Bankrate Debt Consolidation Loan Review

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Table of Contents
    Minimum credit score:580
    APR:5.95% to 35.95%
    Loan amounts min to max:$500 to $50,000
    Origination fee:Varies

    1-7 years

    Late payment fee:Varies 
    Prepayment penalty:Varies 


    • Accepts low credit scores
    • Extensive loan terms
    • Extensive loan terms
    • Works with many well-known loan providers


    • Origination fees are high in some cases
    • Anything other than an excellent credit rating could lead to substantial APRs
    • Anything other than an excellent credit rating could lead to substantial APRs

    Why should you consolidate your loans with Bankrate?

    • Accepts low credit scores - It’s not uncommon in the industry for lenders only to accept credit scores of around 650 above. Thankfully, the lending partners of Bankrate allow people with less than good credit to apply in some cases
    • Low APRs for those with excellent credit - If you have a longstanding history of keeping credit balances low and consistently paying bills on time, you probably have a great credit score. In this case, Bankrate could help you access lower than average APRs
    • Extensive loan terms - It’s highly unusual for a lender to provide terms of up to seven years, but that’s just what you could get with this provider. It’s normally the case that longer terms provide lower monthly fees, which may provide much needed financial relief for some applicants
    • Works with many well-known providers - Bankrate has longstanding relationships with companies like Best Egg, Payoff, Upstart, and Prosper. Therefore, you can save a lot of time and effort by making just one application

    What are the eligibility requirements?

    • A credit rating of 580 or above
    • At least 18 years old or 19 years old in applicable States
    • Proof of ID
    • Evidence of current employment

    How to apply for a Bankrate consolidation loan? 

    The first step to getting a loan is going through a pre-qualification assessment online. Here, you’ll outline your desired loan amount, the purpose of the loan, your credit rating, employment status, income, and more. This won’t affect your credit score, nor will it confirm your eligibility.

    If you pass the first stage successfully, you’ll complete a full application online. Once this more detailed assessment is complete, you’ll eventually be contacted to discuss the options available to you.

    What are the terms rates and fees for consolidation loans? 


    5.95% to 35.95%

    Loan terms

    1-7 years

    Origination fees

    Can be $0, but rise to several hundred dollars in some cases

    Prepayment fees

    Not always necessary, but could be as much as 2% of the total loan amount

    Customer Service

    • Customer service request form online - A member of the support team will call you
    • Connect on Linkedin, Twitter, and Facebook

    What types of debt can be consolidated with Bankrate?

    A variety of debts can be consolidated with this service, including credit cards, medical debt, or personal, student, auto, and payday loans

    Bottom line

    Bankrate has some fairly positive features. It’s noteworthy that it offers loans to students, and the terms are potentially quite extensive. However, the origination fees are extraordinarily high in some cases, and there’s not enough specific details provided about critical factors like late payment fees.

    Why not take a look at Avant? It’s a much more detailed service, and only charges $25 in late fees after a ten-day grace period. Another excellent alternative is SoFi. Its maximum APR is only 16.99%, and it even offers additional protection against unemployment.