Experian Consolidation Loan Review 2020

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    Terms, Fees and Rates 2020

    Minimum credit score: 300
    Rates APR: 8% to 36%
    Loan amounts min to max: $1,000 to $100,000
    Origination fee: Varies - contact lender directly 
    Terms: 6-84 months
    Late payment fee:Varies - contact lender directly
    Prepayment penalty: Varies - contact lender directly

    Pros and Cons


    • The maximum loan offer is higher than many competing firms
    • Term rates are generous
    • Many lenders don’t charge an origination fee


    • APR for those with low credit can be extremely high
    • Some states can’t access loans from all lending partners

    Why should you consolidate your loans with Experian?

    • Extended loan terms - With terms as long as 84 months on offer, financial burdens can be spread over a significant period. Many competitors don’t allow terms of even half that time. You could access a lump sum without the need for taking any excessive financial hits in one go
    • Offers matched to you - Experian works in conjunction with many loan agencies. It’ll analyze your unique credit circumstances and connect you with suitable lenders. Not only will this save a great deal of time, but you’ll have confidence that you’re applying for the right loan
    • Reduce interest payments - In some cases, a consolidation loan leads to higher long-term costs, but they’ll generally lower monthly interest payments. If you’re struggling to cover the bills each month, this could be a reasonable option
    • Improve credit scores - An often underrated bonus of taking a loan of this kind. As long as you pay promptly and consistently on time, your credit score will start to rise after a few months steadily. For any future dealings with creditors of any kind, this will enable access to better terms, higher loans, and far lower interest rates

    What are the eligibility requirements?

    • Depends on your income and monthly expenses
    • Many lenders will require at least three months of employment history
    • For loans as high as $100,000 you’ll need an exceptional credit rating of around 800
    • Credit ratings of 300 are generally accepted for loans of under $10,000

    How to apply for an Experian consolidation loan? 

    Applications are made online. There’s a detailed form that will require personal information regarding your employment, expenses, and overall financial situation. By providing details regarding credit and spending tendencies, Experian will match you with the most appropriate lender.

    What are the terms rates and fees for consolidation loans? 

    Terms rates and fees vary depending on state and personal finances. See below for a couple of routine examples. Both offers listed come without any prepayment fees.

    New York - Credit score around 700 - $5000 request - to be paid over two years

    APR ranges from 6% to 15% with monthly payments of $232

    Louisiana - Credit score around 600 - $20,000 request - to be paid over three years

    APR ranges from 6% to 36% with monthly payments of $180 to $200

    Customer Service

    Customer Support comes through an extensive FAQ list and via phone call for any unanswered queries.

    What types of debt can be consolidated with Experian?

    There’s no limit to the types of credit card debt that can be consolidated.

    Bottom line

    Experian helps provide vast loans to those with exceptional credit, but APR for some can be high, and residents of certain states can’t access loans with every lending partner.

    For a worthy alternative, check out Avant, with low APR rates and an impressive Trustpilot rating of 4.7/5. Upgrade is another good option, with fast payments and a dedicated support team to help you handle every step from start to finish.