Best consolidating credit card debt
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.
That means you’ll pay less each month to just one lender instead of many.
Instead of paying several different creditors, you’ll be paying a single bill for the new loan.
Your monthly payment will likely be lower with the new single loan than the combined payments of your previous debts.
Its website is easy to navigate, with clearly disclosed rates and fees.
That makes it difficult to know in advance what kind of APR you will be offered, what fees might come attached to your loan, and other crucial information that can be easier to discern with a direct lender.
This new peer-to-peer lender will consider factors such as your alma mater, job history, major, and even your grades and test scores when deciding on APRs, which range from 6% to 29.99%.
Upstart also only makes three-year or five-year loans, so if you want a longer or shorter term, you’re out of luck.
I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.
Lending Club is the nation’s largest peer-to-peer lender.
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But before you take out a debt-consolidation loan with these or any other lenders, read on to make sure you know as much as possible about debt consolidation.