Top 6 Debt Consolidation Loans in 2024

When you’re in debt, it can feel as if it’s impossible to get out of it. Once you start missing payments, your credit score will drop and you won’t get accepted by any other creditor.

Well thankfully, there are ways you can get through it, as some loans for debt consolidation with bad credit are available, and thousands of Americans use them to get out of a financial hole.

These loans can help you streamline payments, potentially reduce interest charges, and manage your debts more effectively:

1. Upgrade
   • Pros:
     • Borrow up to $50,000.
     • Possible to receive funds within one day.
     • Application won’t affect your credit score.
     • Inclusive for borrowers with poor credit history.
   • Cons:
     • Origination fees may apply.
   • Upgrade offers loan options for customers with low credit scores. You can borrow between $1,000 and $50,000 with an APR ranging from 7.99% to 35.99%. Loan terms extend from 36 to 60 months.
2. BadCreditLoans.com:
   • Pros:
     • Caters to poor-credit customers.
     • Ideal for smaller, short-term loans.
     • Provides informative online resources.
     • Competitive interest rates.
   • Cons:
     • Lower loan terms compared to competitors.
   • BadCreditLoans.com offers shorter terms, ranging from three months to three years, depending on your credit score. Interest rates vary, with the lowest at 5.99% and the highest at 35.99%.

3. LendingClub:
   • Pros:
     • Borrow up to $40,000.
     • Applying won’t impact your credit score.
     • Convenient loan calculator.
     • Helps you take control of your finances.
   • Cons:
     • Origination fees can cost up to 6% of the overall loan.
   • LendingClub offers competitive interest rates starting at 6.95%. Loan terms can extend up to 60 months.

4. PersonalLoans.com:
   • Pros:
     • Repayment period of up to 6 years.
     • Flexible plans available.
     • Interest rates start at 5.99%.
     • Simple 3-step process.
     • Borrow up to $35,000.
   • Cons: None.
   • PersonalLoans.com provides longer repayment periods, making it easier to manage monthly payments. It’s an excellent choice for debt consolidation.

5. One Main:
   • Pros:
     • Easy and convenient One Main Loan Calculator.
     • No prepayment fees.
     • Fixed rates and easy-to-manage repayments.
     • Same-day funds.
   • Cons:
     • Higher APR than other debt consolidation loans.
   • One Main offers manageable payment plans, even though the interest rates start at 16.05%. Loan terms range from 24 to 60 months.

6. KwikCash:
   • Pros:
     • Flexible payments.
     • No fees ever.
     • Quick funding.
     • Step-by-step guiding process.
     • Caters to less than perfect credit customers.
   • Cons: None.
     • KwikCash provides flexible payment plans, with terms of up to 24 months. It’s a great alternative for consolidating debt.