{"id":30690,"date":"2019-01-24T13:18:38","date_gmt":"2019-01-24T21:18:38","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=30690"},"modified":"2024-01-26T08:12:08","modified_gmt":"2024-01-26T16:12:08","slug":"pros-and-cons-of-paying-off-credit-card-debt-with-a-personal-loan","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/personal-loan\/loan-to-pay-off-credit-cards\/","title":{"rendered":"Pay Off Credit Card Debt ASAP With a Personal Loan"},"content":{"rendered":"<p>Taking out a personal loan to pay off credit card debt can help you potentially lower your interest rate and pay down debt faster. This type of personal loan is known as a debt consolidation loan.<\/p>\n<p>But before you use a debt consolidation loan to pay off credit card debt, you should understand the pros and cons and consider all your options.<\/p>\n<p><strong>Here\u2019s how and why you should use a personal loan to pay off credit card debt:<\/strong><\/p>\n<ul>\n<li><a href=\"#why-should\">Why should you pay off credit card debt with a personal loan?<\/a><\/li>\n<li><a href=\"#where-can\">Where can you get a personal loan for credit card debt?<\/a><\/li>\n<li><a href=\"#pros\">Pros of using a personal loan for credit card debt<\/a><\/li>\n<li><a href=\"#cons\">Cons of using a personal loan for credit card debt<\/a><\/li>\n<li><a href=\"#is-a\">Is a personal loan right for you?<\/a><\/li>\n<li><a href=\"#how-to\">How to use a personal loan to pay off credit card debt<\/a><\/li>\n<li><a href=\"#other\">Other options for paying off credit card debt<\/a><\/li>\n<\/ul>\n<p><a name=\"why-should\"><\/a><\/p>\n<h2>Why should you pay off credit card debt with a personal loan?<\/h2>\n<p>There are a few reasons to consider paying off credit card debt with a personal loan.<\/p>\n<h3><b>Potentially get a lower interest rate<\/b><\/h3>\n<p>You may be able to get a lower interest rate when you use a debt consolidation loan, since personal loans generally have lower interest rates than credit cards. Of course, the rate you qualify for depends on your credit score, among other factors.<\/p>\n<p>Most credit cards let you make a minimum monthly payment that barely covers your interest charges, but hardly pays down any of your principal. As a result, it can take decades to <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/how-much-credit-card-debt-too-much\/\">pay off credit cards<\/a> making only the minimum payment. That can add up to thousands of dollars in extra interest charges.<\/p>\n<p>You can accelerate payments on credit card debt without using a personal loan. But <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/credit-card-refinancing\/\">consolidating credit card debt<\/a> at a lower interest rate makes it easier to pay it down faster, with more of your monthly payment going toward loan principal.<\/p>\n<p>The personal loan companies in the table below are Credible\u2019s approved partner lenders. Through Credible, you can compare rates from all of these lenders without affecting your credit score.<\/p>\n\n<table id=\"tablepress-94\" class=\"tablepress tablepress-id-94 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Lender<\/th><th class=\"column-2\"><strong>Fixed rates<\/strong><\/th><th class=\"column-3\"><strong>Loan amounts<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><center><br \/>\n            <div class=\"tablepress-lender__logo__container\">\n                <img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"105\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/BE_WordLogo_Blue_500px_W.png\" class=\"tablepress-lender__logo wp-post-image\" alt=\"\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/BE_WordLogo_Blue_500px_W.png 500w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/BE_WordLogo_Blue_500px_W-300x63.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/BE_WordLogo_Blue_500px_W-150x32.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>            <\/div>\n        <br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/best-egg\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                                <img decoding=\"async\" class=\"star-light\" alt=\"An empty star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-empty.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#best-egg\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    6.99% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">$5,000 up to $35,000<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"best-egg\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    6.99% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Variable APR:<\/span>\n                                N\/A<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                600<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $2,000 to $50,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                2, 3, 4, 5<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                As soon as 1 to 3 business days after