Credit Card Consolidation Loans

Name: Credible Credit Card Consolidation Loans
Brand: Credible
Rating: 4.8 (8313 reviews)

Consolidate your credit card bills and save by matching with top lenders.

Rates from 6.49% APR¹
Loan amounts from $1,000 to $200,000
Check rates from multiple lenders in just 2 minutes

By Angela Mae

Written by

Angela Mae

Angela Mae Watson has over 10 years of finance experience and is an expert on financial literacy and loans. Her work has been featured by Credit Karma, GOBankingRates, MSN, and Bankrate.

Edited by Reina Marszalek

Written by

Reina Marszalek

Reina Marszalek has over 10 years of experience in personal finance and is a senior mortgage editor at Credible.

Updated April 3, 2025

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8,313 reviews on

Best Credit Card Consolidation Loan Rates for May 2025

Advertiser Disclosure

The rates that appear are from companies which Credible receives compensation. This compensation does not impact how or where products appear within the table. The rates and information shown do not include all financial service providers or all of the displayed lender's available services and product offerings.

Filters$20,000 loan amount and 700-749 credit score, ordered by APR

LightStream

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Rates from (APR)

6.49-25.29%⁴

Loan term

2 - 7 years

Loan amount

Up to $100,000

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LightStream: Best for personal loans overall

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply and there are no origination fees. Rates are also among the lowest we've seen — as of this writing, Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 700

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as the same business day

Best Egg

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Rates from (APR)

6.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Best Egg: Best for secured loans

Best Egg is a solid lender for a wide range of borrowers. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 600

Origination fee: 0.99% to 9.99%

Check processing fee: $7

Do they allow a cosigner: No

Late fee: $15

Time to fund: As soon as 1 - 3 business days after successful verification

Upstart

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Rates from (APR)

7.80-35.99%

Loan term

3, 5 years

Loan amount

Up to $50,000

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Upstart: Best for fast personal loans for all credit types

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 620

Origination fee: 0% to 12%

Check processing fee: None

Do they allow a cosigner: No

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: As soon as 1 - 3 business days

LendingClub

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Rates from (APR)

7.90-35.99%⁵

Loan term

2 - 6 years

Loan amount

Up to $40,000

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LendingClub: Best for online experience

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 0% and 8%.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 660

Origination fee: 0% to 8%

Check processing fee: $7

Do they allow a cosigner: No, but co-borrowers allowed

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 22-hour funding upon approval

Splash Financial

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Rates from (APR)

7.99-17.97%

Loan term

3 - 6 years

Loan amount

Up to $50,000

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Splash Financial: Best for quick loans for good credit

It's worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash's website.

Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. Splash is not an option for borrowers with bad credit.

Prepayment penalty: None

Unsuccessful payment fee: Varies by lender

Minimum credit score: 680

Origination fee: 3.99% to 7.49%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Varies by lender

Time to fund: Funding in as little as one business day for eligible applicants

Reach Financial

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Rates from (APR)

7.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Reach Financial: Best for fast funding and fair credit

Reach is an option if you have fair credit, especially if you need money fast. According to the company, 90% of Reach personal loans are funded within one day of approval.

It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.

Prepayment penalty: None

Unsuccessful payment fee: $25

Minimum credit score: 660

Origination fee: 0% to 8%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $15

Time to fund: 90% funded within a day

Upgrade

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Rates from (APR)

7.99-35.99%

Loan term

2 - 7 years

Loan amount

Up to $50,000

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Upgrade: Best for fair credit

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 580

Origination fee: 1.85% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: Within a day of clearing necessary verifications

Happy Money

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Rates from (APR)

8.95-29.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Happy Money: Best for consolidating credit card debt

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: 2% to 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as 2 - 5 business days after verification

SoFi

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Rates from (APR)

8.99-35.49%³

Loan term

2 - 7 years

Loan amount

$5,000 - $100,000

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SoFi: Best for excellent credit

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: Does not disclose

Origination fee: 0% - 7%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Typically within a few days, given approval and bank account verification

Prosper

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Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Prosper: Best for peer-to-peer lender

Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you. Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 640

Origination fee: 1% to 9.99%

Check processing fee: $5 or 5% of the payment (whichever is lower)

Do they allow a cosigner: Yes

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 1 business day following acceptance of loan offer, completion of all necessary verification steps and final approval. One business day is also dependent on your bank’s ability to quickly process the transaction.

