Top 5 Debt Consolidation Loan Companies for 2018

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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 5.99% – 18.99% Low rates and no loan fees Higher credit score requirements
Earnest 6.99% – 18.24% Option to get smaller loans Shorter repayment periods
SoFi 6.99% – 14.87% You can pause payments after job loss Requires high annual income
LendingClub 6.95% – 35.89% Low credit score requirement Origination fees of 1% to 6%

1. FreedomPlus

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

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

  • FreedomPlus rates range from 4.99% to 29.99%. 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 5.99%. These advertised rates reflect a 0.25% rate discount for autopay and an additional discount for existing Citizens Bank members. The lender levies no application or origination fees on its loans, so borrowing is low-cost.

Here are more details on Citizens Bank debt consolidation loans:

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

Apply with Citizens Bank

3. Earnest

Another company with low debt consolidation loan rates is Earnest, with rates as low as 6.99%. 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 6.99% 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 6.99%. The lender also offers a wide range of loan amounts, so you can borrow as much or as little as you need.

  • SoFi rates range from 6.99% to 14.87%. 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 6.95%. It offers some of the most accessible and flexible options, with a minimum FICO score requirement of 600. Applicants should watch out for LendingClub’s origination fees, however, which range from 1% to 6%.

  • Debt consolidation loan rates range between 6.95% and 35.89%.
  • LendingClub personal loans include an origination fee of 1% to 6%.
  • Pay no 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.

Get multiple custom offers at once

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

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

Student Loan Hero Advertiser Disclosure

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

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

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

RATES (APR)loan amount
7.73% – 29.99% $1,000 to $50,000
6.26% – 14.87%1 $5,000 to $100,000
6.99% – 35.97%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
4.99% – 29.99%4 $10,000 to $35,000
compare rates on Lendingtree now
Disclaimer: Student Loan Hero is a subsidiary of LendingTree
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 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 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% 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.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. 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 Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states:

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at www.opploans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.
* 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.