Advertising Disclosure: Some of the loan offers on this site are from companies who are advertising clients of U.S. News. Advertising considerations may impact where offers appear on the site but do not affect any editorial decisions, such as which loan products we write about and how we evaluate them. This site does not include all loan companies or all loan offers available in the marketplace.
Unsecured debt consolidation loans. Unsecured debt consolidation loans don’t require collateral, and they usually have easier approval requirements than secured debt consolidation loans. Unsecured debt consolidation loans can have income requirements as low as $24,000 annually, debt-to-income ratios of up to 50 percent and minimum FICO credit scores as low as 600.
Credit counselors may charge expensive fees, and some creditors may refuse to work with the debt management plan. It’s generally a good idea to avoid credit counseling companies. Although debt management plans can be helpful for some consumers, they shouldn’t be the first choice. Be wary of a credit counseling service that offers a debt management plan as your first option, especially if they haven’t completed a thorough review of your financial situation.
SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
The main thing that you should also be looking at is consumer watchdog sites. No matter how good you think a lender may be, it’s always important to make sure that you have a look at their customer service record. A lender might have great rates and fees, but they’re not worth working with if they have a long history of disappointing their customers. Also, checking these watchdog sites can help you tell if a company is acting fraudulently.

Under federal law, credit repair companies are prohibited from requesting or requiring payments upfront until they can document that they have achieved actual improvements to a client's credit report or score. Up until then, consumers shouldn't have to pay a cent. The companies involved in the new settlements allegedly sought to evade this requirement by requiring payment of a sliding series of fees — an initial "consultation" charge typically costing $59.95, hundreds of dollars for a "set-up fee" and monthly fees of $89.99.
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Debt consolidation does not always require a loan. Debt consolidation loans combine various accounts with outstanding debt into one new account through the lending of a new loan - which pays off all of the other accounts. Technically, your various accounts are paid off at that point, but you now owe money on a new loan (hopefully with a better interest rate and lower monthly payment). However, certain debt consolidation plans do not involve loans and function more like debt settlement or debt relief programs. These programs seek to reduce the total amount you owe through negotiation with creditors. This option is similar to the loan option because you would only have to make one monthly payment - which would go into a secure account used to negotiate balances with creditors.

When shopping for a debt consolidation loan, you should watch out for red flags including aggressive sales representatives, guaranteed approvals and quick-fix promises, as well as requirements such as upfront payments before loan approval or access to bank accounts for automatic withdrawals. “No lender should charge you upfront before you get the loan … and you certainly shouldn’t send money with a wire transfer or prepaid card,” Detweiler cautions.
A secured credit card, in particular, is the ideal tool for rebuilding credit. They offer nearly guaranteed approval because you’ll need to place a security deposit that will double as your spending limit. Secured cards are also far less expensive than unsecured credit cards for people with bad credit. And you can’t tell them apart from unsecured cards on a credit report.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. 

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
1.) Pro Credit Analysis : Careful analysis of discrepancies : (late payments, tax liens, charge offs, bankruptcies, repossessions, judgements, and foreclosures) across all 3 Bureaus; Transunion, Equifax, and Experian. We customize professional individualized dispute letters for unlimited items on each of these three creditor bureaus; carefully reviewing line by line each erroneous item that are potential candidates for removal, to ensure your information is fairly represented according to the Fair Credit Billing Act, and Fair Debt Collection Practices Act. Fixing your credit is simple when we know your rights.
The chart below indicates that depending on credit score, anywhere from 9.4 to 40.23 percent of members are trying to improve their credit. This is compared to between 3.56 to 17.44 of non-members who are actively working on improving their credit. If you are someone who wants to increase your credit, keep reading. We’ve prepared a step-by-step guide for you.
In general, credit repair takes about three to six months to resolve all of the disputes that the average consumer needs to make. Of course, if you only have a few mistakes to correct or you repair your credit every year, it may not take as long; you might be done in just over one month. On the other hand, if you’ve never corrected your credit and have a large volume of things to dispute, it may take longer.
Many people choose to consolidate their debts using a credit card balance transfer; they transfer all their outstanding debts to a single, new credit card. Credit card companies know that there's a big market for balance transfers, so they often offer cards with very low interest rates just for this purpose. However, as a borrower, ensure you read the terms and conditions carefully before signing up for a balance transfer card; the rates offered are often introductory, and can rise substantially after the introductory period is over.
If you consolidate by taking a personal loan to pay off your credit cards, your utilization ratio could go down, causing your score to go up. For this to work, you need to leave the credit card accounts open after you pay them off. But your credit rating could go down if an underwriter has cause for concern that you could easily rack up new debt on the open and now balance-free credit cards (many people do).
You will use your own personal credit history and information, so the debt will be on your credit, not the business. Using your credit history can be helpful in qualifying for the loan, as you may have a stronger credit history than your business. However, it puts your personal finances at risk, so a small business debt consolidation loan isn’t the right choice for every business owner.

