Upstart is a newer lending platform, having only been in business since 2012, and was founded by previous Google employees who wanted to disrupt predatory lending practices often found in the subprime space.
Upstart offers loans of up to ,000, and borrowing terms are based on far more than just your credit score, such as your career trajectory and income.
For example, let’s look at our hypothetical friend, Pete.
Our friend Pete has a total of ,000 of debt, spread across four accounts, like so: Not only does each of Pete’s debts have a different lender, but they all have different interest rates — some of them quite high.
One Main Financial has been around for more than 100 years.
You’ll need to visit a branch to apply for a loan of up to ,000, but that shouldn’t be a problem, as 5 out of 6 Americans live within 25 miles of a branch.
Not only are you forking over your hard-earned cash to pay on those interest rates, but juggling multiple payments each month can lead to forgotten or missed payments.
Student loan consolidation can be a big help to recent graduates struggling to pay multiple student loans after leaving school.
It can be a good way to simplify the payments — a new student loan for every year or semester can mean a number of different hands in your pocketbook — as well as potentially trade a variable interest rate for a fixed one.
Keep reading to learn more about debt consolidation, or skip ahead to find reviews of our top companies for best debt consolidation loans.
How it Works | Company Reviews | Bad Credit Approval Tips — several loans with different terms into one loan, hopefully with more favorable terms.
You’ll want to comparison shop loan terms, as well as check out the reputation of the providers, before entering an agreement.