6 Reputable Debt Consolidation Companies

To select an effective debt consolidation company, begin by creating an inventory of your debts and their payment terms. Next, investigate interest rates using an online calculator.

Make sure that lenders offer competitive APRs and no origination fees, in addition to flexible loan amounts and repayment terms that work for consumers – unemployment protection and financial counseling can also be key features to look for in lenders.

1. AmOne

AmOne was established in 1999 and acquired by Quinstreet in 2018. As an online loan marketplace, AmOne assists borrowers in finding loan programs tailored specifically to their individual needs, such as personal loans, unsecured loans, home improvement loans and credit cards – as well as debt consolidation solutions.

AmOne draws on data collected by three credit reporting agencies (or bureaus) to build up a borrower’s personal financial profile and score. This includes information such as borrowing history and repayment plans, the number of open credit accounts in their name and any relevant details that might help construct this picture of their life and finances.

AmOne partners with several reputable lenders to assist customers in reaching their financial objectives, such as Upstart, Prosper, Payoff, Marcus by Goldman Sachs and LightStream.

2. Upstart

Upstart offers more flexible loans for debt consolidation than traditional banks or lenders do, by considering multiple factors like education, income and employment to determine eligibility for loan approval. They don’t impose minimum scores either but prefer that their borrowers possess an acceptable debt-to-income (DTI) ratio below 45% in most states.

Trustpilot rates them 4.9 stars out of 5, with excellent consumer reviews across several platforms. Unfortunately, however, some reviews highlight their lengthy application process and difficulty getting assistance with bill payments or Covid-19 assistance. You will need to upload documents such as pay stubs and W-2 forms, along with government-issued ID to verify your identity before being approved for a loan.

3. SoFi

SoFi is one of the largest marketplace lenders offering personal loans and refinancing. When assessing creditworthiness, SoFi considers multiple factors including cash flow, professional history and your responsibility towards meeting financial obligations – which gives borrowers a better chance at approval compared to lenders that only look at credit score data.

This lender offers various loan types, such as student and home loans. Furthermore, its investment platform features active and automated investing options like IPOs, fractional shares, ETFs and crypto investments as well as banking and credit card services.

SoFi has earned itself an exceptional reputation and is well known for providing great customer service, but their minimum loan amount is quite high and qualifying requires having an exceptional credit score.

4. Happy Money

Happy Money markets itself as a “financial wellness lender,” using science, psychology and technology to assist people in building healthier financial relationships. Their primary goal is helping credit card borrowers escape debt through tools and support provided along the way – such as welcome calls and quarterly check-ins from a Member Advocate.

Happy Money provides a fast online quote without impacting your credit score, with loan packages offering various maximum amounts, monthly payments, interest rates and repayment lengths to meet any need. Once approved, they’ll deposit their loan funds directly into your bank account or pay off any existing credit cards on your behalf.

5. Discover

Discover personal loans may make sense for borrowers with strong enough credit who value a lender that offers repayment assistance options, like temporarily lower monthly installments or suspend them, helping prevent default and save money in the long run.

Debt relief companies can assist you in eliminating debt by negotiating with creditors to settle what’s owed on an outstanding balance. Debt settlement services typically charge fees, while any adverse impact to your credit rating should be carefully considered before proceeding with this option.

6. Accredited

Debt consolidation loan providers typically require that applicants possess both good credit and sufficient income to cover all expenses. Some lenders also want proof of savings or financial stability as required for approval of debt consolidation loans.

Accredited Debt Relief is a top-rated company with an outstanding Better Business Bureau (BBB) rating, positive customer reviews and impressive debt settlement results. Their specialty includes helping resolve department store credit card debts, medical bills and personal loan balances.

Contrary to other debt management companies, they do not provide credit counseling services but instead specialize in debt settlement for people who have already decided that debt relief is their best solution. Furthermore, they only settle unsecured debts; no mortgages or car loans will be settled under this scheme.