Seattle economy – Seattle WTO http://seattlewto.org/ Thu, 04 Nov 2021 07:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://seattlewto.org/wp-content/uploads/2021/10/icon-3-120x120.png Seattle economy – Seattle WTO http://seattlewto.org/ 32 32 What is debt consolidation? | The bank rate https://seattlewto.org/what-is-debt-consolidation-the-bank-rate/ Thu, 04 Nov 2021 07:00:00 +0000 https://seattlewto.org/what-is-debt-consolidation-the-bank-rate/ Even if you work hard to manage your money the right way, paying off high-interest debt each month can make it difficult to reach your financial goals. No matter how much you owe, it can take months, or even years, to get out of debt. One way to handle multiple debt payments is to consolidate. […]]]>

Even if you work hard to manage your money the right way, paying off high-interest debt each month can make it difficult to reach your financial goals. No matter how much you owe, it can take months, or even years, to get out of debt.

One way to handle multiple debt payments is to consolidate. Debt consolidation is a form of money management where you pay off existing debt by taking out a new loan, usually through a debt consolidation loan, a balance transfer credit card, or a debt consolidation loan. ” refinancing a student loan, a home equity loan or a HELOC. Here’s what you need to know about debt consolidation and which method might be right for you.

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Definition of debt consolidation

Debt consolidation is the process of merging multiple debts into one debt. Instead of making separate payments to multiple credit card issuers or lenders each month, you consolidate them into one payment from a single lender, ideally at a lower interest rate.

You can use debt consolidation to merge several types of debt, including:

  • Credit card
  • Medical debt
  • Personal loans
  • Student loans
  • Auto loans
  • Payday loans

While debt consolidation won’t erase your balance, the strategy can make paying off debt easier and cheaper. If you get a low interest rate, you could save hundreds or even thousands of dollars in interest. Managing a single payment can also make it easier to control your bills and avoid late payments, which can hurt your credit.

Types of debt consolidation

No matter what type of debt you are consolidating, if you are looking for how to consolidate debt, there are a number of options to choose from.

Debt Consolidation Loan

Debt consolidation loans are personal loans that combine several loans into one fixed monthly payment. Debt consolidation loans generally have terms of between one and 10 years, and many of them will allow you to consolidate up to $ 50,000.

This option only makes sense if the interest rate on your new loan is lower than the interest rates on your previous loans.

Best for: Borrowers who want a fixed repayment schedule.

Balance Transfer Credit Card

If you have more than one credit card debt, a balance transfer credit card can help you pay off your debt and lower your interest rate. Like a debt consolidation loan, a balance transfer credit card transfers multiple streams of high interest credit card debt to one credit card with a lower interest rate.

Most balance transfer credit cards offer an introductory 0% APR period, which typically lasts 12 to 21 months. If you can manage to pay off all or most of your debt during the introductory period, you could potentially save thousands of dollars in interest payments.

However, if you have a large unpaid balance after the period ends, you might find yourself in more debt later, as balance transfer credit cards tend to have higher interest rates than other forms of credit. debt consolidation.

Best for: Borrowers who can afford to pay off their credit cards quickly.

Student loan refinancing

If you have high-interest student debt, refinancing your student loans could help you get a lower interest rate. Student loan refinancing allows borrowers to consolidate federal and private student loans into one fixed monthly payment on better terms.

While refinancing can be a great way to consolidate your student loans, you will still need to meet the eligibility criteria. Plus, if you refinance federal student loans, you’ll lose federal protections and benefits, like income-tested repayment and deferral options.

Best for: Borrowers with High Interest Private Student Loans.

Home equity loan

A home equity loan, often referred to as a second mortgage, allows you to leverage the equity in your home. Most home equity loans have repayment periods of between five and 30 years, and you can typically borrow up to 85% of your home’s value, less any outstanding mortgage balances.

Home equity loans tend to have lower interest rates than credit cards and personal loans because they are secured by your home. The downside is that your home is at risk of foreclosure if you don’t pay off the loan.

Best for: Borrowers with a lot of equity in their home and a stable income.

Home equity line of credit

A Home Equity Line of Credit (HELOC) is a home equity loan that acts like a revolving line of credit. Like a credit card, a HELOC allows you to withdraw funds as needed with a variable interest rate. A HELOC also taps into the equity in your home, so the amount you can borrow depends on the equity in your home.

A HELOC is a long-term loan, with an average withdrawal period – the period during which you can withdraw funds – of 10 years. The repayment period can be up to 20 years, during which time you can no longer borrow against your line of credit.

Best for: Borrowers with a lot of equity in their home who want a long repayment period.

How to consolidate your debt

If you are trying to figure out how to consolidate your debt, the process is quite similar no matter what form of debt consolidation you use. It is important to understand that debt consolidation is different from debt settlement. With debt consolidation, you will use the funds from your new debt consolidation loan to pay off all of your existing debt in full.

Once you have secured the funds for your personal loan, home equity line of credit, or any other debt consolidation loan, you can begin the debt consolidation process. Use these funds to pay off all of your existing debts. You will then have only one monthly loan payment, generally with an interest rate lower than all the interest rates of your previous loans.

Pros and Cons of Debt Consolidation

Debt consolidation is not the right choice for everyone; Before consolidating your debt, consider the pros and cons.

Advantages

  • Pay less total interest. If you can consolidate multiple debts with double-digit interest rates into one loan with an interest rate of less than 10%, you could save hundreds of dollars on your loan.
  • Simplify the debt repayment process. It can be difficult to keep track of multiple credit card or loan payments each month, especially if they are due on different dates. Taking out a debt consolidation loan makes it easier to plan your month and control your payments.
  • Improve Your Credit Score. You might see your credit score increase if you consolidate your debt. Paying off credit cards with debt consolidation could lower your credit utilization rate, and your payment history could improve if a debt consolidation loan helps you make more payments on time.

The inconvenients

  • Pay the upfront fees. Any form of debt consolidation can incur fees, including origination fees, balance transfer fees, or closing costs. You’ll want to weigh these fees against the potential savings before you apply.
  • Put guarantees at risk. If you are using any type of secured loan to secure your debt, such as a home equity loan or HELOC, that collateral is subject to foreclosure in the event of late payment.
  • Could increase the total cost of debt. Your savings potential with a debt consolidation loan largely depends on how your loan is structured. If you have a similar interest rate but choose a longer repayment term, for example, you will ultimately pay more interest over time.

When debt consolidation is a good decision

Debt consolidation works best when the debt you have incurred is primarily from a past situation that no longer applies to your life. Examples could include past medical debts, student loans, or debts that you racked up before taking control of your life.

In this case, debt consolidation can make a lot of sense. You can take those existing debts that often come with high interest rates and combine them into one monthly payment. You may also qualify for a lower interest rate, especially if you are using a secured loan such as a home equity loan or home equity line of credit.

When you shouldn’t be considering consolidating your debt

Debt consolidation can help you save money on interest and pay off debt faster, but it doesn’t solve the underlying reason for your debt. Before consolidating, consider the internal and external factors that led to your current situation.

It is possible to consolidate debt if you have already done a debt consolidation, but it is not ideal. Debt consolidation works much better when you have addressed the underlying reason why you got into debt in the first place. Making sure these root causes are addressed will help make debt consolidation a successful experience for you.

Key points to remember

If you are interested in debt consolidation, make sure you consider the underlying reasons for how you got into debt. If you are in a more stable situation but have debt earlier in your life, then debt consolidation can make a lot of sense. Take the time to consider all of your options and get quotes from several lenders, including credit unions, online banks, and other lenders. Compare interest rates, fees and terms before finalizing your decision.

