You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
Lindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
Lindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable.
Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable.
Lead Editor, Mortgages & Loans
Reviewed
Updated: Mar 27, 2024, 6:24am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Debt consolidation can be an effective way to streamline payments and potentially reduce your interest charges. The best personal loans for debt consolidation offer low annual percentage rates (APRs) and flexible repayment terms, while avoiding fees like prepayment penalties, so you can retire debt early without having to pay a fee.
Why you can trust Forbes Advisor: Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the loans methodology for the ratings below.
Universal Credit – Best for Comparing Multiple Offers
Happy Money – Best for Flexible Repayment Terms
Achieve – Best for Paying off Credit Card Debt
Discover – Best for No Interest If Repaid Withing 30 Days
Best Egg – Best for Debt Consolidation Perks
LendingClub – Best for Peer-To-Peer Lending
LightStream – Best for Low Interest Rates
SoFi – Best for Large Loan Amounts
BEST FOR BAD CREDIT
Upgrade
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Upgrade stands out for offering loans to borrowers with poor credit history. The minimum credit requirement of 580 is much lower than other lenders, and Upgrade also doesn’t have a minimum income requirement. Loan amounts range from $1,000 to $50,000 with two- to seven-year terms.
Pros & Cons
Low minimum credit score requirement
Borrowers can use loans to cover business expenses
Offers direct lender payoff for debt consolidation loans
High APR range
Charges fees for origination, late payment and insufficient funds
Details
Eligibility:
Minimum credit score: 580
No minimum income requirement
Allows co-applicants
Loan uses:
Debt consolidation
Home projects
Large expenses
Business expenses
BEST FOR COMPARING MULTIPLE OFFERS
Universal Credit
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners, allowing borrowers to compare multiple offers at once. While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it charges high APRs and charges a 5.25% to 9.99% origination fee on all personal loans.
Pros & Cons
Flexible qualification requirements
Next-day funding
No prepayment penalty
High APRs
All personal loans charge a 5.25% to 9.99% origination fee
Details
Eligibility:
Minimum credit score: 580
Minimum income requirement: Does not disclose
Doesn’t allow co-signers or co-borrowers
Loan uses:
Debt consolidation
Large expense
Home project
BEST FOR FLEXIBLE REPAYMENT TERMS
Happy Money
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Happy Money offers lending terms from two to five years along with loan amounts of $5,000 to $40,000, making the lender stand out for having flexible repayment options for those who need to consolidate their debt. And, while Happy Money charges a 0% to 5% origination fee, there are no late fees, annual fees or prepayment penalties.
Pros & Cons
Directly pays third-party creditors
Competitive APRs
Assists borrowers with financial wellness through its Peace program
May charge an origination fee
Limited repayment terms
Requires a minimum credit history of three years
Details
Overview: Founded in 2009, Happy Money (previously Payoff) is an online lending platform that connects prospective borrowers with fixed-rate credit card debt consolidation loans in every state except Massachusetts, Mississippi, Nebraska and Nevada. Happy Money specializes in helping borrowers eliminate their high-interest debt, and will pay off members’ outstanding credit balances directly.
Eligibility:
Minimum credit score: 640
Minimum credit history: Three years
Maximum debt-to-income ratio: 50%
Loan uses:
Debt consolidation
BEST FOR PAYING OFF CREDIT CARD DEBT
Achieve
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Achieve is one of our top picks for debt consolidation loans because of the flexible loan terms (two to five years) and loan amounts ($7,500 to $40,000). These characteristics make it easier to consolidate a large amount of debt while spreading payments out over a lengthy period of time and reducing monthly payments.
Pros & Cons
Funds available within 48 hours
Flexible repayment terms
Allows co-borrowers
Application is not entirely online
Imposes a minimum income requirement
High minimum loan amount
Details
Overview: Achieve is an indirect lending platform that offers personal loans underwritten by Cross River Bank or MetaBank. Like some of our other top picks, Achieve also offers direct payment to creditors. In fact, borrowers who put 85% of the total loan amount toward debt consolidation via direct payment are more likely to qualify for a loan.