successful verification<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Origination fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all states except DC, IA, VT, and WV<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                Best Egg and Blue Ridge Bank<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. Income:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Credit card refinancing, debt consolidation, home improvement, and other purposes<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><center><br \/>\n            <div class=\"tablepress-lender__logo__container\">\n                <img decoding=\"async\" width=\"768\" height=\"365\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB-768x365.png\" class=\"tablepress-lender__logo wp-post-image\" alt=\"\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB-768x365.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB-600x285.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB-300x142.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB-150x71.png 150w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Discover_PersonalLoans_Primary_Logo_RGB.png 910w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>            <\/div>\n        <br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/discover-personal-loans\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A one-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-quarter.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#discover-pl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    7.99% - 24.99% APR<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">$2,500 up to $35,000<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"discover-pl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    7.99% - 24.99% APR<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                660<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                <p>$2,500 - $40,000<\/p>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                3, 4, 5, 6, 7<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                As soon as the next business day after acceptance<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Late fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                \u00a0Available in all 50 states<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><center><br \/>\n            <div class=\"tablepress-lender__logo__container\">\n                <img decoding=\"async\" width=\"768\" height=\"126\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE-768x126.png\" class=\"tablepress-lender__logo wp-post-image\" alt=\"\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE-768x126.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE-600x98.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE-300x49.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE-150x25.png 150w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2019\/07\/LendingClub_LOGO_BLUE.png 1106w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>            <\/div>\n        <br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/lending-club\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                                <img decoding=\"async\" class=\"star-light\" alt=\"An empty star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-empty.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#lending-club\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    6.53% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">$1,000 up to $40,000<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"lending-club\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    6.53% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                660<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $1,000 to $40,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                3, 5<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                Usually takes about 2 days<sup>\u2020<\/sup><\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Origination fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all 50 states<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                LendingClub Bank<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. Income:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><center><br \/>\n            <div class=\"tablepress-lender__logo__container\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"189\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-768x189.png\" class=\"tablepress-lender__logo wp-post-image\" alt=\"\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-768x189.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-600x148.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-1200x295.png 1200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-1536x378.png 1536w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-2048x504.png 2048w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-300x74.