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The 12 Best Loan Consolidation Companies in Texas
National Debt Relief
Credit.org
Upstart
Curadebt
Reach Financial
LendingTree
SoFi
SuperMoney
LendingClub
Payoff
American Debt Enders
Debt Consolidation Care
What Are the Best Loan Consolidation Companies in Texas?
Famous for its BBQs, chillies and hot weather amongst a great deal more, Texas is also a place of excellent economic growth and overall financial stability. However, as is the case all over America, no state is completely free from loans and most Texan households maintain some degree of loans throughout their lives. These loans are typically made up of a combination of different forms including credit card, student loans and mortgage.
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Monday, March 11th
2024 Loan Consolidation Company Reviews
National Debt Relief
National Debt Relief has helped over 500,000 people to consolidate their loans by negotiating much lower payments with creditors. You'll pay a low monthly fee based on your total amount of enrolled loans while the company goes to work on your behalf. You won't find any other loan consolidation option with over 80,000 five-star reviews from satisfied clients! National Debt Relief should be the first place you go to schedule a free consultation and get on top of your finances.
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Credit.org
Credit.org has provided more than five million financial coaching sessions in the nearly 50 years they've been in operation - and most of their services are absolutely free. You'll get a complimentary consultation to analyze your finances and determine which steps you should take to improve your situation, which may include loan consolidation or other fee-based programs, but there's no obligation to sign up. Credit.org gets high marks from clients for being stress-free and helpful, and it's one of our favorite resources for anyone who needs financial advice.
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Upstart
Upstart knows that a credit score isn't the only factor to consider when evaluating your loan consolidation application. They employ a sophisticated artificial intelligence process that looks beyond just your credit history - making it more likely that you'll be approved for your loan. Happy customers typically receive their money very quickly, and praise this service for being easy and affordable.
Curadebt
For over 25 years, CuraDebt has helped people get on top of what they owe through loan consolidation and other proven strategies. You only pay fees when your loans are resolved, and you'll still save a lot of money. The initial consultation is complimentary. While this is still one of our favorite resources for trustworthy loan consolidation, there are 16 states where residents will not be eligible for CuraDebt's services.
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Reach Financial
Reach Financial specializes in loans for the purpose of loan consolidation. The company has a great reputation, both with the BBB and its clients. We wish they were a little more forthcoming about what a prospective borrower can expect, especially with regards to loan amounts, terms, and APR's. Still, we see bright things ahead for this relative newcomer.
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LendingTree
LendingTree is an online loan marketplace for every type of borrowing, from auto loans to credit cards and beyond. You can use this service to easily compare offers from up to five lenders at a time, helping you access the best rates and terms for your personal loan. We love the detailed information provided on each lending partner, with thousands of client reviews to help determine which one is the best choice for a personal loan. LendingTree has a great reputation and is a trustworthy option if you want to use a referral service to research and secure a loan.
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SoFi
SoFi has some big benefits compared with other options for consolidation loans: low fixed rates, assistance (and forbearance) if you lose your job while repaying a loan, and even occasional sign-up bonus money. But, an increase in the number of complaints from SoFi clients, describing negative experiences specifically with the customer service department, gave us some cause for concern.
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SuperMoney
SuperMoney offers comparison "shopping" for many financial products, including consolidation loans. They offer funding through just over a dozen partners, and you can see detailed information and reviews about each one before filling out your application. SuperMoney hasn't been around as long as some of the referral platforms we evaluated and so there's not as much customer feedback yet. This is a good way to gather information about personal loans you might be eligible for, but you'll still have to complete your application directly with the lender you choose.
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LendingClub
LendingClub used to crowdfund all of their consolidation loans through investors. But, after undergoing some changes, their lending is now structured more like a regular bank. They offer fixed-rate loans with repayment terms of at least 36 months, and recent customer feedback is almost universally positive. You should have a good experience if you choose to get a consolidation loan here, but we're holding back a higher recommendation until the BBB provides an updated rating for LendingClub.
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Payoff
Payoff connects you with one of eight lenders in their network, getting you a personal loan so that you can consolidate loans by paying off your high-interest credit cards. While the BBB gives the company high marks, feedback from clients is much more mixed. Some have a great experience, while others describe a frustrating process from start to finish. There are more hassle-free options available if you want to pay off your outstanding loans.
