There’s no shortage of debt consolidation loan options available to those of us who are looking to combine multiple credit card balances and other debts into one easier payment. If you’re in the market for a debt consolidation loan, be sure to choose a lender that offers a much lower rate than you’re already paying on your existing debt, and one that offers a fixed repayment schedule.
In researching the many debt consolidation lenders out there, we think Best Egg® loans are best all around for low rates and clear, fixed terms.
Best Egg debt consolidation loans offer:
- Loans between $2,000 and $40,000
- Fixed rates ranging from 5.99% to $29.91%
- Choice of either a 3-year or 5-year repayment term
- Fast online loan application
- Funds could be deposited into your bank account in as little as one day
- No prepayment penalties
Leading competitors in this category are Prosper and Lending Club. These lending companies offer terms similar to Best Egg, but the biggest difference we found is the quick turnaround offered by Best Egg. Knowing you can get your funds in one business day could be seen as a big plus to those hoping to get things done quickly. Prosper and Lending Club are peer-to-peer lenders, so once you apply, it typically takes about a week or so to get an investor to fund your particular loan.
With all of these personal loans, it’s up to you what you do with the funds you receive. You may only need part of the loan to consolidate your credit card and loan debt, and may choose to use the rest of the funds to make household repairs, take a vacation, pay medical bills, or finance other expenses. It depends on the financial goals you’re hoping to accomplish.
If debt consolidation is an option you’re exploring to make your high-interest loan and credit card payments simpler and more manageable, make sure the lending company you choose offers the loan amount you require, a monthly payment you can afford, an interest rate that’s fair, and terms you can live with.
P.S. To compare the lending companies we researched, visit: