Best Debt Consolidation Loan?

ridgebackpilot · ‎12-15-2019

I need to pay down some credit card debt and thus am looking for a debt consolidation loan. I get a lot of offers via mail as I'm sure most of us do. But what's the best choice? Anyone care to share their recent experiences and rates?

I may be able to borrow against my retirement savings (401k), which probably would be the best choice. But if that's not possible, what are the best debt consolidation loans on the market?

Thanks!

FireMedic1 · ‎12-16-2019

Need some info first. How much are you talking about to borrow. Scores. Any negs lately. You could list out the debts and let us see if a plan can be done to aviod the loan.

Creditors Name/Credit Line/ Balance/APR

FlaDude · ‎12-19-2019

IME, the best is the one with the best interest rate and little or no origination fee. CK and NerdWallet make it easy to cross shop a bunch of lenders with an SP. Over the past 2-3 years I've gotten loans with Marcus (5.99%), Prosper (7.14 +1% origination fee) and Lending club (5.9% + 1% origination fee), all through the prequal pages on CK and NW.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)

CreditCuriosity · ‎12-19-2019

Lightstream hands down has best rates if you have excellent credit and not over extended.. 36 month debt consolidation term 5.x apr.. No fees, no bs... If you have a choice use them..