Best Debt Consolidation Loan Companies For 2024

Shatakshi Sinha

In today’s busy world, you must make things as easy as possible. One way to do that is by using debt consolidation to manage your outstanding monthly payments. 

You can pay everything off in one easy monthly payment, making it easier to settle your outstanding balances and keep track of your multiple debts.

Some people may do this using the best debt consolidation loans, which we will discuss in this article. 

The benefits of this approach are outstanding. For example, you may use a lower interest rate on your debt consolidation loans. So, let us learn more about the best services to consider for debt consolidation.

Our Best Picks For Debt Consolidation Loans 2023

Overall Best Bad Credit Personal Loans With Guaranteed Approval $5000, Editor’s Pick


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Most Popular Online Platform To Get Personal Loans


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Overall Best Debt Consolidation Loan, Editor's Pick

Our first service is an extensive network of lenders specializing in short-term loans. Here, you will find over 60 lenders that can help with loans, whether your goal is debt consolidation or getting some extra money for an expense.

You begin by going to their site and filling out the pre-qualifier questionnaire. Then, lenders capable of lending to you will contact you with no credit check loans regarding your credit score.

Overall, this site allows you to connect with lenders to obtain the financial assistance you need. The best part is you can access your funds after approval in as little as one business day.

This company is legitimate, and you will feel confident working with them. They first opened their doors in 2010, and their mission is to get Americans the money they need with as little stress as possible.

They act as a middleman — they gather your information and send it to a vast lending network, who then come to you with debt consolidation loan offers and interest rates. Everything is done online, so you can easily do it from the comfort of your home.

After choosing the loan that makes sense for you, you will carefully review the Terms & Conditions. Then, you will accept the loan funds if they suit your needs.

The payment loan amount, interest rates, and loan terms are specific to your lender, not the MoneyMutual network itself. So, read them thoroughly and carefully before you agree to anything.


Users of the MoneyMutual network love the site for its clean design and user-friendly interface, but that is just one of the many features this site offers.

Here are some of the best features of MoneyMutual: 

  • Short-term loans up to $5,000
  • Funds deposited in 24 hours or less
  • Easily compare terms, rates, and amounts from many lenders in one place
  • Over two million satisfied clients and counting
  • The pre-qualifying form takes only five minutes to fill out

You are also going to love the many loan types MoneyMutual offers. We know you are here because you want the best debt consolidation loans, but knowing what they offer could help you in the future. The loan types include:

These loans are high-interest and loaded with fees. So, make sure paying off this debt will be fine when it comes due. Otherwise, you could get trapped in a cycle of debt.


  • Free service
  • Fast and easy approval
  • Funds transferred directly to your bank account within 24 hours
  • Educational resources available on the website


  • Not all loan services are available in every state/territory of the U.S.
  • Often comes with high interest

Customer Experience

We found an overwhelmingly positive response to MoneyMutual’s services from customer reviews. One user described this platform as a “lifesaver” when he desperately needed quick funds. In addition, customers loved the ability to obtain a loan despite having a bad credit score. Overall, users have been satisfied with the services provided by MoneyMutual.

Top Personal Loans for Consolidating Debt

BadCreditLoans says, “We can help when others can’t.” This is encouraging if you need financial help through a loan. This platform is designed for people who need more credit or have no credit. Those who struggled in the past can rebuild and get a second chance, as they can be a great way to improve your credit score.

These loans can be used for many things; however, you should only use them for necessary expenses, such as medical bills or, in this case, debt consolidation. Moreover, BadCreditLoans is a lot like MoneyMutual because it is a marketplace of lenders.

The loans offered are not directly from BadCreditLoans. Instead, it connects you to a massive network of lenders, and they send you offers to consider. You must complete the pre-qualifying application to see what lenders are available.

The interest rates on bad credit loans are higher, and fees could be more significant than people with good or fair credit scores. Plus, these loan amounts are lower than other lenders. This organization will be your best bet if you want to consolidate your debt relief and credit score.

They have been in business since 1998 and are a legitimate business, and they even offer tribal lending on top of traditional loans.

However, tribal loans are also high-risk because they follow tribal laws set forth by Native American loan companies operating on tribally owned land instead of federal laws that virtually all lenders need to follow. So, read the terms carefully if you opt to go this route.


Here are a few of the great features we noted while using BadCreditLoans.

  • Loans available in amounts from $500 to $10,000
  • Quick approval and funding
  • The simple and fast application process
  • Money reaches your account the next business day
  • Compare offers from several lenders

We also took note of the site’s Education Center. This is where you go if you need to learn about loans, such as auto, student, and business. They discuss loan scams, which everyone should be informed about, especially if you have a poor credit score. You can contact them using the number on their website for guidance, and we loved how easy they made it to speak to them.