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Mortgage Guide For Debt Consolidation ~ Integrated Loans https://seattlewto.org/mortgage-guide-for-debt-consolidation-integrated-loans/ Wed, 03 Nov 2021 17:24:21 +0000 https://seattlewto.org/mortgage-guide-for-debt-consolidation-integrated-loans/ Taking out a mortgage to consolidate debt can be a great solution. Mortgages typically have a much lower interest rate than any other loan product and mean you can include all of the obligations in one monthly payment. If you are considering a mortgage loan to handle bad credit, a specialist broker with adverse credit […]]]>

Taking out a mortgage to consolidate debt can be a great solution. Mortgages typically have a much lower interest rate than any other loan product and mean you can include all of the obligations in one monthly payment.

If you are considering a mortgage loan to handle bad credit, a specialist broker with adverse credit experience is essential.

Today, the Revolution Brokers team explains when a bad debt mortgage can be viable and what to expect from the appraisal process.

For more information on debt consolidation mortgages or to start a new application call us on 0330 304 3040 or email info@revolutionbrokers.co.uk.

How Do Debt Consolidation Mortgages Work?

Essentially, this type of mortgage means you take out a loan against the equity in your home to pay off other debts.

If you already have a mortgage, you’ll consider a new mortgage to borrow more on the property and pay off everything else, including loans, car financing, and credit cards.

To qualify for a mortgage to consolidate debt, a lender will assess:

  • Your credit rating and current liabilities.
  • How much is your property worth.
  • The value you want to borrow.
  • How much equity you have in your home.
  • Your average income or annual salary.

Some lenders will offer a debt consolidation mortgage, but will require you to enter into a legal commitment before finalizing the loan.

This agreement means that you confirm that you will use the mortgage financing to pay off your debts.

Benefits of consolidating bad debt into a mortgage

There are pros and cons of paying off debt through a mortgage.

One of the positive results is that it usually means your monthly repayments go down and your finances are more manageable.

Unsecured loans such as credit cards have much higher interest rates, so mortgaging your debt means you’ll pay lower rates, but potentially more over time, as a mortgage typically lasts for around 25 years. .

However, there are downsides and you should seek professional help before making any long term financial decisions.

The potential drawbacks include:

  • Securing debt against your home means that your property is at risk of repossession if you cannot keep up with repayments.
  • Mortgage interest rates for bad credit are lower, but because the term of a mortgage is longer, you will pay interest on the debt for a longer period.
  • Some borrowers may find that they can refinance bad debt cheaply – the Revolution team specializes in debt consolidation. We can advise you on alternatives such as balance transfer credit cards.
  • Re-mortgage usually means paying additional costs such as appraisal fees, legal fees, and arrangement fees.

Maximum borrowing on a bad credit consolidation mortgage

If you have a bad credit history, it is still possible to refinance your debt with a mortgage, but the number of lenders to choose from will be fewer.

Lenders will look at affordability criteria and total debt-to-income ratios to determine how much you want to borrow, if you can actually afford the repayments, and how risky they think the mortgage is since you’ve already had debts. credit problems.

However, remortgage to avoid further bad credit can be a smart solution.

Note that although loan / value limits are usually around 90%, you are unlikely to be accepted for a new mortgage as a bad credit applicant with a minimum deposit.

Give us a call if you want to remortgage to pay off unsecured debt, and we’ll advise you on how much you should be able to borrow based on the value of your property.

Some lenders also have fixed limits on debt consolidation mortgages – so they can offer up to £ 30,000 or £ 50,000 as a maximum value.

Debt Consolidation Mortgage vs Second Mortgage

A second mortgage can be an option if you’re tied to your current lender and don’t want to remortgage.

Second mortgages are possible but less common if your credit is bad.

A second mortgage is always secured against your home but is a different loan product and runs alongside your existing mortgage.

You may be able to borrow on a second mortgage to pay off your debts. Nonetheless, expert support is essential, as many traditional lenders will not consider offering this loan to applicants with adverse credit.

Expert Advice With Bad Debt Consolidation Mortgages

If you are concerned about multiple debts, a mortgage to regain control of your finances may be a solution. As we mentioned, career counseling is crucial as there are downsides to consider.

As experienced bad credit brokers, Revolution can advise you which lenders are likely to accept your application, ensure you understand financing alternatives, and help you negotiate competitive mortgage rates.

Contact us on 0330 304 3040 or email info@revolutionbrokers.co.uk for further advice.


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Consumer and Business Debt Consolidation Market Analysis and Demand with Future Forecast to 2028 https://seattlewto.org/consumer-and-business-debt-consolidation-market-analysis-and-demand-with-future-forecast-to-2028/ Tue, 02 Nov 2021 12:35:02 +0000 https://seattlewto.org/consumer-and-business-debt-consolidation-market-analysis-and-demand-with-future-forecast-to-2028/ “ Global Market Vision has added new statistical data titled Consumer and Business Debt Consolidation Market which provides detailed statistics on market industries and their framework. Assessment provides 360 ° view and insight – outlining key results of the Consumer and Business Debt Consolidation Market, current scenario analysis that highlights the downturn aims to provide […]]]>

Global Market Vision has added new statistical data titled Consumer and Business Debt Consolidation Market which provides detailed statistics on market industries and their framework. Assessment provides 360 ° view and insight – outlining key results of the Consumer and Business Debt Consolidation Market, current scenario analysis that highlights the downturn aims to provide strategies and solutions unique by tracking and comparing the strategies of the main players. In addition, the study helps emerging players to better understand companies in terms of competition in order to make more informed decisions.

The report offers detailed information about major end-users and annual forecast from 2021 to 2028. Besides, it presents revenue forecast for each year along with sales and sales growth of the market. The forecast is offered by an in-depth study of the consumer and corporate debt consolidation market by knowledgeable analysts regarding the geographic assessment of the market. These forecasts are beneficial for better understanding the future prospects of the industry.

Sample request with complete table of contents and figures and graphics @ https://globalmarketvision.com/sample_request/134104

This report examines major global companies and divides consumer and business debt consolidation by product type and end applications / industries, providing expert and in-depth analysis of key business trends and future development prospects of the market, of major drivers and constraints, profiles of the main obstacles, opportunities and challenges of the market.

Major Key Players in the Consumer and Business Debt Consolidation Market:

Discover Personal Loans (USA), Lending Club (USA), Payoff (USA), SoFi (USA), FreedomPlus (USA).

Market segmentation :

Based on type:

Credit card debt, Overdrafts or loans, Other

Based on demand:

Business, Private

The competitive landscape is also examined in depth to learn about regional expansion plans and major competitor’s products, mergers and acquisitions, collaborations and affiliations. The report includes validated estimates of market size and future figures, along with CAGR and market share for major categories.

The study covers the following regions in terms of production, consumption, revenue, market share and growth rate, along with forecast:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, United Kingdom, Russia, Italy and rest of Europe)
  • Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and the rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)

Impact of Covid-19 on the Global Personal and Corporate Debt Consolidation Market

Consumer behavior has changed amid the COVID-19 pandemic. Industries will need to redesign their strategies to cope with changing market conditions. This report offers you an analysis of the impact of COVID-19 on the Consumer and Business Debt Consolidation market and will help you to create a business plan in accordance with new industry standards. In addition, speculation on the market recovery pattern is also included in the report.

