Easiest Debt Consolidation Loan to Get: Does it Make Sense?

Published on December 11, 2017 at 6:18 am by Madison Morgan in Lists

In this article, we are going to discuss a very interesting topic: the easiest debt consolidation loan to get: does it make sense?

Since you are interested in this particular topic, it is safe to assume that you are worried about the loans you already have and would like to do something about it. Well, consolidation loans are there to help you with your outstanding loans. If you are not familiar with the concept of consolidated loans, the idea of paying off loans by taking more loans may seem rather counterproductive to you. However, the fact of the matter is, debt consolidation loans are actually there to help you. Questions like “is it a good idea to consolidate debt with a personal loan?” or “what is a consolidation?”, may come to your mind, but keep reading, and we will explain why it is a good idea.

Imagine you have several loans and for different terms and at different interest rates. That means you have to keep track of multiple installments. Now, if you were to take out a big debt consolidation to pay off all your outstanding loans, where does that leave you? After you have taken out the debt consolidation loan and paid off all the other smaller loans with the money, you are merely paying one installment and hopefully at a lower rate than before. On top of that if you are wondering “is debt consolidation affect credit score?”, then relax because debt consolidation loans improve your credit score if anything. When you pay off debts in full, it positively impacts your credit rating. We can say with a great degree of certainty that debt consolidation is good for you, so don’t let people tell you that debt consolidation is bad for your credit. You paying off multiple loans in full reflects positively on your credit score, to say the least.

Easiest Debt Consolidation Loan To Get: Does It Make Sense?

Now with that said, getting a debt consolidation loan, as you can imagine, is not very easy. If you are considering a debt consolidation loan, then you already have multiple outstanding debts to your name, and that does not reflect well on your credit score. Therefore, getting another financial institution to lend you, even more, money is not going to be easy. So when we say the easiest debt consolidation loans to get, we are talking in relative terms only. One more thing to mention here, always watch your six when you are out and about to loan money, as there are people out there who can and will scam you if you give them the opportunity. Just take a look at the 12 Scams Con Artists Will Use to Trick You and you will understand.

In order find the easiest debt consolidation loans to get, we once again resorted to the Internet. Of course, we did not pull the data from any and every online source out there. As always, we are very picky when it comes to sources, and we stick to only the most credible ones. Thankfully, we did find quite a few websites that helped us in our research, and we would like to thank Reviews and Bad Credit for their help. For additional information, we used Google’s search engine too. For ranking the institutions, we went with the credit score or credit rating proposed by FICO, a recognized way of quantifying your ability to pay back your loans. FICO score ranges from 300 to 850, and the higher the score, the better. However, since we are talking about easiest debt consolidation loans to get, we only took into consideration the institutions that require the lowest credit ratings for you to be eligible for a loan. Basically, the lower the credit score, the higher the institution has been placed in our rankings.

So sit down and let’s take a look at our list of easiest debt consolidation loan to get. We are starting off with last two debt consolidation loans which share the 4th place.

4. Lending Club

Minimum credit score: 660

If you can cover all your debts with a loan of $40,000, then Lending Club could be the answer to your debt related problems. As you can see, you can apply for a loan if your credit score is around 660. However, there are some fees associated with lending money from Lending Club, which you might find a bit annoying especially since they are not charged by its competitors. So expect to see fees such as a check processing fee and origination fee. So keep reading, as we reveal even more promising options for a debt consolidation loan to you.

4. Marcus

Minimum credit score: 660

Up next on our list of easiest debt consolidation loan to get is Marcus which is a concern for Goldman Sachs Bank. Although the minimum credit score required to be eligible for a loan from Marcus is identical to Lending Club, Marcus will not charge you any origination fees. However, the catch is you can only borrow up to $30,000 from them. If you can cover all your debts with $30,000, then Marcus is definitely a better option for you than Lending Club. The APR or annual percentage rate for Marcus is also quite favorable. However, that is heavily dependent on the loan you are trying to get. But, do hear them out before committing to any institution.

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3. Prosper

Minimum credit score: 640

We are half way into our article about easiest debt consolidation loan to get: does it make sense? And at number 3 we have Prosper. They have a really intuitive website where you can check out your rate discreetly and see if that will suit your needs, and of course, you can take advantage of this service for free. Prosper is the oldest peer-to-peer lending group in the country and was founded way back in 2005. Since then prosper has grown significantly. You should definitely take Prosper into consideration while planning for a debt consolidation loan.

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2. Upgrade

Minimum credit score: 620

If you thought a credit score of 640 was a bit too high for you, then you should definitely check out Upgrade incorporated. You are eligible for a loan from Upgrade if your credit score is 620. For a debt consolidation loan, a minimum credit score of 620 is pretty good, to say the least. The upgrade is fairly new to the online lending world (it merely started the business in April of 2017), and within these few months, Upgrade has made a name for itself. Upgrade’s system is fast and easy to access, and if you meet their credit score requirements, you can receive the loan within a single day. You can borrow from $1,000 up to $50,000 from Upgrade.

1. Avant

Minimum credit score: 580

If you thought 620 credit score was a bit too high, then surely you will be okay with a minimum credit score requirement of 580. A credit score of 580 means, about 85% of Americans can meet or exceed the required credit score at present. In essence, the easiest debt consolidation loan to get in America has to be from Avant. If you are looking at a debt consolidation loan, then it is highly likely that you exceed a 580 credit score, thus meaning that you are eligible for a loan from Avant. As Avant boasts on the web page, it takes merely 5 minutes for you to apply for a loan, and there are no payment fees as well. Head on over to their website and get the loan you have been looking for.