You'll get a call back from one of National Debt Relief's certified debt counselors; they'll work with you to analyze your debt, go over your budget, and talk about all of your available options. If you qualify for a credit card consolidation program, you'll find out how much you'd pay and can enroll right away or take some time to think about it.
There's no pressure to sign up for a plan here. How much does it cost to use National Debt Relief for your consolidation or other programs?
Most of NDR's programs take between months to complete, while they negotiate with creditors on your behalf. NDR's portion is then paid out from there. Like most credit card consolidation companies, some debts are not eligible for this kind of program.
For example, if you're trying to get help with child support, back taxes, mortgages, auto loans, insurance policies, or bail bonds, you may find a better solution with a different type of loan. Want to see for yourself the kinds of debt reduction National Debt Relief has been able to get for its clients? Look on the Proven Results page, where you can take a look at various creditors and how much NDR was able to get as a debt settlement. If National Debt Relief is unable to settle any of your accounts, or if you're unsatisfied with their service prior to having any of your debts settled, you can cancel anytime with no penalties or fees.
National Debt Relief is a company you can trust for credit card consolidation and other strategies to manage your finances. The BBB has given them the highest possible rating as well as accreditation, and we found almost 30, 5-star reviews from very happy clients. Across the board, NDR representatives are described as helpful and friendly, and they make the entire process feel much less scary than clients had imagined.
Why take out a loan to consolidate your debts if you can reduce or eliminate them completely? If you like the idea of paying less in the long run and getting out from under the mountain of debt you're in, National Debt Relief is the first company to turn to.
Their advisors have helped tens of thousands of people just like you to get lower monthly payments and finally get out of debt. National Debt Relief earns our highest rating among all of the available options for credit card consolidation. You can get started either by calling Credit.
If you go the online route, you'll be taken to a page with several resources you can use before you speak with a counselor. These include a debt journal and other tools to analyze your situation.
Your call with a coach will involve a debt analysis, to get a picture of what you owe and your current budget. At the end of that analysis, the financial coach will talk with you about all of the debt resolution options that apply to your situation, which may include consolidation.
If there's a strategy that appeals to you, you can enroll with a Credit. Know what you'll love about Credit. Most of their credit coaching is free! Yes, you read that right: you can get financial education, budgeting and counseling sessions, pre-purchase advice, foreclosure prevention counseling, and default rental counseling at no charge.
All other fees depend on the service you use and the state you live in, but even those fees can be reduced or waived due to financial hardship. Clients really appreciate everything that Credit. Financial topics can be sensitive and difficult to discuss, and people say that their coaches were friendly and knowledgeable with no pressure to choose any particular solution to their debt issues. The Better Business Bureau gives Credit.
They say you can't get something for nothing, but Credit. If you're looking for honest, objective advice about your financial situation - even if that doesn't wind up including credit card consolidation - then this is a great option.
Their fees are reasonable and their reputation for excellent service spans almost half a century. Upstart is a company founded by former Google employees that utilizes artificial intelligence AI to help everyday people unlock mobility and opportunity through affordable credit. They can offer higher approval rates from their bank partners, which translates into a greater chance you'll be accepted for a loan. The application process with Upstart starts out fairly standard: you select the purpose of your loan, the amount you'd like to borrow, your contact information, and your birthdate.
From there, the questions get a little more unique compared with other personal loan providers. What's your highest level of education? Where did you go to school, what did you study and when did or will you graduate? How much money do you currently have in bank accounts and investments? Upstart asks these types of questions because they calculate risk differently from most lenders, taking your educational background and earning potential into account when determining your eligibility for a loan.
Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan. As their About Us page says, "four in five Americans have never defaulted on a credit product, yet less than half have access to prime credit.
With a smarter credit model, lenders could approve almost twice as many borrowers, with fewer defaults. There are some eligibility requirements here than you might not find elsewhere.
For example, you should have a minimum credit score of - however, if you don't have sufficient credit history to produce a score, you can still qualify for a personal loan through Upstart. You also can't have any bankruptcies or accounts currently in collections, past due or delinquent, or that have been wholly charged-off in the last three years.
You'll be found ineligible for a loan if you have more than 6 inquiries on your credit report in the last 6 months - but that doesn't count any that are related to mortgages, vehicle loans, or student loans. Again, this is part of how Upstart measures risk, so that they can make consolidation loans available to more people.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. All loans funded through this service have a repayment term of either 3 or 5 years. While they advertise a range of interest rates, we found them to be very competitive with other lenders in the industry.
