Top 5 Debt Consolidation Loan Companies for 2018

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Student Loan Hero Advertiser Disclosure

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

debt consolidation loan rates

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

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

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

Top 5 debt consolidation loan companies

Lender Debt consolidation loan rates Standout benefit Major drawback
FreedomPlus 4.99% – 29.99%, as of March 27, 2018 Three ways to get rate discounts Origination fees of 0% to 5%
Citizens Bank 4.99% - 16.24% Low rates and no loan fees Higher credit score requirements
Earnest 5.49% - 18.24% Option to get smaller loans Shorter repayment periods
SoFi 5.95% - 14.74% You can pause payments after job loss Requires high annual income
LendingClub 5.99% - 35.89% Low credit score requirement Origination fees of 1% to 6%

1. FreedomPlus

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

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

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

2. Citizens Bank

Next up is Citizens Bank, which has debt consolidation loan rates starting at 4.99%. These advertised rates reflect a 0.25% rate discount for autopay and an additional discount for existing Citizens Bank members. The lender levies no application or origination fees on its loans, so borrowing is low-cost.

Here are more details on Citizens Bank debt consolidation loans:

  • Citizens Bank’s personal loan rates range from 4.99% to 16.24%.
  • Pay no application fees, origination fees, or prepayment penalties.
  • Get loan amounts between $5,000 and $50,000.
  • Choose a repayment term of three to seven years.
  • Qualify with a minimum FICO score of 680 and an income of at least $24,000 per year.
  • Get a custom rate quote through a soft credit check that won’t affect your score.
Apply with Citizens Bank

3. Earnest

Another company with low debt consolidation loan rates is Earnest, with rates as low as 5.49%. Earnest pairs its low rates with no fees, so you get the low-cost loan you need to effectively manage your debt. It can also be a smart choice for borrowers consolidating lower balances; Earnest offers smaller personal loans with shorter repayment terms.

  • Find debt consolidation rates between 5.49% and 18.24%.
  • Face no application fees, origination fees, or prepayment penalties.
  • Earnest debt consolidation loans range from $2,000 to $50,000.
  • Choose a loan length of one, two, or three years.
  • Earnest requires a minimum FICO score of 660 but uses comprehensive and flexible underwriting criteria to evaluate your loan application.
  • Get a custom rate quote through a soft credit check that won’t affect your score.
Apply with Earnest

4. SoFi

SoFi is another lender with debt consolidation loan rates that might be hard to beat, starting as low as 5.95%. The lender also offers a wide range of loan amounts, so you can borrow as much or as little as you need.

  • SoFi rates range from 5.95% to 14.74%. Advertised rates include a 0.25% discount for autopay enrollment.
  • Get an additional 0.125% rate discount when you take out another SoFi loan.
  • Pay no application fees, origination fees, or prepayment penalties on SoFi debt consolidation loans.
  • Borrow as little as $5,000 and as much as $100,000.
  • SoFi personal loans offer repayment lengths of three, five, and seven years.
  • There’s no minimum FICO score requirement, but borrowers will need to earn at least $50,000 per year.
  • Use a soft credit check to get a custom rate quote.
Apply with SoFi

5. LendingClub

Rounding out the list is peer-to-peer lending platform LendingClub, with rates starting at 5.99%. It offers some of the most accessible and flexible options, with a minimum FICO score requirement of 600. Applicants should watch out for LendingClub’s origination fees, however, which range from 1% to 6%.

  • Debt consolidation loan rates range between 5.99% and 35.89%.
  • LendingClub personal loans include an origination fee of 1% to 6%.
  • Pay no application fees or prepayment penalties.
  • Get debt consolidation loans in amounts between $1,000 and $40,000.
  • Choose between a three- or five-year loan.
  • The minimum FICO score requirement is a low 600.
  • Get a customized rate quote with a soft credit check.
Apply with LendingClub

Shop around for the best debt consolidation loan rates

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

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

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 5.950% APR to 14.490% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 3, 2018, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assu[mes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.