Once you have your credit reports, read through them completely. If you have a long credit history, your credit reports might be several pages long. Try not to get overwhelmed by all the information you're reading. It's a lot to digest, especially if you're checking your credit report for the first time. Take your time and review your credit report over several days if you need to.


The first advantages have to do with the structure of a personal loan. The fixed payments provide predictability on when you will be done paying your loan, and the interest rates are usually much lower for personal debt consolidation loans than they are for credit cards. In fact, because loans are issued through the banks, there are limits on how high of an interest rate they can have. For example, federal credit unions are typically limited to 18% per annum.

If you’re using a zero percent APR balance transfer offer to pay down balances, you should avoid making new charges on the card. Doing so will allow you to pay down your existing balance, not new charges, when you make payments on the card. It’s best to make a plan to pay down the full balance before the introductory period expires, as any remaining balance will be subject to the card’s regular APR after the introductory period. You should avoid missing payments, as doing so can trigger a penalty APR and loss of your zero percent introductory APR.
If you’re using a zero percent APR balance transfer offer to pay down balances, you should avoid making new charges on the card. Doing so will allow you to pay down your existing balance, not new charges, when you make payments on the card. It’s best to make a plan to pay down the full balance before the introductory period expires, as any remaining balance will be subject to the card’s regular APR after the introductory period. You should avoid missing payments, as doing so can trigger a penalty APR and loss of your zero percent introductory APR.
You should think about a debt consolidation loan if the high interest rates on your credit cards are making it difficult to make a dent in paying down the balances. The interest rates on most debt consolidation loans are lower than typical credit cards, enabling you to focus on paying down your debt more effectively instead of racking up interest expenses. If you're having trouble keeping track of multiple outstanding debt payments each month, debt consolidation may be a good choice for you as well. That single monthly payment really helps make managing your overall debt much less time-consuming.
For example, if you decide to start using your credit cards again after you’ve paid them off, your credit utilization rate may skyrocket and sink your credit rating. Similarly, if you fail to pay attention to the due date on your debt consolidation loan and miss a payment, your payment history may take a big hit as well. So, make sure you’re prepared to address all the challenges you have with credit when you take out a debt consolidation loan; otherwise, your credit rating may pay the price.
The Island Approach also gives you a built-in warning system for overspending. If you ever see finance charges on an account earmarked for everyday expenses, you’ll know you’re overspending. Separating everyday expenses from a balance that you’re carrying from month to month will help you save on finance charges, too. Interest charges are based on an account’s average daily balance, after all.
Debt relief services include credit counseling, debt management and debt settlement. These services can help you strategize how to pay off your debt, create payment plans with creditors or negotiate on your behalf to settle accounts for less than the full balance. While some debt relief services can be helpful, working with debt relief companies can be risky, as scams are common in this industry.

The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99% that is deducted from loan proceeds. Any origination fee on a loan term 5-years or longer will be at least 4.99%. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.


Do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the Federal Trade Commission, the nation’s consumer protection agency, say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.
2. Choose your loan terms. Your loan terms determine how much you will borrow and how long you will take to pay it back. Typical loan amounts range from $1,000 to $50,000, depending on your creditworthiness. Loan lengths are usually between two to five years. You will confirm your interest rate and any origination fees (typically 1 to 5 percent) associated with the loan.
×