Best Debt Consolidation Loans of 2021


We know you are in debt!

No more wasting time while reading articles that ask you whether you need bad credit payday loans because the fact that you are searching for “best debt consolidation loans” strongly implies that you need one.

This may have been due to some unfortunate circumstances, and therefore now you might be highly under pressure, extremely exhausted, and falling down a spiral of darkness and despair. Going from one bank to another only to be burdened with more paperwork and be introduced to a plethora of forms that need filling out.

First of all, we applaud you for your strength to keep searching in the hopes of finding something worthwhile, and second, we come bearing the great news that the hard parts are over, and it only gets better from here on up. (Or down since you have to scroll)

Finding a trustworthy source that will make your current situation easier is the actual goal. We aim to make the grueling process of debt consolidation much easier by providing you with the four best debt consolidation loan companies that link you with lenders online.

How is that different from what you had already been doing, you may ask?

Well, firstly everything is online. You won’t have to worry about looking presentable and pretending like your life is perfect, whereas, in reality, it’s not. You don’t have to run tirelessly after lenders, pleading for loan approval or talking about your credit card debt. Instead, they’ll come running after you! Amazing, isn’t it?

We know but wait, there’s more. All you need is to be a US resident above eighteen and have a valid phone number. Job done.

So, say goodbye to ever piles of loan applications and continue reading to find out how our top picks can give a helping hand and pull you out from the darkness while you relax in the comfort of your home in your pajamas.

Top 4 Debt Consolidation Loans For September 2021:

  1. MoneyMutual – Best Overall Debt Consolidation Loan
  2. BadCreditLoans – Best For Bad Credit
  3. CashUSA – Best Customer Service
  4. Personal Loans – Best For Peer-To-Peer Lending

#1. Money Mutual – Best Overall Debt Consolidation Loan


MoneyMutual is a free online marketplace created in 2010 in Los Angeles to facilitate the connection of borrowers with short-term lenders and is by far the best platform for debt consolidation loans. The site’s ultimate focus is to streamline and simplify the approvals for short-term loans while also providing a secured environment for people looking for a quick injection of cash.

According to the Economic Well-Being of US Households report, approximately four out 0f ten families in the United States are incapable of raising even 400$ while countering any emergency situation. Therefore, MoneyMutual feels its responsibility to give people a solution for resolving financial difficulties that life may offer.

The site makes it simple to connect with multiple lenders instantly while also providing training resources to help users better comprehend the loans they are looking for.

On a regular basis, a considerable percentage of the population requires financial assistance to cope with everyday life’s issues such as having a bad credit score. And finding a good and reliable lender at that point can be very time-consuming and frustrating. In this situation, MoneyMutual can be your go-to marketplace, where the lending process is quick, safe, and hassle-free.


The first step towards the easiest lending method is to fill out a simple form available on the official website. After providing basic information for eligibility like your age (above 18), your residence (US citizenship), and your income (at least 800 dollars), your request is then routed for review.

Lenders rapidly analyze your information to see if they want to collaborate with you. To make a choice, each lender has its own set of criteria. If a lender chooses to deal with you, you will be sent to their website to complete forms, check debt consolidation loan terms, and accept the loan.

MoneyMutual is totally free of cost. It serves as a link between borrower and lender, rather than being a lender itself, so it is not responsible for the conditions set between you and your lender. Each lender charges a different interest rate, ranging from 5.99% to 35.99 % annual percentage rate (APR).

The website has more than 82 lenders who provide loans between $5000 to $35000. Each lender has its own terms and conditions and repayment policy.

Lenders offer a number of financial solutions to help clients meet their financial responsibilities, including short-term loans, cash advance loans, payday advances, installment loans, personal loans, lines of credit, title loans, and auto equity loans.

But it is always advisable to go through each term and condition before making a contract. If both parties agree, the money is then transferred to your bank account within 24 hours. Simple!