That said, depending on the interest rates on your current debts, the potentially high APR Achieve charges may make it more difficult to save money by consolidating. Likewise, the origination fee from 1.99% to 6.99% of the loan amount can make the loan more expensive. If you’re considering Achieve for debt consolidation, it’s important to do the math before you sign on the dotted line.
Eligibility:
Minimum credit score: 620
Minimum annual income: $21,500
Allows co-signers and co-applicants
Loan uses:
Debt consolidation
Home projects
Medical expenses
Travel costs
BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS
Discover
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Discover stands out because of its online application and mobile banking tools, well-reviewed customer support team and quick funding. In general, loans are available from $2,500 to $40,000 and may be issued for between three and seven years.
Pros & Cons
Option to pay off creditors directly
No origination fees or prepayment penalties
Directly pays creditors
Charges late fees
Low maximum loan amount
Details
Eligibility:
Minimum credit score: 660
Minimum household income: $25,000
Doesn’t allow co-signers or co-borrowers
Loan uses:
Medical bills
Business expenses
Home renovation
BEST FOR DEBT CONSOLIDATION PERKS
Best Egg
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Best Egg is a lending platform that’s best for borrowers who want to consolidate credit card debt. With Best Egg’s Direct Pay feature, once you accept a debt consolidation loan, the lender will directly pay off your credit card accounts. Payment terms are available from three to five years, so Best Egg can be a great way to consolidate your other debts and spread the payments out over time.
Pros & Cons
Loan terms available up to five years
Low minimum APR
No prepayment penalty
Does not offer direct payment to third-party creditors
Charges an origination fee
Maximum repayment term of five years
Details
Overview: Best Egg is a lending platform available to borrowers in every state except Iowa, Vermont, West Virginia and Washington, D.C. Personal loans are issued by Cross River Bank and range from $2,000 to $50,000.
With Best Egg, borrowers have to pay an origination fee from 0.99% to 5.99% of the loan amount. This fee is an important consideration when calculating how much you can save by consolidating your debts with a Best Egg personal loan. Borrowers can, however, pay off their loan early without incurring a prepayment penalty.
Eligibility:
Minimum credit score: Does not disclose
Minimum annual income: Does not disclose
Does not allow co-signer
Loan uses:
Debt consolidation
BEST FOR PEER-TO-PEER LENDING
LendingClub
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LendingClub stands out for being a peer-to-peer lender. While LendingClub imposes high APRs and no autopay discount, applicants can choose to borrow between $1,000 to $40,000. This is a higher maximum loan cap than some other lenders. That said, LendingClub’s loan terms are limited to two to five years, which is less flexible than other lenders on our list.
Pros & Cons
Will directly pay off third-party creditors as part of balance transfer loan
Co-applicants permitted
Available to borrowers with fair to excellent credit
Origination and late fees
Limited loan term availability
High APR range
Details
Overview:LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. As the largest online lending platform for personal loans, LendingClub has worked with over 3 million customers and funded more than $55 billion in loans. It’s also one of the most geographically widespread options, with lending capabilities in every state except Iowa and the U.S. territories.
LendingClub also makes debt consolidation easier by offering a balance transfer loan. With this type of loan, LendingClub offers direct payment to third-party lenders, including over 1,700 creditors. Not only does the platform take care of payments for you, you can choose exactly how much of your new loan amount you want LendingClub to pay toward each creditor.
Eligibility:
Minimum credit score: 600
Minimum credit history: Three years
Allows co-applicants
Loan uses:
Debt consolidation
Home projects
Medical expenses
BEST FOR LOW INTEREST RATES
LightStream
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
LightStream offers borrowers competitive interest rates along with a high maximum loan amount. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time. Loans from LightStream also have no origination, late payment or prepayment fees.
Pros & Cons
No origination, prepayment or late fees
Low, competitive rates
Fast approval and funding
No prequalification process
No due date flexibility
Limitations on use of loan proceeds
Details
Eligibility:
Applicants should have several years of credit history
Minimum credit score: 660
Can’t prequalify
Loan uses:
Large expenses
Finance land, timeshares and tiny homes
Home project
BEST FOR LARGE LOAN AMOUNTS
SoFi®
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
With SoFi, loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000).