Key questions answered:

  • What is the size and CAGR of the consumer and business debt consolidation market?
  • What are the main drivers of the most profitable regional market?
  • What are the leading segments of the global market?
  • How will the consumer and business debt consolidation market evolve in the years to come?
  • What are the main strategies adopted in the global market?
  • What is the nature of competition in the consumer and business debt consolidation market?
  • What growth boost or acceleration is the market carrying over the forecast period?
  • Which region could achieve the highest market share in the coming era?
  • What trends, challenges, and obstacles will impact the development and size of the Consumer and Business Debt Consolidation market?

Reasons to buy:

  • Get insight, analysis and strategic insight from competitors to formulate effective R&D strategies.
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  • Rank new customers or potential partners into the target demographic.
  • Develop tactical initiatives by understanding the areas of intervention of large companies.
  • Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
  • Formulate corrective actions for pipeline projects by understanding the depth of the consumer and corporate debt consolidation pipeline.
  • Develop and design licensing and licensing strategies by identifying potential partners with the most attractive projects to improve and expand business potential and reach.
  • The report will be updated with the latest data and will be delivered to you within 2-4 business days of ordering.
  • Suitable for supporting your internal and external presentations with reliable and high quality data and analysis.
  • Create regional and national strategies based on local data and analyzes.

Direct purchase this market research report now @ https://globalmarketvision.com/checkout/?currency=USD&type=single_user_license&report_id=134104

If you have any special requirement, please let us know and we will offer the report to you at a custom price.

About Global Market Vision

Global Market Vision is made up of an ambitious team of young, experienced people who focus on the details and deliver the information according to the client’s needs. Information is vital in the business world and we specialize in disseminating it. Our experts not only have in-depth expertise, but can also create a comprehensive report to help you grow your own business.

With our reports, you can make important tactical business decisions with the confidence that they are based on accurate and well-founded information. Our experts can allay any concerns or doubts about our accuracy and help you tell the difference between reliable and less reliable reports, reducing the risk of making decisions. We can make your decision-making process more precise and increase the likelihood of your goals succeeding.

Contact us

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Best Debt Consolidation Loans for November 2021 – Forbes Advisor https://seattlewto.org/best-debt-consolidation-loans-for-november-2021-forbes-advisor/ Mon, 01 Nov 2021 16:27:00 +0000 https://seattlewto.org/best-debt-consolidation-loans-for-november-2021-forbes-advisor/ Upstart has established itself in the field of personal loans because of its approach based on artificial intelligence and machine learning for qualifying borrowers. In fact, Upstart estimates that it was able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a leading lender for borrowers […]]]>

Upstart has established itself in the field of personal loans because of its approach based on artificial intelligence and machine learning for qualifying borrowers. In fact, Upstart estimates that it was able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a leading lender for borrowers who can benefit from more competitive rates. Even so, the platform’s minimum credit score of 600 makes it an accessible option for those with fair credit.

Upstart also offers a fairly flexible range of loan options, with amounts ranging from as low as $ 1,000, so you don’t have to borrow (or pay interest) more than you really need. And, while Upstart’s loans cap at $ 50,000, which is less than some lenders, that will likely be enough for many potential borrowers.

Even though Upstarts’ three- and five-year loan terms are more restrictive than those of other lenders, this is likely an acceptable compromise for applicants who might not be approved in a more traditional lending environment. Plus, it’s available in all states except West Virginia and Iowa, so it’s as widely available as many other top lenders.

Eligibility: Upstart stands out because it uses an AI-powered platform to take into account a range of unconventional variables when assessing borrower applications. And, although the platform advertises a minimum credit score of 600, Upstart can even accept applicants who don’t have enough credit history to get a score. When assessing potential borrowers, Upstart takes into account college education, employment history, residency, debt-to-income ratio, bankruptcies and defaults, and number of credit applications.

Borrowers must also have a full-time job or an offer starting in six months, a regular part-time job or other source of regular income, with a minimum annual income of $ 12,000. Co-signers and co-applicants are not allowed.

Uses of the loan: Upstart personal loans can be used for credit card and other debt consolidation, special events, moving and relocation, medical and dental expenses, and home renovations. Unlike many other traditional and online lenders, Upstart also allows borrowers to use personal loan funds to cover education expenses (except in California, Connecticut, Illinois, Washington and District of Columbia).

Successful borrowers cannot use personal loans to finance illegal activities or purchase illegal weapons, firearms, or drugs.

Completion time : Upstart provides next business day financing to borrowers whose loans are accepted before 5:00 p.m. Eastern Time, Monday through Friday. Loans approved after 5:00 p.m. are usually funded the next business day or day. That said, Upstart reports that 99% of loan seekers receive their money within a business day after agreeing to their loan terms. Loans for education expenses can take up to three additional business days after loan acceptance.


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Rising house prices make second charge a compelling debt consolidation option https://seattlewto.org/rising-house-prices-make-second-charge-a-compelling-debt-consolidation-option/ Mon, 01 Nov 2021 10:09:10 +0000 https://seattlewto.org/rising-house-prices-make-second-charge-a-compelling-debt-consolidation-option/ “Not only does a second charge provide a different route for borrowers, it actively avoids some of these potential drawbacks of refinancing.” As we approach the end of the year, many advisors will have the opportunity to hear from clients who want to get their debt under control. The approach of Christmas often coincides with […]]]>

“Not only does a second charge provide a different route for borrowers, it actively avoids some of these potential drawbacks of refinancing.”

As we approach the end of the year, many advisors will have the opportunity to hear from clients who want to get their debt under control. The approach of Christmas often coincides with borrowers taking a step back from their finances, recognizing that they would like to pay less for their various forms of credit, and exploring their options for consolidating these debts into one monthly payment.

Clients looking to consolidate debt will have a few options if they want to use their real estate asset, but it’s important that advisors consider all of these possible solutions rather than just the one they’re most familiar or comfortable with.

Re-mortgage for debt consolidation

One option will be to remortgage, to take out a bigger loan so that they can erase all of those existing debts on credit cards, personal loans and the like. They then have only one debt to settle, their mortgage.

It is certainly a simple option – there will only be one repayment date to watch out for, one interest rate to know. But there are some potential drawbacks that come from the remortgage route.

The first, and potentially the most punitive, is the risk of having to pay prepayment charges. Advisors don’t need me to tell them that the vast majority of their clients are likely to have fixed rate mortgages these days, and more often than not, they are long. Given the way ERCs are calculated as a percentage of the mortgage loan balance, they can easily become a hefty cost if your client is only halfway through a five-year fixed rate. It’s an exit fee that is really going to sting on the exit.

Nor is it the only financial blow that comes from the remortgage. Your client will also need to change rates. It’s not a bad thing if it turns out they’re on a bad deal but given the level of competition we’ve experienced in recent years, there’s a real risk that they’ll have to move on to a less attractive rate, especially if the additional borrowing moves their loan into a higher loan-to-value range. As a result, re-mortgaging it in order to erase those additional debts can mean that the client not only has to remit thousands of ERCs, but also switches to a higher interest rate, with a larger mortgage balance to start. .

it doesn’t have to be like that

There is an obvious alternative, however, in the form of a second mortgage. And not only does a second charge offer a different route for borrowers, it actively avoids some of the potential drawbacks of refinancing.

It should be emphasized that a second mortgage is secured by the equity the borrower has in the property. As a result, the original mortgage is not affected by the loan. This means that there are no worries about exit fees, moving LTV bands or changing interest rates – the client can continue with this first mortgage as usual and continue to benefit. of the excellent rate you have guaranteed him.

A second charge is separate from this original mortgage, which means that there is no unpleasant ripple effect resulting from the increased amounts required for debt consolidation.

Rising equity levels

It is impossible to ignore the considerable growth in house prices that has taken place over the past year as a result of the stamp duty holiday. This tax break has prompted a large number of potential buyers to take the plunge and continue a movement, and it has pushed up prices across the board.