  • The whole process of money lending is swift and very simple.
  • The website is very straight and easy to navigate.
  • MoneyMutual is totally free of cost.
  • It connects you with above 82 lenders who can approach you within minutes.
  • The site is very secure and reliable, so no need to worry about your personal info.
  • The approval process is pretty quick and easy.


  • Only people in the USA are eligible for taking loans.
  • If something goes wrong, MoneyMutual gives no protection.
  • You need to have 800$ income if you need a loan through MoneyMutual.

User Experience

MoneyMutual has earned its users’ trust over time by offering safe, secure, and quick loans. Numerous consumers have expressed their gratitude that the company was a blessing during difficult times.

MoneyMutual distinguishes itself from the competition due to its incredibly speedy approach, which allows you to receive immediate assistance in an emergency situation without having to worry about scams or fraud.

Additionally, people lauded the company’s free service, which is also trustworthy and free of hassle. Consumers disclose their information with total confidence, knowing that they are in safe hands.

Therefore, if you are in desperate need of fast cash, MoneyMutual may be your lifesaver.

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans – Best For Bad Credit

BadCreditLoans - Best For Bad Credit


BadCreditLoans is another reputable platform after MoneyMutual that provides a complimentary service that links borrowers to a vast network of reputable lenders and finance companies.

BadCreditLoans is not a direct lender, but it has been in the business of assisting individuals with their financial needs since 1998. They simplify the process for customers to secure loans online.

The organization began by integrating tribal loans, peer-to-peer lending networks, and traditional lenders together. But over time, they have expanded to offer personal and installment loans to borrowers with various credit kinds throughout the United States.

Suppose they are unable to find a lender within their network who could offer you a loan. In that case, they may show you advertisements of alternative lenders from their trusted sources and connect you to other suitable offers such as credit score repair and debt relief.

Apart from lending services, BadCreditLoans is involved in charity activities and other noteworthy events. Additionally, you can obtain information from the news section of their official website about recent frauds that may exist.

The organization will never cease its efforts to make sure that you may always get an easy, rapid, and safe loan regardless of your credit score.


Many American families cannot afford a spotless spending history, especially now. When you are already living a frugal life, an unexpected auto repair or a medical emergency can throw your budget and spending strategy off track.

BadCreditLoans provides a debt consolidation loan of up to $10,000 with a simple repayment schedule. Loan products typically have a minimum repayment term of 90 days and a maximum repayment duration of 72 months (6 years). The whole process is very convenient and swift.

To be eligible, you must be over the age of 18, a resident of the United States, have a steady source of income, a bank account in your name, and basic prerequisites, such as telephone number and valid email address.

To begin, simply fill out an online form on the website. Their online application process makes it quite simple to determine your loan eligibility. You will receive loan offers from lenders and financial service providers within minutes after completing the form.

Receiving a pre-approval email of a loan from a lender might overwhelm you with happiness, but don’t let that affect your decision. Consider all the pros and cons of the terms and conditions proposed by the lender and only accept the offer if it suits you best. Once all goes well, you might have your loan money in your bank account within 24 hours.

Certain lending partners on BadCreditLoans may also be willing to lend to persons with bad credit score, though the terms and conditions will not be as favorable as for those with good credit score.

BadCreditLoan was created to match you with an appropriate lender. Not to assist you personally with upcoming decisions, therefore, consider yourself on your own and responsibly repay the loan money. Because if you default, your credit score will be damaged, and the platform won’t take responsibility for that, of course.


  • The process of applying for a loan is very simple, as you get connected with lenders within minutes.
  • If you cannot find a suitable lender in their network, the company will show you ads of other lenders.
  • You will have your loan amount in one business day.
  • The lenders there even have offers for people with bad credit score.
  • To ensure safe and secure information, the company uses modern encryption technologies.
  • The whole process is very straightforward and rapid.


  • The business is not certified by the Better Business Bureau.
  • The yearly percentage rate is extremely high, starting at 5.99 percent.

User Experience

Because of BadCreditLoan’s credibility and quick response time, a large number of users have placed their trust in the company over the years. People are pleased with their secure, hassle-free service, which is also provided at no charge.

Another noteworthy characteristic, according to customers, is that they also have offers for persons with bad credit scores.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA – Best Customer Service

CashUSA - Best Customer Service


CashUSA is one of the most reputable online providers for cash loans in the United States. Among other abundant firms advertising cash loan choices, provides the secure, simple, and rapid service necessary to locate a personal loan that suits you.

The firm’s lending network comprises both tribal and state lenders. Tribal lenders may charge higher rates than state-licensed lenders, and they are governed by tribal law rather than state law.

CashUSA is not a lender; they act as a facilitator between you and a lender. This allows you to borrow between $500 and $10,000 at an interest rate between 5.99 % and 35.99 % annual percentage rate (APR).

They have a massive network of lenders and additional third-party lenders who will analyze your information and decide whether to provide you a loan. CashUSA is a popular alternative for persons with below-average credit who may be unable to obtain a standard bank loan.

CashUSA recognizes the critical nature of ensuring the security of online transactions. As a result, they protect your personal data using industry-standard encryption.


CashUSA works in the same way as most of the other online marketplaces. Their loan request process involves two simple steps.

To begin, you must complete a brief form that requests basic information about your age, monthly income, residence, phone number, and email address.

To be entitled to a loan, you must meet the company’s eligibility requirements. This includes being at least 18 years old, a US resident, earning at least $1000 per month, having a checking account in your name, and having a valid email address and phone number (s).

Following that, the firm forwards the information to an extensive network of lenders and third-party lenders for review. If the lender decides to grant you a loan, you will have the opportunity to study the loan’s terms and conditions.

The Lending Partner with whom you have been associated will be displayed only once you confirm your information. If everything goes smooth and you accept the offer, you’ll be sent to the Lending Partner’s website to learn more about their T&Cs and services.

If both parties agree on all the terms, you will be required to electronically sign the lender’s contract. Rest assured that the payments will be transferred into your account within one working day.

The loan repayment method of CashUSA is also pretty convenient and hassle-free as on the due day, your loan repayment can be automatically deducted from your bank account, so no need to run to the bank in fear of late fee charges.


  • The loan approval process is easy and straightforward.
  • The service is totally free of cost.
  • You get connected with a large network of lenders.
  • Repayment methods are very convenient and free of hassle.
  • You can have your loan within 24 hours.
  • The process is very secure and safe.


  • The company requests too much personal information, which may not be acceptable to some people.

User Experience

Users seem to be highly grateful for the straightforward process of borrowing money because it saves them from the hassle of applying for loans from bank to bank and makes it easier for them to get debt consolidation loans at their convenience.

Additionally, the website includes an education center area containing all of the necessary information on your financial problems, making it quite simple and beneficial for users.

Thus, under one roof, you can obtain important information as well as a lender from whom you can borrow money.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans – Best For Peer-To-Peer Lending

Personal Loans - Best For Peer-To-Peer Lending


Personal Loans is a platform for individuals to obtain peer-to-peer, bank, and installment loans. These funds can be utilized for a variety of purposes, including significant purchases, rent, taxes, holidays, medical operations, home maintenance, and debt consolidation.

It is an online system that enables you to apply for a loan of up to $35,000 from the comfort of your home or workplace or even via your mobile phone, tablet or laptop.

The company’s straightforward online method connects clients with possible lenders or loan partners; remember, they do not lend the money themselves.

First of all, the platform tries to find you a suitable lender from its lending network. However, if no lender is willing to lend you money, you may be offered credit card debt relief, credit restoration, credit monitoring, or other relevant services from their third-party sources.

Another aspect that distinguishes PersonalLoans from the competition is their obligation-free rate quotations. While the majority of other organizations want your bank details in order to proceed, PersonalLoan does not.

That way, you can get a sense of the types of offers you might receive without disclosing your personal information. That is a significant advantage you can avail yourself of by opting for Personal Loans.


The process of applying for a loan through Personal Loans is pretty seamless. Just three simple steps, and you’re all done!

In the first step, you have to fill out a simple form from their official website, submitting basic requirements just like all the other companies. You will be asked some simple questions like, how old are you? Do you have a social security number? Do you have an active account in your name? how much do you earn in a month etc.

The next phase occurs quickly after submitting your request; the company then processes your online loan application using a patented algorithm that connects borrowers and lenders.

Within minutes, you start receiving proposals from lenders. The charm of Personal Loans is how quickly the process is completed.

Once you get offers from lenders, you will have to carefully read each term to make things work for both of you. Until this point, you are not under any obligation until you electronically sign the contract. Once you agree to the terms and conditions and sign the contract, you might get your loan in the next 24 hours.

PersonalLoans makes every effort to match you with a lender who meets your requirements. Therefore, the high chances are that you’ll be connected to a lender specializing in your loan type, whether you are looking for a large or small loan or flexible payback terms.

The platform works free of cost, but every lender has its own terms, conditions, and APR, which must be between 5.99% to 35.99%.

The company’s repayment policy is very convenient. Once the loan is approved, you have between 90 days to 72 weeks to repay your loan according to your contract with the lender.


  • The process is very convenient and straightforward.
  • You can have payment in one business day.
  • You can repay within 72 months.
  • Your personal information is completely secure.
  • The loan limit is up to $35000
  • There is a large network of lenders.


  • It might happen that you won’t get approval from any lenders because of poor credit scores.

User Experience

Consumers really appreciate their user-friendly process as each stage and inquiry is addressed in detail. This inculcates confidence and a sense of security in PersonalLoans as if someone were guiding us through the entire procedure.

The company uses advanced data encryption technology to ensure the security of your personal information. This gives people peace of mind and allows you to apply for a loan with confidence and within the comfort of your own home.

⇒ Click Here to Visit the Official Website of Personal Loans

Benefits Of Debt Consolidation Loan

  • It Will Simplify Your Finances

Merging multiple debts into a single but bigger one is what we call consolidation of debt. This strategy simplifies the complications of making multiple repayments.

Your liabilities like credit card debts, auto loans, student loans, medical debt, or any other, which you are obliged to pay on consecutive dates, just one after another, can certainly be a  permanent pain to deal with. This is where debt consolidation gives us a sigh of relief.

It enables you to concentrate on a single loan, though a bigger one; it’s still better than juggling multiple loan installments at a time.

  • It’ll Save You From Hefty Interest Rates

High interest rates on unsecured loans, particularly from credit cards, keep on multiplying your debt.

You can decrease this huge burden of interest through a debt consolidation loan as lenders from the platforms mentioned above offer competitive interest rates, which are way lower as compared to the sum of interest rates you individually pay for different loans.

Also, remember, interest rates depend upon your credit score. With an excellent credit score (which is 720-to 850), the interest rate ranges from 4-20%. Whereas the ones holding poor credit reports have to pay 15-36% APR on the borrowed loan.

  • It Will Take Away Your Stress

Having to make debt repayments, one after another creates constant financial pressure, which can stress you out. So, consolidation of debt makes you feel at ease in a way that you don’t have to make calculations for each payment individually.

You become certain that you have to make a single payment, though a big amount, but once a month.  Hence, with peace of mind, you can plan to pay the single installment of the loan timely.

Things To Consider Before Going For A Debt Consolidation Loan With Bad Credit Score

Before you finalize a lender for your debt consolidation loan, make sure to consider the following important points in order to save yourself from making a wrong decision.

On submitting your loan request, you’ll start receiving multiple offers. The chances are that you might think of the very first offer as the best one and opt for it hastily, but STOP right there! That can be a blunder. Why? Because you might be thinking of it as the most favorable one, without knowing that an even better option might pop up.

In a nutshell, take your time and let the offers keep coming in. During that time, try another platform too and see what it has to offer. Since none of the above lending platforms charge you for submitting a request, you should take complete advantage of that to explore and find the most suited option for yourself.

  • Pay Attention To Your Credit Score

The better the credit score, the lower the interest rate.

