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Debt Consolidation

Best Debt Consolidation Providers of 2020

By Ed Miles – July 19, 2020

During these difficult times, debt consolidation and debt relief loans have become a popular strategy to deal with high levels of credit card and other debt. The purpose is to make one low monthly payment at a lower interest rate. It makes it easier to manage so you will be in a better position to pay it off.

Debt Consolidation

  1. BEST OVERALL: Credit Associates
  2. BEST FOR LARGE AMOUNTS OF UNSECURED DEBT: Fiona
  3. BEST FOR DEBT CONSOLIDATION WITHIN MONTHS: Monevo
  4. BEST CUSTOMER SERVICE: Lending Tree
  5. BEST FOR FREE CONSULTATION WITH DEBT COUNSELOR: Credit Associates
  6. BEST VAST INDUSTRY EXPERIENCE: BadCreditLoans.com
  7. BEST FOR IAPDA AND AFCC ACCREDITED: Credit Associates

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Credit Associates

Credit Associates Review

5/5

BadCreditLoans.com Reviews

4/5
Loan Marketplace For Low Credit Score Borrowers

Fiona Reviews

4/5
Automated Online Loan Marketplace

LendingTree Reviews

4/5
Largest Lending Network In US

Monevo Reviews

4/5
Free Online Loan Platform

PersonalLoans.com Reviews

3/5
Loan Marketplace For All Credit Scores

Debt Consolidation: Many Different Options

Debt Resolution

 “Debt Resolution,” also known as “Debt Settlement” or “Debt Negotiation,” is an increasingly popular option.

Credit Associates, our top-rated debt resolution company, negotiates with creditors on your behalf to reduce the total amount you owe, have the creditor take a loss on the remaining debt balance, and agree to a new deal with creditors to make monthly payments over a 2 to 3 year period.

A debt resolution program will negatively affect your credit score but it will allow you avoid bankruptcy and your credit score will likely improve once you complete the program.

Your days of being taken advantage of will be over.

Pay Off Debt In Monthly Installments

If your debt is manageable, you can pay off your debts in monthly installments and manage the entire process on your own. You should keep in mind that if you can only afford to make the minimum monthly payment, you may be in for a long ride. A $2,000 credit card balance that carries an 18% annual rate can take just over 30 YEARS to pay off in you only make the 2% minimum monthly payment every month.

Be sure to put as much extra money as you possibly could towards the accounts with the highest interest rate as you pay off each credit card.

Home Equity Loan

If you are a homeowner, you may want to consider a home equity loan. Home equity loans and lines of credit are practical and convenient ways to access cash. By tapping the equity in your home, you can borrow cash at low interest rates.

There are  a few risks associated with home equity financing.

  • The interest rates may only be fixed for a few years and are subject to periodic rate increases.
  • If you don’t pay, you may lose your home to foreclosure.
  • The equity in your home fluctuates.
  • Making minimum payments could make things even worse down the line.

It is best to keep this in mind when you are weighing all of your options to consolidate debt.

Bankruptcy

Filing bankruptcy is generally the last resort. If you are unable to pay your debts and you don’t see any other way out, you should contact a bankruptcy professional to get legal advice. You should keep in mind that in a bankruptcy, you are at risk of losing all your assets and possessions. A bankruptcy will negatively impact your credit score for the long term and it is up to the court to decide if you qualify for a Chapter 7 (entire debt wiped out) or a Chapter 13 (a percentage of the debt will be wiped out).

There is a reason Credit Associates is ranked #1. They are a debt relief industry leader, working with clients to provide dependable and affordable debt resolution for credit cards and personal loans. Their team of professional debt consultants provides superior personal service with an emphasis on client satisfaction. Their software allows clients to track their progress through a user-friendly mobile app.

Credit Associates

Editor’s Choice – Best Overall

Credit Associates

Highlights

  • Accreditation: American Fair Credit Council, Consumer Affairs, International Association of Professional Debt Arbitrators
  • Consultation: Free phone consultation
  • Costs: An industry standard percentage of the total debt enrolled
  • Customer Service: Telephone & email
  • Debts accepted: Credit card debt and personal loans. Minimum debt considered $10,000
  • Free resources offered: Debt relief blog, debt counseling service, state of the art client portal
  • Restrictions: Not available in all states
  • Service offered: Debt settlement through direct negotiations
  • Trust ratings: 9.6 Trustpilot score
  • Turnaround time: 24 to 36 months

How Does Credit Associates Work?

CreditAssociates charges no upfront fees but only a percentage of the total debt for their services, which is standard for the industry. The mission is to resolve your debt within 24-36 months and get you out of debt for a fraction of what you owe. You won’t be charged any fees until your debt is successfully resolved.

Pros and Cons

PROS

  • Online dashboard to keep tabs on your debt settlement
  • AFCC accredited
  • No fees until your debt is settled

CONS

  • May receive calls from creditors until debt is settled
  • Not available in all 50 states

AmOne

AmOne Review

Amone Loan Fast Facts

Loan Amounts: $1,000 to $50,000
APR: 6.78% to 35.99%
Minimum Credit Score: Available for all credit scores

  • Loan Type: Unsecured personal loans
  • Repayment Terms: 12 to 84 Months
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: Consumers looking to finance projects that require quick funds

AmOne Cost of Loan

AmOne offers flexible short-terms loans ranging from $1,000 to $50,000, APRs from 6.78% – 35.99%, and repayment options ranging from 12 days up to 84 months. Range of rates change depending on your lender, this might include a 3% origination fee.

