How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. Credible receives compensation by the lender if you finish the loan process and a loan is disbursed. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort. Some lenders may take traffic sources into account when offering credit terms.

Credit card consolidation loans

How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. Credible receives compensation by the lender if you finish the loan process and a loan is disbursed. The amount of our compensation does not impact how and where lenders appear on our site, and Credible charges you no fees of any sort. Some lenders may take traffic sources into account when offering credit terms.

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Rates from 5.99% APR*

Loan amounts from $600 to $100,000

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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.
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.
LenderRates from (APR)Loan termLoan amount
Avant
9.95% - 35.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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Axos
6.79% - 17.99%1 - 5 yearsUp to $35,000Show detailsCheck Rate

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Best Egg
5.99% - 29.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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Discover
Personal Loans
6.99% - 24.99%3 - 7 yearsUp to $35,000Show detailsCheck Rate

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FreedomPlus
7.99% - 29.99%2 - 5 yearsUp to $50,000Show detailsCheck Rate

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LendingClub
10.68% - 35.89%3, 5 yearsUp to $40,000Show detailsCheck Rate

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LendingPoint
15.49% - 35.99%2 - 5 yearsUp to $25,000Show detailsCheck Rate

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LightStream
2.49% - 19.99%2 - 7 yearsUp to $100,000Show detailsCheck Rate

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Marcus by Goldman Sachs
6.99% - 19.99%3 - 6 yearsUp to $40,000Show detailsCheck Rate

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OneMain Financial
18.00% - 35.99%2 - 5 yearsUp to $20,000Show detailsCheck Rate

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Payoff
5.99% - 24.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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PenFed
5.99% - 17.99%1 - 5 yearsUp to $35,000Show detailsCheck Rate

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Prosper
6.95% - 35.99%3, 5 yearsUp to $40,000Show detailsCheck Rate

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SoFi
5.99% - 18.83%2 - 7 yearsUp to $100,000Show detailsCheck Rate

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Universal Credit
8.93% - 35.93%3, 5 yearsUp to $50,000Show detailsCheck Rate

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Upgrade
5.94% - 35.97%3, 5 yearsUp to $50,000Show detailsCheck Rate

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Upstart
6.46% - 35.99%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

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.

Still have questions?

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By Jamie Young

Jamie Young is a Credible authority on personal finance. Her work has appeared on Time, CBS News, Huffington Post, Business Insider, AOL, MSN, and more.
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& Matt Carter

Matt Carter is a writer, editor and student loan authority for Credible. His work has been featured by CNBC, CNN Money, Consumer Reports, Money, USA Today, U.S. News & World Report, The New York Times, The Wall Street Journal, The Washington Post, Yahoo Finance and more.
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Updated June 17, 2021

Generally, no — personal loans are still widely available despite the COVID-19 pandemic, which could be especially valuable if you need help making ends meet. You'll still typically need good credit and verifiable income to get approved for a loan with most lenders, including online lenders, banks, and credit unions. Keep in mind that some lenders might have more stringent requirements to ensure that borrowers can repay their loans, though.

Additionally, some lenders are offering coronavirus hardship loans that might be easier to qualify for if the pandemic has impacted your employment. These small emergency loans might come with low or even 0% interest, depending on the lender.

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 — also known as credit card refinancing — can simplify loan repayment and debt management. In many cases, it can also save you money by getting you a lower interest rate which can help you pay off 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 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

Another option for consolidating your credit card debt is a balance transfer credit card. You can use this card to consolidate and pay off your debt without incurring more interest charges.

Here are some points to keep in mind when considering a credit card consolidation loan vs. a balance transfer card:

  • Interest rates: Credit card consolidation loans come with fixed rates that are typically much lower than the variable rate you'll likely get with a balance transfer card. However, some balance transfer cards come with a 0% APR introductory offer — if you can pay off your balance by the time this period ends, you won't have to pay any interest. But if you can't repay the card in time, you could be stuck with some major interest charges.

  • Fees: A credit card consolidation loan could come with origination fees or prepayment penalties, depending on the lender. Keep in mind that none of Credible's partner lenders charge prepayment penalties. As for a credit card balance transfer, you might have to pay a balance transfer fee to move your balances over — for example, you might be charged 3% of your balance or $5, whichever is greater.

  • Repayment terms: Personal loans generally come with terms ranging from one to seven years, depending on the lender. With a balance transfer card, you won't have a set repayment term — instead, you'll need to make at least the minimum payment by the due date of each month. Keep in mind that 0% APR introductory offers typically range from six to 18 months, depending on the card.

If you have a large amount of credit card debt that you'll need years to repay, a personal loan might be a better, less expensive consolidation option. But if you have a smaller amount that you can afford to pay off within a 0% APR introductory period, a balance transfer card could be the way to go. Ultimately, the right choice will depend on your individual situation.

If a credit card consolidation loan or balance transfer card don't seem right for you, here are some other options to consider:

  • Home equity loan: This type of loan is secured by the equity in your home and typically offers lower rates than personal loans. You'll get the funds as a lump sum to use however you wish, which could be helpful for major purchases. Just keep in mind that if you can't make your payments, your home could be on the line.

  • Home equity line of credit (HELOC): This is another way to tap into your home's equity. Unlike a home equity loan, a HELOC is a type of revolving credit — meaning you can repeatedly drawn on and pay off your credit line. Just remember that your home could be at risk if you can't keep up with your payments.

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

Taking out a new loan (such as a credit card refinance loan) could lead to a slight decrease in your credit score. This is because the lender will perform a hard credit inquiry to determine your creditworthiness as well as your rates and terms.

However, this impact is usually small and temporary. In most cases, your score will drop by only five points or less. And while the inquiry could stay on your credit report for up to two years, your score will likely go back up within a few months.

Ultimately, if you keep up with the payments on your new loan, you'll likely see a positive impact that will be worth dinging your credit score for a short time.

If you're looking to consolidate 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 refinancing lenders consider how much of your monthly income is needed to repay your existing debt, your credit history, and credit score.

Bad credit or fair 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. Consolidating your debt could also help lower your credit utilization (the amount of credit you've used compared to the total credit you have available), which might also boost your score.

  3. You'll have only one payment to worry about. Instead of dealing with multiple debts across multiple cards, you'll have just one payment to make on a credit card consolidation loan, which can make managing debt much less stressful.

  4. 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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