When faced with high-interest debt, it can be difficult to find a way out. Consolidating your debt with a loan can be a great solution, but if you have fair credit, you may have a hard time finding a loan with a reasonable interest rate and loan terms. Luckily, there are a number of loan options for those with fair credit that can help you get out of debt faster. In this article, we will discuss the 10 best loans for debt consolidation with fair credit.
1. LightStream Debt Consolidation Loan
LightStream offers debt consolidation loans with competitive interest rates starting at 4.99%. The loan terms range from 2 to 12 years, and you can borrow up to $100,000. LightStream also offers additional benefits, such as no fees, no pre-payment penalties, and same-day funding.
2. Marcus by Goldman Sachs Debt Consolidation Loan
Marcus by Goldman Sachs offers debt consolidation loans with competitive interest rates starting at 6.99%. You can borrow up to $40,000 and the loan terms range from 3 to 6 years. Marcus also offers no fees or pre-payment penalties, and you can get your funds the same day.
3. SoFi Debt Consolidation Loan
SoFi offers debt consolidation loans with competitive interest rates starting at 5.99%. You can borrow up to $100,000, and the loan terms range from 2 to 7 years. SoFi also offers no fees, no pre-payment penalties, and same-day funding.
4. Upstart Debt Consolidation Loan
Upstart offers debt consolidation loans with competitive interest rates starting at 5.67%. You can borrow up to $50,000 and the loan terms range from 3 to 5 years. Upstart also offers no fees or pre-payment penalties, and you can get your funds the same day.
5. LendingClub Debt Consolidation Loan
LendingClub offers debt consolidation loans with competitive interest rates starting at 6.95%. You can borrow up to $40,000, and the loan terms range from 3 to 5 years. LendingClub also offers no fees or pre-payment penalties, and you can get your funds the same day.
6. Discover Debt Consolidation Loan
Discover offers debt consolidation loans with competitive interest rates starting at 6.99%. You can borrow up to $35,000 and the loan terms range from 3 to 7 years. Discover also offers no fees or pre-payment penalties, and you can get your funds the same day.
7. Prosper Debt Consolidation Loan
Prosper offers competitive rates for debt consolidation loans, with rates as low as 5.99%. Additionally, rates may be lower for those with good credit scores. Borrowers can apply for loans ranging from $2,000 to $40,000, with loan terms of 3 or 5 years.
8. Avant Debt Consolidation Loan
Avant offers debt consolidation loans with competitive interest rates starting at 9.95%. You can borrow up to $35,000 and the loan terms range from 2 to 5 years. Avant also offers no fees or pre-payment penalties, and you can get your funds the same day.
9. Wells Fargo Debt Consolidation Loan
Wells Fargo offers debt consolidation loans with competitive interest rates starting at 6.99%. You can borrow up to $30,000 and the loan terms range from 3 to 7 years. Wells Fargo also offers no fees or pre-payment penalties, and you can get your funds the same day.
10. PenFed Credit Union Debt Consolidation Loan
PenFed Credit Union offers debt consolidation loans with competitive interest rates starting at 3.99%. You can borrow up to $25,000 and the loan terms range from 1 to 5 years. PenFed also offers no fees or pre-payment penalties, and you can get your funds the same day.
Final Thoughts
If you have fair credit and are looking for a loan to help you consolidate your debt, there are a number of options to consider. From LightStream to PenFed Credit Union, there are a number of lenders offering competitive interest rates and loan terms. With the right loan, you can get out of debt faster and start rebuilding your credit.