The customer service reps are also helpful and knowledgeable about the site. However, queries about your loan have to go to the lender providing that loan, not BadCreditLoans.

BadCreditLoans primarily offers personal debt consolidation loans, and they avoid putting those with poor credit scores in the wrong spot. For example, we noted that someone with a FICO score of 500 or less would be loaned at most $1,000.

And, with personal debt consolidation loans, you can use them for any reason. However, you should not be tempted to use your loan for anything except debt consolidation.

To qualify for a loan, you must:

  • Be 18 years old
  • Have a valid email
  • Provide documentation that you are a U.S. citizen
  • Provide work and home phone numbers
  • Have a checking account in your name
  • Have proof of regular income, whether it is a government benefit, such as disability/Social Security, self-employment, or full-time employment

Another thing we love about using BadCreditLoans is how short the process of getting your debt consolidation loan is, as it can be broken down into four easy steps.


  • Compare multiple lenders at once
  • Free service
  • Multiple contact methods
  • It may help you build your credit
  • Provides quick loans for those with poor credit


  • Loans are small, especially for those with poor credit
  • Marketing messages may be sent to you
  • High-interest rates

Customer Experience

Customers have raved about the service provided by BadCreditLoans, stating their appreciation for the ability to receive a loan quickly, even with the best bad credit score sites. Moreover, users like that they feel confident providing their personal information, as this platform values and protects user data, thus ensuring privacy.

In addition, customers have reported the site is very user-friendly and professional, and the platform clearly explains each step of obtaining a loan. This provides customers with a seamless experience in times of financial need.

Top-Rated Debt Consolidation Loan Provider

With CashUSA, you must submit a short application and let them do the rest. Lenders will flock to you in minutes if you qualify for a loan and bring offers based on your entered information.

Once again, CashUSA is another loan marketplace with a network of lenders coming together to provide many options for people who need to borrow money. Just like MoneyMutual, it is good to think of this as a “go-between,” as they bring forth all the loans.

In addition, we discovered no credit score checks are performed on borrowers with CashUSA. This is ideal if you have a poor credit score, but bear in mind higher interest charges and service fees are inevitable if you go with this company.

Loans start at $500, cap off at $10,000, and interest begins at 5.99% and stops at 35.99%. Also, remember that CashUSA is not a loan provider or servicer. Therefore, you will have to contact your loan company directly to ask them any questions/address any concerns you may have about the loan.


Like the other sites in this article, CashUSA has some pretty nice features, including:

  • Loans offered from $500 to $10,000
  • Quick approval
  • Funds deposited directly into your bank account
  • Loans can be used for anything
  • Bad or no credit holders are accepted

Many lenders are working for you, and this is their best feature. It is easy to cast a wide net and see what offers are available, which is much easier than calling a dozen or so places and writing down all that information. They will only direct you to lenders approved to do business in your state.

Another great feature is the ease of the process from start to finish. You start by filling out a quick form, which just asks for basic info, such as zip code, birth year, and SSN’s last four digits. Then, you complete the entire form, which asks for more information, such as name and email, employer info, military status, income, and financial institution information.

Once complete, you submit the form, and the offers start rolling in. Once you have found a loan that makes sense to you, simply click on it, and review the contract closely. If you decide it is suitable for you, you will provide whatever info that particular lender needs, receive your funds the next day, and start repaying the loan.

Another thing we liked is that this platform is entirely free to use. Therefore, you do not need to pay anything to use the CashUSA network of lenders. No extra fees will be tacked onto your loan agreement, nor do you have to enter a credit card number to use the site.

Another exciting feature is the loan amounts. This network offers lower loan amounts than other companies we have reviewed, presumably because they accept borrowers with bad or no credit.

However, loans only go up to $10,000, and the maximum term for a loan is six years. This is for those with both good credit and bad credit. While a smaller loan is easier to repay, more is needed for debt consolidation loans.

Next, you will find that just about everyone can be qualified. So many lenders are working with the CashUSA network that you are almost guaranteed to be approved. However, there are some basic eligibility requirements you will have to meet, including:

  • Must be at least 18 years old
  • You must have a checking account in your name
  • Must have an email address and phone number
  • Must have at least $1,000 in monthly income
  • Must be a citizen or permanent resident of the U.S.

Next, we liked that the loan is free to be used for any purpose. However, if you are taking out a loan with the help of CashUSA or any of our featured lending networks, make sure it is for a good reason. Remember, you are here to consolidate your debt, not add to it.