In fact, the latest figures from the Office for National Statistics show that the average house price jumped 10.6% in the 12 months leading up to the end of August, which means a new average price of £ 264,000 . In monetary terms, this represents an increase of around £ 25,000 from a year ago.

And that’s great news for any borrower who is considering a second charge for debt consolidation purposes. This price growth means that they have a lot more equity in their property and are therefore in a better position to raise the funds needed to clear those debts.

The demand for help with debt consolidation will only increase in the coming months, so it is important for advisors to keep abreast of the full range of options available to their clients. If they’re not comfortable handling secondary costs on their own, now is the time to find a second charge specialist to partner with and who can help their clients find the best possible financing solution.


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Consumer and Business Debt Consolidation Market Size, Key Opportunities, Strategic Assessment, High Revenue https://seattlewto.org/consumer-and-business-debt-consolidation-market-size-key-opportunities-strategic-assessment-high-revenue/ Sun, 31 Oct 2021 19:58:10 +0000 https://seattlewto.org/consumer-and-business-debt-consolidation-market-size-key-opportunities-strategic-assessment-high-revenue/ The latest research report on the Global Consumer and Business Debt Consolidation Market provides the COVID-19 Outbreak Cumulative Study to provide the latest insights on key features of the Consumer and Business Debt Consolidation market. This intelligence report contains investigations based on current scenarios, historical records and future forecasts. The report contains various market forecasts […]]]>

The latest research report on the Global Consumer and Business Debt Consolidation Market provides the COVID-19 Outbreak Cumulative Study to provide the latest insights on key features of the Consumer and Business Debt Consolidation market. This intelligence report contains investigations based on current scenarios, historical records and future forecasts. The report contains various market forecasts related to market size, revenue, production, CAGR, consumption, gross margin as charts, graphs, pie charts, tables etc. While emphasizing on the major driving and restraining forces in this market, the report also offers a comprehensive study of future trends and developments in the market. It also examines the role of major market players involved in the industry including their business overview, financial summary, and SWOT analysis. It provides a 360-degree overview of the competitive landscape of industries. The consumer and business debt consolidation market is showing steady growth and the CAGR is expected to improve during the forecast period.

The Global Consumer and Business Debt Consolidation Market report gives you in-depth information, industry knowledge, forecast, and market analysis. The global Consumer and Corporate Debt Consolidation industry report also clarifies financial risks and environmental compliance. Global Consumer and Business Debt Consolidation Market report helps industry enthusiasts, including investors and policymakers, to make reliable capital investments, develop strategies, optimize their portfolio of activities, to be successful in innovation and to work in a safe and sustainable manner.

Get a FREE copy of this report with charts and graphs at: https://reportsglobe.com/download-sample/?rid=281009

The segmentation chapters allow the readers to understand aspects of the market such as its products, available technology, and applications. These chapters are written to describe their development over the years and the course they are likely to take in the years to come. The research report also provides detailed information on new trends that could define the development of these segments in the coming years.

Consumer and Business Debt Consolidation Market Segmentation:

Consumer and Business Debt Consolidation Market, By Application (2016-2027)

Consumer and Business Debt Consolidation Market, by Product (2016-2027)

  • Credit card debt
  • Overdrafts or loans
  • Others

Major Players Operating In The Consumer And Business Debt Consolidation Market:

  • Find out about personal loans (United States)
  • Loan Club (United States)
  • Payment (United States)
  • SoFi (United States)
  • FreedomPlus (United States)

Company Profiles – This is a very large section of the report which contains accurate and detailed profiles for the major players in the global consumer and business debt consolidation market. It provides information on key business, markets, gross margin, revenue, price, production, and other factors that define the market development of the players studied in the Consumer and Business Debt Consolidation Market report.

Global Consumer and Business Debt Consolidation Market: Regional Segments

Different sections on regional segmentation give regional aspects of the global Consumer and Business Debt Consolidation Market. This chapter describes the regulatory structure likely to have an impact on the entire market. It highlights the political landscape of the market and predicts its influence on the global consumer and business debt consolidation market.

  • North America (United States, Canada)
  • Europe (Germany, United Kingdom, France, rest of Europe)
  • Asia Pacific (China, Japan, India, rest of Asia-Pacific)
  • Latin America (Brazil, Mexico)
  • Middle East and Africa

Get up to 50% off this report at: https://reportsglobe.com/ask-for-discount/?rid=281009

The objectives of the study are:

  1. To analyze the global consumer and business debt consolidation status, future forecast, growth opportunities, key market and major players.
  2. – Present the development of consumer and corporate debt consolidation in North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
  3. Draw up a strategic profile of the main players and analyze in depth their development plan and strategies.
  4. To define, describe, and forecast the market by product type, market applications, and key regions.

This report includes the market size estimate for Value (Million USD) and Volume (K units). Top-down and bottom-up approaches have been used to estimate and validate the market size of the Consumer and Corporate Debt Consolidation market, to estimate the size of various other dependent submarkets in the overall market. Major market players were identified by secondary research, and their market shares were determined by primary and secondary research. All percentages, divisions and distributions were determined using secondary sources and verified primary sources.

Some important points from the table of contents:

Chapter 1. Research methodology and data sources

Chapter 2. Executive summary

Chapter 3. Consumer and Business Debt Consolidation Market: Industry Analysis

Chapter 4. Consumer and Business Debt Consolidation Market: Product Overview

Chapter 5. Consumer and Business Debt Consolidation Market: Application Information

Chapter 6. Consumer and Business Debt Consolidation Market: Regional Insights

Chapter 7. Consumer and Business Debt Consolidation Market: Competitive Landscape

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Debthunch Debt Consolidation: Is It A Scam Or Legit? https://seattlewto.org/debthunch-debt-consolidation-is-it-a-scam-or-legit/ Sat, 30 Oct 2021 18:12:58 +0000 https://seattlewto.org/debthunch-debt-consolidation-is-it-a-scam-or-legit/ Editorial credit: Safriibrahim Ad Disclosure: We receive referral commissions from advertisers. Learn more Who is DebtHunch? They are not a lender. They seem to be a lead generator selling to companies like Gold West Financial. They mainly sell to debt settlement companies. You’ve probably received an email with a personalized debt consolidation analysis offering savings […]]]>
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Who is DebtHunch? They are not a lender. They seem to be a lead generator selling to companies like Gold West Financial. They mainly sell to debt settlement companies.

You’ve probably received an email with a personalized debt consolidation analysis offering savings of $ 167 per month at 0% interest rate and promising to save you $ 17,887. They claim that your monthly payment can be reduced from $ 400 to $ 233 per month.

Does it sound a bit fine to be true?

And off we go in search of opinions.

Is Debthunch legit or a scam?

Crixeo.com has awarded Debthunch a 2-star rating (data collected and updated as of October 6, 2021). We hope the information below will help you make an informed decision on whether to do business with Debthunch.

  • Debthunch is not a lender.
  • It seems Debthunch operates a typical system of baits and switches – but not for themselves – for their primary buyers. They lure you in by sending you a direct mail with a ridiculous 0% interest rate to consolidate your high interest credit card debt.
  • Debthunch isn’t telling you that you need great credit to qualify for a loan with that low interest rate (for which you were supposedly pre-approved).
  • While Sender Debthunch offers incredibly low rates, licensing information on their site reveals that they are only licensed in California with a financial lender license.
  • Their disclosure clearly indicates THE INFORMATION FROM YOUR CREDIT REPORT WAS USED FOR THIS OFFER. WE WILL WITHDRAW THIS OFFER IF YOU NO LONGER MEET THESE CRITERIA.
  • We’re curious how many consumers who received this offer in the mail actually qualify for 0% interest.
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Debthunch reviews and ratings

Debthunch has an A + rating with the BBB but something is wrong. Debthunch seems to be getting their feedback very early in the process before bad news is passed on to the consumer by the primary buyer. If you read some of the negative reviews on Trustpilot, you will get a different picture.

