When you merge your personal loans and credit card accounts, you will concentrate on reducing your debt. One benefit of having just one due date each month is that it makes it less likely that you will forget to make a payment. With this guide, enlist the top 3 companies offering debt consolidation loans for 2022 to aid you in your quest for the ideal loan. So, examine the best debt consolidation loans and decide on the one that suits your preference !
Best lending platforms offering debt consolidation loans:
- MoneyMutual – Overall best debt consolidation loan lenders
- Bad Credit Loans – Best bad credit loans with fair interest rates
- CashUSA – Best debt relief companies with instant cash advance
#1. MoneyMutual – Overall best debt consolidation loan lenders
Since its establishment in 2010, Money Mutual has proven to be nothing but a reliable option with a great overall lending experience. With the help of the lending network Money Mutual, you can obtain short-term loans from more than 60 different lenders. After applying, you may get multiple loan offers. You must pay close attention to their terms and conditions before choosing the best option for you.
Additionally, it is a member of the Online Lenders Alliance. This group is a family of lending businesses that follow strict regulations to stop fraud, protect borrowers from abuse, and ensure legitimacy.
You may qualify for loans totalling at least $5,000. But you must be at least 18 years old and meet the minimum requirements, which include providing proof of your identity, citizenship, and income. When it comes to income, you must also make at least $800 per month.
- Loans can be up to $5,000
- It takes less than 5 minutes to apply
- Uses 2048-bit encryption to protect data
- No minimum credit score is necessary
- No origination charge
- Quick approval
- More than 2 million clients trust it
- There are many favorable comments and viewpoints
- The website is a part of OLA (Online Lenders Alliance)
- There is a ton of informational material about loans on their website
- Simple site navigation
- There are no additional fees
- Upholds transparency
- Free service and a secure website
- Swift authorization and transfer
- Applicants must be citizens of the United States
- New York and Connecticut residents cannot access the platform
- The moment you sign the lending agreement, the platform is no longer responsible for what happens after
#2. Bad Credit Loans – Best bad credit loans with fair interest rates
Since its founding in 1998, Bad Credit Loans has assisted individuals successfully and rapidly connecting with lenders online. The platform acts as an intermediary between borrowers and lenders rather than a direct lender.
More than just access to respectable lenders is provided by Bad Credit Loans. It also contributes significantly to charitable causes and activities, helping to raise money for groups of socially vulnerable individuals.
One of the things about Bad Credit Loans is that the customers can provide their ZIP code, SSN’s last four digits, and date of birth, and they will be able to determine their eligibility immediately with their prequalification option.
Transparency is a priority for this company providing bad credit loans. For instance, the company is open and truthful about lending costs and guides in avoiding fraud.
The requirements for eligibility set forth by Bad Credit Loans are straightforward. All you must provide is identity proof, citizenship, be at least 18 years old, and have an income. They are the same as MoneyMutual, with the only difference being that there are no minimum income criteria; you must have a consistent monthly income.
- You can get loans up to $10,000
- On an annual basis, rates range from 5.99% to 35.99%
- Customers can contact support via email and phone
- A minimum 90-day repayment period and a 72-month term (6 years)
- Ideal for people with poor credit
- The application procedure is straightforward to finish
- Numerous loan types are easily accessible
- Protected by a powerful encryption technique
- Additional credit-related services are provided
- Available round-the-clock
- Reputable website
- Not a direct lender
- Once the application is done, the platform is not responsible for what happens after
#3. CashUSA – Best debt relief companies with instant cash advance
Why should you consider CashUSA? Because they have thousands of happy customers, making them one of the best and most reliable lending platforms in the United States. CashUSA serves everyone, even those with adverse credit scores, by connecting borrowers with lenders in their network quickly, securely, and conveniently.
One benefit of CashUSA is its extensive network of lenders, which includes not just tribes but also state-based lenders. Even though tribal lenders are notorious for having high-interest rates, you can still get a loan if you need money immediately.
