Best Debt Consolidation Loans

If you are paying too much in interest on your debt, it can be hard to dig yourself out of that hole. Debt consolidation loans can help you lower your interest payments, so you can get out of debt quicker. We look at the top debt consolidation loan companies to see which will work best for you.

Best Debt Consolidation Loans 2019

RankLoan ServiceBest ForInterest RateRating
1SoFi LoansExcellent Credit4.25% to 7.75%★★★★
2CredibleGood Credit3.5% and up★★★★★
3PayoffFair Credit5.99% and up★★★★★
4Freedom Debt ReliefPoor Credit15%-25% of debt★★★★★

Best Debt Consolidation Loans 2019

RankLoan ServiceBest For
1SoFi LoansExcellent Credit
2CredibleGood Credit
3PayoffFair Credit
4Freedom Debt ReliefPoor Credit

SoFi Loans Review

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SoFi Loans Review image

Best For: SoFi is best for people looking to refinance their student loans. Since the company offers loans to lower credit (650 and up), it makes these loans accessible to more people.

Interest rates: Rates vary depending on the type of loan. Typical student loan refinancing rates: Fixed, 4.25 percent to 7.75 percent APR and variable, 2.97 percent to 6.15 percent APR.

Loan types: SoFi offers student loan refinancing, which they’re best known for, but they also offer the student loans themselves, plus mortgage and personal loans as well.

Unemployment protection: A great feature from SoFi is 12 months of protection from having to repay the loan if you lose your job.

Customer Service: Great customer service. Plus, SoFi is well known for making loans accessible to a wider range of people.

Credible Review

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Credible Review image
  • Best for: Credible is good for college students who need help paying for school and for those who want to refinance their student loans.
  • Interest Rates: Loan rates will vary depending on a variety of factors, including credit score and income. Fixed rates start at 3.5 percent. Variable rates start at 2.14 percent.
  • Loan Length: Credible offers five- to 20-year term loans.
  • Loan Amount: The minimum is $5,000. Credible doesn’t advertise a maximum loan amount.
  • Criteria: Credible provides student loans to part-time and full-time college students. Borrowers under 18 will need a co-signer. Once you fill out Credible’s online form, you will know within a few minutes whether you qualify.
Payoff Review image
  • Best for: For people with fair credit. Payoff specializes in debt consolidation loans and has lower loan rates than many debt relief companies. You can check out Payoff here.
  • Rates: Payoff Loans range from 5.99% to 24.99%, depending on the lender and your qualifications for the loan.
  • Loan Amounts: Payoff offers loans from $5,000 to $35,000 to help you with your credit card debt.
  • Features: Payoff concentrates more on debt consolidation than other loan companies. Its main concern is helping you pay off your debt, so it offers things like flexible payments, financial guidance and low starting rates.
  • Customer Service: Payoff offers help through an online chat and/or a personal member advocate.

Freedom Debt Relief

Freedom Website

Freedom Debt Relief image
  • Price: The cost of Freedom Debt Relief will be based on the debt you entered the program with: between 15 and 25 percent of your total. You can call (844) 752-5316 or get a free consultation here
  • Debt Qualification: Freedom Debt Relief requires you to enroll a minimum of $15,000 in unsecured debt.
  • Features: Freedom Debt Relief provides a number of services, including, traditional consolidation, reduction and bankruptcy options. They also see you through the entire process and beyond by providing pragmatic guides to help you manage your debt, in addition to credit counseling. Given the above-mentioned services it’s no wonder this company has a slight advantage.
  • Customer Service: A number of reviews mention their remarkable customer service, which you can contact every day of the week. Most other companies are only open on weekdays. Freedom Debt Relief is not only open on weekends but has hours that run into the evenings. You can contact them by phone or email, whatever your preferred method is.
Disclosure
Disclosure

Freedom Debt Relief Disclosure: Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825.

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Advertising Disclaimer: CreditReviews does receive compensation for some of the services that we recommend, although we only recommend services that we truly believe are the best.