Debthunch Trustpilot Reviews

Below are some of the very recent bad reviews of Debthunch on Trustpilot:

LeComptoirTopGuy

It is a company that fishes for customers who are drowning in debt. Come to them as a customer With decent credit And unsecured debt But no credit card debt that I’ve been lied to And then ignored. They didn’t even have the decency to say no to me. They just stopped returning my phone calls because I didn’t meet their criteria. This company is a scam and buyers should be warned.

Pamela on Mar 15, 2021

IT’S A TOTAL SCAM! Fraudulent business !! And now add some BULLIES to the list as well.

Updated 03/15/2021 18:53

Look man, this is gonna be my last answer, I’m not gonna keep wasting my time. If you’re backed up by all of this grandiose criticism and the things that you claim to have accomplished, why are you concerned about a one-star review of that “lying” person you keep calling me? Like, enough, I already said my opinion is not going to change, I can just see you in other places too, now get on with your life and keep shining!

SINCE YOU TAKEN THE TIME TO LITERALLY LITERALLY ON THIS ANSWER, NOW I WILL REALLY KEEP IT AS IS, I SAID IN OUR PHONE CALL THAT I WOULD CONSIDER CHANGING THE OPINION BUT NOT THE EVALUATION THAT THEN YOU THEN TRY AND WELD ME WITH A $ 100 GIFT CARD TO “COMPENSATE” ME FOR MY TIME AND TO THINK ABOUT CHANGING THE RATING !! And you know well that the note is due to the fact that it has been over a month and I had not received a phone call back from Gold West Financial, which is / was a company you work with, until that you contact me due to the review, then don’t you dare say it was for not getting phone call within 24 hours, why don’t you try 5 weeks !!! And while you don’t deal or directly help people with debt consolidation, this is still a business that you employ and that is why the onus is on you! What you have admitted yourself! And you are quite wrong; DebtHunch DID NOT help me consolidate anything! I was able to get a loan from a completely different company! All you did was be annoying at A *** calling me two days in a row to persuade me and change the rating and the review !! And you are also lying by saying that I agree that you are not a fraudulent company !! I said I wasn’t sure and at this point I didn’t care if it was or not because it left a really bad impression on me! Now leave me alone! Stop berating me just because I refused your fucking 100 dollar gift card to change it! Now eat it! I will not change it !!!! How childish you have to be to do this ?! Unbelievable.

Timothy D. on December 3, 2020

NOT AS IT APPEARS

Based on the flyer I received in the mail, it was not clear that debthunch was not a loan provider; but is a debt settlement company. It was also not clear that I was matched with another business looking for debt. Finally, with a few questions, I was about to figure this out; but I feel like it was the company that was trying to use a loan offer as a means of debt settlement. I didn’t want to ruin my credit… I just wanted a decent loan.

Cheryl on January 28, 2020

I’m just starting my journey. Not sure.

Why do we focus on the negative reviews of Debthunch?

We urge you to do your own research and do your due diligence on any business, especially when it comes to your personal finances. The positive reviews seemed a bit too generic. We do not imply that Debtbunch’s reviews are false. We have no information to suggest it. However, we urge you to pay attention to what consumers are saying in their very detailed complaints and reviews and put them side by side with the positives to gauge the quality of authenticity for yourself.

We wish you good luck and invite you to take a look at Crixeo Best Debt Consolidation Reviews from 2021.


Stuart Bienenstock

Debthunch review

Debthunch Review – Advise Caution

Debthunch is representative of what plagues the debt consolidation industry. Direct mail with low rates, sales of leads for loans and bait and change tactics to turn the customer into a debt settlement customer. We strongly recommend that you do your own due diligence on Debthunch’s major buyers before entering into a financial relationship with the company.


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Pros and Cons of Using a Home Equity Loan to Debt Consolidate https://seattlewto.org/pros-and-cons-of-using-a-home-equity-loan-to-debt-consolidate/ Thu, 28 Oct 2021 02:24:38 +0000 https://seattlewto.org/?p=267 A home equity loan can be used to consolidate debt. The big question, however, is whether it should. You might be interested consolidating debts if you owe money to many creditors how it works. Consolidating debt involves getting a new loan to help pay off existing debts. If approved for your new loan the proceeds […]]]>

A home equity loan can be used to consolidate debt. The big question, however, is whether it should.

You might be interested consolidating debts if you owe money to many creditors how it works.

Consolidating debt involves getting a new loan to help pay off existing debts.

If approved for your new loan the proceeds will be used to pay all creditors you owe money. Instead of having several loans with different monthly payments and interest rate, you will only be responsible for the new loan.

When consolidating debt, it is important to consider what type and amount of loan you’ll get. You have many options but a home equity loans is the most common. Be sure to carefully consider the pros & cons of consolidating debt through this type of loan before you borrow against your house.

Consolidating debt and obtaining a home equity loan are two of the many advantages

Your home serves as collateral in a loan secured by your equity. The amount that you can borrow will be determined by your home’s appraisal. The best benefits of consolidating debt using a home equity line of credit are:

  • The interest rate on home equity loans is usually lower than other loans. A home equity loan can make it easier for you to qualify for a loan which lowers your current debt rate.
  • Lower monthly payment: Most home equity loans are paid off over a longer period of times. Because of this, your monthly payment will likely be lower than it would if you kept your current debts or took out a consolidation loan. It can allow you to be more flexible with your budget by lowering your monthly repayments.
  • The predictable payment process: As long your fixed-rate home equity loan is in place, you will know the total cost of repaying your debt. Also, you’ll have an idea of when your debt is due to be paid so you’re aware of it.

Consolidating debts with a home-equity loan comes with its own set of disadvantages

While these advantages can make a home-equity loan attractive, there are also some downsides.

  • In most cases, your interest is not tax deductible. However, you can itemize to make the interest on mortgages tax-deductible. Interest on home equity loans cannot be deducted if it is used to improve your home. You may not be able, however, to deduct interest from other debt consolidation loans.
  • The fees and costs associated with a home equity loan are more expensive than other types of loans. This could include the cost for an appraisal or loan origination fees.
  • Getting approved for loans can be slow: Although it’s possible to get approved for personal loans or balance transfers in as little as a few days or hours (or even minutes), it can take weeks or longer to get through the home equity approval process.
  • To have equity in your home, you need equity. Equity means the property’s market value minus your mortgage debt. Many lenders restrict the combined amount of your mortgage loan and home equity loan to 90-95% of your home’s total value.
  • You put your home at stake. Your home is your security deposit for your equity loans. In other words, your home could be taken away if payments are not made on time. The other types are not as harmful to your house.

These drawbacks often outweigh the benefits. Consolidating debt is easier with personal loans than balance transfer credit cards. It is important that you carefully review each type of loan you are considering so you can make an informed decision about which one is best for your needs.

An historic opportunity to potentially save thousands upon your mortgage

Most likely, interest rates will not remain at multi-decade levels for very long. It is imperative to act immediately, whether you are looking to refinance to lower your mortgage payment, or to purchase a new home.

