Consolidating debt and credit score
Its website is easy to navigate, with clearly disclosed rates and fees.Prosper does charge an origination fee of 1% to 5% of your loan, and there are fees for late payments ( or 5% of the outstanding amount) and unsuccessful payments ( per occurrence).One Main Key takeaways: One Main is a solid option for borrowers who may not have the best credit.Though you can apply online, the company has nearly 1,600 branches around the country for those who want to do business in person. The company has an A rating and is accredited with the BBB. The company’s website also offers some nice educational information about loans.I’ll later describe my methodology for choosing these three companies as the best debt consolidation loans online.I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.As a result, they factor in elements such as a borrower’s alma mater, job history, major, GPA, and even test scores when determining the APR.The only loan terms offered are three-year and five-year.
Pros Personal can help connect you with lenders in all 50 states.
Light Stream Key takeaways: While Light Stream offers debt-consolidation loans from ,000 to 0,000 at APRs ranging from 5.49% – 14.24% with Auto Pay, there is a catch.
You’ll need excellent credit, proof of significant income, and substantial assets to qualify.
On the plus side, however, Light Stream does offer flexible terms from 24 to 84 months and there are no fees. Advertised rates and terms are subject to change without notice. Prosper, though it requires a minimum credit score of 640, offers unsecured personal loans from ,000 to ,000 and competitive APRs from 5.99% to 35.99%.
* Rate is quoted with Auto Pay discount, which is only available when you select Auto Pay prior to loan funding. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Prosper takes into account a range of factors other than your credit history when determining your APR.