If you have borrowed money on high-interest unsecured loans, you can reduce your burden by consolidating them with a low-interest personal loan. In this way, you will only have to make a single payment and you’ll also save a lot of interest fees that you could have paid if you continue paying the loan the traditional way. The following are four flexible lenders that offer personal loans for debt consolidation.
1. Lending Club
Lending Club is a p2p lender that only requires the borrowers to have a minimum credit score. The loan term is in between 3 – 5 years even though most borrowers at Lending Club are on a loan with 2 years loan term. Lending Club is available to residents who live in 48 states. For each loan that gets approved, they collect origination fee. The average interest rate for the p2p loan that Lending Club offers is 5.99% – 35.89%.
2. Prosper
Prosper is another p2p lender that offer debt consolidation personal loans for borrowers with credit score as low as 640. Prosper offers personal loans with loan amount from $2,000 – $35,000 and APR interest from 5.99% – 35.97%. You can choose from 2 repayment terms including 3 and 5 years. Prosper personal loans is available in 47 states. The three states where Prosper loan is not available are Iowa, Maine and North Dakota. You have to wait for more than 1 week for the loan to be funded.
3. Best Egg
Best Egg is a flexible online lender that accept borrowers with a minimum credit score of 640. The typical APR for Best Egg loan is from 5.99% – 29.99%. With Best Egg, you can apply for a loan amount from $2,000 – $35,000 and choose from a loan term from 3 – 5 years. Only a few qualifying borrowers can get a loan of up to $50,000. Your loan can be funded in as fast as the next business day. The APR interest range for a Best Egg personal loan is from 5.99% – 29.99%.
4. Marcus
Marcus requires its borrowers to only have a minimum credit score of 660 plus you must maintain a 3 years credit history. Marcus loans is ideal for use in debt consolidation because it does not charge unnecessary fees like late, early repayment and origination fees. Residents in all states can apply for Marcus loans except the residents in Maryland. Marcus provides flexible loans with loan amount starting from $3,500 – $30,000 and the loan term from 36 months to 72 months. You can get an interest rate from 6.99% – 23.99% for Marcus personal loans. It takes 2 business days for an approved Marcus loan to get funded.