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Best Debt Consolidation Loans: Top Debt Consolidation Companies For Payoff Loan And Bad Credit Loan| Consolidate Credit Card Debt | Paid Content | Cleveland https://seattlewto.org/best-debt-consolidation-loans-top-debt-consolidation-companies-for-payoff-loan-and-bad-credit-loan-consolidate-credit-card-debt-paid-content-cleveland/ Thu, 28 Oct 2021 01:56:05 +0000 https://seattlewto.org/?p=261 click to enlarge A lot of things can happen in life that can put you in a situation where you need a surefire way to kill your debts. But, things are not always simple, and sometimes life throws you a curveball. If your credit score is poor, this can be problematic, and one […]]]>

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A lot of things can happen in life that can put you in a situation where you need a surefire way to kill your debts. But, things are not always simple, and sometimes life throws you a curveball. If your credit score is poor, this can be problematic, and one solution is to take out a loan to consolidate that debt.

That way, you will have an easier time with your monthly payment, and you will also have another way to evaluate how you are paying off your obligations. In these cases, having access to more information cannot be a bad thing.

We do not want to waste your time, so all of the companies discussed here meet a set of requirements that will make your life easier. Furthermore, they have all guaranteed your credit score will not be negatively affected by seeing what they have to offer.

You can pre-qualify with all of them, and when you do, they will actually send you a breakdown of your chances of getting approved. To make things easier on you, we have divided the companies into two groups.

First, we will go through those companies that will loan you up to $10,000. Second, we will go through the companies who will consider you for a loan of a minimum of $10,000. Lastly, we will also answer some common questions.

So, after you are done reading our guide, you will have a good idea of what to expect.

Our Top List of the Top Debt Consolidation Loan Companies:

  1. CashUSA: Overall Best lender for Debt Consolidation Loans
  2. BillsHappen®: Most Reliable Debt Consolidation Services
  3. Credit Loan: Low-Interest Debt Consolidation Companies
  4. BadCreditLoans: Consolidate Credit Card Debt, Best For Bad Credit Loans

Let us look at our first four companies.

#1. CashUSA: Overall Best lender for Debt Consolidation Loans

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CashUSA is a great option to go with if you need a loan of up to $10,000, and we gave it an overall rating of 4.7/5.0 stars. In addition, they offer contracts from anywhere between 3 months and 6 years.

Their interest rates vary anywhere between 5.99% and 35.99%, and here is an actual example of one of their offers: $5,000 at 18.9% APR = $179.35/month for 36 months ($6,456.68 total).

There are a few things that need to be in order before you start pre-qualification, as these personal loans are unsecured. You must either have permanent residency or citizenship within the United States, and you must also be over 18 and make at least $1,000 per month after taxes.

You must also have a working email, phone number, and bank account. This company gives you a guaranteed decision after you pre-qualify, and if you are approved, you will be put in direct contact with a lender who has an offer for you.

=> Visit the official website of CashUSA for more information

#2. BillsHappen®: Most Reliable Debt Consolidation Services

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BillsHappen scored 4.7/5.0 stars, and they offer debt consolidation loans anywhere between $500 and $5,000 with varying interest rates and loan terms. Here is an actual example of a loan: $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total).

This company helps its clients match with lenders and maintains its reputation by providing an easy process for requesting debt consolidation loans and excellent data protection. They require a few things for pre-qualification. First, you must be a citizen of the United States or have permanent residency.

They also need you to have an active bank account and a social security number. They do not charge any fees when connecting you to their network, so you can easily find a lender after pre-qualification.

=> Visit the official website of BillsHappen for more information

#3. Credit Loan: Low-Interest Debt Consolidation Companies

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Credit Loan scored 4.6/5.0 stars, and they offer loans starting as low as $250 all the way up to $5,000 with varying interest rates and terms. Here is an actual example of a loan: $4,000 loan at 15.0% APR = $193.95/month for 24 months ($4,654.72 total)

This company started in 1998 and has helped over 750,000 people to date. Their pre-qualification process is extremely fast, and all it takes is filling in one form. Once you are approved, you can expect the wire to your account within 24 hours.

=> Visit the official website of Credit Loan for more information

#4. BadCreditLoans: Consolidate Credit Card Debt, Best For Bad Credit Loans

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BadCreditLoans scored 4.6/5.0 stars, and you can take out a debt consolidation loan starting at $500 and going up to $10,000 with interest rates between 5.99% and 35.99% and terms ranging anywhere from 3 months to 5 years. Here is an actual example of a loan: $2,000 loan at 19.9% APR = $183.63/month for 12 months ($2,203.56 total).

They started operating in 1998, and they specialize in helping people with a bad credit score. If you need your debt consolidated and your credit score is subprime, their pre-qualification process is near-instant.

To get started, you have to be an adult citizen of the U.S. You must also have a reliable salary every month and an active bank account and email address.

=> Visit the official website of BadCreditLoans for more information

Companies Who Will Finance Your Debt Over $10,000

It could be that you are in a situation where $10,000 simply will not cut it, and debt consolidation requires a larger sum.

So, we found four more companies that can connect you to a lender willing to go above $10,000, and they all accept you regardless of credit score. It is easy to pre-qualify, and once you are approved, you will receive the money quickly.

#5. Personal Loans

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This company specializes in customers with less-than-ideal credit, and we gave it a rating of 4.4/5.0 stars.

In order to pre-qualify, you have to be at least 18 years of age and a resident in the U.S. You also need a consistent salary, a functioning social security number, and a valid bank account.

=> Visit the official website of Personal Loans for more information

#6. Upstart

This company allows you to get funding as high as $50,000. They use a soft credit check, so there is no danger to your credit score. In addition, their rates are competitive within their field, mostly due to their investments in underwriting technology, which is fully proprietary.

Once you have gone through the pre-qualification process, Upstart will perform a hard credit check before the deal is sealed.

#7. LendingClub

This company works along with WebBank and can grant you funding up to $40,000, where their rates and terms vary. Pre-qualification for funding is done via a soft credit pull by filling out their forms. They will then give you an estimate as to what kind of rates you can expect.

All interest rates are fixed, without any penalties for prepaying (origination and being late do carry a fee, though). The general term for repaying is between three and five years.

#8. Upgrade

As long as you have credit scoring over 620, Upgrade has a pre-qualification process allowing funding as high as $50,000. Once pre-qualification is done, you will get matched with one of two partner businesses, including Cross River Bank for New Jersey and Blue Ridge Bank for Virginia.

Origination fees can be as high as 8%, and after 15 days of not paying, they can have penalties added in fees.

Companies Who Will Finance Your Debt as High as $10,000

We found four businesses that can help you out if you have a poor credit score. In fact, they actually specialize in doing so. Overall, these are services that match lenders with consumers. These businesses will use their own networks to find a deal that works for you, and the best part is that they can do this while performing what is known as a soft credit check.

That way, your credit score is not harmed during the pre-qualifying process, as no actual hard credit inquiries are made. So, you can rest easy knowing your credit score is safe.

Once you get your approval in order, the money is yours in the span of 24 business operating hours. Once you have it, you can use it however you want — debt consolidation included.

How You Can Consolidate Your Debt Via Loans

When you consolidate debt, generally with an unsecured loan, you use that money to take care of whatever it is you owe, such as credit, debt, or delinquent payments.

However, it should not just be any loan. A personal loan works best because it allows you to utilize the money however you see fit. Unlike student or car loans (or even mortgages), you are not bound to specific ways of using the money. Also, you will probably never find a better rate than loans offered for students by the federal government.

In best-case scenarios, whatever rate you have should be beneath the average weighted rates you currently pay. You can then lower what it is you end up paying over the interest. This even works if whatever loans you took out to consolidate debt have a longer repayment plan than what you currently have.

