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

Rank Loan Service Best For Interest Rate Rating
1 SoFi Loans Excellent Credit 4.25% to 7.75% ★★★★
2 Credible Good Credit 3.5% and up ★★★★★
3 Payoff Fair Credit 5.99% and up ★★★★★
4 Accredited Debt Relief Bad Credit 18%-25% of debt settled (877) 729-0051

Best Debt Consolidation Loans 2019

Rank Loan Service Best For
1 SoFi Loans Excellent Credit
2 Credible Good Credit
3 Payoff Fair Credit
4 Accredited Debt Relief Bad 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

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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.

Accredited Debt Relief Review

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Accredited Debt Relief Review image
  • Best for: Debt settlement AND consolidation. Accredited Debt Relief is one of the only services that offers both debt settlement and debt consolidation. You can call (877) 729-0051 to get started or sign up for Accredited Debt Relief here.
  • Price: Like most debt settlement companies, Accredited Debt Relief take a percentage of whatever debt they are able to settle, in this case 18 percent to 25 percent, depending on your debt. So if they are able to reduce your debt from $10,000 to $8,000, you would owe $360 to $500. If there is no change in your debt, you don’t have to pay anything.
  • Time frame: Accredited Debt Relief’s program time frame ranges from 24-48 months, which is the average time for debt settlement.
  • Other highlights: Accredited Debt Relief is one of the only debt relief companies to offer debt management tools as well as debt consolidation services. Debt consolidation services are when a company will help you consolidate your debt in order to pay a lower interest rate on it.
  • Available states: One of the benefits of Accredited Debt Relief is that it is available in 39 of the 50 states, which is rare for a debt relief company. The average is usually around 35 states.
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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.