Prosper: Best Debt Consolidation Company for those with bad credit
Prosper was a forerunner in the peer-to-peer lending industry and is now a top debt consolidation provider. Prosper's strategy is based on an easily navigable web platform and a desire to be honest with borrowers about how they can qualify for a debt consolidation loan and how much it will cost.
In this case, you'll almost certainly need a solid credit score to get a good rate, but there's a helpful eligibility checker to see if you're likely to succeed - and on what terms - without affecting your credit score. It's commendable that Prosper is transparent about their fees, as there are likely to be cheaper loan options available elsewhere, especially if you have a history of missing payments.
Because of the peer-to-peer feature, there may be a longer than usual wait for the loan funds to get in your account, but it is also a technique that can result in reduced rates. The fact that collaborative applications are permitted will be appealing to some, but it is Prosper's transparency that distinguishes them as a debt consolidation organization worth considering.
Application: Online or over the phone
Minimum credit score: 640
Loan amount: $2,000 - $40,000
Loan term: Choice of 36 or 60 months
