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How To Consolidate Bills Into One Payment

One way to consolidate bills into one payment is by using a debt consolidation loan, which can often give you lower interest rate and payment.

Emily Guy Birken Emily Guy Birken Edited by Janie Basile Updated June 1, 2023

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

In addition to the financial burden that comes from multiple bills, there’s also the mental load that comes with managing different due dates and keeping track of payments.

If you’re having trouble staying on top of all your monthly payments, there are solutions. A tool like a debt consolidation loan can help you combine several monthly payments into one, which can help provide both financial and stress relief.

  • Types of debt consolidation
  • How to consolidate bills with a consolidation loan
  • Debt consolidation loan vs. credit card
  • 17 lenders for debt consolidation
  • Benefits of using a debt consolidation loan
  • Is a debt consolidation loan the right option for me?

Types of debt you can consolidate

A debt consolidation loan is a sum of money you borrow and then use to pay off other debts. By doing this, you combine all of your debts — and just as importantly, their monthly payments — into one. What’s more, you’re often able to score a lower interest rate, making your debt more affordable.

There are several debt consolidation methods available for various types of debt. For example, credit card debt can be consolidated in several ways, including a debt consolidation loan or using a balance transfer card. But other types of debt, such as federal student loans, use a special debt consolidation resource (in this case, the federal Direct Consolidation Loan).

Types of debt consolidation

As mentioned, the type of debt you’re consolidating will help you determine the best way to proceed. Let’s talk about some of the most common debt consolidation options.

  • Debt consolidation loan: A debt consolidation loan is a personal loan used to consolidate existing debt. These loans are typically unsecured term loans in amounts ranging from less than $1,000 to as high as $100,000.
  • Debt management plan : Credit counseling organizations offer these plans to help consumers better manage their debt. When you sign up, the organization will negotiate your debts directly with your creditors to try to get lower interest rates and monthly payments. After that, you’ll make your monthly payments — usually spanning three to five years — directly to the credit counseling organization, and it will distribute that money to your creditors.
  • Debt settlement: The goal of debt settlement is to settle your debt for less than you owe. You would typically work with a debt settlement company or attorney who negotiates with your creditors and attempts to lower your balance. Debt settlement often requires you to stop paying your debts for a while, which can negatively affect your credit.
  • Balance transfer credit card: These credit cards offer an introductory annual percentage rate (APR) — usually 0% for anywhere from six months to 24 months — when you transfer the balance from another credit card (or cards). This can be a great option for paying off high-interest credit card debt, since your full payments will go toward your principal balance and none toward interest during the introductory period. But beware of higher interest rates after the promotional period has ended.
  • Student loan refinancing: If you have multiple student loans, you can use student loan refinancing to consolidate them. Private student loan refinancing can help you manage private loans. For federal loans, it’s best to consolidate with the Direct Consolidation Loan so you don’t lose the government protections that federal loans offer, for example loan deferment, forbearance, and forgiveness.

Other options for bill consolidation

The options listed above are some of the most popular methods to consolidate debt. These types of loans are unsecured, meaning there’s no collateral on the loan. While failing to pay can affect your credit score, you don’t risk losing important assets.

Leveraging home equity

Meanwhile, some forms of debt consolidation are secured, often by your home or vehicle. For example, a home equity loan and home equity line of credit, or HELOC, are two types of loans that allow you to borrow against the equity you’ve built in your home. Like a personal loan, you can use this money for most purposes, including debt consolidation.

Using your home equity to pay off other debt has some benefits, including a lower interest rate since the loan is secured. However, it also puts your home at risk. If you can’t make your payments, you risk foreclosure.

Tapping into retirement savings

Another option some people use to consolidate debt is borrowing from their 401(k). While many companies do allow 401(k) loans, they come with major downsides.

First, a 401(k) loan comes with interest just like any other type of loan. Moreover, when the money isn’t in your 401(k), it isn’t invested and growing. Another major downside is that if you lose your job, you may have to repay the full loan amount immediately. And if you can’t repay it on time, the loan counts as a distribution from your retirement plan, meaning it’s subject to both income taxes and (depending on your age) an early withdrawal penalty of 10%.

How to consolidate bills

If you’re considering a direct consolidation loan to help you pay off debt, here’s how to get started:

  • Check your credit score: Before you apply for a loan, make sure your credit score is high enough to qualify — most lenders look for 670-739.
  • Research and compare lenders: There are many personal loan options to choose from, each with different loan amounts, terms, interest rates, and perks. During this time, you can prequalify with several lenders to get an idea of the terms you’ll be offered.
  • Pick a loan option: Once you’ve shopped around and gotten interest rates from several personal loan lenders, you can pick the best loan for you. The best loan is often the one with the lowest interest rate, but it’s also important to consider how much you can borrow, how much time you’ll have to repay it, and what fees you might have to pay.
  • Complete your application: Once you’ve chosen a loan, you can submit your application. During the approval process, you’ll likely have to provide proof of employment, income, and other personal details.
  • Get your loan funds: Depending on your lender, you could have your loan funds as quickly as one day after your loan is approved. But that will depend on the lender — it could take longer. You can then use the money to pay off the debts you’re consolidating, though some lenders will pay off your creditors directly.

Debt consolidation loan vs. credit card

Debt consolidation loans are often used to pay off high-interest credit card debt. So you may be wondering — why not just continue making your credit card payments? Here are a few differences between debt consolidation loans and credit cards:

  • Interest rates: Credit cards have notoriously high interest rates. According to the Federal Reserve, the average credit card rate as of April 2023 was more than 20%. Meanwhile, the average rate on a personal loan with a 24-month term was just over 11% for the same month.
  • Compounding: Personal loans have simple interest, meaning it only ever applies to your principal balance. But credit card interest compounds daily. Each day, your interest charges are added to your balance and also accrue interest. As a result, your balance can grow quickly and be more difficult to pay off.

Example of debt consolidation

Let’s say you have $5,000 in credit card debt. You have two options: you can either leave the balance on your credit card and pay it off over time or you can use a debt consolidation loan to pay it off faster.

Let’s say your credit card interest rate is 20%. Credit card minimum payments are often calculated as a percentage of your balance. For example, your minimum payment might be your interest from the past month plus 1% of your card balance.

If you made the minimum payment on your $5,000 loan, it would take you 277 months — that’s more than 23 years — to pay off the full balance, and you would pay more than $7,700 in loan interest.

Now let’s say you consolidated that credit card debt to a personal loan with an interest rate of 11%, the average according to the Federal Reserve. If you had a five-year loan, you would have a lower minimum payment than on the credit card, pay the loan off 18 years faster, and pay more than $6,000 less in interest.

Even if you couldn’t get a lower interest rate and still paid 20% on the personal loan — the same you had on the credit card — you would save more than $4,000 in interest and 18 years of payments.

17 debt consolidation lenders

There are plenty of personal loan options, so no matter what your needs are, you’re sure to find a lender that works for you. Check out the following partner lenders of Credible that offer debt consolidation loans:

1. Achieve: Best for consolidating high-interest debt

Achieve offers personal loans ranging from $1,000 to $100,000. You can choose from loan terms of two, three, four, or five years and set your own payment date. Achieve’s personal loans come with major benefits that include loan funding within 24-72 hours, interest-rate reduction options, and a dedicated loan consultant.

4.1
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Achieve Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.99% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
Does not disclose
Loan amount
Total amount you can borrow from this lender
$7,500 to $50,000
Time to fund
How long it takes to receive your money
If approved, funds sent within 24-72 hours†

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  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $7,500 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: If approved, funds sent within 24-72 hours†
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, ND, NV, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

2. Avant: Best for borrowers with poor credit

Avant makes it easy to turn your credit card debt into a fixed-rate loan with a single monthly payment. While loan amounts come in a more limited range — anywhere from $2,000 to $35,000 — they are available to borrowers with poor credit. You can qualify for a personal loan with a credit score as low as 550.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Avant Personal Loans
Fixed APR
Range of fixed rates available from this lender
9.95% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
550
Loan amount
Total amount you can borrow from this lender
$2,000 to $35,000**
Time to fund
How long it takes to receive your money
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

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  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except HI, VT, MA, ME, NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly

3. Axos Bank: Best for borrowers with excellent credit

Axos Bank offers personal loans with amounts ranging from $7,000 to $50,000 and terms ranging from three to six years. Axos Bank requires a higher credit score than many lenders — you’ll need a score of at least 740 to qualify. But it also comes with some major perks, including a low starting interest rate and next-day funding on your loan.

