Best Debt Consolidation Loans of 2020: Find One That’s Right For You


Video Transcript:

Hi, I'm Anna. I'm a Personal Loans writer for Today we're gonna talk about the best debt consolidation loans out there. Now, factors like your credit score, how much you owe, and what type of debt you have, can influence which lender is the best for you. Knowing these three things, plus your other priorities can help you pick a lender that suits your needs. No let's get to our picks for the best debt consolidation loans in 2020. Prosper, best for good credit Our pick for good credit is Prosper. While you only need a 640+ credit score to qualify, a higher score will get you better rates. It also has high debt-to-income ratio requirements, which means you can qualify, even if you have a large amount of debt. And you can check which terms and rates you can qualify for, without filling out a full application, or affecting your credit. Upgrade, best for fair credit For fair credit, we went with Upgrade. You only need a 600+ credit score to qualify, as long as your debt-to-income ratio is 40% or lower. It also offers free credit monitoring, which you can use to stay on top of your rates if you're trying to rebuild.

And like Prosper, you can check which terms and rates you may qualify for without filling out a full application, or affecting your credit. Discover, best for flexible repayments For flexible payments, we went with Discover. Discover is one of the only lenders that allow you to change your payment due date. So if you switch jobs or your payday just changes, you don't have to worry about it. It also allows you to make repayments in several different ways. So you can repay by mail, online, signing up for autopay, or a number of different other ways. It also will pay off your creditors directly, so you don't have to worry about handling that transaction.

Payoff, best for credit card debt For credit card debt, we went with Payoff. Payoff is an app that specializes in credit card debt consolidation. When you apply, a rep walks you through the entire consolidation process, so it's really hands-on. It also offers free monthly credit score updates. So you can stay on top of your score if you're trying to improve. It's also flexible. You can adjust your re payment schedule if your financial situation changes.

Best Debt Consolidation Loans of 2020: Find One That's Right For You

LightStream, best for fast funding For fast funding, we went with LightStream. With LightStream, you can get your loan as soon as the same day you apply, as long as you apply early enough. It also offers some of the most competitive rates out there. And if another lender offers you a better deal, it might beat that rate, as long as it meets certain requirements. If you're not happy with your experience, and you tell LightStream within the first 30 days, it also might offer you a $100 dolars for your troubles.

These are just some of our top picks for 2020. If you're watching on our best debt consolidantion loans page, scroll down to read more about our other top picks for lenders. Or if you're watching on YouTube, click the link in the description to compare more options and get started on your application. Thanks for watching!.

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License: Creative Commons