Client cloudvirga Featured on Reviews.com
If you’re balancing so many different payments that you have trouble keeping your due dates straight, you might be ready to consolidate your debt — in other words, take out a new loan; use it to pay off all your existing debts; and then make just one single, comprehensive payment per month. So fewer due dates. So much simpler.
But borrowing money is always a risky proposition, and even the best debt consolidation loan is no exception. “You should start with the idea that the last thing you should do is borrow money to fix your problem,” says Bill Dallas, co-founder and CEO ofCloudvirga. But he concedes that it sometimes makes a lot of sense, especially if you’re swamped with high-interest payments and can swing a better rate with a loan.
Borrowing money is also really personal, and the rates and terms available to you will depend a lot on your financial history. That’s why we have more than one top pick for the best debt consolidation lenders. All three have reasonable APRs, fixed interest rates, and multiple options for loan amounts and payoff periods — exactly what you want in a lender. But each caters to a different credit score range: Prosper is right in the middle with a credit score cutoff at 640; Avant is willing to go as low as 600; and the average SoFi borrower has a credit score of 700.
If you have the credit score to qualify for all three, we suggest finding out what rate you can get from each — because that’s the other thing that’s great about our top picks: Each will quote you a rate with a “soft pull” on your credit, so shopping around for the right lender for you won’t even ding your credit score.
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