Best Low-Interest Personal Loans for Consolidating Debt: 6 Options for Newlyweds

Entering married life comes with exciting moments — setting up a home, planning a honeymoon and building a future together. However, it can sometimes come with preexisting financial baggage from individual lives.

A personal loan for debt consolidation can help you and your partner save money on interest, simplify your payments and pay off debt sooner so you can focus on building an enjoyable life together. Discover the best low-interest personal loans for consolidating debt.

 

What Are the Best Low-Interest Personal Loans for Consolidating Debt?

Don’t let existing debts keep you and your partner from having a bright future together. Discover companies that offer low-interest personal loans for consolidating debt.

 

1. PSECU

PSECU is a full-service, digital-first credit union with over 590,000 members. It prioritizes perks that benefit all members, including lower loan rates and lower fees than most banks. The company doesn’t have physical locations, enabling it to offer minimal charges. Its personal loan options provide a fast, convenient and affordable way to borrow funds for a wedding, honeymoon or new home without having to pledge anything as security.

The lender offers money management tips and a financial education program to help you make better money decisions. Apply or check your loan application status conveniently via the official website.

Key features:

• Low or no-fee products and services
• Surcharge-free ATMs with rebates
• Affordable lending options
• Free tips and tools to keep your finances on track
• Free credit score service
• Decent customer service

Reviews:

• “I have depended on PSECU for 40+ years. The credit union has always been there for me in managing my money in checking and savings accounts. I also have an auto loan with PSECU! I use Bill Payer for most of my monthly bills. It’s so convenient not to have to write out checks and mail payments.” - Jessica P.
• “Easy access to app, phone service and website. Also, chat and phone service is excellent.” - Connie D.

 

2. LightStream

LightStream offers personal loans for debt consolidation ranging from $5,000 to $100,000. As the online division of Truist Bank, this lender caters to clients with good-to-excellent credit history, years of payment history, various assets and accounts, and a low debt-to-income (DTI) ratio. It has a seamless application process — fill out the online form, wait for the response, e-sign the agreement and receive your funds on the same day.

Key features:

• Same-day funding, conditions applied
• Autopay discount
• No prepayment penalties and origination fees
• Rewards for good credit
• Adjustable funding date and repayment terms

Reviews:

• “Great options for all kinds of loans for everyday uses! Used Lightstream multiple times over the years and always been satisfied.”
• “Experience was fast and easy. When speaking with representatives, they were quick and easy to talk to. The approval process was very quick, and I had the funds in my account within the next day after approval.”

 

3. SoFi

SoFi is a personal finance and financial technology company that lets you quickly view your debt consolidation loan rate. It provides fast, flexible and easy solutions, making lending convenient for borrowers. Get qualified with no charges and obligations required, select your preferred bill consolidation loan, complete the application, sign the agreement and receive your funds. With its loan services, you can enjoy stress-free, low-interest payments for credit cards, engagement rings, home improvements and travel plans.

Key features:

• Fast funding
• Rewards borrowers with good credit
• No required fees
• No-cost financial consultation
• Perk for setting up automatic payments and receiving a 0.25% discount

Reviews:

• “Easy application process, quick decisions and fast funding of loans. This is the second time I've borrowed from SoFi and definitely won't be my last.” - Richard T.
• “SoFi has a quick and easy process! I love how easy they’ve made this process to receive a loan. Their easy-to-use app makes everything easy to access and review. I have no complaints.” - Kris M.

 

4. Upstart

Upstart may be ideal for you if you have bad or no credit. It’s where you can get one of the best low-interest personal loans since it doesn’t require a good credit score. The company also considers other factors like education, employment and credit history. Check your rates in less than five minutes, get approved without the hassle of paperwork and acquire your funds in 24 hours or less.

Key features:

• Fast funding
• No prepayment fees
• Ideal for borrowers with bad or no credit
• Perk of checking rates without affecting your credit

Reviews:

• "Upstart is easy to use, reasonable and fast. It has never been so easy to consolidate my debt." - Akilah
• “I have been thinking about consolidating my debt for some time, but could never get qualified due to my debt-to-income ratio. This process was easy and fast.” - Daisy

 

5. Best Egg

Best Egg offers low-interest personal loan rates for debt consolidation, allowing you and your significant other to enjoy a worry-free life together. It can consolidate various unsecured debts, including personal loans, medical bills and credit card balances. You only need to pay a one-time origination fee on the principal loan amount. Use its online personal loan calculator to estimate your monthly payments depending on your credit score.

Key features:

• Pay off consolidated debt faster with the Direct Pay feature
• Fast funding
• Save money over time with fixed APRs

Reviews:

• “This is my second loan with Best Egg – the first one was to pay off some home improvement costs, and now for some credit cards. Both times have been super fast and easy. I couldn’t have done all I have without them! Thank you, Best Egg!” - Paula
• “It has the lowest interest rate I have seen. This was much lower compared to any competing loan provider who wasn’t using the vehicle as collateral.” - Joseph

 

6. Upgrade

Upgrade is an excellent option for couples with low credit scores who need immediate funding for collective debt payment. It offers a fixed interest rate, eliminating worries about additional costs. This company lets you choose your payoff debt, and if you’re ready to settle your loan before the term ends, you’re welcome to do so. With this option, you can upgrade your and your partner’s life together with a manageable financial future.

Key features:

• No prepayment fees
• Fixed-rate and term loans with a solid payoff date
• Quick application process and approval
• Secured and unsecured loans

Reviews:

• ”Ease, convenience and speed made this a great experience. Representatives were amazing, helpful and friendly.” - Brunet
• “One of our high-interest credit cards had gotten out of hand and was siphoning funds away from our savings goals. It was a responsible step for us to set up a personal loan that will be paid off in a set time period at a much lower interest rate. Because of Upgrade, I can now see our family living debt-free.” - Laura S.

 

Steps to Getting a Debt Consolidation Loan

Discover what to do before applying for a personal loan to consolidate debt.

 

1. Know How Much You Need

Add up the debts you want to merge, including payday loans, credit cards and other high-interest debts. Identify your monthly debt payment to assess how much you can pay for a personal loan every month. For instance, if you’re paying $900 monthly for credit cards, look for a debt consolidation loan with monthly payments of $900 or less.

 

2. Check Your Credit Score and Debt-to-Income Ratio

Your credit score is a determining factor for loan approval. Borrowers with good to excellent credit scores will most likely get approval for big amounts. Many companies also check debt-to-income ratios to assess how much of your income goes to debt payments.

 

3. Compare Your Options

Lenders offer various loan amounts, repayment terms and interest rates. Compare your options and consider the following factors before applying for prequalification:

• Are there origination fees?
• Is the interest rate fixed or variable?
• Does it offer the amount that you need?
• Does it provide special perks like automatic payments or discounts?

 

4. Submit an Application

Apply online once you’ve chosen the right lender. Many companies allow you to receive your funds on the same day you apply. Don’t forget to read the fine print before signing.

 

Choosing the Best Low-Interest Personal Loans for Consolidating Debt

Marriage is an exciting life chapter, and you and your partner deserve to celebrate it without financial worries. These lending companies provide outstanding service, various loan amounts and special perks for couples.

Remember to assess your existing debt, credit scores and economic standing to find your perfect financial partner.

 

 

Author Bio: Oscar Collins is the editor-in-chief at Modded, where he writes about a broad spectrum of topics. Follow him on Twitter @TModded for frequent updates on his work.

 

 

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