Despite the fact that lenders entertain even the ones with poor credit scores, you should try to improve it before going for a loan. This way, you’ll be saved from having to pay hefty interest rates.

You can do so by making your payments on time, cutting down extra expenses, and refraining from pulling out new credit cards. Or else, you can seek help from credit repair companies.

If your poor credit score has hindered you from qualifying for a debt consolidation loan, another option that you can consider is a secured loan – one that requires collateral.

This means you’ll have to put up something like your vehicle or house as security, the value of which should be equivalent to the loan you have taken.

Not only that it’s easy to qualify for these loans, but also, they come at a much lower interest rate. But, don’t forget that if you default, you’ll lose the item you’ve put up as collateral.

  • Choose A Lender Carefully

As mentioned earlier, all of the above-reviewed platforms serve as a link between the borrower and lender only; they step aside as soon as direct contact establishes between you and a lender. Therefore, you’re on your own then, and you must choose a lender wisely.

Don’t rush, and review the terms and conditions precisely. Lo0k out for any red flags, such as the lender pressurizing you to accept the offer or offering you an interest rate that doesn’t match your credit report’s condition.

Also, go for a lender that offers flexible terms and conditions and prompt transfer of funds.

Always save up some amount so that if you’re in the middle of repaying your loan and any unfortunate incident like a medical emergency upsets your budget, you’re still able to pay the loan installment on the due date without being late and getting subjected to any penalty fees.

How To Get A Debt Consolidation Loan? – Steps To Follow

Step 1

Get your credit report and see what category you lie in. If you have a credit score that is 670 or above, it means you’re in the favorable category. But if you have a credit score lower than that, it means you’ll be subjected to high-interest rates.

If your situation is not that dire, wait a bit more and look out for ways to fix your credit score to save yourself from having to pay exorbitant interest rates.

Step 2

Layout a debt consolidation loan plan. Write down all the points that you have in mind regarding the loan and debt. For example, how much do you want to borrow? What repayment terms do you prefer?

Let’s say you can not afford to pay larger amounts each month; you can go for a long-term repayment schedule that will allow you to pay smaller amounts. But, if you want to come out of debt sooner, you can go for a repayment plan that will oblige you to pay larger amounts in a shorter time span.

Once you have figured out what’s best for you, hop on to the next step.

Step 3

Now that you’ve planned it all out, it’s time to shop around and look for various loan options. As mentioned earlier in our section above, take your time with this decision. Don’t choose the very first lender that reaches out. Instead, submit loan requests via different platforms.

The above-reviewed loan lending platforms can help you out even if you have a bad credit score. But, if you don’t prefer this option, you can go for bank loans too. However, to qualify for those loans, you’ll need to have a reasonably good credit score.

If none of that works for you, consider borrowing some amount from your relatives, but remember, a loan is a loan, and you should stick to your commitment even if you’re taking it from your family member or a friend. This option will save you from any kind of credit inquiry and unreasonable interest rate but will put your relationship at stake.

Step 4

Now shortlist your options and go with the one that suits you best. Review the terms and conditions in detail – do not make a mistake here. Once you finalize the contract, provide additional information, and give your e-consent, there’ll be no turning back.

With platforms like Money Mutual and Cash USA, you can get your funds within one business day without any fuss.

Pro tip: Once you receive the loan money, pay the debt right away before any other financial crisis shows up. Even if, in most unfortunate circumstances, anything like that happens, never use the loan money to overcome that situation; it will worsen things.

Step 5

Found the right lender? got the loan? Now it’s time to plan out repayments. This is the most crucial step. A mistake here can mess up things for you. Therefore, curb down all the unnecessary expenses and focus on repaying your loan primarily. To avoid getting late on payments, simply set up auto payments.

Manage Your Funds Responsibly

Getting a consolidation loan does not matter much; what matters is how do you plan to manage it seriously and responsibly so that you may not have to look for another loan to repay the consolidation loan.

Following are simple yet essential points that you should keep in mind after you have received your loan money.

