Consolidating your debt doesn’t mean that all of your problems are over; it’s just one step towards becoming debt-free.
In order to stay out of debt in the future, you must develop good money management habits and learn how to live within your means.
If you don’t change anything about your lifestyle or spending habits, then it is likely that the situation will repeat itself over and over again until eventually, you can no longer afford even a low-interest rate consolidation loan.
For people with excellent credit, it is usually not necessary to consolidate their debts because most creditors offer lower rates when it comes to existing customers. It’s best to make all your monthly payments on time because this helps build good credit history which means getting approved for loans should be much easier in the future.
Here are ten lenders that offer loans specifically designed for people who want to consolidate their bills and debts:
#1. ACE Cash Express
ACE Cash Express offers a variety of products for consumers, including personal loans.
If you have bad credit, you’ll need to visit their local store first before applying online. Stores are located around the country in urban and rural areas.
Their minimum loan amount is $350 with a maximum of $5,000.
The maximum APR on the loan is 19% which means you will pay more if your credit score isn’t very good.
But all of their loans are unsecured, so there’s no collateral involved either way.
Avant specializes exclusively in offering personal loans to borrowers with bad or limited credit scores.
Unlike other lenders on this list that offer debt consolidation but also have other products available, Avant doesn’t offer any other financial products.
If you have bad credit, their loan is an excellent option because they don’t care how much money you make or where you work.
You’ll need to provide proof of income, but they don’t discriminate based on occupation.
Their minimum loan is $1,000 with a maximum amount of $40,000.
For the privilege of borrowing their money, you’ll pay between 7% and 35% in interest per year depending on your credit score at the time that you apply for the loan.
iCashLoan’s online application only takes 15 minutes to complete!
This company offers unsecured loans up to $5,000 if your credit score is below 600 –perfect for debt consolidation purposes.
You won’t have to go anywhere to be approved for a loan–all of the paperwork can be completed online and they don’t care about your credit score.
Interest rates range from 19% up to 36% per year, but if you need money wired within 24 hours that same day, then there’s an extra fee on top of the interest rate. Be sure to read their Terms & Conditions before applying for a loan.
LoanMe offers customers a variety of different reasons why it’s important to consolidate debt, including saving on interest by paying only one monthly payment instead of several.
Plus, convenient in making just one bill each month versus trying to remember when everything is due. Loan amounts start at $2,600 with a maximum of $30,000.
Your credit score is important when applying for an online loan because they base the interest rate on your “risk level”.
Applicants are given an interest rate starting at 5.99% up to 36%.
LoanMe is one of the most reputable lenders on this list–they’ve been lending money since 2004 and have earned an A+ rating with the BBB.
NetCredit only offers unsecured loans to borrowers who want help consolidating debt, but their minimum loan amount starts at $1,000 with a maximum of $25,000.
They’re not restricted by your credit score either–someone with bad credit has just as good of an opportunity to get a loan as someone with good credit.
Loans come with an annual percentage rate (APR) of 16% and up, and you can pay back the loan over a period of 3 to 5 years.
PersonalLoan’s mission is to provide customers with personal loans that help them escape debt faster than they thought possible by consolidating their bills into one monthly payment.
Their minimum loan amount is $1,000 but has no maximum limit – it all depends on your need for money and ability to repay the cash advance.
The company doesn’t require borrowers’ credit scores so long as they have access to regular income during each month that they’ll be repaying the loan.
Customers who plan on taking out a new loan within the next four years aren’t approved.
PersonalLoans offers rates from 7% up to 35% per year and promises to wire money on the same day you apply for the loan if you need it faster.
#7. OneMain Financial
OneMain is another company that specializes in lending money to borrowers with bad or limited credit scores.
They’re one of the most reputable companies in this industry, which is why they’re often mentioned when people talk about consolidation loans.
To get an unsecured personal loan, your credit score must be 640 or higher. Their minimum loan amount is $1,000 and you can borrow up to $35,000.
But beware because their interest rates are some of the highest out of all the companies on this list.
#8. National Debt Relief
National Debt Relief is one of the fastest companies to approve and hand out cash advances (loans) to borrowers.
This company doesn’t discriminate based on credit score, occupation, or any other financial factors–everyone who needs money qualifies for their services.
Applicants have to have access to a bank account during each month that they repay the loan because that’s how they get paid back.
Personal Loans start at just $5,000 and go up to $35,000 depending on what you need money for.
But there isn’t a maximum limit because the amount depends on the customer’s financial situation. Just like OneMain, National Debt Relief loans with interest rates starting from 5% up to 25%.
LoanGopher specializes in assisting customers looking for fast cash loans.
Their website is full of useful information that you can read before applying for consolidation loans, including their Terms & Conditions and FAQ lists.
The good thing about LoanGopher is that they keep the application process simple –there are no confusing terms or conditions to look at because all the information you need to know is on one page.
You simply enter your personal data, submit it to their lenders, and wait until they get back to you with an answer–usually within 24 hours!
The minimum loan amount starts off at $1,000 but can be raised if you want a larger loan Interest rates are set between 7% and 30% APR, which is average for this type of service.
LoansLoan represents some of the highest consolidation loans available on the market today. They offer payday loan consolidation to customers who need money fast.
Their website is professional-looking and extremely easy to use. You can apply online in just a few minutes without having to work around strange terms or limitations.
If approved, LoanLoan will wire your cash advance directly into your bank account so you can have access to it right away!
The company has an A+ rating with the BBB, which means they’re reliable and trustworthy. Minimum personal loan amount starts at $1,000 with no maximum limit–all depends on what you need money
It is a good idea to make sure that the interest rate on these types of loans is reasonable and within your budget before committing to anything, or else you could end up in worse financial shape than when you started.
The Bottom Line
After finding out if this is the right choice for them, it’s necessary for consumers to make sure that they would be able to pay back all costs involved which include
- interest charges,
- attorney fees,
- restructuring fees,
- and other fees.
It’s also best to ask what happens in the event that you were unable to repay or else your credit history may suffer badly.
It’s important for you not only to look at the monthly payment but also calculate all costs involved so you would know how much money you will be paying in total once everything is finished.