*For NY residents, rates range from 5.99% to 24.99% APR. Only the most creditworthy applications qualify for the largest loan amounts and lowest rates.
Lendvious provides quick and easy access to the top tech-enabled lending partners specializing in debt consolidation loans. Debt consolidation loans can help consumers to lower their overall interest rate relative to high-interest credit card debt. Debt consolidation loans are typically unsecured consumer loans made to individuals with the goal of consolidating payments and reducing the borrower’s overall interest expense. Debt consolidation loans do not normally require collateral and they are extended by both banks and non-bank lending partners.
Debt Consolidation is a process by which a person takes a new loan to pay off all of their other debts. This enables multiple debts to be combined into a single larger loan with more favourable pay-off terms, lower interest rates and lower monthly payments. This is done to facilitate quicker and easier debt repayment. Debt consolidation can be used as a tool to deal with credit card debts, student loans, and many other types of loans.
Many borrowers, particularly those with credit scores of 680 and above, may be able to save money by refinancing at a lower rate with one of Lendvious’ debt consolidation lending partners. With rates as low as 5.99%, well-qualified borrowers may be able to consolidate expensive credit cards into one fixed monthly payment by taking out a personal loan from one of our lending partners. Debt consolidation loans can help improve credit relative to revolving credit card debt, and offer a predictable payment for borrowers.
Debt consolidation loans are most beneficial for those with multiple debts or those having difficulty dealing with several payment schedules and high interest rates. These loans also have a positive impact on the consumers’ credit score since they do not represent utilization of existing revolving credit lines.
Consumers have different needs when it comes to debt consolidation. Consequently, most lenders customize loans based on the applicant’s specific requirements, credit background and eligibility. Here’s a list of the top lenders for debt consolidation loans that highlights general features, loan amounts and interest rates:
Lendvious connects you to top consolidation loan providers through a simple online application process. By bringing you loan offers from multiple lenders in a matter of minutes, Lendvious helps you take the first step towards consolidating multiple debts into one loan that may come with more favourable terms and a lower interest rate. By facilitating hassle-free repayment, Lendvious not only lays the foundation for your debt-free tomorrow, but also helps you save a substantial amount of money that you would otherwise have to pay as interest.
Lendvious works with multiple partners on a single platform. So instead of filling out multiple application forms, consumers can use Lendvious to access top quality lenders in a matter of minutes.
Lendvious’ lending partners employ the latest technology to return pre-qualified offers within seconds.
Lendvious’ seamless processing platform enables consumers to receive funds in as little as one day.
At Lendvious, applying for a debt consolidation loan is a simple 3-step process :
This requires providing some basic information about yourself, the amount of the loan you need, and how you plan to use the funds.
Once you submit the inquiry form, with the click of a button, you will be able to see several offers from our lending partners. You can check the interest rates and other features offered by each lender.
Review the offers and choose the lender that best suits your needs. You may have to provide some additional information directly to the lender to complete the process. Submit the final application and receive your funds!
Checking your rates won't affect your credit score!
Lenders offering debt consolidation loans typically require prospective borrowers to confirm their identity and support their income as stated in their application. Income can be verified by recent paystubs from your employer or tax filings. All of our lending partners have online portals for uploading these documents making if fast and easy to confirm both your identity and income.
Before granting a debt consolidation loan, lenders look for 4 major qualifications :
This is the primary qualification for any loan. Lenders want to make sure that you have the financial means to repay the loan.
Your credit/payment history is another major factor that Lenders will consider. Lending partners study your credit report to understand your repayment behavior in the past.
Lenders want to be sure that you are financially stable to be able to repay.
While these are the broad requirements, you should remember that lenders differ from one another in terms of how they approach a loan application and what qualifications they look for.
Consumers with a low credit score often find it hard to get loans. When these consumers apply for a debt consolidation loan, finding good offers becomes a challenge. However, some lenders such OneMain, Avant and LendingPoint offer loans even to those consumers with poor credit scores. This is where Lendvious makes a difference, because it brings together offers from all these lenders through a single platform, making it easy for consumers to apply for the loan that best suits their qualifications as well as requirements.
Debt consolidation works best for those dealing with multiple creditors and many loan accounts. This involves taking out a loan and using those funds to pay off all the creditors, and gradually repaying the new loan by making regular monthly payments. So, in debt consolidation, all debts are combined into one larger debt, usually with more favorable terms, a lower interest rate and a lower monthly payment. This enables consumers to make a single monthly payment, thus making repayment quicker and easier. A debt consolidation loan may be obtained from debt relief companies, banks or other lenders.
These are loans that do not require collateral. The lender offers these loans entirely based on your creditworthiness. Your credit score and financial history determine your eligibility for an unsecured debt consolidation loan. Lenders offer unsecured loans only when they are entirely sure about your ability to repay. So your credit report will also determine the extent of your loan.
Debt Consolidation refers to the process of taking a loan to repay multiple debts, which may include credit card debts and other loans. Balance Transfer, on the other hand, refers to transferring credit card debt from one or multiple credit cards to another card with a lower interest rate. So balance transfer is one type of debt consolidation used to tackle credit card debt.
Whether you should opt for debt consolidation or balance transfer would depend on a number of factors, including the type of debts you currently have. To repay multiple credit card debts, balance transfer may be the best option, provided the interest on the new card is considerably lower. If you have multiple debts such as a student loan, car loan, personal loan, credit card loan etc. you should consider debt consolidation.
If you are struggling to keep up with payments and due dates for multiple loans, debt consolidation is a great option for you.
While there’s no guarantee, most people who consolidate their debts do save money. This is because debt consolidation loans usually come with lower interest rates. This means you will accrue less total interest every month on the debt you owe. So you will be paying less interest over time. In addition, when all your debts are combined into one, it may seem like you are paying one hefty sum. But this may still be lower than the sum of all the payments you were making to multiple lenders.
The truth is debt consolidation provides no guarantee that you will be out of debt. But this is only because, being debt-free is entirely in your hands. Only regular monthly payments and good control over your finances can get you out of debt. Debt consolidation only lays the foundation for you to manage your debt and enables you to simplify the repayment process.
Debt consolidation loans do not harm your credit rating in any manner. In fact, when you use the funds to pay off the principal amount on other loans and start making regular payments on the new loan, your credit score starts to improve.