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Best rates for consolidating debt

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But he concedes that it sometimes makes a lot of sense, especially if you’re swamped with high-interest payments and can swing a better rate with a loan.Borrowing money is also personal, and the rates and terms available to you will depend a lot on your financial history.

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“You should start with the idea that the last thing you should do is borrow money to fix your problem,” says Bill Dallas, co-founder and CEO of Cloudvirga.It’s typically considered for people who have high consumer debt.But most of the time, after someone consolidates their debt, the debt grows back. They still don’t have a game plan to pay cash and spend less.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.Not only does that simplify your debt payments, it can also help you save money.They also probably haven’t saved for all of the “unexpected events,” which will eventually become debt too.

In other words, the good money habits for staying out of debt and building wealth aren’t there—their behavior hasn’t changed—so it’s extremely likely they will go right back into debt.

One of the most common reasons individuals take out a personal loan is for debt consolidation.

To help you find the best loan for consolidating your debt, we looked at over 50 different personal loan companies.

Below, we highlight our top picks for the best personal loans for debt consolidation.

We recommend So Fi for borrowers with good to excellent credit and for those who want a lender with a personal touch.

But each caters to a different credit score range: Prosper, an online marketplace lender, is right in the middle with a credit score cutoff at 640; Avant is willing to go as low as 580; and the average So Fi borrower has a credit score of 700.