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.
|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||Freedom Debt Relief||Poor Credit||15%-25% of debt||★★★★★|
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.
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.
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.