One of the best strategies for debt consolidation is a personal loan.
This will help put all your loans together so you can repay them using a single monthly installment. If you are wondering what banks give debt consolidation loans, you need not worry because there are many banks that do so. What you should concern yourself with more are the loan terms and the requirements.
Here are five of the top debt consolidation loan options you can consider.
Discover Personal Loans provides the most flexible loan repayment options, giving you up to 84 months to repay the loan. You’ll enjoy low APRs of 6.99% to 24.99%. Discover doesn’t charge any fees and allows you to borrow a minimum of $2,500 and a maximum of $35,000.
The loan terms range from three to seven years, but if you delay with your repayments, you will be charged a $39 late fee. When you have satisfied all the conditions, your loan will be processed in seven business days. This debt consolidation loan is best if you have a credit score of 680 or more.
Marcus By Goldman Sachs
If you are looking for the best debt consolidation plan with the lowest fees, Marcus By Goldman Sachs is your answer. You can borrow from as little as $3,500 to as high as $40,000. Marcus charges no origination and late fees.
Once you merge your loans, the interest will be reduced to between 6.99%-19.99%. It only takes between one to four days to receive your loan. While it’s advisable to continue repaying your installments on time to improve your credit score, Marcus won’t charge you for late payments. It also offers a reasonable loan term ranging from three to six years.
Payoff is ranked the best citizens bank debt consolidation loan for credit card debts. It allows you to come up with a friendly debt reduction strategy at relatively low-interest rates of between 5.99% to 24.99%. The greatest advantage of Payoff is that it accommodates individuals of low FICO credit scores — as low as 640. With Payoff, the minimum amount that can be borrowed is $5,000, while the maximum is $40,000.
The repayment period is between three to five years, but there’s no late fee. However, you’ll be charged an origination fee of zero to 5%. Once you apply for the loan, it will take between two to five days to get it.
LightStream is the best debt consolidation option if you are looking for low rates. You can get APRs as low as 3.99% if your credit score is good. The maximum you can be charged is 16.99%. If you want to enjoy these low rates, borrow not less than $10,000 and not more than $24,999, and you must repay it within 36 months.
Overall, LightStream allows you to borrow no less than $5,000, but it charges no prepayment or origination fees.
SoFi offers the best debt consolidation loan if you have a large debt. You can get a personal loan of as high as $100,000 with variable and fixed rates varying from 5.99% up to 25.05%. However, you must have a good credit standing – over 680 — to enjoy this loan.
The loan term is between two and seven years, but there’s no origination or late fees. Once you submit your application, you can expect your loan within a week.
The above options are among the best banks giving consolidation loans in the market today. However, before you apply for any personal loan, find out whether what is offered best suits your condition.
Consider the origination fees, APRs, loan terms, and the credit score range within which you can borrow.