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Debt Consolidation Loan from Lendvious

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 loans

What Is Debt Consolidation?

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.

Top Lenders Providing Debt Consolidation Loans

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:

1. Lending Club

  • Loans up to $40,000
  • Competitive interest rates
  • Transparent, quick online application process

2. Prosper

  • Loans from $2,000 to $35,000
  • Interest rates as low as 6.95%
  • Minimal origination and late payment fees

3. Avant

  • Loans from $2,000 to $35,000
  • Interest rates range from 9.95%-35.99%
  • Transparent, quick online application

4. Marcus by Goldman Sachs

  • Best for average credit
  • Loans from $3,500 to $30,000
  • Low APR starting at 6.99%
  • Quick funding

5. LendingPoint

  • Best for average to poor credit
  • Customizable repayment options
  • Competitive interest rates

6. OneMain

  • No minimum credit score requirement
  • Traditional bank experience, requiring one visit
  • Same day funding

7. BestEgg

  • Best for borrowers with fair to good credit
  • Same day funding
  • Low APR starting at 5.99%

8. FreedomPlus

  • Loan amounts from $10,000 to $40,000
  • APR as low as 5.99%
  • 0-5% origination fee
  • Quick funding typically within 48 hours

How To Apply For A Debt Consolidation Loan?

At Lendvious, applying for a debt consolidation loan is a simple 3-step process :


Fill out the loan inquiry form

This requires providing some basic information about yourself, the amount of the loan you need, and how you plan to use the funds.


Check your offers

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, apply and get your funds

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!



Check Your Loan Offers

Checking your loan offers won't affect your credit score!

Debt Consolidation Vs. Balance Transfer - Choose Your Best

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.

Debt Consolidation Loan FAQs

If you are struggling to keep up with payments and due dates for multiple loans, debt consolidation is a great option for you.

Pros :

  • Brings cost-savings in the short and long run, since a substantial amount of money can be saved from paying a lower interest amount.
  • Helps you manage finances better by combining all your debts into one, and making repayment simpler. You don’t have to tackle multiple due dates and payments once you’ve consolidated your debts.
  • A debt consolidation loan comes with a clear repayment schedule. So by keeping up with your monthly payments you can soon eliminate your debts and become debt-free.

Cons :

  • Debt consolidation debts can be hard to get, especially with a bad credit history.
  • Debt consolidation is only a means to an end. It is not the end itself. So, while it may help you do away with multiple loans, you still have to be financially capable to manage that single monthly payment for the agreed term, in order to become free of debt.

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.

What Our Customers Are Saying

They matched me with the host of lenders and showed me the loan offers instantly. Great service. Liked it very much.

Rama

More options, faster results & service! Will do business again, thank you!

Emily

I don’t usually post reviews but I felt I needed to for this loan company. I don’t think I have ever had an easier time getting the money I needed.

ME

Helped me get a loan when I couldn’t get approved.