3 Keys to The Best Debt Consolidation Loans 

Before we discuss the 5 best Debt Consolidation Loans we have to look at what makes a Debt Consolidation Loan the best and why the 5 Best Consolidation Loans are rated above other Debt Consolidation Loans that offer these same loan characteristics.  In order to do this we will start with the 3 Keys for The Best Debt Consolidation Loans and briefly explain their importance.

Latter we will discuss additional loan characteristics that enhance The Best Debt Consolidation Loans.

The 3 Keys of The Best Debt Consolidation Loans are as follows:

  1. Simple Interest
  2. No Prepayment Penalties
  3. Competitive APR

Simple Interest: The importance of simple interest in The Best Debt Consolidation Loans is based on the fact that simple interest is calculated against the principle balance of the Debt Consolidation Loan unlike compounding interest used by credit cards that calculate the interest against the principle balance and against the interest that has accrued usually against an average daily balance making it much harder to determine the actual cost of the credit card debt. Simple Interest like that found in The Best Debt Consolidation Loans provides easy transparency to understanding the actual cost reflected in the APR.

No Prepayment Penalty: Having no prepayment penalty in The Best Debt Consolidation Loans is important since one of the main reasons to acquire a Debt Consolidation Loan is to save money and pay off the debt sooner. A prepayment penalty in Debt Consolidation Loans penalizes and discourages the consumer from paying down the debt sooner. These penalties are not found in The Best Debt Consolidation Loans.

Competitive APR: The competitive APR in simple interest Debt Consolidation Loans provides the easiest method to choose The Best Debt Consolidation Loan for your situation.

 

3 Enhancements for The Best Debt Consolidation Loans

Now that we have covered the 3 Keys of the Best Debt Consolidation Loans let’s look at 3 enhancements that really sets The Best Debt Consolidation Loans apart and just like the old saying “The cream rises to the top” we will begin to define “The Cream” in The 5 Best Debt Consolidation Loans.

  1. Simple and Fast Approval Process
  2. Fast Access to Your Money
  3. Multiple Options on Terms, Loan Amount and APR

Simple and Fast Approval Process: With the demands facing most consumers today the idea of a long drawn out application and approval process deters many people from looking into the benefits of a Debt Consolidation Loan. We have found that The Best Debt Consolidation Loans require very little time and effort to obtain loan approval and everything can be done by the phone or internet.

Fast Access to Your Money: Just like the approval process today’s consumers don’t want to wait for something once they have decided to move forward. The Best Debt Consolidation Loans provide Instant access to money automatically deposited into your checking account.

Multiple Options on Terms, Loan Amount and APR: The old days of Banks, Savings and Loans or Credit Unions telling the consumer what they can have are a thing of the past. The Best Debt Consolidation Loans offer today’s consumers multiple Debt Consolidation Loan options on Loan Terms, Debt Consolidation Loan Amounts and Loan APR’s.

4 Options to Avoid When Looking for  

The Best Debt Consolidation Loans

Before we identify where to find The 5 Best Debt Consolidation Loans lets briefly look at 4 options to avoid when looking for your Best Debt Consolidation Loan. The 4 options to avoid when looking for The Best Debt Consolidation Loans are usually the first place consumers look to for Debt Consolidation Loans. These 4 options for Debt Consolidation Loans have served the consumers of this country and the world for decades but are steeped in old methods and costly overhead preventing them from competing in today’s new era of fast moving competitive options designed to adapt to the consumers ever changing needs.

Avoid These 4 options when looking for The Best Debt Consolidation Loans

  1. Credit Card Companies
  2. Banks
  3. Savings and Loans
  4. Credit Unions

Credit Card Companies: Although low introductory and 0% rates sound enticing most consumers in trouble with large amounts of credit card debt state that they played the balance transfer game to consolidate Debt and thought that they were beating the game until it all came to an end and they were stuck with large amounts of toxic revolving debt compounding on an average daily balance that may be with them to their grave.

