Best Debt Consolidation Loan Rates: Top Low Cost Lenders of 2021


December 2, 2020

Note that the student loan situation has changed due to the impact of the coronavirus outbreak and the relief efforts of the government, student loan lenders and others. Visit our Student Loan Heroes Coronavirus Information Center for more information and details.

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Using a personal loan to consolidate your debt can simplify your financial life. But this decision is more attractive if you can get debt consolidation loan rates lower than what you are paying now.

It can take a while to track down the best lenders who offer low debt consolidation loan rates. To help you, we have reviewed the rates and terms offered by several of these lenders.

This overview can help you quickly find debt consolidation loan companies with the best rates. From there, you can find the lender who offers the best rates and terms to help you anticipate your debts.

Top 3 Debt Consolidation Loan Companies

Lender APR debt consolidation loans Exceptional advantage Major drawback
FreedomMore 7.99% – 29.99% Several ways to get price discounts Origination fee of 1.99% – 4.99%
SoFi 5.99% – 18.85% You can suspend payments after job loss Requires high annual income
Loan Club 10.68% – 35.89% Low credit score requirement Origination fees from 3.00% to 6.00%

1. Freedom Plus

With an APR starting at just 7.99%, FreedomMore You can send the loan funds directly to your creditors to pay off the existing debt, and you will get a rate reduction for doing so.

Here’s what you’ll want to know about FreedomPlus Debt Consolidation Loans:

  • FreedomPlus APRs range from 7.99% to 29.99%.
  • Borrowers can get rate reductions when they meet the following requirements: send at least half of the loan funds directly to creditors, add an eligible co-signer, and have at least $ 40,000 in retirement savings.
  • Do not pay administration fees or early repayment penalties.
  • Personal loan origination fees of 1.99% to 4.99% will apply.
  • Use FreedomPlus personal loans to borrow from $ 7,500 to $ 40,000.
  • Obtain repayment terms between two and five years.
  • Get pre-qualified and see a personalized price offer with a Soft Pull.
  • Send the loan funds directly to creditors or to your own bank account.

2. SoFi

SoFi is another lender with debt consolidation loan APRs that might be hard to beat, starting as low as 5.99% fixed. The lender also offers a wide range of loan amounts, so you can borrow as much or as little as you need.

  • SoFi fixed APRs range from 5.99% to 18.85%. The advertised rates include a 0.25% discount for signing up for automatic payment.
  • Get an additional 0.125% rate discount when you take out another SoFi loan.
  • Do not pay application fees, origination fees, or prepayment penalties on SoFi debt consolidation loans.
  • Borrow as little as $ 5,000 and up to $ 100,000.
  • SoFi personal loans offer repayment terms of 24 to 84 months.
  • There is a minimum FICO score requirement of 680.
  • Use a Soft Pull to get a personalized quote.

3. Loan club

Peer-to-peer lending platform LendingClub completes the list, with APRs starting at 10.68%. It offers some of the most accessible and flexible options. Applicants should however be careful with LendingClub origination fees, which range from 3.00% to 6.00%.

  • The APRs for debt consolidation loans vary between 10.68% and 35.89%.
  • LendingClub personal loans include an origination fee of 3.00% to 6.00%.
  • Do not pay administration fees or prepayment penalties.
  • Get debt consolidation loans for amounts between $ 1,000 and $ 40,000.
  • Choose between a 36 or 60 month loan.
  • The minimum FICO score requirement is not specified.
  • Get a personalized quote with a Soft Pull.

Shop around for your best debt consolidation loan rates

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

When shopping around for your best personal loan rates, be sure to ask for quotes. Applying for these offers will not affect your credit score and you will get personalized debt consolidation loan rates. From there, you can compare costs and rates to find the debt consolidation loan company that best suits your needs.

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

Disclaimer: Student Loan Hero is a subsidiary of LendingTree.

Interested in a personal loan?

LendingTree allows you to compare the rates of several lenders by filling out a simple form. How is the student loan hero paid

How is the student loan hero paid

Student Loan Hero is indemnified by the companies present on this site and this compensation may have an impact on how and where the offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the market.

Advertiser Disclosure

Hero Student Loan Advertiser Disclosure

Student Loan Hero is an ad-supported comparison service. The site presents products from our partners as well as institutions that are not advertising partners. While we endeavor to include the best offers available to the general public, we do not guarantee that this information represents all products available.

How is the student loan hero paid

How is the student loan hero paid

Student Loan Hero is indemnified by the companies present on this site and this compensation may have an impact on how and where the offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the market.

Advertiser Disclosure

Hero Student Loan Advertiser Disclosure

Student Loan Hero is an ad-supported comparison service. The site presents products from our partners as well as institutions that are not advertising partners. While we endeavor to include the best offers available to the general public, we do not guarantee that this information represents all products available.

PRICES (APR) Amount of the loan
5.99% – 18.85%1 $5,000 To $100,000
4.37% – 35.99% $1000 To $50,000
5.94% – 35.97%* $1000 To $50,000
99.00% – 199.00%2 $500 To $4000
5.99% – 24.99%3 $5,000 To $40,000
7.99% – 29.99%4 $7,500 To $40,000

NMLS # 1136: general conditions apply

1 Includes AutoPay discount. .
2 Includes AutoPay discount. .
3 Includes AutoPay discount. .
4 .
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