Layout A Budget

Right from the day your consolidation loan has been sanctioned and the funds have been credited to your account, you need to make budgetary allocations to ensure the on-time payment of the loan’s monthly installment.

Make a forecast budget for the month as to how many payments you have to make. You can avail yourself of the facility of the consolidation loan only if your current monthly expenditures allow you; otherwise, it will not be beneficial for you.

Do Not Use The Loan Money For Any Other Purpose

It will be an out-of-frying-pan into fire situation for you if you don’t use the funds for the purpose you have borrowed them for. So, don’t even think about utilizing your money somewhere else other than for repaying your debt.

Stay On Track With Automatic Payments

Missing a payment is not what you’ll want right after you’ve got on track with your debt consolidation plan; therefore, to be on the safer side, don’t forget to set up automatic payments.

Not only that it’ll save you from missing a payment, but also, you’ll not have to worry about keeping track of your due date, as the amount will be automatically fetched from your bank account.

Last but not least, it will also help you improve your credit score as lenders report your performance to credit bureaus. So, timely payments will boost your credit score and vice versa.

Spend Wisely

Now you must realize that analyzing your expenditures and limiting or expanding them according to your budget is the only thing that can save you from debt. If you can’t afford luxuries, don’t be lured by others who can. Make wise decisions, spend only where necessary, and look out for ways to diversify your income sources.

Also, recall all the decisions that you made in the past which messed up your finances, and plan out ways not to repeat those mistakes.

FAQs Regarding Debt Consolidation Loans

  • What Should I Do If I Can Handle My Debt Situation On My Own?

The best solution is to go for debt counseling. This way, you’ll have an expert to talk to your creditors on your behalf.

Not only will it perform the job of mediator between you two and help you get a loan on reduced interest rates and flexible repayment terms, but also, you’ll be able to improve your credit score drastically.

  • When Should I Go For A Debt Consolidation Loan?

If various high-interest loans have piled up and you have a bad credit score, too, it’s high time you should go for a debt consolidation loan.

  • Does A Debt Consolidation Loan Affect Your Credit Score?

Yes and No. At first, you’ll notice a decline in your credit score because of the hard credit check the lender will pull in order to approve your loan but don’t fret! It’s just for the time being, as long as you do not default on payments.

The lenders will regularly report your timely payments to different credit bureaus, and consequently, your credit score will be boosted.

  • What Are The Cons Of Debt Consolidation Loans?

Debt consolidation loans don’t guarantee that you’ll never fall back. In fact, until you have paid all of your loan installments, you’re at risk of damaging your credit score if you fail to make timely repayments.

  • How Is Debt Settlement Different From Debt Consolidation?

The function of both debt settlement and debt consolidation is the same – debt relief. However, the functioning varies. With debt settlement, you can lessen the total debt amount you owe to your creditors, while debt consolidation works to lower the numbers of creditors you owe money to.

  • Which One Is The Better Option? Debt Settlement Or Debt Consolidation?

We’d recommend debt consolidation and not debt settlement. The reason being that debt settlement leaves its marks on your credit report, such as the “settled” status, which is considered negative.

  • What Makes Debt Counseling A Good Option?

The biggest benefit of debt counseling is that it saves you from your creditor’s legal action. Not to mention that credit counselors help you responsibly manage your finances/debts. They also make sure that you never miss a payment.

Final Thoughts

Being head over heels drowned in debt can be very stressful. What adds to this stress is not finding a suitable solution to quickly come out of the deadly situation.

Not to mention the fact that over time, the circumstances become drier and drier to deal with. And we understand every bit of it.

Therefore, in this article, we have compiled everything you need to know to make things easier for you. So, don’t waste any more time and make a wise decision right away. Our personal favorite platforms are MoneyMutual and BadCreditLoans.

Although these debt consolidation loans can fix your problem, yet the crucial thing is to focus on the factors that put you in trouble in the first place. Without focusing on them, you won’t be able to root out the cause, and the chances are that you might become a debt victim again.

For tips on how to manage your finances, don’t forget to check our “Manage Your Funds Responsibly” section.

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