CashUSA requires you to be employed for at least 90 days and meet the lender’s income minimum requirements in addition to the regular qualifying requirements, which include being over 18 years old, maintaining an account with a valid check, and having US citizenship or permanent residence.
- $10,000 in maximum loans
- Interest rates range from 5.99% to 35.99%
- Maximum 72-month repayment period
- No origination fee
- Easy loan repayment
- Quick transfer
- The 50 states are all included
- A straightforward and uncomplicated application process
- Available educational resources
- Reputable lenders
- No minimum credit threshold
- The service of bringing together borrowers and lenders is free
- Lenders from the state and the tribe
- Secure website with encryption
- Possibly disclose your information to outside parties
- They ask for a great deal of personal information
How this list of the best online lenders offering loans to consolidate debt was made?
Reputation: The business’s reputation must be considered when choosing a brand. A simple background check on the organization will give you essential details about the enterprise you’re interested in dealing with. The ratings of the chosen brands were checked on reliable websites such as TrustPilot, Sitejabber, and BadCredit.org. And it was found that they are reliable and the most trusted in the industry.
Privacy: The lending platforms use encryption to keep your data safe and protect the privacy of users interested in applying for debt consolidation loans. In addition, during the referral process, the site must not divulge sensitive information to a third-party lender.
Transaction time: It’s a great idea if you can access the funds immediately after receiving approval for the bad credit loan. Only a company that can transfer the money to you within the next 24 hours is recommended.
Transparency: From the start to the end of the transaction, the client should be aware of every step. If the lender isn’t open with you, it is best to avoid using the platform. Before proceeding with the agreement, it is imperative to review every item with the lender thoroughly. The chosen brands provide utmost transparency.
Lending guide for beginners: Best debt consolidation loan services
- How do I choose the best debt consolidation loan lender?
Customer reviews and ratings
Make sure to read what other people had to say about that specific lending service. Additionally, it’s a brilliant idea to study the business you’re interested in quickly by looking up reviews on the Consumer Financial Protection Bureau.
Many lenders provide a range of repayment options to make things easier for you and to ensure they receive their money back with interest. One option, which in some circumstances can earn you a discount, is to have automatic payments deducted from your bank account.
Penalties and fees
Your loan may be subject to processing, origination, late, insufficient funds, and returned check fees. Lenders must pay origination costs because they had to process the loan in the first place. Although some lenders do, they typically process a 1% to 6% fee. The lender may add it to your loan simultaneously or as a separate payment. Everything changes depending on your state and the lender.
The lender may impose a prepayment penalty fee. Such a fee would eliminate any savings you anticipated from paying it off. The fee is typically calculated as a percentage of the remaining debt or the total of several months’ interest fees. So be careful about this!
FAQs on personal loans for debt consolidation
Q1. What is a loan for debt consolidation?
A debt consolidation loan combines many unsecured debts into a single fixed monthly payment, including credit cards, medical bills, and payday loans.
Q2. What are some pros and cons of getting a personal loan to consolidate debt?
- Make a single monthly payment to pay off several debts
- Reduce your APRs to reduce the overall cost of repaying your debt
- Maybe speedier debt repayment
- Decide on a specific date for debt repayment
- Faster debt repayment and lower revolving credit usage will raise credit ratings
- Poor credit borrowers might not be eligible for loans with better terms than their current obligations
- Consolidation loans may be expensive due to fees and interest
- Delaying debt repayment may result in increased costs in the long run
Final considerations: Which is the most reputable debt consolidation company?
Debt consolidation loans can benefit you in a variety of ways. You now have some helpful knowledge of how these lending platforms operate, what types of loans they offer, what the requirements are, and how they can assist you in paying off your debt. Also, if you’re not sure which choice is best for your situation, call a nonprofit credit counselling agency like InCharge Debt Solutions for better advice.
Debt consolidation loans can be a great option to keep your financial issues under control.
The process of obtaining a debt consolidation loan is not that difficult. All you need to do is complete the application process and submit your paperwork. The duration of the procedure is between 15 and 30 minutes. After it’s been authorized, you’ll get your cash in days, if not even sooner.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.
The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan.