We recommend that borrowers have credit scores of at least 660 (preferably 680) and sufficient income to support repayment if you want to improve your chances of getting approved.Marcus is owned and operated by Goldman Sachs, so there’s a well-known bank behind the name.One thing we like about Payoff is the company only makes credit card debt consolidation loans, and Payoff offers a number of tools and services to make it easier to stay on track paying off your credit card debt.For one, the company gives its users free FICO credit score updates as well as regular check-ins with its member support team to help you keep on track of your progress.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.
Best for: Borrowers with good credit who want to avoid fees.
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One of the most common reasons individuals take out a personal loan is for debt consolidation, especially to consolidate credit card debt.
With Marcus, there are no origination, late, non-sufficient funds, returned payment or prepayment fees.
If you make a late payment, for instance, you will only pay the extra interest that accrued during the period you were late.
We recommend So Fi for borrowers with good to excellent credit scores looking to consolidate debt or pay off credit cards.