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American Debt Enders
American Debt Enders doesn't offer loan consolidation per se. Instead, they work on disputing loans that have been sold by your creditors to third-party collections. Your initial consultation is free, and any fees will depend on the amount of your loans and the strategy put in place to address it. This service doesn't offer as many options as other providers, and they're not as professional either. You'll probably have a more satisfying experience with another loan consolidation program.
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Debt Consolidation Care
Debt Consolidation Care has been around for nearly 20 years and has an "A+" rating and accreditation from the BBB. However, the service isn't as smooth as many rival providers, and DCC doesn't make it obvious that they'll be handing you off to a fee-based loan consolidation service for counseling. There are definitely more robust options out there.
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Continued from above...
Loans affect different people in different ways. Most individuals and households are able to manage their finances successfully using different methods and strategies such as loan consolidation to simplify affairs. In Texas one of the most offending contributions to personal loans is credit card borrowing. Although the figures and statistics vary according to different sources, there is an overall agreement that credit card balances inTexasis slightly less than the national average.
The Gross State Product (GSP) of Texas is the second highest in America and is in fact larger than the GDP of most countries. The state economy is thriving with many factors contributing to its growing success. It's full of natural resources, has huge areas of land, flourishing cities and world-class institutes of education, all of which help the region to prosper.
While the residents certainly benefit from this with unemployment rates as low as 6.4% and average income of $36,484, it doesn't make them immune from loans. Rather Texans continue to borrow, choosing to opt for personal loans, auto loans and mortgages all of which add up to some significant sums. Loan consolidation remains a popular way to reduce monthly payments and begin to reduce the total amount owed.
Loan Consolidation Company FAQ
Imagine getting enough money to pay off all of your outstanding loans in one fell swoop: that's the essence of loan consolidation. Instead of making multiple payments every month - for your credit card loans, student loans, and so on - you pay them off with a bigger loan at a lower interest rate. Now, you have one monthly payment to make instead of several.
If you have more than one loan, especially with high interest rates, loan consolidation is definitely worth looking into. It can also be one of several strategies you use to avoid bankruptcy, by simplifying your budget and helping you get on top of your finances.
In some cases, yes. There are counseling services that work with consumers like you, to evaluate your financial situation and determine the best course of action; their recommendations may or may not include taking out a loan to consolidate your loans. A new loan makes sense if your existing loans have high interest rates or if you're having a difficult time keeping track of your payment due dates and being on time.
Yes, and only you can decide which approach is right for you. Some people borrow money from friends or family to pay down loans. Others try to negotiate with the lenders to lower interest rates, or to get a deferment or forbearance put in place during times of economic downturns. There's also the possibility of working a side hustle to make extra money. But, when those attempts fail, what then? Loan consolidation provides a hassle-free alternative that makes good financial sense for many consumers.
If you use it wisely, it should. Having all of your loans consolidated into a single payment will reduce your credit utilization, and it'll make it more likely that you don't have missing or late payments. Both of these things will raise your credit score.
It varies. For loan consolidation that happens with a new personal loan, you can expect to pay interest, as well as origination fees of 1-6% of the total loan amount. If you're taking advantage of financial counseling services that offer loan consolidation, they may come free of charge. A few counseling providers charge for their programs; be sure you know exactly what you're getting before you commit to a loan consolidation plan.
If you opt for counseling services only, chances are good that you'll get them at no cost. Some providers may charge a fee for specific services, and in that case you may be able to get your money back if you don't feel that the help you got was worth the cost. If you're getting a new loan for consolidation purposes, there's not likely to be a way to reverse it (especially if you've already spent the loan proceeds!).
Absolutely. In fact, consolidation is one of the top purposes listed by Americans taking out a personal loan! It can be a smart way to reduce your interest payments, make it more likely that you'll be on time, and get back on track financially. But, it's up to you to use the consolidation loan wisely: to pay off all of your smaller loans with the funds you get, and not spend it on unnecessary things! Also, as you choose a resource to use for your loan consolidation, be sure to check out the provider's reputation with the Better Business Bureau and any other client feedback. That will give you the peace of mind that comes from knowing you've made a good choice for your financial future.
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