Therefore, you should not use these loans for frivolous reasons, such as taking a vacation or buying things you do not truly need. You should also look for other ways to get money before taking a loan, such as working extra hours or finding a side gig.

However, you are free to use the loan as you like, and it is excellent if you need something that banks do not typically finance, such as purchasing new furniture or costs associated with moving.

Next, we liked that CashUSA makes repayment easy, as it is a breeze to repay the money you have borrowed using the lender’s automatic withdrawal method.

You simply enter your bank account details, which is how your funds get deposited. This may also be used for autopay, and the funds will be withdrawn automatically. So, you never have to miss a payment and ensure the loan is repaid on time.


  • No minimum credit score required
  • Free service
  • Safe, secure, and convenient site


  • Minimum income of $1,000 to qualify
  • Interest rates tend to be high

Customer Experience

With CashUSA, customer reviews revealed an appreciation for their excellent customer service. Users have stated their experience with customer support told the representatives were professional, attentive, honest, and took the time to make sure they understood every part of the process. Moreover, they liked that the customer support staff were readily available to promptly answer any questions or concerns.

Top Debt Consolidation Loan: Up to $35,000

Our final lending network is Personal Loans. Like the other networks, they match borrowers who need money to lenders who approve them.

They are headquartered in Utah and provide loans to those with fair to excellent scores. However, we encourage you to look elsewhere if you need a better credit score.

They also require you to have no accounts over 60 days late, no recent or active bankruptcies, and no credit history of late fee payments.


Personal Loan is a free service, and for that, we are grateful. After all, you will be paying interest and other fees associated with getting a loan, so getting something for free helps out.

The rates are fair, too. This company caters to people with acceptable to excellent credit scores, so the rates reflect that.

Furthermore, the loans can be used for any reason. Whether your goal is debt consolidation or something else, you can use the emergency loan. As we have said before, only use it for things you need, not things you simply want.

Funding also happens fast, as you will get your money by the next business day. Then, they deposit it directly into your bank account.

Lastly, we loved the customer service. If you have any concerns or queries about the Personal Loans service, you can contact them using their email or phone number. Customer service reps are available Monday to Friday from 6 AM to 7 PM Pacific Time.

Remember, though, they cannot answer questions about your specific loan but can answer any questions you have about the site itself.

There are a few requirements you have to meet if you want a debt consolidation loan with Personal Loans, including:

  • Having proof of income, whether it is full-time employment, Social Security or disability payments, or self-employment
  • Being 18 years or older
  • Having a valid Social Security number
  • Being a U.S. resident or permanent citizen
  • Having a checking account in your name
  • Having a fair to excellent credit score, no recent charged-off accounts, and no recent/active bankruptcies


  • Loan terms from 3-72 months
  • Great interest rates, especially if you have a good credit score
  • Loans up to $35,000
  • Extensive lending network accessible
  • Works with actual credit unions/banks to provide loans


  • Not available to bad credit holders

Customer Experience

Overall, customers have been satisfied with the service provided by Personal Loans. They have stated they received an excellent and competitive APR and received their funds directly in their bank account within 24 hours, making this platform perfect for anyone in rapid need of cash.

Moreover, customers were happy with the easy-to-use website and simple application process. From applying and being approved to browsing through lenders, accepting an offer, and receiving their funds, users have had a seamless experience with Personal Loans

How We Ranked The Best Debt Consolidation Loans

Are you new to debt consolidation? Check out our guide below, as we have outlined the benefits and the risks, plus the multiple debts people most commonly consolidate.

  • Pay Less Interest: If you can consolidate multiple debts with high interest ( in the double digits) into a single loan with an interest rate of 10% or less, you will likely save hundreds of dollars compared to paying each loan individually.
  • Easy Repayment: Keeping track of many credit card debts or loan installments every month is challenging, especially if they come due on different days. You can streamline the process by paying one debt consolidation loan payment, and staying on top of your payday loan installments becomes easier.
  • Boost Your Credit Score: You may see a boost in your credit score if you decide to consolidate your debt. By paying off your credit card debt using a debt consolidation loan, you bring down your credit score-use ratio, and your credit history of on-time payments could improve as you make a single, one-time payment every month.
  • Upfront Fees: You will likely have to pay upfront costs associated with the loan upon taking it out. These could come in origination fees, closing costs, or balance transfer fees. However, ensure these fees do not outweigh any savings you hope to gain as part of your debt consolidation efforts.
  • Collateral May Be Required: Depending on the lender, you may be asked to provide collateral. Remember, this collateral may be seized if you stay caught up on your loan payments.
  • Debt Cost Could Be Raised: Your likelihood of saving money using a debt consolidation loan depends on structuring that loan. If you have an interest rate similar to the loans you are already repaying but select a longer loan term, you will pay more interest charges over time.