Rocket Loans

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Rates from (APR)

9.12-29.99%

Loan term

3, 5 years

Loan amount

Up to $45,000

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Rocket Loans: Best for fast personal loans

Rocket Loans delivers no-frills same-day personal loans with a generous autopay discount to good-credit borrowers and some borrowers with fair credit. APRs and available loan amounts are competitive — Rocket Loans offers $2,000 loans up to $45,000 loans. Plus, the company offers small business loans if you apply directly through its website. However, you’ll only have a choice between two repayment terms — 3 or 5 years — and origination fees can be as high as 9%. If you have fair credit, you may qualify, but won’t be able to add a cosigner or get a secured loan to improve your rate.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: Up to 9%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Yes

Time to fund: If approved, you may receive funds in your account as soon as the same business day

Avant

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Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

Loan amount

Up to $35,000

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Avant: Best for all credit types

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 550

Origination fee: 0.95% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $25

Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

BHG Financial

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Rates from (APR)

9.96-23.48%⁶

Loan term

3 - 10 years

Loan amount

Up to $200,000

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BHG Financial: Best for large personal loans

BHG Financial stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. The primary applicant has to meet both income and FICO requirements, the co-applicant only has to meet the income requirements.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 3% and 4%, depending on your financial profile. Loan funds are available within five to 14 days of loan approval.

Prepayment penalty: None

Unsuccessful payment fee: $20

Minimum credit score: 660

Origination fee: 3% to 4%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Lesser of $40 or 5% of the payment.

Time to fund: Funding in as few as 5 days

Reprise Financial

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Rates from (APR)

9.99-35.99%

Loan term

3-5 years

Loan amount

Up to $25,000

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Reprise Financial: Best for bad credit

Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers. But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: Return Payment Fees - $20 except where state has a different limit (ie – NM)

Minimum credit score: 560

Origination fee: 0% to 6%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Late Fees - $15 except where the state has a different limit (ie. NM)

Time to fund: If your loan is funded by 3pm CST (not including weekends or holidays) you will receive your funds the next business day.

Citibank

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Rates from (APR)

11.49-20.49%⁷

Loan term

1 - 5 years

Loan amount

Up to $30,000

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Citibank: Best for no fees

Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 740 or higher). No-fee means no origination fees and no late fees, and Citi is one of very few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).

Though Citi requires a relatively high credit score to qualify, its minimum income requirement is low. The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers.

Citi offers relatively small loans, as low as $2,000. But the maximum amount you can borrow is capped at $30,000, which is less than most of its competitors. Another drawback is that the minimum APR is relatively high. Just keep in mind that even with excellent credit, you may not qualify for a lender’s lowest advertised rate, which is one reason it’s good to prequalify with multiple lenders before applying.

Citi personal loans are available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 740

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Same day with an existing Citi account, or within 2 business days with a non-Citi account

Universal Credit

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Rates from (APR)

11.69-35.99%

Loan term

3, 5, or 7 years

Loan amount

Up to $50,000

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Universal Credit: Best for debt consolidation loans for bad credit

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 580

Origination fee: 5.25% - 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: As soon as 1 business day after acceptance

OneMain Financial

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Rates from (APR)

18.00-35.99%

Loan term

2 - 5 years

Loan amount

Up to $20,000

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OneMain Financial: Best for bad credit personal loans

OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score requirement, meaning you could get a personal loan with bad credit or no credit. Cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given. According to internal Credible data, OneMain had one of the lowest rates of loan approval after prequalification among partner lenders.

Prepayment penalty: None

Unsuccessful payment fee: $10 to $50

Minimum credit score: N/A

Origination fee: $25 to $500

Check processing fee: None

Do they allow a cosigner: Yes

Late fee: $5 - $30

Time to fund: As soon as 1 - 2 days after acceptance

Credit card consolidation loan rates

A credit card consolidation loan could save you money on interest, but the key is getting a rate that’s lower than the interest rates on the cards you’re consolidating. Interest rates are dependent on several factors, including your credit score, income, and debt load. The effective federal funds rate can also impact available rates.

