A brief insight on debt consolidation
Debts may end up being a permanent burden if nothing is done about them on time! Since lending business works on interest, the longer you keep the debt, the higher is the interest which keeps adding to your debt amounts. If you are caught in a situation where you have too much debt and are continually paying high amounts of interest, then debt consolidation is the answer to your problems.
Debt consolidation is a loan which pays off all your debts and offers you great rates for loan repayment. It consolidates all your debts into one fixed rate payment and acts as a good plan for debt management.
Upstart
This company was started by a few ex-employees of Google and has become one of the most trusted platforms for peer-to-peer lending as well as borrowing online loans. You may simply check the best rate for yourself on their portal depending upon your demographics. The loan amount offered by them varies between $1,000 to $50,000 and the varying Annual Percentage Rate (APR) ranges from 8.85% – 29.99%. The tenure of loans offered here are between three to five years and there is no penalty levied for prepayment.
SoFi
If you are looking for an instant option to procure a refinance loan for debt consolidation, then SoFi offers you the speed you need. 500,000 members trust SoFi’s services and they have funded around $30 billion in loans until now. It is a preferred option for students as they consolidate and refinance the loans unlike many providers out there. The fixed rates available with them for refinancing vary between 3.89% to 7.804% whereas the variable rates vary between 2.510% to 7.554%.
Payoff
You need a credit score of 640 or more to get a loan from Payoff. The loan amount offered by them varies between $5,000 and $35,000 and you may use the funds to clear your credit card balances. You may check the available rates for you instantly on their portal. The entire process is quite fast.
All the options mentioned above are great providers of debt consolidation loans and if you have a good credit, you will have no problem procuring one.
