If you’re on a debt management program, a personal loan can help you simplify your monthly bill paying. Look for a lender with low rates, flexible terms and few fees.
A debt consolidation loan combines multiple high-interest balances into one monthly payment. Consider your credit score, income and debt-to-income ratio before choosing a lender.
Achieve
Achieve is an online personal loan lender that works with marketing partners to connect potential borrowers with its lending team. Consumers who pre-qualify on the Achieve website are asked to provide information about their income, employment and debt-to-income ratio. After the soft credit pull, a loan consultant can review the application and determine if the applicant qualifies for a personal loan.
Borrowers with good to excellent credit scores can receive competitive rates on personal loans with Achieve, konga loans which requires a minimum score of 620. However, borrowers with poorer credit may be charged higher rates or not qualify for any loans at all.
Achieve focuses on providing a great customer experience, and its A+ BBB rating shows that the company responds to complaints in a timely manner. Reviews on third-party websites are overwhelmingly positive, with borrowers sharing that the application and approval process was quick and simple. Moreover, borrowers report that Achieve is transparent with its rates and terms and that the loan allowed them to pay off their debts quickly. However, borrowers are required to pay late fees of $15 or 5% of the outstanding balance (whichever is greater). Borrowers who opt into Achieve’s direct debt payment service can get rate discounts.
Upstart
Upstart offers personal loans through a digital platform, where you can check your rates without impacting your credit score. You can also choose the loan amount and term length you’d like to borrow. Once you’ve approved, you can receive your funds within one business day. The company charges a 0% to 10% origination fee that’s deducted from your loan proceeds. It doesn’t allow cosigners.
Its AI-driven application process automatically approves 75% of applicants, and most loans are funded immediately. However, you may be asked for additional verification of your income, education, or employment. You can also be denied if the company determines that you’re not a good credit risk.
Upstart is accredited with the Better Business Bureau, and it has an A+ rating with the Consumer Financial Protection Bureau. Positive online reviews focus on how easy it is to apply and the variety of loan offers available. However, some reviewers have complained about the high rates they were offered and their inability to change their payment date. These complaints reflect the limitations of Upstart’s algorithm.
Best Egg
Best Egg offers personal loan financing for a variety of purposes. In addition to debt consolidation, the company also provides funds for home renovations and vacations. Its application process is quick and easy, allowing potential borrowers to find out their likelihood of approval without impacting their credit score. The lender also provides helpful tools for estimating what their monthly payments could be.
To apply for a personal loan, borrowers must provide basic personal and financial information. If preapproved, Best Egg will notify them and provide an offer code. Applicants are asked to verify their identity and income, and may be required to submit additional documentation like pay stubs or bank statements. Once approved, a hard inquiry will be added to their credit report.
Best Egg has earned a positive reputation among customers, with a 4.91-star rating on Trustpilot and an A+ BBB rating. Customers report satisfaction with the company’s streamlined application process and its ability to provide a manageable solution for debt consolidation. They also note that the company does not charge fees for early repayment.
Discover
Discover is well known as one of the major credit card networks alongside Visa, Mastercard and American Express, but they also offer personal loans. These loans are available nationwide, have the potential for low rates and don’t charge big upfront fees. They also report to the credit bureaus, so if used responsibly they can help you build or rebuild your credit. However, it should be noted that Discover doesn’t allow co-signers for its personal loans.
Discover’s personal loan offerings are among the best on the market. They score highly in our categories for Terms & Requirements, Reviews & Transparency and APR & Fees.
Upgrade
Upgrade offers personal loans with a relatively simple application process and fast funding times. The lender also offers a variety of resources to help borrowers manage their credit, including a free VantageScore, credit trending charts and personalized recommendations. Upgrade also charges a $10 fee for returned payments and late payment fees, but these are lower than those of many other online lenders.
The initial online loan application for Upgrade takes only a few minutes to complete and requires basic information like name, address, date of birth, income and credit score. The company will also perform a soft credit check to see if you prequalify for a loan.
In addition to a fast application process, Upgrade offers a wide range of products, from debt consolidation to home improvement loans. Its softer borrowing requirements make it more attractive than many other lenders, but it does not offer the same debt management programs that Achieve does. Nevertheless, it has some unique perks such as a low minimum loan amount and direct payment to creditors on debt consolidation loans.