Pros & Cons
Prequalification with a soft credit check
Funding as quickly as the same day of loan approval
Offers direct payments to third-party creditors for debt consolidation
High credit score requirement
High minimum loan amount
Details
Eligibility:
Minimum credit score required. 650
Minimum annual income. $45,000
Co-borrowers. Permitted
Co-signers. Not permitted
Personal loan interest rates depend on several factors, including the borrower’s creditworthiness, lender, loan amount and repayment term. Typically, however, personal loan interest rates range from around 5.99% to 36%, with the lowest rates reserved for borrowers with excellent credit.
Summary: Best Debt Consolidation Loans of April 2024
With a low minimum credit score of 580, Upgrade is a much more accessible option for borrowers who have a poor credit history.
Best for Comparing Multiple Offers: Universal Credit
As a lending platform that offers personal loans through its partners, Universal Credit is a good option for borrowers looking to compare offers from multiple lenders.
Best for Flexible Repayment Terms: Happy Money
With loans ranging from $5,000 to $40,000 and terms of two to five years, Happy Money gives borrowers a flexible option for consolidating debt.
Best for Paying Off Credit Card Debt: Achieve
Achieve offers borrowers rate discounts and the option to directly pay off creditors, making it a good option for borrowers looking to consolidate their credit card debt.
Best for No Interest If Repaid Within 30 Days: Discover
Discover is a great option for borrowers who can repay their loan within the first month, as this makes the loan interest-free.
Best for Debt Consolidation Perks: Best Egg
With Best Egg’s Direct Pay feature and no prepayment penalty, Best Egg stands out for the features it offers borrowers.
Best for Peer-To-Peer Lending: LendingClub
For borrowers looking for a peer-to-peer loan, LendingClub offers debt consolidation loans with high maximum loan limits and flexible qualification requirements.
Best for Low Interest Rates: LightStream
With competitive interest rates, LightSteam is a low-cost option for borrowers who can qualify for the lowest rates.
Best for Large Loan Amounts: SoFi
SoFi’s loan amounts range from $5,000 to $100,000, making SoFi a good option for borrowers who need to consolidate a large amount of debt.
How To Compare Best Debt Consolidation Loans
Personal loans often are available online through traditional banks, credit unions and alternative lending platforms so you can apply quickly and conveniently, without having to visit a bank branch. Many of these lenders also offer competitive interest rates and flexible repayment terms, meaning you may be able to save money by consolidating your other debts.
Consider these tips when comparing personal loans:
Where possible, prequalify
Many personal loan providers offer prospective borrowers the ability to prequalify for a loan. This means the applicant can submit details about their financing needs, income, housing situation and other relevant information to find out what kind of loan amounts, rates and repayment terms they are likely to qualify for. Even better, this process typically only requires a soft credit inquiry so you can shop around without hurting your credit score. If you think you may benefit from consolidating your debt—but aren’t sure what rates you’ll qualify for—the prequalification process can streamline your search by ruling out lenders with higher rates.
Consider the purpose of your loan
While personal loans can be used for a broad range of purposes, they are limited to things like consumer debt consolidation, home improvements, vacations, weddings, funerals, large purchases and other personal expenses. For that reason, lenders often forbid you from using personal loans for postsecondary education expenses, business purposes and illegal activities, at a minimum. When considering a lender, always confirm that debt consolidation is an acceptable use of the loan funds. Even better—determine whether the lender will pay your other creditors directly.
Keep an eye out for additional fees
Some lenders offer fee-free personal loans that don’t require borrowers to pay origination fees, late payment fees, prepayment penalties or other common loan costs. However, this is more the exception than the rule, so it’s important to ask about fees when shopping for the best loan terms. This is especially important if you’re trying to save money by consolidating debt because fees can cut into your savings over the life of the loan. Likewise, if a lender charges an origination fee, find out whether it’s built into the APR or taken out of the loan amount prior to funding, as this may impact the loan amount you need to request.
Evaluate the lender’s customer support options
If you’ve found a lender that’s prepared to offer the money you need at acceptable terms, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal in the honeymoon phase of your loan, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews from past and current borrowers to make sure it’s a good fit.
Pro Tip
Don’t settle for the first debt consolidation loan you come across. Shop around and compare interest rates, repayment terms, and any additional fees or charges. A slightly lower interest rate or more flexible terms can make a significant difference in the long run.
