The site is informative and well designed, but this is only a referral site.
Its website is easy to navigate, with clearly disclosed rates and fees.
Prosper does charge an origination fee of 1% to 5% of your loan, and there are fees for late payments ($15 or 5% of the outstanding amount) and unsuccessful payments ($15 per occurrence).
However, you’re subject to higher APRs with Avant, which means this probably won’t be the best choice for those with good or excellent credit.
Pros Upstart, which makes loans from $3,000 to $25,000, focuses on younger buyers who might be having trouble getting loans due to a shorter credit history.
It also offers flexible terms from 24 to 84 months, and there are no fees whatsoever. You’ll need top-notch credit, significant income, and substantial assets to qualify.
That’s a tall order for most people who are considering debt consolidation, so this is definitely a niche service.
The best debt consolidation loans have a balance of low fees, competitive interest rates, and flexible terms.
Here is a full list of the criteria I considered while making my picks: After considering all of these criteria, Lending Club, Avant, and Personal rose to the top of my list.
Debt consolidation lets you roll several debts into one loan with a lower interest rate and longer payment term.