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/lts_lg_h_rgb_pos-150x37.png 150w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>            <\/div>\n        <br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/lightstream\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A one-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-quarter.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#lightstream\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    6.49% - 24.89% APR<sup><\/sup>\n  <\/span>\n with autopay<\/td><td class=\"column-3\">$5,000 up to $100,000<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"lightstream\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    6.49% - 24.89% APR<sup><\/sup>\n  <\/span>\n with autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                700<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $5,000 to $100,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                2, 3, 4, 5, 6, 7*<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                As soon as the same business day<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all states except VT<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                No<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan servicer:<\/span>\n                                LightStream<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. Income:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Credit card refinancing, debt consolidation, home improvement, and other purposes<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><center><br \/>\n            <div class=\"tablepress-lender__logo__container\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"124\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg-768x124.png\" class=\"tablepress-lender__logo wp-post-image\" alt=\"\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg-768x124.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg-600x97.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg-1200x194.png 1200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg-300x49.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2017\/06\/Prosper_Marketplace_Corporate_Logo.svg.png 1280w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>            <\/div>\n        <br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/prosper\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                                <img decoding=\"async\" class=\"star-light\" alt=\"An empty star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-empty.svg\">\n                        <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#prosper\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    8.99% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">$2,000 up to $50,000<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"prosper\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    8.99% - 35.99% APR<sup><\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                640<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $2,000 to $50,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                2, 3, 4, 5<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                As soon as one business day<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                Origination fee<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all states except IA, ND, WV<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. Income:<\/span>\n                                None<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\"><center><br \/>\n<br \/>\n        <div class=\"tablepress-rating-shortcode\">\n            <div class=\"heading__container\">\n                <span class=\"heading\">\n                                            <a href=\"https:\/\/www.credible.com\/lenders\/sofi\/\">Credible Rating<\/a>\n                                    <\/span>\n                                    <div class=\"even\" data-toggle=\"tip\" data-placement=\"top left\">\n                        <img decoding=\"async\" class=\"icon-help\" alt=\"Question mark icon to show more information\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/icon-help-dark.svg\">\n                        <span class=\"tip\">\n                            <span class=\"tip-content\">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. <a href=\"https:\/\/www.credible.com\/blog\/credible-rating-lender-methodology\/\">Read our full methodology.