Debt consolidation is when a borrower takes out a new loan, usually with more favorable terms (a lower interest rate, lower monthly payment or both) and then uses the loan proceeds to pay off their other individual debts. Debt consolidation loans are commonly used to help pay off credit card balances, auto loans and other personal loans.
How Does a Debt Consolidation Loan Work?
To start consolidating debt, apply for a personal loan through your bank or another lender. Once your lender approves you for a debt consolidation loan, it may offer to pay off your other debts automatically—or you will take the cash and pay them off yourself.
After your pre-existing debts are repaid with your new debt consolidation loan funds, you’ll make a single payment on your new loan every month. While debt consolidation often reduces your monthly payment, it accomplishes this by extending the loan period of the consolidated loans. Debt consolidation also streamlines payments and makes it easier to manage finances, like having a single monthly payment due date.
Pro Tip
Using personal loans can be a convenient way to consolidate and pay off high-interest credit card debt. Interest rates on personal loans are usually fixed, which means the interest rate and payment stay the same for the entire loan term. You can also take comfort in knowing your debt will be paid off by a predetermined date as long as you make each payment as scheduled.
Does Debt Consolidation Hurt Your Credit?
Debt consolidation loans can hurt your credit, but the impacts can be temporary. Applying for a loan requires a hard credit check, which can result in a small dip in your credit score. However, the impact of the inquiry on your score will decrease over time and disappear typically after two years. Your credit score may also decrease if you take out a debt consolidation loan, pay off your credit cards and then rack up more debt on those cards.
That said, consolidating loans can be a great way to streamline your payments, reduce your monthly debt service and build healthy financial habits through regular, on-time payments. For that reason, consolidation loans can actually help you improve your credit score over time. What’s more, some lenders even offer credit tools beyond regular lending services to help you manage your credit profile.
Pros and Cons of Debt Consolidation Loans
Debt consolidation loans are a finance tool. Like any tool, it can either help or hurt you, depending on how you use it. Before you submit an application to borrow money, make sure you’ve fully considered the pros and cons of debt consolidation loans.
Pros of Debt Consolidation
Simplifies your debt repayment
Rates may be lower than the rates on credit card debt
Helps you pay down debt faster if you opt for shorter-term loans
Can improve your credit score, especially if you’re consolidating credit card debt
Lowers your payment if you opt for long-term and/or lower-rate loans
Cons of Debt Consolidation
Can damage your credit if you miss any loan payments
Your options may be more limited if you have bad credit
Can be somewhat confusing, especially as your old debts are being paid off
Can tempt some people to run up their credit cards again once they’re paid off
How To Qualify for a Debt Consolidation Loan
Qualifying for a debt consolidation loan is similar to any other personal loan.
Shop around for lenders where you meet the minimum qualifications. If you don’t meet the credit score requirements, take steps to improve your credit score. This can include correcting mistakes on your credit report, paying credit card debt or paying down any past-due accounts.
Getting preapproval for a debt consolidation loan can verify that you’ll qualify for the loan when you submit an official loan application.
How To Get a Debt Consolidation Loan
While the process varies by lender, follow these general steps to get a debt consolidation loan:
Check your credit score. Check your credit score for free through your credit card issuer or another website that offers free scores. This will help you understand your creditworthiness and qualification chances. Aim for a score of at least 610; however, a score of at least 720 will yield the most favorable terms.
If necessary, take steps to improve your credit score. If your score falls below 610 or you want to boost your score to receive the best terms possible, take time to improve your score before applying, such as lowering your credit usage or paying off unpaid debts.
Determine how much debt you need to consolidate. Once you check your credit score, calculate how much money you need to borrow to consolidate all of your debts. Remember, though, you’ll receive your money as a lump sum, and you’ll have to pay interest on the entire amount—so only borrow what you need.
Shop around for the best terms and interest rates. Many lenders will let you prequalify prior to submitting your application, which lets you see the terms you would receive with just a soft credit inquiry and without hurting your credit score.
Submit a formal application and await a lending decision. After you find a lender that offers you the best terms for your situation, submit your application online or in person. Depending on the lender, this process can take a few hours to a few days.
