Debt consolidation companies combine several debts into one loan with a single monthly payment and usually better rates and terms. Examples include balance transfer credit cards and home equity loans.
Debt consolidation can simplify your debt repayment plan, but it won’t address the underlying financial habits that caused it. So if you aren’t ready to stop overspending yet, other debt solutions should be explored first.
Marcus by Goldman Sachs
Marcus by Goldman Sachs launched in 2016 as a way for Goldman to enter consumer banking and offer retail customers an exceptional digital banking experience. Since then, it has expanded into the UK, providing savings products, checking accounts, and personal loans.
Marcus by Goldman Sachs stands out among other full-service consumer banks by not having physical branches or ATM networks. Instead, their service is primarily available online, through their mobile app or live chat support.
Marcus by Goldman Sachs offers some of the highest APYs currently available on high-yield savings accounts. Plus, there’s no minimum balance requirement and no monthly maintenance fees to worry about.
If you have a substantial sum of money to save for an extended period, Marcus by Goldman Sachs high-yield certificates of deposit (CD) could be ideal. They come with terms ranging from six months to six years and provide competitive interest rates.
They’re also ideal for debt consolidation. Their no-fee personal loans offer a cost-effective solution to those looking to consolidate their debt into one low monthly payment.
If you have high-interest debt, a loan consolidation company may help reduce your monthly payments. They use personal loans, balance credit cards or home equity loans to pay off the outstanding amounts and give you one easy payment.
Discover offers a range of debt consolidation solutions, such as credit cards with 0% introductory APRs, personal loans and home equity loans. Each option has its advantages and drawbacks so it’s essential to pick the one that’s best suited to your individual needs.
Prequalify with Discover before applying for a loan over the phone or online. Doing so will enable you to run a soft credit check that won’t negatively affect your credit score.
Once approved, Discover can make deposits into your account as early as the following business day. It also offers a money-back guarantee so that if you need to cancel your loan within 30 days and return the funds without incurring interest charges, Discover will make sure the funds are returned without charging extra fees.
Upstart, established in 2012, is an online lender that utilizes nontraditional data like education and job history to qualify borrowers. Their unconventional credit assessment allows those with poor or no credit history to secure personal loans without damaging their credit score.
Upstart offers a prequalification tool to estimate your rates and loan amounts before you apply. The process is quick, without impacting your credit score.
Upstart typically approves loans within minutes. However, it does have a three-day waiting period for loans used for educational expenses.
Upstart accepts a variety of income sources, such as employment, alimony, retirement, child support, Social Security, trusts, rent or disability payments and scholarships. In order to apply you must present proof of income such as a W-2 form or pay stub.
AmOne is a lending search and comparison website that provides an efficient, straightforward method for getting matched with lenders for all of your financial needs. Its software technology helps users get tailored loan offers that save them both time and money.
Debt consolidation is a great way to reduce your overall debt load and lower interest rates. It combines all existing unsecured debts into one loan with a fixed interest rate, one monthly payment, and repayment period that fits within budget.
If you have a large amount of debt that needs consolidating, AM One can assist in finding an affordable debt consolidation lender. They also provide other debt solutions such as credit counseling and management services.
Start the application process today by filling out our free online application or calling to speak with a financial loan specialist from AmOne Financial Services. Their representatives will guide you through the loan application process through their network of lenders.