4.6
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Axos Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.99% - 15.19% APR
Min. credit score
Minimum credit score needed to qualify
740
Loan amount
Total amount you can borrow from this lender
$5,000 to $50,000
Time to fund
How long it takes to receive your money
Next business day

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  • Fixed APR: 7.99% - 15.19% APR
  • Variable APR: N/A
  • Min. credit score: 740
  • Loan amount: $5,000 to $50,000
  • Loan terms (years): 3 to 6
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes

4. Best Egg: Best for borrowers with good credit

Best Egg offers debt consolidation loans of up to $50,000. The company lets you prequalify without a hard inquiry on your credit report. And once you apply, your loan can be funded in as few as 24 hours. You can also save money on your loan with Best Egg’s direct pay feature.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Best Egg Personal Loans
Fixed APR
Range of fixed rates available from this lender
8.99% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$2,000 to $50,000
Time to fund
How long it takes to receive your money
As soon as 1 to 3 business days after successful verification

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  • Fixed APR: 8.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

5. Discover: Best for long repayment terms

Discover offers personal loans with amounts up to $40,000. Discover has one of the longest repayment terms of any lender, allowing you to repay your loan over anywhere from three to seven years. It also offers relatively low starting interest rates.

4.4
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Discover Personal Loans
Fixed APR
Range of fixed rates available from this lender
6.99% - 24.99% APR
Min. credit score
Minimum credit score needed to qualify
660
Loan amount
Total amount you can borrow from this lender

$2,500 - $40,000

Time to fund
How long it takes to receive your money
As soon as the next business day after acceptance

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  • Fixed APR: 6.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount:

    $2,500 - $40,000

  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

6. Happy Money: Best for consolidating credit card debt

Happy Money offers a personal loan, known as The Payoff Loan, specifically designed to help you pay off credit card debt. You can consolidate debt with amounts ranging from $5,000 to $40,000 and repayment terms ranging from two to five years.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Happy Money Personal Loans
Fixed APR
Range of fixed rates available from this lender
11.25% - 24.5% APR
Min. credit score
Minimum credit score needed to qualify
640
Loan amount
Total amount you can borrow from this lender
$3,000 to $40,000
Time to fund
How long it takes to receive your money
As soon as 2 to 5 business days after verification

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  • Fixed APR: 11.25% - 24.5% APR
  • Min. credit score: 640
  • Loan amount: $3,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 to 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA and NV
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: $25,000
  • Loan Uses: Debt consolidation and credit card consolidation

7. LendingClub: Best for direct payments to creditors

With LendingClub, you can get a debt consolidation loan in amounts ranging from $1,000 to $40,000 and terms ranging from three to five years. LendingClub makes it particularly easy to consolidate multiple credit card debts. Rather than sending the money to you and having you pay them each off separately, LendingClub can send the money directly to your creditors.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LendingClub Personal Loans
Fixed APR
Range of fixed rates available from this lender
9.57% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
660
Loan amount
Total amount you can borrow from this lender
$1,000 to $40,000
Time to fund
How long it takes to receive your money
Usually takes about 2 days†

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  • Fixed APR: 9.57% - 35.99% APR
  • Min. credit score: 660
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days†
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

8. LendingPoint: Best for borrowers with near-prime credit

LendingPoint offers personal loans with amounts ranging from $2,000 to $36,500. You can qualify for a loan even if you have less-than-stellar credit. And despite the flexible credit score, LendingPoint still has a competitive starting interest rate.