Additionally, shady lenders exist and will try to get you on the hook for what are known as payday loans. However, you are way better off getting funding via personal loans rather than falling victim to predatory business practices.

How it works is pretty simple:

  1. Evaluate your current situation and debts, and ensure you know how much you pay per month and the rate of interest. Make sure you have whatever it is you pay for your debts each month in total, along with all of the outstanding credit.
  2. Do research about the companies who can help you by reading our guide and following the links of the company you think can help you best. The links will take you right where you need to be.
  3. Make sure you go through the pre-qualification process and fill in the required information. These tend to include things like how much you pay for your house, how much you make, some basic personal details, and, of course, the loan amount of funding you are looking to get.
  4. Once you have been approved for pre-qualification, they will put you in contact with a direct lender using a matching service. If you are trying to use direct debt to find a lender to consolidate, you can also simply follow the steps. Whatever your situation, they will ask you for more details on the actual form for the debt consolidation loan. However, you are not required to accept any offer for funding simply by sending in the form.
  5. Once the company has agreed and the deal has been struck, you will be sent all of the information you need, including the loan terms, what you pay per month, the actual loan amount, and, of course, the interest rates. Depending on the situation, you may be allowed extra features that give you some ability to set some demands. Specifically, make sure you are not paying any penalties for prepaying and that you can actually afford it.
  6. Once you have accepted, you will need to agree and sign off on the form. It takes several days, and then the funds will be made available to you with a potential origination fee already subtracted.
  7. The funding you get can be used to pay off your current debts via the debt consolidation process. This works even if you have penalties for prepayment of interest that has accrued. Double-check the debt consolidation loan amount you need to pay off all debts and make the monthly payment, which you can do via check or online.
  8. The company will then send you their statement either by email or letter, which will show you currently have a credit card balance of $0. If this is not the case, pay immediately or risk accruing interest.
  9. Your previous debts have now been consolidated through your new funding. A great way to make sure nothing goes wrong is to have your money and payments wired automatically, so keep that option in mind. If you want to make a real impression, you can also pay extra, provided you are able.

Overall, consistency is key when consolidating your debt, and it would be a bad idea to start building up other debts while you are dealing with this one. If you are a credit card user, always make sure they are paid off.

As long as you do not accrue any new debt, you will ensure you have the most funds possible at your disposal so you can consolidate that debt fast. However, keep in mind that getting even deeper in debt while having all of this going on is the perfect recipe for a downward financial spiral to the point you may go bankrupt.

What if You Have Bad Credit?

Every company we discussed is open to working with you, even if your credit score is not the best. A few do have a minimum score they require, but others are more open-minded and take all of your financial factors into account. Should they approve you, the funds will be made available to you within 24 business hours.

It could be that your credit history complicates matters. In that case, you may want to think about:

  • Having someone else co-sign: Co-signers are people who will make sure your debt gets paid even when you cannot do so, and it is best if this person has no credit issues themselves. Generally, co-signers only get caught up in the mix when you fail to pay on time because, at that point, the company will go to them for the money that is owed.
  • Put up extra collateral: A debt consolidation loan is considered secured whenever it is backed up by other equity that will be forfeited in case of delinquent payments. These options are rare, but when exercised, they could result in the company turning whatever collateral you provided around for cash.
  • Think about transferring balances: If your only problem is related to credit cards, you may be better off doing a balance transfer. The best-case scenario is to start with a new credit card that allows balance transfers that have 0% APR for a year to a year and a half.
  • Raise your credit: Raising your credit score could be the strategy you need to adopt in order to get through the qualification process and start consolidating. This means you can never miss a payment, never run up your balances, and ensure your credit reports are scoured clean of any wrong or detracting data. Credit repair services can help you, but this can also be done solo.

Some companies, like Upstart, take a more esoteric approach and look at more than just your FICO scores. They have an A.I.-based model that approves more than 27% of clients with an APR below 16%. They will also take things like your education level and work history into account.

Innovation is always driving and enlarging the potential clients base for qualification, including those with poor credit. So, there is always hope for funding on the horizon.

Is There a Minimum Score That Is Needed in Order to Consolidate Debt?

No law is written in stone when it comes to minimum scores. Every company is unique, and they all have their own standards and methods to underwrite and choose debt consolidation loans for approval.

It is true that many companies will not look at your credit score during the pre-qualification process. However, you should keep in mind that at the end of the day, a lot of lenders might still choose to do so when deciding upon approval.

You often hear about needing a FICO score of 620 at most, or else you are out of luck for a personal loan. However, there have been cases where people with scores even at 520 have received approval. At the end of the day, there are several factors that have to do with you personally that will decide the outcome.

We talked before about how younger companies (such as Upstart) use new strategies for the underwriting process. Research has shown they can estimate how creditworthy you are based on the data on your mobile phone.

Below are a few pertinent facts that can be found just by granting access to the app on your phone so it can start the underwriting process:

  • The frequency with which you charge the phone (this indicates you are responsible in nature)
  • The distance you cover per 24 hours (research shows those who visit more varying locations can be more easily relied upon)
  • The debt consolidation loan amount of texting traffic per 24 hours (direct correlation with likelihood of being worthy of credit)
  • Including surnames in phone contacts (doing so, you will be perceived as more detail-oriented)
  • Timing your calls so you do not pay the highest rates (shows you know how to handle money)
  • Gambling (which, if you are, actually surprisingly works in your favor)
  • If you OVER CAPITALIZE text, instead of using proper punctuation (they unironically will hold this against you, so stop)

The bright side is that there is really no reason to be hesitant to look at what is out there even if your credit score is not the best. The FICO scoring system will not last forever, and over time, the market will find other methods to calculate how much funding you can receive.

Can My Credit Score Be Harmed if I Consolidate My Debt with a Loan?

Most application processes for loans allowing you to consolidate your debt will mandate a hard credit check of your credit history at some point. Simply put, they are going to contact either Equifax, Experian, or TransUnion, which are credit bureaus, and pull your credit report.

Hard credit checks have the potential to momentarily decrease your score by five to ten points. However, this only lasts for two years at most. After that, to pre-qualify, they will only perform a soft credit check that will leave your score alone.

You can still view these soft checks on your report, but no one else can. Any hard credit check does require your permission or an application for credit, but this is not the case for soft inquiries.

According to FICO, the reason hard checks affect your score (especially multiple in quick succession) is that it shows you may be in an economic bind.

Virtually every company will make sure to have your payments reported at the relevant bureaus, which means you alone are ultimately responsible for managing and raising credit.

Making sure you pay on time makes you worthy of credit, and the best debt consolidation can be used to relieve economic pressure on your profile regarding credit. Doing so will lower both your CU (credit utilization) and your DTI (debt-to-income ratio), so it can aid you in sprucing up any profile.

On the other hand, not paying on time will cause your score to go down. In particular, delinquent payments of more than one monthly payment will show up along with any write-offs or collections, which could affect your reports for as many as 84 months.

So, Which Debt Consolidation Loan Company Is Best?

Every company we have discussed in this guide is trustworthy and will keep to their end of the bargain. Still, you must also make sure you do the same thing from your end and avoid accruing any other debts while you pay this off.

Simply put, everything is on you.

Companies providing debt management, on the other hand, will take an active hand in making sure your debts get paid as part of the debt consolidation process. Businesses in these makers are competing for you to come to them. Unfortunately, some are shady. But, you can look at how we rated the top services, so you can get started here.