Pros & Cons

Pros

  • Can apply with a co-applicant
  • Extended Network of lenders offering great deals
  • Positive customer reviews
  • Variety of loan terms and amounts

Cons

  • Not enough information on potential rates and terms
  • May receive numerous calls and emails from lenders 
  • Insufficient customer support  

Fiona

Fiona Debt Relief

Fiona Fast Facts

Loan Amounts: $1,000 to $100,000
APR: 4.99% to 35.99%
Minimum Credit Score: 580

  • Loan Type: Personal Loans
  • Repayment Terms: 24 to 84 Months
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: People who want to compare multiple loan offers

Fiona Cost of Loan

Fiona offers flexible personal loans ranging from $1,000 to $100,000, and competitive APRs from 4.99% – 35.99%. Repayment options range from 24 to 84 months. All loans are unsecured, meaning that the loan is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral. 

Pros & Cons

Pros

  • Single application for multiple lenders
  • Will not affect credit score
  • Wide range of loans available
  • Great customer service

Cons

  • Limited number of providers
  • No loans for individuals under 21 years old
  • No debt counseling

Monevo

Monevo Debt Consolidation

Monevo Loan Fast Facts

Loan Amounts: $500 to $100,000
APR: 3.49% to 35.99%
Minimum Credit Score: None

  • Loan type: Fixed rate unsecured personal loans
  • Repayment terms: 3 months to 7 years
  • Direct lender or marketplace:  Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: Anyone looking for a loan with good terms

Monevo Cost of Loan

The cost of the loan, interest rates, penalties and fees is ultimately determined by Monevo’s lender partners. Consumers should be communicating with the lender directly to determine the actual cost of the loan. Due to the multiple lenders on the loan platform, Monevo has advised that rates will fall between 3.49% and 35.99% subject to the lender’s credit requirements.

Pros & Cons

Pros

  • Wide range of loan amounts
  • Quick online form
  • Monevo’s online form does not negatively affect the consumer’s credit score
  • Transparent and upfront about their partners
  • Awarded The Sunday Times Tech Track 100 in 2013 for Fastest Growing Financial Technology business in the UK & The Queen’s Awards for Enterprise in Innovation in 2017

Cons

  • Limited to the lending partners in their network
  • Expect to get a lot of phone calls and emails from lenders.
  • Manual and/or automatic underwriting

BadCreditLoans.com

Bad Credit Loans

BadCreditLoans.com Fast Facts

Loan Amounts: $500 to $5,000
APR: 5.99% to 35.99%
Minimum Credit Score: Any

  • Loan Type: Short-term loans
  • Repayment Terms: 3 to 36 Months
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: People with poor credit, scouring for a loan offer to suit their needs

BadCreditLoans.com Cost of Loan

BadCreditLoans.com offers flexible short-terms loans ranging from $500 to $5,000, APRs from 5.99% – 35.99%, and repayment options ranging from 3 days up to 36 months. All loans are unsecured and do not require any collateral.

Pros & Cons

Pros

  • Simple form and quick funding
  • No loan request fee
  • Multiple services
  • Helping those with bad credit since 1998

Cons

  • Reviews are mainly negative
  • Not a direct lender
  • Lacks BBB accreditation

LendingTree

LendingTree Debt Relief

LendingTree Loan Fast Facts

Loan Amounts: $1,000 to $50,000
APR: 3.99% to 35.99%
Minimum Credit Score: 629

  • Loan Type: Secured and unsecured personal loans
  • Repayment Terms: Varies based on Lender
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: Comparing a variety of loan options

LendingTree Cost of Loan

LendingTree’s personal loan offers yields with an average APR range of 3.99%-35.99%. However, only those with good to excellent credit will qualify for the low end of this spectrum. All other fees will vary depending on the lender.

Pros & Cons

Pros

  • A single application to pre-qualify for most lenders
  • Loans up to $50,000
  • Use your loan for any purpose
  • High ratings on BBB and Trustpilot
  • Responsive customer support

Cons

  • Not a direct lender, meaning rates can vary
  • Good to excellent credit required
  • May receive a large amount of calls and emails from its network partners

PersonalLoans.com

PersonalLoans.com

PersonalLoans.com Fast Facts

Loan Amounts: $500 to $35,000
APR: 2.47% to 35.99%
Minimum Credit Score: 580 score

  • Loan Type: Peer to Peer, Installment Loans, Bank Personal Loans
  • Repayment Terms: 3 to 72 Months
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: Varies by Lender
  • Best For: Anyone looking to get loan quotes from several financial institutions

PersonalLoans.com Cost of Loan

Personal Loans has some of the most flexible terms anywhere, with loans ranging from $500 to $35,000, APRs from 5.99% – 35.99%, and repayment options ranging from 90 days up to 72 months. The versatility PersonalLoans.com offers simplifies the communication between both parties (lender and borrower).

Pros & Cons

Pros

  • Access to a large network of lenders
  • Easy process
  • Lending network includes banks and credit unions
  • No hard credit pulls

Cons

  • Possible payments twice a month
  • Not a direct lender
  • Disclosing significant personal information
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