Hey there, savvy financial explorers! Ready to tackle your debt and give it the old one-two punch? Well, hold onto your wallets, because I’ve got the lowdown on the top players in the debt consolidation game for 2023. These companies are like the superheroes of the financial world, swooping in to save the day when your debts are getting out of hand. So, let’s dive in and meet the Best Debt Consolidation Companies of this year!
Avant: Best Debt Consolidation Companies of 2023
First up, we’ve got Avant, an online lending platform that’s like a warm hug for those just starting out in their careers. If your credit score is doing a bit of a limbo dance around the 580 mark, fear not! Avant’s got your back. With a minimum credit score of 580 and an annual income of at least $24,000, you’re in the game. And hey, they’re not one to drag their feet—fast funding and no prepayment penalty? Check and check.
But, like all superheroes, Avant’s got its kryptonite. They do slap on an origination fee of up to 4.75%, which can make you raise an eyebrow or two. Plus, they’re not the Avengers, so their services aren’t available everywhere. Sorry, folks in Colorado, Connecticut, Hawaii, Louisiana, Nevada, New York, South Carolina, Vermont, and West Virginia, you’ll have to sit this one out.
Oh, and did I mention they offer terms ranging from two to five years? Now that’s flexibility. But remember, higher risks often come with higher rewards—and in this case, that means higher rates. Still, they’re kind enough to cut you some slack if you use autopay. Cha-ching!
Loan amounts: $2,000 to $35,000
Loan terms: 2, 3, 4, 5 years
Discounts: Autopay
Time to get funds: Faster than a speeding bullet—next business day!
READ MORE:
Axos Bank: Riding the Credit Wave with Style
:max_bytes(150000):strip_icc()/axos-bank-862d8977d2df497884f05c147bf84437.png)
Alright, if you’ve got your credit game on point, then Axos Bank might be your financial fortress. Good or excellent credit? Check. Unsecured loans and a variety of terms? Check. No prepayment penalty? Checkity-check.
But hold up, before you start celebrating too early, Axos does have a few hoops for you to jump through. They’ll cap your loans at $35,000, so if you’ve got debt mountain to conquer, you might need to keep your options open. Also, they’re a bit picky about their squad members, requiring a minimum credit score of 740. Sorry, 739-ers.
Axos’ got a soft spot for your credit score, though, so no hard feelings there. And as for terms, they’ve got everything from one to five years—flexibility is the name of the game.
Loan amounts: $5,000 to $35,000
Loan terms: 1, 2, 3, 4, 5 years
Discounts: None
Time to get funds: Faster than you can say “loan approved!”
Happy Money, AKA Payoff: Making Debt Woes a Thing of the Past
Hey, there, folks juggling multiple debts like a circus act! Happy Money, or what used to be called Payoff, is here to bring some joy to your financial chaos. These folks specialize in debt consolidation, so if that’s your game, they’re ready to play.
But, alas, not all debts can find a home here. If your grand total is north of $35,000, it’s time to look elsewhere. Also, patience is a virtue when it comes to their funding speed—so don’t hold your breath. And oh yeah, there’s an origination fee in the mix. Heads up to residents of Maryland, Massachusetts, Mississippi, Nebraska, Nevada, Ohio, and West Virginia—you’re on the bench for this match.
Got your eye on the prize? You’ll need a credit score of at least 640 to join the game. As for terms, they’ve got the classic two to five-year options on the menu.
Loan amounts: $5,000 to $35,000
Loan terms: 2, 3, 4, 5 years
Discounts: None
Time to get funds: Somewhere between 2 and 5 business days—it’s like financial magic!
LightStream: Shining a Light on Larger Loans
:max_bytes(150000):strip_icc()/Light_Stream_Loans-887dea7c5ee94aeb96f11efb877ca437.jpg)
Hold the phone, debt warriors with monumental mountains of debt! LightStream, the cool kid on the online lending block, is ready to step in. And they’re all about those big numbers—think loans up to $100,000. That’s right, we’re playing in the big leagues now.
But let’s not forget the essentials. They don’t charge fees, and they’re all about speedy funds. The catch? They’re a bit secretive about their income requirements, so it’s like trying to spot Bigfoot—tough luck. Plus, if you’re in Rhode Island or Vermont, you won’t find a seat at their table.
Flex your credit muscles with a minimum score of 660, and terms that can go up to seven years. Did I mention they’re fee-free and super fast? Well, now I did.
Loan amounts: $5,000 to $100,000
Loan terms: 2, 3, 4, 5, 6, 7 years
Discounts: Autopay
Time to get funds: Faster than a blink—same business day!