Banks: Your local bank may be a better option than credit card companies for Debt Consolidation Loans, and you should be able to find simple interest Debt Consolidation Loans; However Banks overhead prohibit them from offering the APR’s needed in The Best Debt Consolidation Loans and there responsibility to their depositors prohibits them from offering The Best Debt Consolidation Loan options and fast approval process that can be found elsewhere.

Savings and Loans: Although they are not as abundant as in years past Savings and Loans still remain a 1st thought for many consumers when they think of getting The Best Debt Consolidation Loans. Today Savings and Loans suffer from the same limitations as Banks when trying to compete for The Best Debt Consolidation Loans.

Credit Unions: Credit Unions can offer more completive APR’s than Banks and Savings and Loans in their Debt Consolidation Loans and way better than credit card companies. Better APR’s are not all that’s needed for The Best Debt Consolidation Loans. Credit Unions are still limited as to the options they can offer the consumer for their Debt Consolidation Loans.

 

1st Place to look for The Best Debt Consolidation Loans

So we have identified the 3 keys to the Best Debt Consolidation Loans, the 3 enhancements for The Best Debt Consolidation Loans and the 4 options to avoid when looking for The Best Debt Consolidation Loans.

So where is the 1st Place to look for The best Debt Consolidation Loans?

Answer: Peer to Peer Lenders

Why Peer to Peer Lenders you say?

  • Reduced Cost and Overhead
  • Higher Returns to Investors
  • Lower Rates to Borrowers
  • More Investment Options for Investors
  • More Loan Options for Borrowers

Reduced Cost: The business model in Peer to Peer Lending reduces cost associated with the more traditional financial institutions and passes the savings on to both the borrower and the investor.

Higher ROI: The reduced cost from Peer To Peer Lenders can provide the Investor with a higher rate of return on their investment without increasing the risk that can be associated with the cost of receiving an increased ROI.

Lower APR: The same reduced cost provided by the Peer To Peer Lenders can produce a lower APR to the borrowers looking for The Best Debt Consolidation Loans.

More Investment Options for Investors: Most Peer To Peer Lenders offer multiple risk pools to their Peer To Peer Lending investors providing the opportunity diversify their investments among different pools of risk providing diversification and more stable returns.

More Loan Options for Borrowers: The risk pools offered to investors by Peer To Peer Lenders also provides more options for the borrower shopping for The Best Debt Consolidation Loans. These Peer To Peer Lender risk pools allow borrowers of different credit grades, income sources, loan amount and loan terms to receive loan approvals for their debt consolidation loans that may not have been available through traditional financial institutions.

 

4 Of The Best Debt Consolidation Loans And Peer To Peer Lenders

Although there are many Peer To Peer Lenders offering great debt consolidation loans let’s look at 4 top Peer to Peer Lenders that provide the best debt consolidation loans and solutions.

 

  • Signature One Capital
  • Prosper
  • Lending Club
  • Best Egg

Signature One Capital: Signature One Capital provides The Best Debt Consolidation Loans and solutions covering debt amounts of $10,000.00 and all the way up to and beyond $300,000.00. Signature One Capital has done extremely well providing The Best Debt Consolidation Loans and solutions for consumers with excellent credit and well as those with poor credit. Signature One Capital provides live customer service assistance over the phone and email between the hours of 7:00 Am to 7:00 Pm Pacific Time Mon thru Fri and through their web site 24/7 http://www.signatureonecapital.com/ .  All Signature One Capital Debt Consolidation Loans and solutions are at fixed rates with no prepayment penalty.                                                                                                    See our Signature One Capital Reviews.

Prosper: Although Prosper offers loan amounts from $5,000.00 to $35,000.00 their niche seems to be borrowers looking for The Best Debt Consolidation Loans and solutions for debts ranging from $5,000.00 to $15,000.00 and although Prosper does not provide consistent results for The Best Debt Consolidation Loans for borrowers with poor to fair credit Prosper remains consistent with competitive rates on The Best Debt Consolidation Loans for excellent to good credit borrowers. Prosper seems to provide their best service through their web site https://www.prosper.com. Prosper Debt Consolidation Loans and solutions are at fixed rates with no prepayment penalty.                                                                                                    See Our Prosper Reviews