<\/a><\/span>\n                            <span class=\"tip-arrow\"><\/span>\n                        <\/span>\n                    <\/div>\n                            <\/div>\n            <div class=\"star-rating__container\" role=\"img\" aria-label=\"4 star rating\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                    <img decoding=\"async\" class=\"star-light\" alt=\"A full star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-full.svg\">\n                            <img decoding=\"async\" class=\"star-light\" alt=\"A three-quarter star\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/themes\/credible\/assets\/images\/lender-rating\/star-light-three-quarter.svg\">\n                    <\/div>\n            <div class=\"details-link\">\n                <a href=\"#\" class=\"collapsed\" data-target=\"#sofi-pl\" data-toggle=\"collapse\" role=\"button\">View details<\/a>\n            <\/div>\n        <\/div>\n        <\/td><td class=\"column-2\">  <span>\n    7.74% - 35.49% APR<sup>10<\/sup>\n  <\/span>\n<\/td><td class=\"column-3\">$5,000 to $100,000<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td colspan=\"3\" class=\"column-1\">            <div id=\"sofi-pl\" class=\"collapse tablepress-lender-details__container\">\n                <ul>\n                                                <li><span class=\"font-weight-bold\">Fixed APR:<\/span>\n                                  <span>\n    7.74% - 35.49% APR<sup>10<\/sup>\n  <\/span>\n<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. credit score:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan amount:<\/span>\n                                $5,000 to $100,000<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan terms (years):<\/span>\n                                2, 3, 4, 5, 6, 7<\/li>\n                                                <li><span class=\"font-weight-bold\">Time to fund:<\/span>\n                                3 business days<\/li>\n                                                <li><span class=\"font-weight-bold\">Fees:<\/span>\n                                No fees required<\/li>\n                                                <li><span class=\"font-weight-bold\">Discounts:<\/span>\n                                Autopay<\/li>\n                                                <li><span class=\"font-weight-bold\">Eligibility:<\/span>\n                                Available in all states<\/li>\n                                                <li><span class=\"font-weight-bold\">Customer service:<\/span>\n                                Phone, email<\/li>\n                                                <li><span class=\"font-weight-bold\">Soft credit check:<\/span>\n                                Yes<\/li>\n                                                <li><span class=\"font-weight-bold\">Min. Income:<\/span>\n                                Does not disclose<\/li>\n                                                <li><span class=\"font-weight-bold\">Loan Uses:<\/span>\n                                Solely for personal, family, or household uses<\/li>\n                                    <\/ul>\n                            <\/div>\n        <\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td colspan=\"3\" class=\"column-1\"><center><b>Compare rates from these lenders without affecting your credit score. 100% free!<\/b><br><br \/>\n<center><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/personal-loans\/borrower\">Compare Now<\/a><\/center><!-- TrustBox widget - Micro Combo --><br \/>\n<br \/>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div><br \/>\n<!-- End TrustBox widget --><\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td colspan=\"3\" class=\"column-1\"><center>All APRs reflect autopay and loyalty discounts where available |\u00a0<a href=\"https:\/\/www.credible.com\/a\/lightstream-payment-example\/\" target=\"_blank\" rel=\"noopener noreferrer\">LightStream disclosure<\/a>\u00a0| <a href=\"https:\/\/www.credible.com\/a\/sofi-personal-loan-disclosures\" target=\"_blank\" rel=\"noopener noreferrer\"><sup>10<\/sup>SoFi Disclosures <\/a>| <a href=\"#pl-disclosures\">Read more about Rates and Terms<\/a><\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h3><b>Simplify repayment <\/b><\/h3>\n<p>If you\u2019re paying off several credit card accounts with a personal loan, you\u2019ll be able to make one monthly payment instead of keeping track of separate card payments. This can help ensure you make your payments on time, especially if you set up autopay for your monthly payments. Some lenders even offer a discount if you do this.<\/p>\n<p>Before you borrow, estimate how much you\u2019ll pay for a loan using our personal loan calculator below.<br \/>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"15000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"18\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"10\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n        loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    loan.\n  <\/p>\n\n  <hr \/>\n  <div class=\"cta\">\n    \n<p><strong>Need a personal loan?<\/strong><br \/>\nCompare rates without affecting your credit score. 100% free!<\/p>\n<p><a class=\"btn btn-lg btn-warning\" href=\"\/personal-loans\/borrower\">Check Personalized Rates<\/a><\/p>\n<p><small>Checking rates won&#8217;t affect your credit score.<\/small><\/p>\n  <\/div>\n\n<\/div>\n<\/div>\n\n<h3><b>Switch to a fixed rate<\/b><\/h3>\n<p>This is also an opportunity to lock in a fixed interest rate and monthly payment. It may be easier for you to budget for predictable monthly payments. With a set repayment term, you\u2019ll also know exactly when you can expect to repay your loan.<\/p>\n<p><a name=\"where-can\"><\/a><\/p>\n<h2>Where can you get a personal loan for credit card debt?<\/h2>\n<p>You have a few options when it comes to getting a personal loan, including online lenders, banks, and credit unions.<\/p>\n<h3>Online lenders<\/h3>\n<p>You can apply for a personal loan from an online lender from anywhere, as long as you have an internet connection. Many online lenders also allow you to prequalify online, which helps give you a more realistic idea of the rates and terms the lender may offer you.<\/p>\n<p>In addition, online lenders generally have less stringent eligibility requirements than traditional banks. As a result, getting approved is possible even with bad credit.<\/p>\n<h3>Banks<\/h3>\n<p>A <a href=\"\/personal-loan\/best-banks-for-personal-loans\">personal loan from a bank<\/a> may be a good option, especially if you already have an existing relationship with one \u2014 some of them offer \u201cloyalty\u201d discounts if you\u2019re an existing customer. One potential downside, however, is that banks tend to have stricter eligibility requirements than online lenders. You may also have to apply for the loan in person.<\/p>\n<h3>Credit unions<\/h3>\n<p>You can also get a personal loan from a <a href=\"https:\/\/www.credible.com\/blog\/student-loans\/credit-union-loans\/\">credit union<\/a>. Because these financial institutions are member-owned and not-for-profit, they may offer lower rates than some banks and online lenders. To qualify, you typically have to become a member.<\/p>\n<p><a name=\"pros\"><\/a><\/p>\n<h2><b>Pros of using a personal loan for credit card debt<\/b><\/h2>\n<p>Consolidating credit card debt with a personal loan has several advantages, including:<\/p>\n<ul>\n<li aria-level=\"1\"><b>Lower interest rate:<\/b> You might qualify for a lower interest rate than what you\u2019re paying on your credit cards. When you lower your interest rate, more of your payment goes to paying down loan principal.<\/li>\n<li aria-level=\"1\"><b>Shorter repayment term:<\/b> Paying off your loan faster can dramatically reduce your interest charges.<\/li>\n<li aria-level=\"1\"><b>Fixed interest rate and monthly payment:<\/b> When you refinance open-ended, variable-rate credit card debt with a personal loan with a fixed rate and term, your monthly payment won\u2019t change.<\/li>\n<li aria-level=\"1\"><b>One monthly payment:<\/b> Instead of juggling several credit card accounts, you\u2019re dealing with one lender.<\/li>\n<li aria-level=\"1\"><b>Boost your credit score:<\/b> Paying off credit card debt with a personal loan can lower your credit utilization and <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/does-debt-consolidation-hurt-credit\/\">improve your credit mix<\/a>.<\/li>\n<\/ul>\n<p><a name=\"cons\"><\/a><\/p>\n<h2><b>Cons of using a personal loan for credit card debt<\/b><\/h2>\n<p>Although using a personal loan can help you save a lot of money, there are some drawbacks to consider.<\/p>\n<ul>\n<li aria-level=\"1\"><b>Less flexible repayment:<\/b> Because you have a shorter, fixed loan term, your minimum monthly payment will often be higher with a personal loan.<\/li>\n<li aria-level=\"1\"><b>Room to get deeper in debt:<\/b> If you run up the balances on your credit cards again after <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/what-is-debt-consolidation\/\">consolidating<\/a>, your total debt load will be greater than when you started.<\/li>\n<li aria-level=\"1\"><b>Origination fees:<\/b> Not all lenders charge <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/origination-fee\/#:~:text=factors%20to%20consider-,What%20is%20an%20origination%20fee%3F,%25%2C%20depending%20on%20the%20lender.\">origination fees<\/a> for underwriting and administering your loan, but if they do, they will be reflected in your <a href=\"https:\/\/www.credible.com\/blog\/what-is-apr\/\">annual percentage rate<\/a> (APR).<\/li>\n<\/ul>\n<p><b><i>Keep Reading:<\/i><\/b> <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/refinance-personal-loans\/\"><i>Refinancing a Personal Loan: Can It Be Done?<\/i><\/a><\/p>\n<p><a name=\"is-a\"><\/a><\/p>\n<h2><b>Is a personal loan right for you?<\/b><\/h2>\n<p><a href=\"http:\/\/credible.com\/blog\/yahoo\/how-to-pay-off-credit-card-debt\/\">Paying off a credit card<\/a> with a personal loan can make sense if you can qualify for a lower rate.<\/p>\n<p>However, to get the full benefit from using this strategy to pay down credit card debt, you have to stop or barely use your credit cards. Avoid closing those accounts, since this has the potential to lower your credit score.