Wednesday April 14, 2021

updated - April 14, 2021 Wednesday EDT

5 Best Debt Consolidation Companies in 2020

Feb 14, 2020 03:07 PM EST | By Staff Reporter
5 Best Debt Consolidation Companies in 2020
(Photo : 5 Best Debt Consolidation Companies in 2020)

The household debt in the US was $13.2 trillion in 2018. If you're in debt, you are not alone. Close to 300 million people are right there with you. 

If you're carrying debt on a number of different credit cards, credit card consolidation might be the right step for you. 

With all of the debt relief companies available to you, your head might be spinning. What are the best debt consolidation companies out there? Take a look at our list. 

The Best Debt Consolidation Companies 

Are you looking for a way to combine your high-interest loans and consolidate credit cards into one payment to simplify things and get out of debt faster? These 5 companies can help get you there. 

1. SoFi

A number of people are wondering, "Is SoFi legit?"  Yes, it is a legitimate online company offering personal loans. They offer personal loans for credit card debt consolidation, home improvements, medical expenses and assistance with relocation only. 

You may use a cosigner and there are no origination fees. Loan terms are 2 to 7 years and you can borrow from $5000 to $100,000. 

Sign up for AutoPay and receive a 0.25% discount on your interest rate.

2. Marcus by Goldman Sachs

This company is known for its stellar customer service. Personal loans are available in amounts from $3,500 to $40,000 with a repayment term between 3 and 6 years. 

You don't have to concern yourself with fees. They do not charge an origination fee. There are no prepayment or late fees either. 

3. LightStream 

Do you need your money fast? This lender offers funds available as soon as the same day. LightStream is a division of SunTrust Bank. 

They offer personal loans in amounts between $5,000 and $100,000. Funds must be used for the purpose that was approved in the application process. 

4. Upstart

Is your credit score in the lower range? This company offers loans to borrowers with credit scores as low as 620. They also offer loans in amounts as low as $1000, but up to $50,000. 

Loan terms are 3 to 5 years and cannot be used for anything that is prohibited by Upstart's Acceptable Use Policy.

5. Best Egg

Looking for the best interest rate? Best Egg may be the company for you even if you credit score is as low as 640. Their fixed interest rates range from 5.99% to 29.99% depending on your credit history. 

Loans have terms of 3 or 5 years and amounts from $2,000 to $35,000. They charge an origination fee of 0.99% to 5.99% that's based on your credit score. 

Funding comes through in as little as one business day. 

Check out debthunch review to find a match with the best debt consolidation solution for your situation. 

Will Consolidated Credit Work for You?

Now that you know the best debt consolidation companies of 2020, you can begin paying off your loans and credit card debt. Repair your credit history and your financial health. 

Be sure to bookmark our site for easy access to expert financial advice. We'll help you make your money work for you. 

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