Loan debt consolidating finance companies
It’s best to make sure you’re comparing apples to apples, not a low but unstable variable rate to a higher but reliable fixed rate.When trying to decide whether you’re eligible for a debt consolidation loan, the last thing you should have to worry about is your inquiry significantly docking your credit score.“To lenders, personal loans are the riskiest loans we do,” says Bill Dallas, co-founder and CEO of Cloudvirga.Banks are risk-averse, and unsecured personal loans, which don’t require you to put up collateral, don’t provide them the same recourse that secured loans do.In our tester’s case, the reason given was having “too few open trades,” meaning she may not have had enough open credit cards to qualify.
Lenders should be transparent before the application process — you don’t want to waste time applying for a loan with a credit score requirement in the upper 700 range if yours in the low 600s.
We’ve examined 18 top providers, consulted with over half-a-dozen financial experts, and updated this review regularly in order to bring you the most current information.
The author of this review does not own stock in any of the companies mentioned, or in any other debt consolidation loan providers.
However, it’s not always this cut-and-dried, and you’re not going to know the full story on where you stand until you receive an actual report on your application or rate check.
We wanted to cut some of the middleman for borrowers by grouping our picks by creditworthiness (good, average, bad) which is one of the ways lenders filter applicants.But this is just a starting point — even if you do fall perfectly within the credit requirements, you’re not automatically guaranteed a loan, so it’s important to consistently compare lender requirements.