Consolidation Loan Lenders Compared: Discover Versus LendingClub
Discover and LendingClub are two of the most popular online lenders for consolidation loans. Both are highly rated by users and offer a variety of benefits to their borrowers.
Here we will compare these two lenders by going over their fees, rates, max loan amounts as well as eligibility requirements.
Discover Debt Consolidation Loans
Over the last decade, Discover has become one of the most popular options for people with good credit who want to consolidate high-interest debt. It offers competitive interest rates, loans with no origination fee, and flexible payment options that aren’t offered by other online lenders.
6.99% - 24.99% depending on the credit score
-No origination fee
-No prepayment fee
-$39 late payment fee
$2,500 - $ 35,000
2 - 7 years
Like any lender, it requires the borrower to have a stable employment situation, a credit score of at least 660, and a debt to income ratio that allows them to take on more debt. Those with a lower credit score may still be approved but will be subject to higher interest rates.