By refinancing using a lender that offers debt consolidation loans, you could pay less interest over time. However, it should be noted that if you refinance or consolidate, the loan terms could be reset, and the overall cost could increase. So, review all times of your loan carefully so you do not spend more.

  • Student Loan Debts: If you have many student loans you are dealing with, consolidating those can give you peace of mind and a single monthly payment. Some lenders offer consolidation loans at competitive interest rates, some much lower than the interest rates for student loans.
  • Credit Card Debt: You can do a debt consolidation credit card balance using a 0% APR balance transfer credit card, personal, or home equity loan. The best way to consolidate credit card debt is to find a funding source with a lower interest rate than your everyday credit score card. Choosing the 0% option will determine when the interest rate changes.
  • Medical Debt: If you have incurred many medical bills, consolidating your debt into a single monthly payment can make life easier. If your insurance or doctor’s office does not offer repayment plans or the installments they do have are too expensive, a personal loan may be your solution. Personal loans come with lower interest rates than credit score cards, which could allow you to avoid bankruptcy thanks to expensive medical bills. A 0% APR credit card is also an option, but only if the credit card debt can be repaid before the interest rate goes up

Deb consolidation is the way to go, and some of you may be excited about applying for a loan and opening up a new chapter in your quest to pay down debt. But before we go into that, make sure this method of eliminating debt suits you.

Here are some factors to consider:

  • What does your credit score look like? You will get a better interest rate and better loan terms if you have a good credit score. Typically, this starts at 670 for FICO scores.

  • What interest rate is your current debt consolidation loan? If you can get a personal loan for a lower interest rate than what you currently pay, consolidating debt could save money on interest.

  • Have you formulated a plan for the repayment of your loan? One thing to think about is how you plan on repaying your debt. Credit scorecards are tempting because they offer a “revolving credit score,” meaning the moment you pay off part of the balance, you can use it once it is freed up and the payment has been applied. So, if you keep using the card even though it has been paid off and are only paying the minimum amount due instead of the total balance, you will always be in debt. So, make sure you are ready to stick to a repayment plan to climb out of debt.

FAQs: Regarding Best Debt Consolidation Loans For 2023

At first, it may hurt your credit score. To get a debt consolidation loan, for instance, a hard pull will need to be done on your credit score.

In addition, opening a new line of credit will temporarily lower your score. But you should see your scores climb with your continued on-time payments and decreased credit score utilization ratio.

Yes, but it depends on your credit score. Physically getting the loan is easy, as you can do it right from your computer or mobile device. However, the borrower’s credit score is the biggest issue with getting a debt consolidation loan.

A good credit score will make getting a loan with a lower interest rate and terms easy. Meanwhile, those with bad credit scores must contend with higher interest and lesser loan amounts.

All the companies featured on the lending networks listed in our article are safe ways of getting debt consolidation loans. These are legitimate companies, but they vary regarding the terms and conditions of the loans and their interest rate.

It is best to go with a local bank or credit union if you want to pursue a debt consolidation loan, but we know that is only sometimes feasible.

However, you can rest assured that local banks, credit unions, and the loan companies listed on Personal Loans, BadCreditLoans, MoneyMutual, and CashUSA are all safe to use.

Yes. With payday loans, you must repay the debt consolidation on your next payday. Some borrowers need help to do this. Thus, more fees are incurred.

Payday loan debt consolidation can help by combining these high-interest loans into one payment using a personal loan. Personal loans for debt consolidation feature lower fees and APR than payday loans, whose interest is incredibly high (400% in some cases). Therefore, they make it easier for borrowers to get out of debt.

Personal loans for debt consolidation are helpful in a variety of ways. For starters, it helps you pay for everything with one single, handy payment every month.

Second, debt consolidation loans are typically lower when it comes to their interest rates, which saves you money.

Third, it is a great way to get out of debt that continues to roll over, such as payday loans that can compound if they are not paid back on the due date.

It is also an excellent way to raise your credit score, provided you can avoid using your credit card debt/taking out additional loans as you pay off the debt consolidation loan.

Conclusion: How do I know if a debt consolidation company is legit?

As you can see, getting a debt consolidation loan is easy if you need it. However, you must be ready to change your spending habits. These loans can only work if you are willing to stop using your revolving line of credit/opening up other installment loans.

If you are ready to change your spending, pay off that debt once and for all, and bring up your credit score, a debt consolidation loan could be for you. However, read all terms and conditions of your loans for debt consolidation carefully before signing. Good luck!

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