You may want to prequalify with several lenders before formally applying for a credit card consolidation loan. This will get you a better idea of what interest rate you could qualify for.

Prequalification isn’t an offer of credit, nor will it affect your credit score. When you officially apply for a loan, the lender may perform a hard credit inquiry. This can bring your score down temporarily — usually by less than 10 points.

Current personal loan interest rates by credit score

These are the typical APRs for credit card consolidation loans by credit score, according to Credible personal loans data from March 2025.

How do credit card consolidation loans work?

Credit card consolidation loans are a type of personal loan, paid off in monthly installments. They’re sometimes called debt consolidation loans. You can use one to roll multiple credit cards into one loan with a single monthly payment, usually with a fixed interest rate.

Consolidating credit card debt can make it easier to keep up with payments since you no longer have to juggle multiple due dates. This could mean fewer missed payments and late fees. With on-time payments, you could also build your credit over time.

These loans generally have lower interest rates than credit cards, so you can save money on total interest charges. However, the lowest rates are typically reserved for borrowers with good credit or better.

Loan amounts: Depending on the lender and your qualifications, you could get a loan from $1,000 to $50,000. Some lenders offer larger loans — up to $100,000 or more.
Interest rates: Unlike most credit cards, the annual percentage rate (APR) on loans is usually fixed, meaning your monthly payment should stay the same. The average APR on a 2-year personal loan is 12.32% . In comparison, the average credit card APR is 21.47%, but APRs can reach 36% — if not higher. Your APR depends on factors like your income, FICO credit score, and debt.
Repayment terms: Repayment terms typically range from two to seven years. Some lenders offer loans with longer terms. Note that a longer term may mean smaller monthly payments but higher overall interest charges (and more time in debt).
Fees: Personal loan lenders sometimes charge additional fees, such as origination fees, late fees, check processing fees, and unsuccessful payment fees. Certain upfront fees, like the origination fee, are included in the APR. If the lender charges any fees, they must disclose them so borrowers can more accurately compare overall costs.
Funding times: Credit card consolidation loans often come with quick funding times — sometimes the same day you apply. However, it might take several business days for the lender to review your information, approve your application, and disburse funds.
Eligibility criteria: Each lender has its own requirements for credit scores, annual income, and credit history. For example, you might need to earn $25,000 a year to qualify. Or you might need $100,000. Some lenders allow co-applicants or cosigners, which can boost your approval odds and help you get better rates.

Learn More: What Are the Requirements for a Personal Loan?

How does credit card consolidation affect your credit score?

Your FICO credit score consists of five main components:

Payment history (35%)
Amounts owed, including credit utilization (30%)
Credit history length (15%)
Credit mix (10%)
New credit (10%)

Credit card consolidation can affect your credit score in positive and negative ways. When you apply for a new loan, the lender will conduct a hard inquiry. This could bring your credit score down temporarily, usually by a few points. However, once you pay off your credit card debt, you could see a quick and significant boost in your credit score. This is because in paying off your cards, you decrease the amount of credit you're using — which contributes up to 30% to your score.

If you’re approved and agree to take out the loan, you’re adding to your credit mix as well. Credit mix is the different types of accounts you currently have, such as personal installment loans, retail accounts, mortgage loans, and credit cards. You don’t need to have one of each, but adding a new loan type could improve your credit score.

Last but certainly not least, making on-time loan payments can give your score a boost. On the other hand, missed or late payments can hurt your credit.

Where can I get a credit card consolidation loan?

Personal loans for debt consolidation or credit card refinancing are available from online lenders, banks, and credit unions, although they may not be available or accessible to every borrower. For instance, some banks, such as Wells Fargo, only offer personal loans to existing customers. And most lenders have minimum credit score and income requirements that you'll need to meet.

Personal loan interest rates by lender type

Personal loans are commonly used to consolidate credit card debt because personal loan interest rates are much lower, on average, than credit card rates. According to the Federal Reserve, two-year personal loan rates averaged 12.32% APR in November 2024 (the latest data), while average credit card rates were 21.47% APR.