<\/p>\n<p>Using a personal loan to consolidate debt may also make sense if you want to streamline your monthly payments or pay off your debt quicker. When you only make the minimum monthly credit card payments, it takes much longer to repay your debt.<\/p>\n<h3><b>Example: <\/b><b>A<\/b><b>ccelerating repayment of $15,000 in credit card debt<\/b><\/h3>\n<p>The table below shows that simply accelerating repayment of $15,000 in credit card debt and paying it off in three years can save you more than $30,000 in interest payments, compared to what your costs would be if you made the minimum payment for 20 years.<\/p>\n<p>But if you also consolidate, your monthly payments will be more manageable \u2014 $465 instead of $535 \u2014 and you\u2019ll reap an additional $2,509 in savings. Compared to making the minimum payment, a debt consolidation loan can save you $36,000.<\/p>\n\n<table id=\"tablepress-212\" class=\"tablepress tablepress-id-212 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Strategy<\/strong><\/th><th class=\"column-2\"><strong>Years of payments<\/strong><\/th><th class=\"column-3\"><strong>Interest rate<\/strong><\/th><th class=\"column-4\"><strong>Monthly payment<\/strong><\/th><th class=\"column-5\"><strong>Total interest payments<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Make the minimum payment<\/td><td class=\"column-2\">20<\/td><td class=\"column-3\">16.97%<\/td><td class=\"column-4\">$220<\/td><td class=\"column-5\">$37,719<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Accelerate payments <br \/>\n<small>(without a personal loan)<\/small><\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">16.97%<\/td><td class=\"column-4\">$535<\/td><td class=\"column-5\">$4,244<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Consolidate and accelerate payments<\/td><td class=\"column-2\">3<\/td><td class=\"column-3\">7.25%<\/td><td class=\"column-4\">$465<\/td><td class=\"column-5\">$1,735<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"5\" class=\"column-1\"><small><i>Cost to repay $15,000 in credit card debt at 16.97% interest rate, compared to personal loan at median interest rate for borrowers with good to very good credit. Source: <a href=\"https:\/\/www.credible.com\/blog\/data-insights\/fed-data-consolidate-credit-card-debt\/\">Credible.com.<\/a><\/small><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><a name=\"how-to\"><\/a><\/p>\n<h2><b>How to use a personal loan to pay off credit card debt<\/b><\/h2>\n<p>Take the following steps to consolidate credit card debt with a personal loan:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li aria-level=\"1\"><b>Figure out how much you need to borrow.<\/b> Add up all your credit card debt balances to see how much you need to borrow.<\/li>\n<li aria-level=\"1\"><b>Review your credit. <\/b>Knowing your credit score can help you narrow down your lender options, since many lenders disclose their minimum credit score requirements. You can get a free copy of your credit report weekly from each of the three major credit bureaus \u2014 Equifax, Experian, and TransUnion \u2014 through the end of 2023 with <a href=\"https:\/\/www.annualcreditreport.com\/index.action\">AnnualCreditReport.com<\/a>. If you find any errors on your reports, dispute them with the appropriate bureau. These mistakes could be dragging down your credit score.<\/li>\n<li aria-level=\"1\"><b>Shop around.<\/b> Compare rates, terms, fees, and eligibility requirements from as many lenders as possible to find the loan option that best fits your needs. Prequalify with a few lenders to find out what rates you may be offered.<\/li>\n<li aria-level=\"1\"><b>Submit a loan application.<\/b> Once you&#8217;ve chosen a lender, submit a loan application. You\u2019ll likely need to provide proof of income, like pay stubs or W-2s, so have these ready.<\/li>\n<li aria-level=\"1\"><b>Consolidate your debt. <\/b>If you&#8217;re approved, you should receive funds within a week, unless your lender sends the funds directly to your creditors. After you receive the funds, use them to pay off your credit card debt.<\/li>\n<li aria-level=\"1\"><b>Repay your loan.<\/b> Make on-time payments to avoid late fees and damage to your credit.<\/li>\n<\/ol>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">\n<p><span style=\"font-size: x-large;\"><strong>Ready to find your personal loan?<\/strong><\/span><br \/>\nCredible makes it easy to find the right loan for you.<\/p>\n<ul class=\"list--iconCheckmarkSolidCircle accent--isGreen\">\n<li>Free to use, no hidden fees<\/li>\n<li>One simple form, easy to fill out and your info is protected<\/li>\n<li>More options, pick the loan option that best fits your personal needs<\/li>\n<li>Here for you. Our team is here to help you reach your financial goals<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/personal-loan\">Find My Rate<\/a><br \/>\n<small>Checking rates won\u2019t affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<p><a name=\"other\"><\/a><\/p>\n<h2><b>Other options for paying off credit card debt<\/b><\/h2>\n<p>The interest rate you\u2019re offered on a personal loan will depend on your credit. While there are <a href=\"\/personal-loan\/best-personal-loans-fair-credit\">personal loans for fair credit<\/a>, you might not get a lower interest rate than what you\u2019re paying on your credit cards. Be sure to <a href=\"https:\/\/www.credible.com\/personal-loan\">check personal loan rates<\/a> with multiple lenders.