Marcus: No Fees, No Fuss
:fill(white):max_bytes(150000):strip_icc()/marcus-by-goldman-sachs-6f4ecb6176ab4af684f34c8f7c8c3401.png)
Attention, debt dominators! Marcus is here to grace us with its fee-free presence. They’re like the knights in shining armor, showing off their info to help you decide if they’re the ones for you.
All they ask for is a minimum annual income of $30,000 and a credit score of 660. Not too shabby, huh? Plus, they’re spread out across all 50 states and even those far-off lands like U.S. territories, protectorates, and the armed forces abroad.
But, dear folks, remember this: while Marcus is all for solo missions, they’re not about that tag-team action. Joint applications? Sorry, not on their watch. You can stretch your repayment journey up to seven years, and their loan amounts go from $3,500 to $40,000. Zero fees? Now that’s music to our debt-heavy ears.
Loan amounts: $3,500 to $40,000
Loan terms: 3, 4, 5, 6, 7 years
Discounts: Autopay
Time to get funds: A mere five business days—blink, and it’s there!
Prosper
Fellow financial explorers, say hello to Prosper! They’re not just a lending platform; they’re matchmakers connecting borrowers and investors. It’s like financial Tinder, but with money.
So, here’s the deal: they’re cool with a credit score of 640, and they don’t care about your income. But here’s the twist—your loan’s got to find an investor within 14 days. If it doesn’t, the deal’s off. And yes, there’s a snag—up to 5% origination fee. Oh, and residents of Iowa, North Dakota, and West Virginia, you’re out of the game.
But hold your horses; they offer three- and five-year terms. And no worries, a soft credit check’s all it takes to join the Prosper party.
Loan amounts: $2,000 to $40,000
Loan terms: 3, 5 years
Discounts: None
Time to get funds: On average, just five days after accepting the offer
RELATED POST:
SoFi: Where High Credit Scores Get the Red Carpet Treatment
Debt busters, if you’re playing the credit score game like a pro, SoFi’s ready to roll out the red carpet for you. With loans up to $100,000, they’re like the Beyoncé of the lending world.
But here’s the deal: they’re a bit mysterious about their minimum credit score and income requirements. It’s like trying to crack the Da Vinci code. But if you’re in, you’re in for terms up to seven years.
Oh, and did I mention they’ve got perks like career coaching and members-only events? No fees, either. SoFi’s got your back, but they’re not giving away all their secrets.
Loan amounts: $5,000 to $100,000
Loan terms: 2, 3, 4, 5, 6, 7 years
Discounts: Autopay
Time to get funds: Just three business days—faster than you can say “money, please!”
Upgrade: Climbing the Credit Ladder, One Step at a Time
Alright, fair-credit champions, lend me your ears—Upgrade’s in the house! With a credit score of 600, you’re ready to tackle those financial hurdles. And guess what? They’ve got tools to help you boost that score. Think of them as your financial personal trainers.
But, hold onto your hats, because they come with an origination fee of up to 6%. And customer service? It’s all about the email love. Sorry, Colorado, Connecticut, Iowa, Maryland, Vermont, and West Virginia—Upgrade’s not up for a visit.
What’s in store? Terms of three or five years, and a soft credit check’s all it takes to join the party. So, are you ready to upgrade your credit game?
Loan amounts: $1,000 to $35,000 ($3,005 minimum in GA; $6,005 minimum in MA)
Loan terms: 3, 5 years
Discounts: Autopay
Time to get funds: Just a day after clearing necessary verifications
Upstart: Where Education and Job History Get Their Time to Shine
Hey there, smarty-pants! Upstart’s rolling out the carpet for borrowers with stellar education and job history. They’re all about looking beyond the numbers and seeing the bigger picture.
The evaluation process is like a symphony—it involves a soft credit check and a peek into your education, major, and job history. College students and grads, this one’s for you.
But wait, there’s a hitch—up to 8% origination fee. Ouch. And nope, no autopay discounts here. Terms? Three to five years, and no prepayment penalties in sight. Time to give your education and job history a standing ovation!
Loan amounts: $1,000 to $50,000
Loan terms: 3 to 5 years
Discounts: None
Time to get funds: As soon as 1 to 3 business days—a swift and efficient financial performance!
And there you have it, folks—the ultimate debt-busting squad of 2023. Whether you’re riding the high wave of credit scores or slowly building your financial empire, there’s a hero among these companies ready to help you conquer your debts and reclaim your financial freedom. So, suit up, because it’s time to take control of your financial destiny!