Credit card consolidation loans

Say goodbye to credit card debt

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Loan amounts from $600 to $100,000

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Check rates from top lenders

LenderRates from (APR)Loan termLoan amount
Avant
- 2 - 5 yearsUp to $35,000Show detailsCheck Rate

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Axos
- 1 - 5 yearsUp to $35,000Show detailsCheck Rate

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Best Egg
- 3, 5 yearsUp to $35,000Show detailsCheck Rate

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Discover
Personal Loans
- 3 - 7 yearsUp to $35,000Show detailsCheck Rate

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LendingPoint
- 2 - 4 yearsUp to $25,000Show detailsCheck Rate

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LightStream
- 2 - 7 yearsUp to $100,000Show detailsCheck Rate

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Marcus by Goldman Sachs
- 3 - 6 yearsUp to $40,000Show detailsCheck Rate

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Payoff
- 2 - 5 yearsUp to $35,000Show detailsCheck Rate

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PenFed
- 1 - 5 yearsUp to $20,000Show detailsCheck Rate

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Prosper
- 3, 5 yearsUp to $40,000Show detailsCheck Rate

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SoFi
- 2 - 7 yearsUp to $100,000Show detailsCheck Rate

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Upgrade
- 3, 5 yearsUp to $35,000Show detailsCheck Rate

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Upstart
- 3, 5 yearsUp to $50,000Show detailsCheck Rate

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All APRs reflect autopay and loyalty discounts where available. Read more about rates and terms*

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Here’s what customers are saying about Credible

trustpilot 5 stars

Rogelio paid off his credit
card debt

The process was easy and quick. The rate was competitive and the staff very friendly. I was surprised to have been approved since my bank had turned me down. My loan was to refinance credit card debt.

See review on Trustpilot
trustpilot 5 stars

Nicole consolidated her
credit card debt

I was able to consolidate all of my credit card debt within days of my application. The process was quick and easy to understand. I highly recommend this service.

See review on Trustpilot
trustpilot 5 stars

Melissa consolidated
high-interest credit card debt

Definitely recommend! Quick, easy and worth your time to consolidate credit cards! I finally have a way to pay this debt off in a short time.

See review on Trustpilot
Customers rate us 9.5/10

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 pay off is in sight.

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Having multiple credit card balances to keep track of can be difficult. A credit card debt consolidation loan pays down the balances on one or more of your high-interest credit card accounts.

Consolidating your credit cards can simplify loan repayment and, in many cases, save you money by getting you a lower interest rate which can help you get out of debt faster.

To consolidate your debt with a consolidation loan, you’ll take out a low-interest personal loan to pay off your debt with the credit card company. A personal loan is paid off in installments, so you’ll receive a lump sum upfront and then pay the loan in fixed installments until the loan and interest are all paid off.

Learn More: How to Pay Off Credit Card Debt with a Personal Loan

Consolidating credit card debt can save money by helping you pay off your debt faster — and at a potentially lower interest rate.

With credit card debt, your repayment costs are unpredictable, since you'll typically have a variable interest rate that rises and falls when economic conditions change.

Let's say you're repaying $10,000 in credit card debt at 16.91% interest. In order to pay that debt off in two years, you'd have to make monthly loan payments of $494, and you'd pay $1,856 in interest charges.

Refinancing that debt into a two-year credit card consolidation loan with a 10.36% interest rate would lower your monthly payment by $31 and save you $741 in interest.

Many borrowers get even better rates on debt consolidation loans by checking with multiple lenders. The best rates are reserved for borrowers with good credit to excellent credit. Having bad credit won’t always disqualify you, but you should work on building credit to get better rates.

Find Out How Much You Can Borrow: Personal Loan Calculator

There are other consolidation options to consider. Some credit card companies offer a credit card balance transfer which could also help simplify repayment of multiple credit card balances. But this differs from a debt consolidation loan in a few ways.

Although you might get a good introductory rate on a balance transfer credit card to pay off your credit card debt, it can expire in as little as six months. Balance transfer cards might also have a balance transfer fee.

When you consolidate debt with a personal loan, however, you can choose loan terms with a monthly payment that matches your budget and doesn't change. Personal loans usually come with a fixed interest rate. And although there are no balance transfer fees with personal loans, you might have to pay an origination fee.

You could also consider using a home equity loan to pay off different types of debt. Home equity loans let you borrow against the equity in your home and sometimes have lower interest rates.

But if you go this route, keep in mind a home equity loan is a secured loan, unlike a personal loan which is an unsecured loan. This means that with a home equity loan you’ll be using your home as collateral — so if you don’t pay it, you could lose your home. Home equity loans also have closing costs and fees that add to the amount you’ll owe.

Learn More: Home Equity Loan vs. Personal Loan: Which Is Right for You?

If you're consolidating credit card debt with a personal loan, many online lenders can provide you with personalized rates in minutes, and approve your loan the same day. Some online lenders will fund loans as quickly as the next business day into your checking account.

Before accepting loan offers, it’s a good idea to request rates from multiple lenders. Every lender has their own methods for evaluating borrowers, so comparing rates and terms can help you get the best deal.

Remember that credit card consolidation lenders consider how much of your monthly income is needed to repay your existing debt, your credit history, and credit score.

Bad credit is not an automatic disqualification for a new credit card or new loan. But if you have too much debt to qualify for credit card consolidation, consider using a credit counseling agency and creating a debt management plan.

Compare Rates: Best Personal Loans for Credit Card Debt

Whether you want to make more than the minimum monthly payment or pay off the balance entirely, none of the lenders on the Credible platform charge a prepayment penalty. You may, however, be charged a prepayment penalty by other lenders not on our platform.

So make sure to do your research first to see if you'll be charged a prepayment fee and, if so, how much.

There are many benefits to paying off your debt with a credit card consolidation loan. Here are a few reasons you should consider it:

  1. You could save money. Personal loans typically have lower rates than credit cards (depending on your credit score and credit history). Getting a loan with a lower interest rate can save you money in interest.

  2. You could improve your credit. Making on-time payments on a personal loan can improve your credit score.

  3. You'll know when you'll be debt free. Instead of having an ongoing term with your credit card company, a personal loan will give you an end date so you can see exactly when your debt will be paid off.

Credible makes it easy to see prequalified rates from our personal loan partners — as well as transparency into all fees and rates.

To find the best lender, you should compare multiple lenders — from online lenders to banks and credit unions. Take a look at the rates, fees, and terms to decide which loan is best for your personal finance situation without affecting your credit score. Typically, you want to find a personal loan with low, fixed interest rates and minimal fees.

Credible evaluated loan and lender data points for 22 lenders in 10 categories to identify some of the best personal loan companies.

Credible's partner lenders:

Read More: Who Are the Best Personal Loan Lenders?

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