If your application is approved and you accept your loan terms, you could have your loan money deposited by the next business day. If you accept your loan by 5pm EST not including weekends or holidays , you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Upstart seems to be doing quite well with customer satisfaction. Consumers said that their experience was simple, easy, and straightforward, and many people expressed their delight at having loan funds deposited within a day. There's a lot to like about Upstart. It's refreshing to see a lender that looks at your big picture as a borrower, including your education and employment potential when determining if you're a good candidate for a personal loan.
And, there's no arguing with Upstart's loyal fanbase of happy clients. We're very impressed with what we see here, and we think you will be too. CuraDebt got its start in in Irvine, California and has helped people nationwide with a variety of financial issues: credit card consolidation, tax resolution, and many others.
Currently headquartered in Hollywood, Florida not California! More than , people have successfully used CuraDebt to take care of unsecured debts. What kind of debts do you have? CuraDebt can probably help with most of them. In special cases, they can also help with lawsuits and student loans.
The only kinds of debt that CuraDebt can't help you manage are utility bills, mortgage or home loans, auto loans and government loans. To see what CuraDebt can do for you, click the button that says "Get a free savings estimate".
Provide your name, email address and phone number, and you'll be taken to a helpful intro video that explains more about credit card consolidation. We like that potential clients have a hassle-free way to get some background information before speaking with a credit counselor.
Settle in, though, because it's 30 minutes long! From there, you can either call the toll-free number provided or wait for a CuraDebt senior counselor to reach out to you. You'll get a free consultation to review your financial situation, and CuraDebt recommends that you access your credit score prior to your phone meeting. You can do that through the link on the CuraDebt site, or access it through your bank account, credit card provider, or any way you prefer.
Your advisor will work with you to design a personalized solution to your debt. The strategies used by CuraDebt may include credit card consolidation, debt negotiation, debt settlement, and tax relief, depending on your circumstances. What will it cost? CuraDebt charges no fees until a debt has been settled, and those will depend on how much debt is consolidated or discharged.
The process usually takes anywhere from months to complete. CuraDebt continues to have a positive reputation. Even more impressive is the nearly perfect 4. Consumer reviews elsewhere confirmed that impression, with over 5-star reviews and lots of praise for CuraDebt's services. If you really want to have some fun, go to the Results tab and browse the actual letters from clients to see their settlement amounts. We would! These services are legitimate and can go a long way towards helping you get on solid financial ground again.
One downside is that CuraDebt isn't available to all residents of the US. Since our last review, more states were added to the list of areas they don't serve, going from 11 up to It's unfortunate that there are even fewer people who can take advantage of everything CuraDebt has to offer.
There are other credit card consolidation companies that work in all 50 states. CuraDebt has everything you could want in a credit card consolidation company.
They're transparent with all of the ins and outs of their service and have a proven track record for helping clients with almost every type of debt. But, with even more places that aren't included in their customer service area, we're disappointed that not everyone can take advantage of this fantastic credit card consolidation program. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account.
You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. Neither SoFi nor its affiliates are a bank. With zero fees and customizable repayment terms, Marcus offers one of the best personal loans for borrowers with good credit. Offers direct payment to creditors for debt consolidation loans.
No co-sign, joint or secured loan option. May need to provide proof of income, including recent pay stubs or bank statements. A debt consolidation loan combines multiple unsecured debts — such as credit cards, medical bills and payday loans — into one fixed monthly payment.
A debt consolidation loan is usually a good idea if the interest rate on the loan is lower than the combined rates on your existing debts. You can use a debt consolidation calculator to estimate your interest savings and new monthly payment, and to compare various loan options.
When deciding between debt consolidation loans, compare these factors. Annual percentage rates: The loan's APR represents its true annual cost, as it includes all fees and interest charges. Rates vary based on your credit scores, income and debt-to-income ratio.
Use APRs to compare multiple loans. Choose a low rate with monthly payments that fit your budget. Origination fees: Some lenders charge origination fees to cover the cost of processing your loan. Avoid loans that include this fee to keep costs down, unless the APR is lower than other no-fee loans.
Lender features: Some lenders offer consumer-friendly features like direct payment to creditors, which means the lender pays off your old debts once your loan closes, saving you that task. Other features to shop for include free credit score monitoring and hardship programs that temporarily reduce or suspend monthly payments if you face a financial setback, such as a job loss.
Build your credit: Loan approval is based mainly on your credit score and ability to repay. It may be possible to get a debt consolidation loan with bad credit , but borrowers with excellent credit to FICO have more loan options and may qualify for lower rates. If you have fair or bad credit below FICO , it can pay to build your credit before seeking a consolidation loan.
There are risks to your co-signer , though, so that person will need to weigh their decision carefully. Shop around: Compare rates and terms at multiple lenders before applying for a debt consolidation loan.
