will receive a variety of loan offerings to choose from, with varying loan amounts and interest rates. Borrower subject to a loan origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements.

Our pick for

Fair credit and high debt-to-income

Upgrade

on Upgrade's website

on Upgrade's website

Min. Credit Score

620

Est. APR

7.99-35.89%

Loan Amount

$1,000-$50,000

Pros

  • Credit health tools.
  • Hardship plans.
  • Fast funding.

Cons

  • Origination and late fees.
  • Does not offer direct payment to creditors for debt consolidation loans.
Read full review

Qualifications

  • Minimum credit score: 620.
  • Minimum annual income: None, but most applicants have more than $30,000.
  • Minimum monthly free cash flow: $800.
  • Maximum debt-to-income ratio: 60%.
  • Unavailable to borrowers in: Colorado, Connecticut, Iowa, Maryland, Vermont or West Virginia.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 1.5% - 6%.

Disclaimer: Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements.

Our pick for

Bad credit and fast funding

Avant

on Avant's website

on Avant's website

Min. Credit Score

580

Est. APR

9.95-35.99%

Loan Amount

$2,000-$35,000

Pros

  • Low minimum credit score.
  • Refinancing option.
  • No prepayment fee.

Cons

  • No co-sign or secured loan option.
  • Does not offer direct payment to creditors for debt consolidation loans.
Read full review

Qualifications

  • Minimum credit score of 580.
  • At least $20,000 in gross annual income.

Available Term Lengths

  • 2 to 5 years

Fees

  • Administrative fee: 4.75%.
  • Late fee: $25 (most states).
  • Unsuccessful payment fee: $15 (most states).

Disclaimer: Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.

Our pick for

Good credit and no fees

Marcus by Goldman Sachs

on Goldman Sachs's website

Min. Credit Score

660

Est. APR

5.99-28.99%

Loan Amount

$3,500-$40,000

Pros

  • No fees.
  • Flexible payment options.
  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.
  • No co-sign option.
Read full review

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).
  • Valid U.S. bank account, Social Security number or tax ID.
  • 660+ credit score.

Available Term Lengths

  • 3 to 6 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Our pick for

Good credit and flexible payment options

Discover
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

660

Est. APR

6.99-24.99%

Loan Amount

$2,500-$35,000

Pros

  • Free credit score access.
  • No origination fee.
  • Option to directly pay creditors.
  • Flexible payment options.

Cons

  • Charges late fees.
  • No refinancing option.
Read full review

Qualifications

  • Minimum credit score required: 660; borrowers' average score is about 750.
  • Minimum gross income required: $25,000, but typically much higher.
  • Minimum credit history: Not provided.
  • Maximum debt-to-income ratio: Not provided.

Available Term Lengths

  • 3 to 7 years

Fees

  • Origination fee: None.
  • Late fee: $39.

Disclaimer: This is not a commitment to lend from Discover Personal Loans. Your approval for a loan is determined once you apply and is based on your application information and credit history. Your APR will be between 6.99-24.99% based upon creditworthiness at time of application. Not all applications will be approved.

Our pick for

Good credit or co-signers

Laurel Road Personal Loan

on Laurel Road's website

Min. Credit Score

700

Est. APR

8.01-16.30%

Loan Amount

$1,000-$45,000

Pros

  • No origination or prepayment fees.
  • Co-sign option.
  • Autopay discounts.

Cons

  • Charges late fees.
  • Lacks flexible payment options.
Read full review

Qualifications

  • Minimum credit score: 700.
  • Minimum income: None specified.
  • Debt-to-income ratio: Not disclosed.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: None.
  • Prepayment fees: None.
  • Late fees: 5% or $28, whichever is less.

Summary of Best Debt Consolidation Loans for 2019

LenderBest ForEst. APRMin. Credit ScoreLearn More
Payoff

Payoff

on Payoff's website

Fair credit and paying off credit card debt

5.99-24.99%

640

on Payoff's website

Upgrade

Upgrade

on Upgrade's website

Fair credit and high debt-to-income

7.99-35.89%

620

on Upgrade's website

Avant

Avant

on Avant's website

Bad credit and fast funding

9.95-35.99%

580

on Avant's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Good credit and no fees

5.99-28.99%

660

on Goldman Sachs's website

Discover

Discover Personal Loan

See my rates

on NerdWallet's secure website

Good credit and flexible payment options

6.99-24.99%

660

See my rates

on NerdWallet's secure website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

Good credit or co-signers

8.01-16.30%

700

on Laurel Road's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Payoff

Payoff

on Payoff's website

Fair credit and paying off credit card debt

5.99-24.99%

640

on Payoff's website

Upgrade

Upgrade

on Upgrade's website

Fair credit and high debt-to-income

7.99-35.89%

620

on Upgrade's website

Avant

Avant

on Avant's website

Bad credit and fast funding

9.95-35.99%

580

on Avant's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

on Goldman Sachs's website

Good credit and no fees

5.99-28.99%

660

on Goldman Sachs's website

Discover

Discover Personal Loan

See my rates

on NerdWallet's secure website

Good credit and flexible payment options

6.99-24.99%

660

See my rates

on NerdWallet's secure website

Laurel Road Personal Loan

Laurel Road Personal Loan

on Laurel Road's website

Good credit or co-signers

8.01-16.30%

700

on Laurel Road's website

Get the most with a debt consolidation loan

Shop around: Compare rates and terms at multiple lenders before applying for a debt consolidation loan. Most online lenders let you pre-qualify with a soft credit inquiry, which has no impact on your credit score.

Plan ahead: Before your loan is funded, create a budget that allocates a percentage of your income toward debt repayment, and track your repayment progress with a budgeting and saving app.

Curb spending: Avoid big expenditures on your credit cards as you pay off debt, but don’t close any of the cards. Canceling credit accounts can hurt your credit score.

» MORE: 4 keys to successful debt consolidation

How to pre-qualify for a personal loan

Pre-qualifying for an online loan can get you access to potential loan terms, including the loan’s interest rate. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate.

Last updated on July 18, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Best Debt Consolidation Loans for 2019