<\/p>\n<p>If you can\u2019t get a consolidation loan at a lower rate that helps you pay off your high-interest credit card debt faster, here are some other options.<\/p>\n<h3><b>Balance transfer credit card<\/b><\/h3>\n<p>Instead of taking out a personal loan, consider a <a href=\"https:\/\/www.credible.com\/credit-cards\/balance-transfer\">balance transfer credit card<\/a> that offers a lower, introductory interest rate during a promotional period. Keep in mind there\u2019s often a balance transfer fee that\u2019s calculated as a percentage of the debt you\u2019re transferring.<\/p>\n<p>It\u2019s also important to note that once the balance transfer period ends, you\u2019ll be responsible for paying interest on any outstanding balance at the card\u2019s normal rate.<\/p>\n<h3><b>Increase monthly payments<\/b><\/h3>\n<p>Making more than the minimum payment helps you pay down your loan principal faster, which can save you thousands in interest charges. Use the <a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/debt-avalanche-method\/\">debt avalanche method<\/a> to pay off cards with the highest interest rates first to maximize savings. Or if you\u2019re looking for an instant motivational boost, consider the <a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/debt-snowball\/\">debt snowball method<\/a>.<\/p>\n<h3><b>Debt negotiation<\/b><\/h3>\n<p>If you\u2019re experiencing financial hardship, you can sometimes <a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/how-to-lower-credit-card-interest\/\">negotiate a lower interest rate<\/a> or monthly payment with your lender, or a debt settlement that forgives part of what you owe. A nonprofit credit counseling service or debt settlement company may be able to help.<\/p>\n<h3><b>Home equity loan or HELOC<\/b><\/h3>\n<p>If you have enough equity in your home, you can borrow against it with a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-equity-loans\/\">home equity loan<\/a> or <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-equity-line-of-credit\/\">home equity line of credit<\/a> (HELOC).<\/p>\n<p>A home equity loan is similar to a personal loan in that it\u2019s a fixed-rate loan that you receive as a lump sum. You can usually borrow up to 80% of the equity you have in your home. By comparison, a HELOC operates like a credit card \u2014 you can borrow money as needed and you only pay interest on what you borrow.<\/p>\n<p>HELOC and home equity loan rates are often much lower than credit card rates, but a major downside is that a lender can take your home if you fail to repay the loan, says William Bevins, a Certified Financial Planner and Certified Trust and Fiduciary Advisory based in Nashville.<\/p>\n<h3><b>Bankruptcy<\/b><\/h3>\n<p>Although credit card debt can be <a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/debt-relief-programs\/\">discharged in bankruptcy<\/a>, consider this a last resort. If you have debt forgiven in bankruptcy, it can take years to rebuild your credit. In fact, a bankruptcy would remain on your credit report for seven to 10 years.<\/p>\n<p><b><i>Learn More:<\/i><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"\/personal-loan\/debt-consolidation-loans\/debt-consolidation-vs-bankruptcy\"><b><i>Debt Consolidation vs. Bankruptcy: How to Choose<\/i><\/b><\/a><\/li>\n<li aria-level=\"1\"><a href=\"\/personal-loan\/credit-card-consolidation-loans\/credit-card-refinancing-vs-debt-consolidation\"><b><i>Debt Consolidation Loan vs. Credit Card Refinancing: How To Choose<\/i><\/b><\/a><\/li>\n<\/ul>\n<p><em><strong><a href=\"https:\/\/www.credible.com\/blog\/author\/matt-carter\/\">Matt Carter<\/a> <\/strong>has contributed to the reporting of this article.<\/em><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Taking out a personal loan to pay off credit card debt can help you potentially lower your interest rate and pay down debt faster. This type of personal loan is known as a debt consolidation&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/personal-loan\/loan-to-pay-off-credit-cards\/\">Continue reading<\/a><\/p>\n","protected":false},"author":138,"featured_media":38747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[396],"tags":[1484,1515],"class_list":{"0":"post-30690","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-personal-loan","8":"tag-new","9":"tag-personal-loan-basics","10":"pros-and-cons-of-paying-off-credit-card-debt-with-a-personal-loan","11":"post_tag-new","13":"post_tag-personal-loan-basics"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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