Bankrate Debt Consolidation Loan Review

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? 

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.