But where you get a credit card consolidation loan can also influence its rate. Overall, credit unions tend to have slightly lower rates than banks. Rates at credit unions generally top out around 18% APR, while banks often have high-end rates in the mid 20% APR range. Online lenders often have maximum APRs of 36%. This is important because if you can qualify for a personal loan from a bank or credit union with fair credit, you could get a lower rate relative to an online lender.

If, on the other hand, you have bad credit, an online lender may be your only option since some have less strict eligibility requirements. If you have excellent credit, you could find a great rate from any type of lender (though LightStream is currently leading with industry-low rates).

Customer service

It's also important to keep customer service in mind. If you prefer a branch location with the option of face-to-face service, a bank or credit union is for you. If you want to manage your loan via app, an online lender is more likely to offer one or to offer a more streamlined version than a credit union or bank.

Compare customer service access and account management options across any lenders you're considering.

Learn More: Best Banks for Personal Loans

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FAQs

Credit Card Consolidation Calculator

Ready to pay off your credit cards? Use our calculator to see how much you can potentially save with better loan terms.

In this scenario, you could

pay more

over the lifetime of your loan.

Total interest:

New Loan

Current Cards

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Monthly payment:

New Loan

Current Cards

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By consolidating your $6,000 credit card balance with a new loan at an interest rate of 16.00%, your new monthly payment would be per month.

Checking rates won’t affect your credit score. Calculator results are for illustrative purposes only.

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Why Credible?

Shop top lenders in one easy place

Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

It’s your data, your decision

Checking rates on Credible is 100% free. We earn money by helping you find the best product — not by selling your data.

We’re unbiased and transparent

We don’t get paid to rank products higher, and we don’t hide fees. You’ll know exactly what your cost breakdown is before selecting a lender.

Our process

How to get a credit card consolidation loan online with Credible

One simple form
We’ll ask questions to narrow down your lender and rate eligibility. Receive real rates, not estimates.
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Shop from lenders like LendingClub, LightStream, Upstart, SoFi, and more. Choose your lender, interest rates, and term.
Close your loan and fund your goal
If you’re approved, you’ll just need to sign your documents — then relax as the funds make their way to you.

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Why use a loan to pay off credit card debt?

Lower rates

Getting rid of high-interest debt can save you money on interest payments.

Improve your credit

Making on-time payments on a loan can boost your credit score.

Know when you’ll be debt free

Instead of having an open-ended term with your credit card company, a loan provides you with an end date so payoff is in sight.

For all your goals

Get a personal loan for all your financial needs

Our lender partners support personal loans for many different loan purposes. They offer low interest rates and a variety of loan amounts and loan terms to help you meet your personal and financial goals.

Debt Consolidation

Pay off high-interest debt by combining it all into a single loan and payment at a lower interest rate.

Debt Consolidation Loans

Home Improvement

Finance a home improvement project from major repairs to a remodel or addition.

Home Improvement Loans

Credit Card Refinancing

Refinance high-interest credit debt by combining it all into one loan and payment at a lower interest rate.

Credit Card Refinancing Loans

Bad Credit Loans

Loans for those who may have credit difficulties (like poor credit or a thin credit history).

Bad Credit Loans

Just need money? Get started now.

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Personal Loans FAQs

Credit card consolidation loan FAQs

Editorial disclosure: 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.”

What is a credit card consolidation loan?

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A credit card consolidation loan is any loan you use to pay off your credit cards. Since credit card interest rates can reach and exceed 30%, consolidating credit card debt is often a good idea.

For example, debt consolidation loan interest rates were 20% for good-credit borrowers and as low as 10% for borrowers with excellent credit, according to Credible data from March 2025.

Consolidating credit card debt has the added benefit of a single monthly payment, and it reduces your credit utilization, which can increase your credit score.

How can I get a credit card consolidation loan?

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To get a credit card consolidation loan, you’ll generally need a:

Reliable source of income that’s sufficient to make monthly payments
Credit score and credit history that meets lender requirements
Debt-to-income ratio (DTI) under 36%, but you may qualify with a higher DTI since you’re not adding debt

Bad-credit and fair-credit borrowers may also qualify for a credit card consolidation loan, but they will likely qualify for higher rates.