The Best Methods for Debt Consolidation

It can be a good move to consolidate your debt, provided you do so intelligently and with your personal affairs in mind:

  • Take out a loan personally: Personal loans are often used for unsecured debt consolidation. A loan like this does not just work on credit card debt, so you have more freedom with the funds. This is worth considering if you have a hard time qualifying for a credit card via a standard promotion.
  • Acquire relief for your debt: Most companies will strike up a deal where a part of your debt is forgiven via consolidating your payments through a settlement. You will no longer have to pay your debtors directly and will send the money to the company instead. They will then take care of the rest after setting up a plan. Doing this will lower your credit score, but it still beats going bankrupt.
  • Transfer your balance to another card: This method works well if you have had past issues with credit cards. So, you can get a fresh card with a balance transfer rate of 0% APR. A lot of companies offer this on introduction for a year to a year and a half. But, whatever card you take out must match your total loan amount, and often you do need a minimum credit score of 640.

Whatever you choose to do, keep the following things in mind:

  • Always make sure you can afford to pay so you will not go delinquent on any payments.
  • Do not acquire any new debt until you are done with this one.
  • Make a budget and stick to it.
  • Whatever rate you agree to for consolidating debt should be less than whatever debt you are paying off.
  • Make smart moves. With any big-ticket acquisitions, the 0% APR strategy works well as long as you make sure you can afford it.

You can raise your credit score by making smart moves, which makes your future life easier with more access to easier credit. If qualification is a problem due to not having a credit history, a debt consolidation loan where you can build credit may be your solution. Most credit unions and banks will offer these services.

What Should I Look Out for When Consolidating Debt?

Any loan you take out to consolidate your debt will generally be quite helpful. But, you must always remember that there are a few risks:

  • Can you afford it? If you cannot pay, do not take out the debt consolidation loan. Do not risk going delinquent on any payments. Instead, budget appropriately and plan ahead before sending out any applications. That way, you avoid getting burnt.
  • Mind your fees: Origination and other fees are the first things you should check for because they are often the landmine hidden beneath low rates. In cases like these, you could end up paying more, so it is not worth it.
  • Rates of interest: Always make sure the rate of the debt consolidation loan you take out is below whatever rate you have right now. If you do not, you are just wasting time and money. Never make any assumptions regarding rates, and always check APRs.
  • Length: In the best-case scenario, you would be wrapping up paying both your current debt and the loan with which you consolidated it around the same time. Having your repayment terms be longer does lower the money you pay per month and makes it so you pay more overall. You want to be done with this as soon as you can, so do not stretch it beyond reason.
  • Consistency: Since you are the one in charge of your money, you decide where it goes. The best-made plans will go belly up if you do not stick to them. So, do not get into any fresh debt until you are finished with this. If you do not, you may go bankrupt and get a summons to court.

The best way to make sure this does not happen to you is to read up on anything and everything you can. Additionally, always read the small lettering on the contracts and stick to your plan of action.

Is Taking Out a Loan the Right Move for Me?

Make the calculation. By this, we mean you should know exactly how much you pay monthly. You should also calculate how much you would pay per month and the total sum with fees included.

If your goal is to save as much money as possible, debt consolidation loans are a good idea. Even if you do not come out with a net profit, it may also help boost your credit score. So, always make sure to do so, and it is important to have the pros and cons of the different methods to give you a short breakdown.

Now, there are several pros and cons to different types of solutions. If you go for a balance transfer, you can expect a low introductory APR, as well as low minimum monthly payments. That way, you will not be subject to balance transfer fees.

This is mainly recommended for small to moderately-sized debts, but they typically require a good or better credit score. So, especially if you are dealing with credit card debt, this is an option you will want to consider.

If you have a larger debt and a poor credit score, a personal loan for debt may work better for you. They tend to have low regular APR and have fixed monthly payments, and they will often charge an origination fee. These work well if you have non-ideal credit for small to large debt consolidation. If you recognize yourself within this description, taking out a personal loan is something you should seriously consider as the best debt consolidation method.

Finally, there is the option of debt relief. If you have a large unsecured debt, this is the option you will want to consider. Often, if you are in this situation, your credit score will not be in a good spot.

Even if you have a very poor credit score, debt relief may offer a solution. They will negotiate with creditors on your behalf so you can get your debts settled, which includes having a portion of it forgiven. Debt relief works with standardized monthly payments.

It is in no way worth having your debt consolidated if, at the same time, you keep accruing more debt. If this is something you struggle with, you may want to seek contact with a credit counselor. These are professionals who are trained to help you make good financial decisions. So, if you have doubts regarding your ability to stick to your guns, do not hesitate to seek help, as you will be happy you did in the long run.

A lot of companies will also offer counseling services, and sometimes they will even mandate it. If this does happen, you are best off making sure you keep your relationship healthy with said companies by making timely payments. That way, getting your debt settled becomes a much less painful process.

Now, let us say you are so far down in the hole that your debts cannot possibly be consolidated through any loans. In this case, going bankrupt is a genuine concern, and bankruptcies can be seen on your reports for as long as a decade.

This is something you do not want because it will put your credit score right in the gutter. So, debt relief is probably your best option here. That way, you can make sure the actual payment process is streamlined and gives you a method to restore your credit score to a state where you once again have more financial freedom.

Conclusion: Even with Poor Credit, You Can Start Your Online Journey to Consolidate Your Debt

In our guide, we have gone through some online companies that will get you a surefire loan you can use to consolidate your debt. This means these companies promise to get you pre-qualified, which does not even affect your score. That way, you minimize any risks you would otherwise be taking. However, that does not mean your work is done simply by having read this guide, as there is always more you can do.

The data we have given you so far is a solid place to start, but always do further research on your own before signing anything. When appropriately utilized, taking out a debt consolidation loan can help you climb out of your financial hole. That way, you can raise your credit score to a point where you once again have access to the type of credit rates that are not likely to get you into the same bind again.


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Debt Consolidation vs. Personal Loan: What Is the Difference? https://seattlewto.org/debt-consolidation-vs-personal-loan-what-is-the-difference/ Thu, 28 Oct 2021 01:54:54 +0000 https://seattlewto.org/?p=255 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. 9.95% – 35.99% APR $2,000 […]]]>


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000 to $35,000** 550 2, 3, 4, 5*
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.79% – 17.99% APR
$5,000 to $35,000 740 1, 2, 3, 4, 5
  • Fixed APR:

    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000 600 3, 5
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500 to $35,000 660 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 29.99% APR
$10,000 to $35,000 Not disclosed by lender 2, 3, 4, 5
  • Fixed APR:

    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $10,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000 to $40,000 600 3, 5
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


15.49% – 35.99% APR
$2,000 to $36,500 580 2, 3, 4
  • Fixed APR:

    15.49% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


2.49% – 19.99% APR
$5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:

    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.99% – 19.99% APR1
$3,500 to $40,0002 660

(TransUnion FICO®️ Score 9) 3, 4, 5, 6, 7
  • Fixed APR:

    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


18.0% – 35.99% APR
$1,500 to $20,000 None 2, 3, 4, 5
  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$5,000 to $40,000 600 2, 3, 4, 5
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    600
  • Loan amount:
    $5,000 to $40,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 – 5 business days after verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except MA, NV, and OH
  • Customer service:
    Phone, email, chat
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation and credit card consolidation only


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 17.99% APR
$600 to $50,000
(depending on loan term) 660 1, 2, 3, 4, 5
  • Fixed APR:

    5.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


6.95% – 35.99% APR
$2,000 to $40,000 640 3, 5
  • Fixed APR:

    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 18.83% APR
$5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Fixed APR:

    5.99% – 18.83% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


8.93% – 35.93% APR7
$1,000 to $20,000 560 3, 5
  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000 to $50,000 560 2, 3, 5, 6
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000 to $50,0005 580 3 to 5 years4
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms


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