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Like APR, origination fees fall into a pretty tight clump among personal loans; most are in the 0%–6% range.
We thought about eliminating any lenders that included origination fees altogether, but only a few (including So Fi and Marcus, two of our top picks) don’t charge it.
The best debt consolidation loans fold high-interest debt from several sources into a single, manageable payment with a lower interest rate, ultimately helping you pay off everything faster.
They should also offer you the amount of money you need with minimal fees, helpful resources, and excellent communication.
In our tester’s case, the reason given was having “too few open trades,” meaning she may not have had enough open credit cards to qualify.
Prosper is more lenient about debt-to-income (DTI) ratios than our other top picks.
It’s best to make sure you’re comparing apples to apples, not a low but unstable variable rate to a higher but reliable fixed rate.
That gave us some insight into whether it was a problem we could fix, either by building up our credit history, or finding a co-signer, rather than leaving us wondering what happened.For this very reason, we only kept companies that took “soft pulls” on your credit upon applying.Unlike “hard pulls,” these are mainly for your records, meaning the lender itself won’t investigate your credit beforehand.APR, or annual percentage rate, is the amount you’ll pay each year to borrow money.
(Take out a 0 loan at 10% APR and you’ll pay in interest.) Most debt consolidation lenders fall between 5% and 40% APR, but the best (read: lowest) rates will only be offered to borrowers with the strongest credit history, so having the option to obtain a low APR is key.We’ve examined 18 top providers, consulted with over half-a-dozen financial experts, and updated this review regularly in order to bring you the most current information.