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When is the Best Time to Get a Consolidation Loan in 2022?

This post discusses the important aspects of consolidation loans that how and when is the best time to get a consolidation loan in the USA.

If you are wondering what is the right time to get a consolidation loan in the USA, this is the only post you will read. In this post, I will clear all your doubts regarding consolidation loans in the USA. Besides, I will address some important questions that may likely cross your mind relating to consolidation loans.

If you follow the post well till the end, you will gain good clarity about consolidation loans, and you can go about applying for a consolidation loan with more confidence once you read this post.

What is the best type of loan for debt consolidation?

A debt consolidation loan is a loan borrowers can get to pay off multiple high-interest debts. However, as a borrower, one has to repay the loan through lower EMIs. and that makes it a brilliant way of managing finances. There are many good debt consolidation loan lenders around to choose from.


Discover comes with an APR of 5.99% to 24.99%, and offers a loan amount from $2,500 to $35,000. Borrowers need a minimum credit score of 660 to qualify for a loan with Discover.

The lender comes with the option to directly pay off creditors. Besides, the lender doesn’t charge any origination feeds or prepayment penalties.


FreedomPlus has been around since 2014, and the lender comes with an APR range of 7.9% to 29.99%. Borrowers can apply for a loan amount of $7,500 to $40,000. Borrowers require to have a credit score of minimum 620 to qualify for a loan.

The lender has the option to pay off creditors directly. Besides, the lender sends funds to the borrowers within 48 hours of their loan approval.


Upgrade is an excellent debt consolidation loan lender, and has been in the scene since 2017. The platform comes with an APR range of 6.95% to 35.97%, and offers loan amounts from $1,000 to $50,000.

As far as the credit score goes, the lender requires borrowers to have a credit score of 560 to qualify for a loan, which is a pretty low minimum credit score requirement. Besides, the lender does have a prepayment penalty. The lender allows you to repay the loan in up to a five years loan term. The lender offers the option to pay off creditors directly.

Universal Credit

Universal Credit is another leading online lending platform. The lender comes with an APR range of 11.69% to 35.93%, and offers loan amounts from $1,000 to $50,000.

The minimum credit score requirement to qualify for a loan with this lender is 560, and loan terms can be up to five years. The lender doesn’t include any prepayment penalty, and it usually sends the funds on the next-day once the loan is approved.

Happy Money

Happy Money has been around since 2009, and comes with an APR of 5.99% to 24.99%, and loan amount can be from $5,000 to $40,000. The lender requires borrowers to have a minimum credit score of 640 to qualify for a loan. The lender has the option to pay off creditors directly. Loan terms can be from 2 years to up to 5 years.

What is a good APR on a debt consolidation loan?

Being oblivious to APR when applying for a debt consolidation loan isn’t a good thing. While different lenders come with different APR ranges on debt consolidation loans, it’s always important to compare the APR of the different lenders before making a decision. It’s essential to find a lender with a low APR. A good APR range is typically between 6% and 36%. However, besides looking for a low APR, you have to also ensure that the lender you choose is reliable, and has good terms, and conditions for you to follow.

The Bottom Line

When you have multiple high-interest debts, the next best thing you can possibly do is opt for a debt consolidation loan, and it works like a magic in managing finances. I have explained the way debt consolidation loans work. Besides, I have shared with you some of the best debt consolidation loan lenders to choose from. I have listed these five lenders after doing proper research, and you can feel free to compare, and choose from any of these five lenders.

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All the information are collected from internet source and are used for education purpose only. We are not recommending any products. Users must therefore analyze before exercise. InvestoAxis is not liable or responsible for any losses caused as a result of decisions based on information of the article.

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