Best Debt Consolidation Offers 2020

Best Overall Choice:

1

Credible

Credible

Credible

600+ Fico needed*
• Max Consolidation Loan: $100,000
• APR: 3.49% - 35.99%
• Loan Terms: 24-84 months

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GET MY RATE visit Credible

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Credible Highlights

• Click "GET MY RATE" to find your unique personal loan rate on Credible's secure site


• Personalized rates from up to 8 vetted lenders in 2 minutes, ranging from 3.49% APR to 35.99% APR, all for free


• Credible is best for those who value dedicated customer service throughout the loan process

• Credible will give you $200 bonus if you close with a better rate elsewhere*


• Outstanding customer service to help with your loan requests


• No impact to your credit score to check personalized rates

*See Credible’s site for full Terms & Conditions on the personal loans “best rate guarantee” deal.

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2

AmOne

AmOne

AmOne

Any credit score OK
• Max Loan: $50,000
• APR: 3.49% - 35.99%
• Loan Term: 24-84 months

All credit accepted
• Max Loan: $50,000
• APR: 3.99% - 35.99%
• Loan Term: 24-84 months

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GET MY RATE visit AmOne

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AmOne Highlights

• Click "GET MY RATE" to find your unique personal loan rate on AmOne's secure site


• Instantly Matched to Appropriate Solutions


• Highly Rated Providers Identified & Offered

• Offered Nationwide Since 1999


• U.S. Based Live Support


• Easy & Efficient Process Saves Time

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3

5kFunds

5kFunds

5kFunds

Apply online instantly
• Amount: $100 - $5,000
• APR: 5.99% - 35.99%
• Loan Terms: 3-72 months

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GET MY RATE visit 5kFunds

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5kFunds Highlights

• Click "GET MY RATE" start your personal loan process on 5kFunds secure site and find your APR
• 5kFunds matches you with top-rated online personal loans with absolutely no charge to you, with rates ranging from 5.99% to 35.99% APR
• Well suited for borrowers who want a small loan of $1,000 to $3,000

• Great for borrowers with Bad/Poor credit
• Loan Term: 2-72 months
• NOT recommended for good/excellent credit history

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What Can I use a Personal Loan For?

Personal loans are perfect for debt consolidation. In fact, it’s one of the most common reasons to take out a loan.

• Credit card debt consolidation
• General debt consolidation
• Lowering interest rates for outstanding bills
• Improving your credit score
• Virtually any other reason

According to research by Finder, roughly 83.5 million Americans have personal loans, with the most common use being credit card debt consolidation. Typically, credit cards can have APRs above 35%. Personal loans, on the other hand, typically have APRs around 7% to 30%.

Many Americans would rather pay 7% annually to borrow money, and use this borrowed money to pay off their higher interest debts, like credit cards.

Should I Get a Personal Loan to Consolidate Debt?

Yes! One should always replace high-interest debt with low-interest debt. Personal loans are considered low-interest debt.The borrowing cost with personal loans can be very low, but the APR with credit cards and other high-interest debts is often through the roof!

Personal loans, often called “unsecured personal loans,” are loans that are issued to individuals based on their creditworthiness. One of the best things about personal loans is that there is no collateral involved. You don’t have to use your house, car, or any other asset to receive a personal loan.

We spent 500+ hours searching for the best personal loans of 2021, because not all personal loans are made equal. Many shady online lenders have high variable rates and lots of hidden fees. None of the lenders on this page have hidden fees, and all are highly rated and respected.

If you need to consolidate debt, finance a purchase or major event like a wedding, or if you just need cash, personal loans are a great option. The typical interest rates for personal loan range from 3.84% to 35.99%. This is significantly lower than the typical APR for a credit card, which is another common form of borrowing.

Personal Loan Myths

One of the most common misconceptions about personal loans is that they somehow negatively effect your credit score.

For most cases, this is not true. There’s often no impact on your personal credit score to see if you qualify for a personal loan. And once you receive your personal loan funds, and you begin to make timely monthly repayments, your credit score can actually improve.

The only way a loan can harm your credit score is if you fail to make your payments.

Summary: Best Personal Loans for Debt Consolidation