Most online lenders let you pre-qualify with a soft credit inquiry, which has no impact on your credit scores. Plan ahead: Before your loan is funded, create a budget that allocates a percentage of your income toward debt repayment and track your progress with a budgeting and saving app. Canceling credit accounts can hurt your credit score. Most debt consolidation loans offer terms of two to seven years, so be prepared to stick to your monthly payments over that time period. Consolidating your debt with a personal loan can help — and hurt — your credit score.
When you use the loan to pay off your credit cards, you lower your credit utilization, which measures how much of your credit limit is tied up.
Lowering your credit utilization can help your credit. On the other hand, applying for a loan requires a hard credit check, which can temporarily ding your credit score.
And if you turn around and rack up new credit card debt, your credit score will suffer. You can pre-qualify with multiple lenders on NerdWallet to compare offers and find the lowest rate. Credit counseling: Nonprofit organizations offer credit counseling , which includes helping you create a debt management plan. Similar to other consolidation products, these plans roll your debts into one manageable payment at a reduced interest rate.
The debt snowball and debt avalanche methods are two common strategies for paying off debt. The snowball method focuses on paying off your smallest debt first, building momentum as you go.
The avalanche focuses on paying off the debt with the highest interest rate first, then applying the savings elsewhere. Both can boost your payoff speed. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product.
NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary. Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines. Aside from a hard credit pull when you apply, just getting a debt consolidation loan won't hurt your credit.
Your credit score could be negatively impacted if you miss loan payments or pay late. Making on-time monthly payments and maintaining low balances on your credit cards will likely have a positive impact on your score. Debt consolidation loan interest rates can vary by lender. Factors like your credit score, income and debt-to-income ratio help determine what interest rate you'll get on a loan.
A debt consolidation loan is a good idea if you can get a lower annual percentage rate than what you're currently paying on your other debts. The best personal loan interest rates are reserved for borrowers with good or excellent credit or higher FICO score.
A debt consolidation calculator can help you understand if a loan is right for you. Upgrade: Best overall. LightStream: Best for low rates. Discover: Best for fast funding. Marcus, SoFi: Best for no fees. Upstart: Best for bad credit. Best Debt Consolidation Loans.
Credit Score Learn More. Get rate. Our pick for Best overall. APR 5. Credit Score View details. Key facts Customizable loan features and discount opportunities make Upgrade a strong option for fair- and bad-credit borrowers. Pros Allows secured and joint loans.
Cons Charges origination fee. No co-signed loan option. On their website you can get a free debt analysis which will give you solutions as to which direction you should take to resolve your debts. American Debt Enders is a debt relief company offering debt settlement and debt consolidation services for their clients. This debt counselling company offers free consultations with no upfront fee. One of the benefits of using Accredited Debt Relief is the fact that they offer services in 49 states which is the the most of any debt management company in the USA.
Accredited Debt Relief also have a useful debt calculator on their website that can show you how much you could save monthly by using their financial services.
The debt relief on offer is somewhat lower than other similar companies, in cases taking 2 to 4 and a half years to complete their debt settlement program. National Debt Relief do not require any monthly fees for their debt consolidation services and offer free consultations and free quotes by simply filling your details in their website. Click here to get a free quote from National Debt Relief.
CuraDebt is the leading debt counselling companies in the USA offering debt consolidation, debt settlement and tax debt relief. When you are in financial difficulty, it is essential that you deal with a company that has excellent customer service and is patient to deal with your concerns and work quickly to provide you with solutions to help you become debt free. The CuraDebt customer service is second to none and they offer free consultations.
Simply go to the company website and fill in your details and you will be given a free consultation regarding your financial situation.
However, more and more personal loan companies go beyond credit scores and consider nontraditional factors during the underwriting process. Debt consolidation is a special case because it involves replacing an existing debt or debts with a new credit balance. That being the case, why not go with a loan consolidation company that pay your lenders directly?
Debt consolidation loans generally have terms ranging from 36 months to 72 months. Some lenders cut things off at 60 months. All other things being equal, a longer loan term means a smaller monthly payment but a higher total interest cost. The most important debt consolidation loan fee is the origination fee. Lenders that market mainly to prime borrowers tend to offer more competitive rates than those that cater to subprime borrowers. Debt consolidation loan funding speed can vary. This event appears on your credit report for several years but matters less to your credit score as time passes.
If you have bad credit or limited credit, look to lenders like Stilt , which give more weight to noncredit factors and may not require applicants to have credit scores at all. These common alternatives to debt consolidation loans could be a better fit for you:. Skip to content Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.
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