As frustrating as debt can be, it is possible to break free from its vicious grip because there are companies out there that want to help. They target customers who have less than perfect scores. Depending on your creditworthiness, they may offer a lower interest rate on a debt consolidation loan. This can save you money on monthly payments and overall interest as it reduces your payment in the short term, but more with a long term loan. Alamo partners host debt consolidation reviews of certain companies. Here are the 5 best consolidation loans in 2019.
Personal loans for fair credit and pay off credit card debt
When considering your options for taking out a consolidation loan, consider competitive interest rates. Some companies don’t charge origination or prepayment fees like agreement fees, which is common with major lenders. Some don’t charge late fees. Interest can be as low as 6.99% to 28.99% APR. To access this loan, the minimum credit score for a new loan is usually 640-660 for some companies. Some even have an unbeatable price list. You can borrow from $ 3,500 to $ 40,000. For financing, it usually takes one to four days.
Refund For credit and pay off credit card debt
This consolidation loan has a credit card repayment mechanism along with a support system to help borrowers establish a personal debt repayment plan. It could help you consolidate, pay off debt, and get debt free.
Interest rates vary but range from 5.99% to 24.99% APR and the origination fee is charged at 2% to 5% depending on your credit score for some loan companies. As for origination fees, they are based on the duration of the loan, the longer term attracting higher fees and vice versa. The credit score qualification for this loan is 640. Depending on the lender, loan amounts can reach $ 5,000 to $ 35,000, with fairly flexible repayment periods of two to five years.
Good credit and flexible payment options
There are flexible payment options and low annual percentage rates available for borrowers with a good to excellent credit score of 690 or higher. These loans are ideal for someone looking to consolidate debt collector and not for other efforts. There is no origination fee for some, but late fees can be as high as $ 39. The loan amount ranges from $ 2,500 to $ 35,000. Deferred payments may be offered to borrowers who are having difficulty making their payments. It is possible to change your repayment date if it does not match your payroll schedule. Plus, you can return your loan at no interest charge if it is returned within 30 days of signing your loan documents. Payments go directly to creditors and the term is tailored to suit your lifestyle and budget as terms range from 36 months to 84 months.
While the general credit industry leans toward lending to borrowers to offset debts, there is little to help borrowers achieve financial freedom. These loans are no-cost loans with professional and financial support on top of that. Its high loan limits also allow you to consolidate larger debts. It would be best if you had a co-applicant to help you qualify. In addition, your credit and income are considered equally. Loan amounts range from $ 5,000 to $ 100,000 with a term of 2 to 7 years, while its APRs range from 5.99% to 17.88%, and the minimum credit score is set at 680 for some.
Small loans and no fees
Have you ever thought about the impact of origination fees on loan costs? This can be huge for a borrower. Some lenders offer fixed rate personal loans for debt consolidation with no setup fees, application fees, annual fees, or prepayment penalties. Some companies charge a minimum of $ 5 for late payments. The lowest amount to borrow is $ 500, while the highest amount can be up to $ 25,000. APRs range from 6.49% to 17.99% and repayment terms extend up to 60 months. Funding can be done in a day.