4.7
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LendingPoint Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.99% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$2,000 to $36,500
Time to fund
How long it takes to receive your money
As soon as the next business day

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  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: 600
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4, 5, 6
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

9. LightStream: Best for large loan amounts

Lightstream offers some of the largest debt consolidation loans, with amounts ranging from $5,000 to $100,000. You’ll need good or excellent credit to qualify, but once your loan is approved, you can expect to get your money as soon as the next business day or even the same day.

4.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LightStream Personal Loans
Fixed APR
Range of fixed rates available from this lender
7.99% - 24.99% APR
Min. credit score
Minimum credit score needed to qualify
700
Loan amount
Total amount you can borrow from this lender
$5,000 to $100,000
Time to fund
How long it takes to receive your money
As soon as the same business day

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  • Fixed APR: 7.99% - 24.99% APR
  • Min. credit score: 700
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

11. OneMain Financial: Best for borrowers with below-average credit

If your credit is on the lower end, you may be able to qualify for a debt consolidation loan through OneMain Financial. Loan amounts range from $1,500 to $20,000, and terms range from two years to five years. OneMain does have some of the highest interest rates of any lender, but also serves borrowers across the most credit profiles.

4.1
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
OneMain Financial Personal Loans
Fixed APR
Range of fixed rates available from this lender
18.0% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
None
Loan amount
Total amount you can borrow from this lender
$1,500 to $20,000
Time to fund
How long it takes to receive your money
As soon as 1 to 2 business days after approval

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  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 2 business days after approval
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose

12. PenFed: Best for small loan amounts

PenFed is a great choice for a smaller debt consolidation loan. Unlike most lenders on our list, PenFed offers personal loans for less than $1,000. You can also borrow up to $50,000, and can pay off your loan across as many as five years. PenFed charges no origination fees, making this lender more affordable than some.

4.7
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
PenFed Personal Loans
Fixed APR
Range of fixed rates available from this lender
8.49% - 17.99% APR
Min. credit score
Minimum credit score needed to qualify
700
Loan amount
Total amount you can borrow from this lender
$600 to $50,000*
Time to fund
How long it takes to receive your money
2 to 4 business days after verification

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  • Fixed APR: 8.49% - 17.99% APR
  • Min. credit score: 700
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: 0.25% reduction with use of AutoPay
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events

13. Reach Financial: Best for customizable monthly payments

Reach Financial offers personal loans in amounts ranging from $3,500 to $40,000, with some of the best interest rates of any lenders on our list. Reach Financial has some of the most customizable personal loans, which allow you to choose your monthly payment amount and pause your monthly payment for up to 90 days.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Reach Financial Personal Loans
Fixed APR
Range of fixed rates available from this lender
5.99% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
640
Loan amount
Total amount you can borrow from this lender
$3,500 to $40,000
Time to fund
How long it takes to receive your money
90% funded within a day13

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  • Fixed APR: 5.99% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $3,500 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: 90% funded within a day13
  • Fees: Origination Fee, $15 Late Fee, $25 NSF Fee
  • Discounts: None
  • Eligibility: Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Reach Financial
  • Min. Income: $1,000 monthly
  • Loan Uses: Debt consolidation, credit card refinancing

14. SoFi: Best for borrower perks

SoFi offers personal loans with amounts ranging from $5,000 to $100,000. SoFi offers more borrower perks than any other lender on our list. For example, loans come with unemployment protection to help you modify your payments if you lose your job. There are also no fees. Finally, SoFi offers same-day funding, meaning you can get your money quickly.

4.9
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
SoFi Personal Loans
Fixed APR
Range of fixed rates available from this lender
8.99% - 25.81% APR10
Min. credit score
Minimum credit score needed to qualify
Does not disclose
Loan amount
Total amount you can borrow from this lender
$5,000 to $100,000
Time to fund
How long it takes to receive your money
3 business days

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  • Fixed APR: 8.99% - 25.81% APR10
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: No fees required
  • Discounts: Autopay
  • Eligibility: Available in all states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses

15. Universal Credit: Best for borrowers who want to build their credit

Universal Credit is an excellent option for borrowers who want to build their credit. Loan amounts start at $1,000 and go all the way up to $50,000. Universal Credit also offers prequalification, so you can see if you qualify without affecting your credit score. Finally, borrowers of most credit profiles can apply, including those with credit scores as low as 560.