 Lending Club: Lending Club runs a pretty close match to Prosper in both their niche amounts for The Best Debt Consolidation Loans as well as the credit grades they seem to prefer, but like prosper depending on when apply with them and there availability of investors in their risk pools you may achieve good results from both prosper and Lending Club even if The Best Debt Consolidation Loan your searching for falls outside of their niche. Lending Club also provides their best service online. https://www.lendingclub.com. Lending Club Debt Consolidation Loans and solutions are at fixed rates with no prepayment penalty.                                                                                                    See Our Lending Club Reviews

Best Egg: With Best Egg the maximum APR’s advertised are lower than with some other Peer To Peer Lenders for The Best Debt Consolidation Loans but if the risk pools for those APR’s are not available when you apply you may never receive loan approval therefore never see that APR and never get The Best Debt Consolidation Loan you are looking for. Like many Peer To Peer Lending companies it is hard to find a phone number on their web site leaving their web site as the best method of obtaining The Best Debt Consolidation Loans. Best Egg seems to prefer debt consolidation loans around $10,000.00 but just like the other Peer To Peer Lenders it depends on when you apply and the availability of investors in their risk pools. https://www.mybestegg.com. Best Egg Debt Consolidation Loans and solutions are at fixed rates with no prepayment penalty.                                                                                                    See Our Best Egg Reviews

The Rest: That’s right the rest there are so many Peer To Peer Lending companies to choose from and depending on the availability of investors in their risk pools even with the top Peer To Peer lenders it is hard to pick the exact one that will provide you with The Best Debt Consolidation Loans when you need them.

 

5 Of The Best Debt Consolidation Loans Conclusion

So what is the answer to how you find The 5 Best Debt Consolidation Loans?  Well let us look at what we have just learned about where not to look for The Best Debt Consolidation Loans and where to look for The Best Debt Consolidation Loans.

We have shown that looking for The Best Debt Consolidation Loans in the traditional financial institutions like Banks, Savings and Loans, Credit Unions and Credit Cards may not be in your best interest.

We have identified Peer To Peer Lending as the best opportunity to find The Best Debt Consolidation Loans but we have not shown you which Peer To Peer Lender provides The Best Debt Consolidation Loan.

The reason we have not identified which Peer To Peer Lender provides The best Debt Consolidation Loans is due to the unconventional business model that makes Peer To Peer lending work so well.  You are probably thinking I am nuts right? Please let me explain.

Risk Pools Are The Answer

Remember when we discussed the Risk Pools in Peer To Peer Lending and how they offered investors investing in Peer To Peer Lending more options and greater diversification. Then we explained how these Risk Pools also offered borrowers looking for The Best Debt Consolidation Loans more options as well. Risk Pools are the key to understanding how to find The Best Debt Consolidation Loans.

 

 

 

 

Risk Pools Provide The Key To Find  The Best Debt Consolidation Loans!

You see risk pools fill up and empty out as money comes in from investors and goes out to borrowers. Sometimes within moment’s approvals, denials, interest rates and terms can fluctuate depending on when you apply and due to the re-application time restriction of the Peer To Peer Lenders your best bet is to apply to multiple Peer To Peer Lending sites at the same time.

This course of action allows you access as many risk pools as possible providing you with the highest odds of getting The Best Debt Consolidation Loans for your unique situation regardless of credit grade or financial situation.

Multiple Inquiries on My Credit Bureaus

Most Peer To Peer Lenders do a soft credit pull that does not result in an inquiry on your credit profile. That being said when a hard credit inquiry will result in receiving The Best Debt Consolidation Loan if you do the inquiries with the same type of lenders at the same time it will only reflect as one inquiry on your credit score.

 

How Do I Find All The Peer To Peer Lending Sites Available

We have provided a few here for you but a simple google search will produce a multitude of Peer To Peer Lending Sites.

You can go our Apply Now page and fill it out and we will assist you applying to as many Peer To Peer Lending sites as possible providing you with a multitude of options.

There is no cost to you for this service we are compensated by the Peer To Peer Lending site by an affiliate fee if you choose one of the many Debt Consolidation Loan options available for you. Apply Now