Best Debt Consolidation Loan Companies

Upgrade is an online lender that offers debt consolidation loans and other financial products to people with all credit profiles, including consumers with credit scores as low as 560. This means that even borrowers with poor credit are eligible for debt consolidation loans.

You can borrow anywhere from $1,000 to $50,000, depending on your needs, and you can repay your loan over 24 to 84 months. The company will pay your creditors directly, and co-signers are permitted.

As of this writing, APRs for loans from Upgrade fall between 8.49% to 35.99% based on creditworthiness, and it's worth noting that an origination fee applies. There is also a $10 failed payment fee. If you’re interested in a loan from Upgrade, you can check your rate with no impact to your credit before applying.

Upgrade offers several advantages, including:

• Personal loans are available to consumers with all credit scores.
• Repayment terms are flexible.
• Borrowers can access up to $50,000 for debt consolidation.
• You can check your rate without it affecting your credit.

Borrowers should know this about Upgrade:

• Loans from Upgrade require an origination fee of up to 8.99%.
• APRs for bad credit can be high (up to 35.97% APR).

Positive reviews center on the fast and easy loan process and the company's helpful customer service representatives.

Candice, a reviewer from New Jersey, reported this about the Upgrade experience: “I am extremely pleased with all my experiences with Upgrade! Excellent service and fast approval process all done online! Love this company! They really helped me when I needed it most on my financial goals. I highly recommend them with two thumbs up! Everything went so smoothly each time I reached out to qualify for a loan. Great communication throughout the process from the time I started until I received my funds. I also use their app for convenient auto payments.”

Marcus by Goldman Sachs makes it possible for borrowers to access $3,500 to $40,000 in loan funds with the option to repay over 36 to 72 months. The minimum credit score is 660, which means applicants with good to excellent credit have the best chance to qualify. Borrowers are able to use loans for a variety of purposes, including debt consolidation. The company will issue payments directly to creditors, making it an easier process for borrowers.

Loans from Marcus by Goldman Sachs do not have any origination, late, prepayment or other fees. However, consumers do need to sign up for auto-pay to secure the lowest advertised rates. As of this writing, rates range between 6.99% to 24.99% and are based on creditworthiness.

Some highlights for Marcus by Goldman Sachs include:

• Loans are fee-free.
• Borrowers can qualify to skip a payment once they have made 12 consecutive on-time payments toward their loan.
• Several repayment plans are available.

Keep the following in mind when considering Marcus by Goldman Sachs:

• Minimum loan amount starts at $3,500, which is higher than at many competitors.
• Loans are only available for people with good credit.
• Requires auto-pay for the best rates.

Many reviewers have raved about the company's fast funding process and stellar customer service. Craig from New York City said: “My loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!”

However, several reviewers have also left negative remarks about poor customer service and payments posting too slowly to their accounts, such as Michael from Virginia, who stated, “If you value your time, sanity, money and expect good customer service which is necessary when dealing with an online account, I recommend looking elsewhere.”

Achieve Personal Loans lets borrowers access between $5,000 and $50,000 in loan funds for any reason, including debt consolidation. Repayment terms last from 24 to 60 months, and rates range from 7.99% to a maximum of 29.99%, depending on creditworthiness. An origination fee of 1.99% to 4.99% of the loan amount applies.

While Achieve Personal Loans does publish a minimum credit score of 620, it says it goes beyond your credit report when evaluating your loan application. Borrowers may get approved as soon as the same day they apply, and loan funds can be sent in as little as 24 to 72 hours.

In addition to flexible loan terms and competitive rates, those with a high amount of credit card or other unsecured debt can take advantage of the higher loan limit. Additionally, co-signers are allowed for borrowers with lower credit scores.

Some of the highlights for Achieve Personal Loans include:

• Rates are competitive, especially for borrowers who can qualify for the best terms.
• Offers loan amounts up to $50,000 for debt consolidation and other purposes.
• Applicants can get approved as soon as the same business day.
• Allows applicants to apply with a co-signer.

Consider the following if you choose Achieve Personal Loans:

• Charges an origination fee between 1.99% and 4.99%.
• The minimum loan amount is $5,000, which is higher than at many competitors.

Many customers praise the company for its fast and easy loan process and knowledgeable loan experts, such as Mark from Texas, who said: “The application process at Achieve Loans was very easy. It took 20 minutes overall. We called one day and filled out all the paperwork and applied for the loan, and we got approved the next day. In less than a week, everything was being paid off. They sent the money straight to the credit card companies. They took care of all that for us.”

SoFi has been a leader in the student loan and student loan refinancing space since its founding in 2011, and the company also offers investment accounts and popular personal loans. Its loans come in amounts ranging from $5,000 to $100,000, so they can work for borrowers with considerable debts to consolidate. APRs range from 7.99% to 23.43% with auto-pay, and loan terms can last from 24 to 84 months.