4.6
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Universal Credit Personal Loans
Fixed APR
Range of fixed rates available from this lender
11.69% - 35.99% APR7
Min. credit score
Minimum credit score needed to qualify
560
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,000
Time to fund
How long it takes to receive your money
Within one day, once approved9

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  • Fixed APR: 11.69% - 35.99% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3, 5, or 7 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, IA
  • Customer service: Phone, email
  • Soft credit check: Yes

16. Upgrade: Best for fast loan funding

Upgrade offers personal loans for debt consolidation in amounts from $1,000 to $50,000. Upgrade allows you to prequalify for a loan, meaning it doesn’t affect your credit score to check your eligibility. And once you apply and your loan is approved, you should get your money within one day.

4.8
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Upgrade Personal Loans
Fixed APR
Range of fixed rates available from this lender
8.49% - 35.99% APR
Min. credit score
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,000*
Time to fund
How long it takes to receive your money
Within a day of clearing necessary verifications

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  • Fixed APR: 8.49% - 35.99% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2 to 7
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all 50 states and Washington, D.C.
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

17. Upstart: Best for borrowers with little to no credit history

Upstart offers debt consolidation loans with amounts ranging from $1,000 to $50,000. Upstart has flexible credit score requirements, meaning borrowers with little to no credit history can qualify. As an added bonus, Upstart offers some of the lowest starting interest rates of any lender on our list.

4.6
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Upstart Personal Loans
Fixed APR
Range of fixed rates available from this lender
4.6% - 35.99% APR4
Min. credit score
Minimum credit score needed to qualify
620
Loan amount
Total amount you can borrow from this lender
$1,000 to $50,0005
Time to fund
How long it takes to receive your money
As soon as 1 - 3 business days6

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  • Fixed APR: 4.6% - 35.99% APR4
  • Min. credit score: 620
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 or 5 years4
  • Time to fund: As soon as 1 - 3 business days6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Debt consolidation loan benefits

Debt consolidation loans come with some major benefits, including:

  • Fewer monthly payments: If you’re currently making payments on multiple credit cards, a debt consolidation loan can cut down on your number of monthly payments. Not only is it more convenient, but it can help ensure nothing falls through the cracks.
  • Lower interest rate: One of the biggest benefits of debt consolidation loans is that interest rates are often much lower than those on credit cards. As we discussed previously, the average interest rate is cut practically in half.
  • Lower monthly payments: Thanks to the lower interest rate, a debt consolidation loan often comes with a lower monthly payment. This could give you the opportunity to either pay off your debt more aggressively or make room for other things in your budget.
  • Shorter repayment time: Debt consolidation loans often have shorter repayment times than credit cards. You could save yourself years of payments by switching to a debt consolidation loan.
  • Improved credit score: A debt consolidation loan can improve your credit score for several reasons. First, you’ll lower your credit utilization rate. Second, the monthly payments on your loan can help boost your score over time.

Is debt consolidation right for me?

A debt consolidation loan can be an excellent tool to help make your debt more manageable and save you money on interest.

On the other hand, this type of loan isn’t right for everyone. For some people, the best way to handle multiple debts might simply be to pay them off one at a time.

One popular strategy, the debt snowball method, has you pay off your debts in order of balance, smallest to largest. This strategy allows for quick wins and for you to get rid of your smallest debts to focus on your largest.

The debt avalanche method, on the other hand, has you prioritize the interest rates on your debt rather than the balance. By prioritizing the debts with the highest interest rates, you save yourself money in interest over the long term.

Ultimately, it’s up to you to decide which debt payoff method is right for you, whether it’s a debt consolidation loan, debt snowball or avalanche, or another strategy. You can use an online calculator to determine which is the best move for your situation.

Erin Gobler has contributed to the reporting of this article.

About the author
Emily Guy Birken
Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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