Now, you have done most of the prepping for your debt consolidation loan application.

Next is the important step of finding the best lender to suit you debt consolidation needs and requirements.

The loan industry offers an abundance of lenders, who are all ready to assist you with a debt consolidation loan. However, as with everything, there are standard loan providers and then there are the top debt consolidation lenders that will offer you the very best service at competitive interest rates and fees.

This is what you should look out for when choosing your preferred lender:


Some lenders offer handy online applications whereas others require a visit to their offices. Depending on what you prefer; it will form part of your decision on the best lender for you.

Lenders offer a variety of ways for you to apply. You should not settle for a lender that does not offer your preferred method of communication and loan application. As mentioned before, there is a debt consolidation lender out there that will tick all your ‘preferred’ boxes. Leaving you with no reason to settle for second best.

Interest rates

Many loan lenders offer very competitive interest rates due to the amount of lenders available. Each lender attempts to offer the better loan service. You should be able to find a lender that offers you the very best interest rate in the industry.

More often than not, debt consolidation loans have fixed interest rates but this is something you would need to discuss with your lender of choice.


Debt consolidation loans are a service and thus lenders have to add establishment fees to ensure that they too, are running a profitable business.

As lenders all try to offer competitive fees, you simply need to ensure that you find a lender with the best fees in the industry.

Repayment terms

Perhaps you wish to pay your debt consolidation loan back over a set, agreed repayment period. However, perhaps you would like more flexibility in terms of repaying more than your standard instalment.

This is another feature that varies greatly from lender to lender. It requires you to make sure that you find a lender that does not only offer a competitive interest rate but also lower establishment fees than its competitors.

Additional services

As we have clearly established loan lenders try to offer only the very best deals. Why? To ensure that you choose them as your preferred lender, and that you are satisfied with your choice. It is simply good for business.

You will therefore find that many lenders offer additional services such as debt management. This is without a doubt a sound idea when you are aiming to reach financial freedom, and of course your ultimate goal, to be debt-free.