Securing the loan with a home or other collateral or finding a cosigner with good credit will help you qualify if you have bad credit, and potentially lower your rate.

What factors impact credit card consolidation loan rates?

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Credit card consolidation loan rates may be impacted by:

The current interest rate environment
Your credit score
Your income
Your total debt
Whether you have a cosigner or apply for a joint loan
Whether you have collateral
The type of credit card consolidation loan you choose

Compare interest rates and terms for credit card consolidation between personal loans, home equity loans, and 0% APR balance transfer cards.

Rates on personal loans may be higher than other loan types, but they don't typically require collateral, fund fast, and have longer repayment terms than credit cards. Promotional APRs for credit card balance transfer cards are often 0% but they only last up to two years, and these cards typically come with balance transfer fees.

What are the pros and cons of a credit card consolidation loan?

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Pros:

Pay off multiple credit card balances
Reduce interest rates
Manage just one payment
Improve your credit score (potentially within 1 month)
Fast funding

Cons:

Can hurt your credit if you don't make payments
Hard to qualify for if you have bad credit
May not be able to lower your rate if you have bad or fair credit
Some loan types require collateral
Promotional APRs on credit card balance transfer cards typically max out at two years

How do I compare credit card consolidation loans?

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If you own a home with equity, have good credit, and are eligible for a 0% APR credit card balance transfer offer, you have multiple options for consolidating credit card debt.

Consider how you feel about risking your home to pay off your credit cards. It may not be wise to trade unsecured debt (like credit card debt) for secured debt (like a home equity loan) that puts your home on the line. If you can pay off debt within the span of a 0% APR balance transfer card’s promotional period (and you can qualify), that may be your best option.

Otherwise, look to a personal loan for multi-year repayment terms. Note that you could be approved for a personal loan the same day you apply.

Related: How To Compare Personal Loans

How does a credit card consolidation loan affect your credit score?

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A credit card consolidation loan can improve your credit score in a few ways:

Paying off credit cards can decrease credit utilization, which can quickly increase your score (note that this only works if you keep your credit cards open).
Making timely payments can increase your credit score over time.
If you’re taking out a type of debt you don’t currently have (like a personal loan), you can increase your credit mix, which can increase your credit score.

On the other hand, a credit card consolidation loan could hurt your score in these situations:

You make late payments or fail to pay off the loan.
When you first apply, you may see your score temporarily drop since the lender will conduct a hard credit inquiry.

What are the alternatives to a credit card consolidation loan?

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If you have the option to consolidate credit cards at a lower interest rate, it’s often a good idea to do so. However, if you don’t have that option or aren’t sold on the idea, here are some alternatives:

Borrow from friends or family to pay off credit cards.
Borrow from your retirement plan.
Borrow from a cash-value life insurance policy.
Use a cash-out refinance auto loan.
Continue to pay off credit cards at their current rates.

Related: 9 Personal Loan Alternatives

Can I refinance a credit card consolidation loan?

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In many cases, yes, you can refinance a credit card consolidation loan. The type of loan you used to consolidate your credit card balances will determine how easy this process will be. For example, refinancing a personal loan is often straightforward and a good idea if your credit score or the interest rate environment has improved.

You may also be able to refinance a home equity loan, but the process will take longer, and you’ll need sufficient equity in your home to do so. If you transferred balances onto a credit card but can’t pay off the new balance within the promotional period, consider refinancing with a personal loan before the card adjusts to its standard APR.

How much can I save with a credit card consolidation loan?

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How much you can save by consolidating or refinancing credit card debt depends on how much debt you have, the interest rates you're paying on that debt, and the interest rate or APR you're able to get on the new loan. For example, let's say you owe $10,000 in credit card debt at a rate of 25% APR. If you left the debt on your cards and paid $332 per month, you'd pay it off over 4 years and would pay $5,915 total in interest. If instead you consolidated your credit cards with a 4-year personal loan at 18%, you'd pay $294 per month and only $4,100 in interest. You'd save $1,815.

¹Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.49% - 35.99% APR with terms from 12 to 120 months. Credible also works with network Partners like MoneyLion, AmONE, Alternative Providers, and non-lender providers who offer loan and other products with different rates and terms than described here. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

²To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

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