You have great credit card consolidation options with Good credit
Consolidating your credit card debt can be one of the most effective ways of accelerating your debt payoff efforts. And if you have Good or Excellent credit, you have some really good options for companies to go with. We evaluated almost 60 different national lenders to get down to this list of companies. The criteria we used to evaluate them include the following:
- Criteria 1: Competitive APRs and fees
- Criteria 2: Positive reputation as a lending company
- Criteria 3: Size of the company and availability across the country
- Criteria 4: Features for people who are specifically trying to pay down their credit card debt
13 Credit card consolidation loan companies we think would be great for you
Okay, so here are the best credit card consolidation loans for people with Good or Excellent credit.
Happy Money
Happy Money is not the lender, but connects you to credit unions. They have really good terms, but that means it is likely to only be available to people who have credit scores above a 650. It’s lowest offered APR is higher than most anyone else’s, but it’s highest APR is lower than other brands. They will pay off your credit cards for you and won’t accept cosigners on the loan.
Sofi
SoFi is a great option if you need a sizable amount of money–they are one of the few companies that lend up to 100 grand. They don’t have origination fees or even late fees, so the total cost of the loan is in their interest rate. They offer discounts for people who use autopay or have a SoFi bank account with direct deposit. They accept cosigners on the loan and will pay off your credit cards directly.
Penfed
As a credit union, Penfed one of the lowest top APR for debt consolidation loans of any company on our list. They also do not charge an origination fee. They do have a high $29 late payment fee, though. They do offer the feature of adding a cosigner. And they won’t pay your credit card debts directly.
Citibank
Unlike many other banks, Citibank will offer their loans to new customers. There is, though, a minor discount to priority customers as well as a discount for paying through autopay. They will directly pay off your credit cards as well. Their maximum loan amount is $30,000, which is one of the lower amount for the companies on this list.
Axos Bank
Axos Bank’s pretty high minimum loan amount of $7000 and a minimum credit score of 730 means that this loan is really only for people with Excellent credit and a decent income. They have competitive APRs and a low origination fee. They do not pay your credit cards off directly, so it’s unclear whether they take into account the fact that their loan won’t increase your debt-to-income ratio.
Truist
Truit has all the hallmarks of a good personal loan from a bank. My only concern is that they are not terribly transparent before you apply. The details will be in with the loan agreement, though. You may need to talk directly with a loan officer to apply. Truist will pay off your credit cards directly.
Lightstream
Everything I said about Truist can be said of Lightstream…particularly because Truist owns Lightstream. Much of their policies look exactly the same. It is possible that they have different approval models, but I am not sure.
The following companies would also be good because their terms and costs are competitive, but often have restrictions on who can apply. So, they may not be as applicable to everyone.
Wells Fargo
Wells Fargo could be a great personal loan option…but only if you are an existing Wells Fargo customer. They only offer personal loans to people who have had open accounts for at least 12 months.
Santander
Santander has competitive rates and no origination fee, but they only lend out of their physical locations which are primarily located in the northeast.
US Bank
US Bank sets slightly different criteria for existing customer versus non-customers. US Bank customers can borrow more, receive expedited funding, and a looser approval criteria.
Discover
Discover is a good overall option as well. They will not allow you to use the loan to pay off your Discover card, though. They do have a handy mobile app through which you can manage your loan.
USAA
USAA is a great option from a cost standpoint, but only USAA members can apply. And, they won’t pay off your credit cards directly.
Navy Federal
Navy Federal Credit Union is a low cost option that also includes lower loan amounts. They also offer secured as well as unsecured options, but…you guessed it, you have to be a member of Navy Federal to apply.
Shop around to get the right Credit Card Consolidation loan for you
While these are companies you can consider, your best option is the company that will give you the best terms. That is why it is important to shop around. At The Yukon Project, we’ve tried to make shopping around easy. If you visit our marketplace page, you can apply to one of our premium lenders. At the same time, we will check your rate with up to 40 other lenders. We will present you with all the companies that will approve you. You can select the best option for you. And, applying will not negatively affect your credit score.
Last thought about the best option for Credit Card Consolidation loan
The last thought that I have for you is that you should always check with your personal bank or credit union. There are many banks out there that will be willing to help existing customers. It’s always a good idea to always shop around. Just because you’ve been with a bank for 10 years, it doesn’t mean that they will give you the best rates.
