If you are feeling troubled over your debt situation, the thought of getting a personal loan to consolidate your debt may have crossed your mind. To make it worthwhile to consolidate your debt, you need to find a personal loan that has lower interest charges. The following are the 3 best debt consolidation personal loans with the lowest interest rate.
SignatureLoansNetwork has a platform to connect borrowers with multiple lenders charges an interest rate starting from 3.09% which is the lowest compared to other lenders. The maximum interest rate they charge is 14.24% with the autopay option. SignatureLoansNetwork is quite generous as many of their lenders offer options for extending the loan and they can lend up to $100,000 if you have the income proof. To be a good candidate of an online loan, you must have a credit score of at least 660 and show a credit history of a few years. They also require their applicants to have a steady job and you must own assets. Signature Loans Network allows joint application for people who don’t have sufficient credit score to meet the lending requirement. They ares fast to release the funds and you can expect the funds to be in your account in the same day of approval.
Sofi personal loan interest rate is the second lowest in the range of 5% to 15%. You can request for a loan as little as $5,000 and up to $100,000 from Sofi. Sofi loans are harder to qualify as it requires you to have a credit score above 700 and an income above 100,000. Sofi is good to its customers by giving them the ability to stop making payment for up to 3 months. This allows them to have time to find a job so that they could continue making repayment on the loan. You can change the due date for your own convenience. Borrowers also don’t have to pay any late and overdraft fees. It can take up to 1 week to receive the fund from the loan.
Marcus personal loan offers low interest rate from 6.99% and can reach up to 23.99% depending on your creditworthiness. With Marcus personal loan, you can submit an application for a loan amount in the range of $3,500 – $40,000. Marcus loans do not charge any type of fee other than the interest fee. Applicants must have a credit score higher than 660 and an established credit score. Marcus allows you to skip payment once every 12 months. You have the flexibility to choose the loan term which can range from 3 – 6 years. It takes up to 4 days to receive the funds once Marcus approve your loan application.