//Top 5 Debt Consolidation Loan Companies for 2019

Top 5 Debt Consolidation Loan Companies for 2019

Using a personal loan to consolidate debt can simplify your financial life. But this move is most worthwhile if you can get debt consolidation loan rates that are lower than what you’re currently paying.

It can take some time to hunt down the best lenders that offer low debt consolidation loan rates. To help you out, we reviewed the rates and terms offered by several such lenders.

This overview can help you quickly find debt consolidation loan companies with the best rates. From there, you can find the lender that offers the best rates and terms to help you get ahead of your debt.

Top 5 debt consolidation loan companies

Lender Debt consolidation loan rates Standout benefit Major drawback
FreedomPlus 4.99% – 29.99%, as of January 23, 2019 Multiple ways to get rate discounts Origination fees of 0% to 5%
Citizens Bank 5.99% – 18.99% Low rates and no loan fees Higher credit score requirements
Earnest 6.99% – 18.24% Option to get smaller loans Limited repayment terms
SoFi 6.79% – 16.24% You can pause payments after job loss Requires high annual income
LendingClub 6.95% – 35.89% Low credit score requirement Origination fees of 1% to 6%

1. FreedomPlus

With rates starting at just 4.99%, FreedomPlus offers some of the best debt consolidation loan rates around. Even better, you can send loan funds directly to your creditors to pay off existing debt, and you’ll get a rate discount for doing so.

Here’s what you’ll want to know about FreedomPlus debt consolidation loans:

  • FreedomPlus rates range from 4.99% to 29.99%.
  • Borrowers can get rate discounts when they satisfy the following requirements: send at least half of the loan funds directly to creditors, add a qualifying cosigner, and have at least $40,000 in retirement savings.
  • Pay no application fees or prepayment penalties.
  • A personal loan origination fee of 0% to 5% will apply.
  • Use FreedomPlus personal loans to borrow from $10,000 to $35,000.
  • Get repayment terms between two and five years.
  • Qualify with a FICO score of 640 or higher.
  • Get prequalified and see a custom rate offer with a soft credit check.
  • Send loan funds directly to creditors or your own bank account.

Apply with FreedomPlus

2. Citizens Bank

Next up is Citizens Bank, which has debt consolidation loan rates starting at 5.99%. These advertised rates reflect a 0.25% rate discount for autopay and an additional discount for existing Citizens Bank members. The lender levies no application or origination fees on its loans, so borrowing is low-cost.

Here are more details on Citizens Bank debt consolidation loans:

  • Citizens Bank’s personal loan rates range from 5.99% to 18.99%.
  • Pay no application fees, origination fees, or prepayment penalties.
  • Get loan amounts between $5,000 and $50,000.
  • Choose a repayment term of three to seven years.
  • Qualify with a minimum FICO score of 680 and an income of at least $24,000 per year.
  • Get a custom rate quote through a soft credit check that won’t affect your score.

Apply with Citizens Bank

3. Earnest

Another company with low debt consolidation loan rates is Earnest, with rates as low as 6.99%.

  • Find debt consolidation rates between 6.99% and 18.24%.
  • Face no application fees, origination fees, or prepayment penalties.
  • Earnest debt consolidation loans range from $5,000 to $75,000.
  • Choose a loan length of three, four, or five years.
  • Earnest requires a minimum FICO score of 680 but uses comprehensive and flexible underwriting criteria to evaluate your loan application.
  • Get a custom rate quote through a soft credit check that won’t affect your score.

Apply with Earnest

4. SoFi

SoFi is another lender with debt consolidation loan rates that might be hard to beat, starting as low as 6.79%. The lender also offers a wide range of loan amounts, so you can borrow as much or as little as you need.

  • SoFi rates range from 6.79% to 16.24%. Advertised rates include a 0.25% discount for autopay enrollment.
  • Get an additional 0.125% rate discount when you take out another SoFi loan.
  • Pay no application fees, origination fees, or prepayment penalties on SoFi debt consolidation loans.
  • Borrow as little as $5,000 and as much as $100,000.
  • SoFi personal loans offer repayment lengths of two, three, four, five, six, and seven years.
  • There’s a 680 minimum FICO score requirement.
  • Use a soft credit check to get a custom rate quote.

Apply with SoFi

5. LendingClub

Rounding out the list is peer-to-peer lending platform LendingClub, with rates starting at 6.95%. It offers some of the most accessible and flexible options, with a minimum FICO score requirement of 600. Applicants should watch out for LendingClub’s origination fees, however, which range from 1% to 6%.

  • Debt consolidation loan rates range between 6.95% and 35.89%.
  • LendingClub personal loans include an origination fee of 1% to 6%.
  • Pay no administration fees or prepayment penalties.
  • Get debt consolidation loans in amounts between $1,000 and $40,000.
  • Choose between a three- or five-year loan.
  • The minimum FICO score requirement is a low 600.
  • Get a customized rate quote with a soft credit check.

Apply with LendingClub

Shop around for the best debt consolidation loan rates

These debt consolidation companies offer some of the best rates and terms out there. But to find the best consolidation loan rates you can get, look beyond what lenders advertise.

As you shop around to find the best personal loan rates, be sure to request rate quotes. All the lenders listed above provide custom rate quotes using soft credit checks. Requesting these offers won’t affect your credit score, and you’ll get custom debt consolidation loan rates. From there, you can compare costs and rates to find the debt consolidation loan company that best fits your needs.

Forget filling out tons of forms. Finding the best personal loan rate is now easier than ever.

Disclaimer: Student Loan Hero is a subsidiary of LendingTree.

Interested in a personal loan?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

RATES (APR) loan amount
7.73% – 29.99% $1,000 to $50,000
6.54% – 16.24%1 $5,000 to $100,000
7.99% – 35.89%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
4.99% – 29.99%4 $10,000 to $35,000

Disclaimer: Student Loan Hero is a subsidiary of LendingTree

1 Includes AutoPay discount. .
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3 Includes AutoPay discount. .
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