How To Get a Debt Consolidation Loan With Bad Credit
If you have bad credit, you can strengthen your application by improving your debt-to-income (DTI) ratio. You can do this by increasing your income—with a side hustle or otherwise—or by paying off some of your smaller, more manageable debts. If you choose to pay down some of your debts, this could also help improve your credit score, accomplishing two things at once.
There are debt consolidation loans for bad credit if you can’t improve your credit score enough to qualify for other loans. You may also have better luck applying for secured loans, which are more accessible to applicants with bad credit because they reduce the lender’s risk and often come with lower interest rates.
Alternatives to Debt Consolidation Loans
If you don’t qualify for a traditional debt consolidation loan or want to compare other available options, consider alternatives, including:
Some credit card providers offer cards that let you move—or transfer—existing credit card debt to a new card with a 0% introductory APR, often for a small fee. As long as you repay your debt within the introductory period, typically up to 21 months, you can avoid paying interest. Any unpaid balances after the introductory period ends will begin to accrue interest.
If you have sufficient equity in your home, typically at least 15% to 20%, you may be eligible to borrow up to 85% of your equity. Funds are disbursed as a lump-sum payment, which you can use to repay high-interest debts, and interest is owed on the full loan amount. Home equity loans are secured by your home, which means the lender can repossess the property if you default on the debt.
Similar to a home equity loan, a HELOC also gives you access to funds through your home equity. However, instead of receiving funds as a lump-sum payment, you’ll have access to a credit line you can use as needed, and reuse as you repay your balance during the draw period. You’ll also only pay interest on the amount you borrow, not the entire approved amount.
Is Debt Consolidation a Good Idea?
Determining whether debt consolidation is a good idea for you depends on your credit score and whether you’re taking other steps to improve your financial habits. Debt consolidation may benefit you if:
You’re committed to paying off the full amount of your debt consolidation loan
You have enough cash flow to cover all of your debt payments
You’re okay with repaying your loans over a longer period of time
You’ve improved your credit score since you took out your original loans
You have a financial plan to avoid running up your debts again
Find the Best Balance Transfer Credit Cards Of 2024
We reviewed 15 popular lenders based on 11 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the 10 best lenders based on the weighting assigned to each category:
Loan cost. 35%
Loan details. 20%
Eligibility and accessibility. 20%
Direct payment to creditors. 15%
Customer experience. 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated the availability of each provider’s customer support team.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
Falling behind on debt payments can have a damaging effect on your credit score and may ultimately result in repossession of collateral or accounts being sent to collections. If you’re struggling to make payments on all of your individual debts, consider taking out a personal loan to streamline your payments and increase the repayment term—thereby reducing your monthly payment.
A debt consolidation loan also may be a good option if your credit score has improved since you applied for your loans. By qualifying for a lower interest rate on a debt consolidation loan, you’ll be able to reduce how much you pay over the life of your loans.
How long are the terms of a debt consolidation loan?
The most common term for debt consolidation loans are three to five years. You may be able to find lenders offering different term lengths ranging from one year to 10 years, however.
How much can I save with debt consolidation?
How much you can save depends on the amount you’re paying off, your interest rates and your term length. A debt consolidation loan can have lower interest rates than your current debt, and in some cases, shortening your loan term can also save you money on interest.
Veterans who have Veterans Affairs (VA) loans may qualify for a Military Debt Consolidation Loan (MDCL), also known as a VA Consolidation Loan. This acts as a cash-out refinance. Veterans who don’t have VA loans can rely on traditional personal loans to consolidate their debts.
How long does it take to get approved for a consolidation loan?
Approval turnaround times typically vary per institution. For example, some online lenders may approve your loan within a matter of minutes, while banks may take a few days or up to a week to process. Once your loan is approved, funding can arrive within 24 to 48 hours or up to one week, depending on your lender.
Also, keep in mind that once you are approved for a debt consolidation loan, it might take several weeks to pay off your existing debts, depending on the lender. They will likely still hold you responsible for any payment due dates within that waiting period.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
Lindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Was this article helpful?
Send feedback to the editorial team
Thank You for your feedback!
Something went wrong. Please try again later.
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers' offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.