Debt Consolidation Review Categories
Our team of seasoned writers, editors, and experts evaluate and rate debt consolidation services across the following four categories, using the detailed criteria for each category outlined below.
Availability
Does the company offer debt settlement assistance and debt consolidation loans?
In how many U.S. states are these loans or programs available?
How broad (or narrow) are application requirements?
Does the company offer financing or assistance to all credit types?
What types of debt does the company assist with?
Does the company offer short-term and long-term financing?
If the company provides loans, what are the minimum and maximum amounts you can borrow?
Rates and Fees
APR Range: What is the range of annual percentage rates (APRs) associated with financing? Is this range above, below, or in line with industry standards?
Origination Fees: Does the company charge origination fees? If so, are they above, below, or in line with industry standards?
Settlement Fees: Does the company charge a debt settlement fee? If so, are they above, below, or in line with industry standards? Are these fees imposed upfront or post-settlement?
Other Rates and Fees: Are there any ancillary fees or charges associated with the loan or program, including, but not limited to, prepayment penalties, closing fees, balance-transfer fees, annual fees, maintenance fees, or consultation fees?
User Experience
Are program and loan terms, including APRs, repayment periods, origination fees, and application requirements, readily available on the company’s website?
Can you apply for a loan or program fully online? Do you need to complete an initial consultation or call?
If applying for a debt consolidation loan, how quickly can you expect to receive financing?
If applying for a debt settlement program, what timeframe does the company quote regarding negotiation and total repayment?
Will the application itself negatively impact your credit? In other words, when checking your creditworthiness, does the company conduct a soft or hard inquiry?
Does the company offer a mobile app? If so, how well is this app rated on the Google Play and Apple App stores?
Does the company report your activity to all three credit bureaus for credit-building purposes?
Does the company offer ancillary features, like free credit counseling or credit monitoring?
Customer Service
How many years has the company been in business?
What is the company’s Trustpilot score?
What is the company’s Better Business Bureau (BBB) rating, accreditation, and customer review score?
How can an account holder or loan applicant contact the company to troubleshoot issues? Is there an email, phone line, and chat function? Are customer service representatives available 24/7 or are customer support hours limited?
When tested by our experts, how quickly does the company respond across these customer service channels?
Are there common themes among negative feedback obtained through personal experience, expert insight, or user reviews? If so, what is their breadth and scope?
Are there common themes among positive feedback obtained through personal experience, expert insight, or user reviews? If so, what is their breadth and scope?
Rating and Reviewing Debt Consolidation Companies
Our experts score debt settlement and debt consolidation lenders in each review category on a scale of one to 10 based on their performance against the detailed criteria. One is considered the lowest score, and 10 is the highest score. We average those scores to determine our BestMoney Editorial Score.
Companies and lenders with a high BestMoney Editorial Score are considered for our top debt consolidation company picks. We may also include a company for this list if it’s adept at serving a market niche, like borrowers with bad credit, or offers industry-leading terms, like no origination fees, free credit counseling, or short-term loans.
Disclaimer:
The ratings and information provided in our reviews are based on publicly available data, expert evaluations, and customer feedback at the time of assessment. Debt consolidation rates, terms, and program details are subject to change and may vary based on factors such as location, credit history, debt type, and selected loan or program features. We recommend obtaining personalized quotes and verifying terms directly with the company to ensure accuracy and suitability for your specific financial situation.