SoFi personal loans have no fees of any kind, including late and origination fees. Same-day funding is possible, and you can check your rate with no impact to your credit score.

If you opt to use SoFi’s Direct Pay option, the company will pay your lenders directly and you’ll receive a 0.25% APR discount. Co-borrowers are allowed as long as they live at the same address.

• Loans come in higher amounts than other lenders offer.
• There are no origination fees or hidden fees.
• Loans come with unemployment protection, so you can get a break on loan payments if you lose your job.

Consider the following if choosing SoFi:

• Minimum loan amounts start at $5,000 and may be higher in certain states.
• Borrowers need good credit to qualify for the best rates.

Its most satisfied customers say they got a loan with a great rate and are happy with their experience. One customer, Bob from Annapolis, Texas, commented on his experience with SoFi: “Opened a debt consolidation loan. Got offers from other lenders at 20% or more (how does a D/C loan at 20% make any sense?). Sofi came through with an offer at a reasonable rate, much to my surprise, and I jumped on it. All done through website and email. Speed, accuracy, ease, all words to describe transaction. Can't say enough good.”

However, SoFi does receive its fair share of negative remarks, mostly around the quoted rates and customer service issues. For example, one reviewer in Georgia commented: “Once I had submitted my application, they change the terms including a higher interest rate. Bait and switch. I asked them to remove the credit pull from my credit report. They refused although they apologized for ‘misinformation.’ I will never do business with them and caution anyone else considering it. What interest rates they show you may not be the rate you get.”

LendingClub lets applicants borrow between $1,000 and $40,000 to reach their goals, and a low minimum credit score requirement of 600 means a broader range of consumers can qualify. Repayment terms can last from 24 to 60 months, and current rates offered range from 9.57% to 35.99%. Note that an origination fee of 3% to 8% of the loan amount applies to every personal loan from LendingClub.

This lender also lets you check your rate with no impact on your credit score. Qualified borrowers may also get same-day funding, which is faster than at many other lenders. In fact, the company states that one-third of borrowers are funded within 24 hours of approval. To speed up the process, you can have funds deposited into your bank account or sent directly to your creditors.

The application process is entirely online. And, like other lenders on this list, co-signers are permitted.

Things we like about LendingClub include:

• Loans are available to applicants with fair credit to good credit.
• Quick funding is available for the majority of borrowers.
• Repayment terms are flexible.
• There is a low minimum loan amount.

Consider the following if choosing LendingClub:

• Origination fees range from 3% to 8%.
• Rates are high for some borrowers (up to 36% APR).

Most positive reviews revolve around the company's easy application process and fast funding. Justin, a reviewer in Florida, said: “The gentleman that I spoke with was very helpful and I appreciated the level of support that I got on the front side of things. The application process was very easy and smooth. LendingClub was great to work with.”

However, other customers complain about high origination fees, and a few reported that the application process was not as easy as the company claims.

OneMain Financial accepts applicants with less-than-perfect credit scores, and it also lets you apply with a co-signer. This can make it easier to get a OneMain Financial loan for debt consolidation, particularly if you can find a co-signer who has a strong income and a good credit score.

Loans from OneMain Financial are offered in amounts from $1,500 to $20,000, and rates range from 18% to 35.99% based on creditworthiness. Repayment terms can last from 24 to 60 months, so you can tailor your monthly payment and repayment plan. Note that OneMain Financial loans can charge origination fees of Varies by state: $25 to $500 flat fee or percentage-based at 1% to 10% of the loan.

OneMain Financial also has about 1,400 branches nationwide, so you can get in-person assistance if you need it. You can consolidate debts including credit cards, medical bills and household bills.

A few factors that stood out for us for OneMain Financial include:

• You can consolidate different types of debts.
• There are flexible repayment terms.
• The company has physical locations for those borrowers who prefer an in-person experience.

Before choosing OneMain Financial for your debt consolidation loan, consider the following:

• Origination fees can be up to 10% of the loan amount.
• Rates start much higher than at other lenders on our list.

Positive reviews are mostly about the fast loan process and helpful customer service agents. Margaret of Cherry Hill, New Jersey, reported this experience with OneMain Financial: “Very satisfied with the service. … I love the direct deposit of my payment so it is never late monthly. If you need a loan I would recommend One Main Financial.”

However, OneMain Financial has also received some negative reviews from  ConsumerAffairs readers, mostly regarding unexpected charges or fees.

One reviewer from New York stated: “While the team was very nice and helpful, they left out important pieces to the loan process unfortunately. And they’re very busy so I can respect that Trying to get assistance through the company itself is nothing short of a joke. Fast forward to them reaching out to my review on another site and them asking me to contact them. I did immediately and have not heard a word since. Can’t say I’m shocked.”