Debt consolidation loans

Consolidate debt. Simplify your life.

Rates from 5.99% APR*

Loan amounts from $1,000 to $100,000

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Compare rates from top lenders

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

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Avant Details
Prepayment penalty: NoneUnsuccessful payment fee: $15
Origination fee: 0.95% to 4.75%Check processing fee: None
Late fee: $25Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Credible Lender Review
Avant Personal Loans Review
Best Egg
5.99% - 29.99%3, 5 yearsUp to $35,000Show detailsCheck Rate

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Best Egg Details
Prepayment penalty: NoneUnsuccessful payment fee: $15
Origination fee: 0.99% to 5.99%Check processing fee: $7
Late fee: $15Time to fund: As soon as 1 - 3 business days after successful verification
Credible Lender Review
Best Egg Personal Loans Review
FreedomPlus
5.99% - 29.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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FreedomPlus Details
Prepayment penalty: NoneUnsuccessful payment fee: None
Origination fee: 0% to 5%Check processing fee: $15
Late fee: 5% of late payment or $15 (whichever is greater)Time to fund: As soon as 2 business days
Credible Lender Review
FreedomPlus Personal Loans Review
LendingClub
6.95% - 35.89%3, 5 yearsUp to $40,000Show detailsCheck Rate

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LendingClub Details
Prepayment penalty: NoneUnsuccessful payment fee: $15
Origination fee: 1% to 6%Check processing fee: $7
Late fee: 5% of late payment or $15 (whichever is greater)Time to fund: Usually takes about 7 days
Credible Lender Review
LendingClub Personal Loans Review
LendingPoint
15.49% - 34.99%2 - 4 yearsUp to $25,000Show detailsCheck Rate

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LendingPoint Details
Prepayment penalty: NoneUnsuccessful payment fee: None
Origination fee: 0% to 6%Check processing fee: None
Late fee: $30Time to fund: As soon as the next business day
Credible Lender Review
LendingPoint Personal Loans Review
Marcus by Goldman Sachs
6.99% - 28.99%3 - 6 yearsUp to $40,000Show detailsCheck Rate

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Marcus by Goldman Sachs Details
Prepayment penalty: NoneUnsuccessful payment fee: None
Origination fee: NoneCheck processing fee: None
Late fee: NoneTime to fund: About 1 - 4 business days, given approval and bank account verification
Credible Lender Review
Marcus by Goldman Sachs Personal Loans Review
Payoff
5.99% - 24.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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Payoff Details
Prepayment penalty: NoneUnsuccessful payment fee: None
Origination fee: 2% to 5%Check processing fee: None
Late fee: NoneTime to fund: As soon as 2 - 5 business days after verification
Credible Lender Review
Payoff Personal Loans Review
Prosper
6.95% - 35.99%3, 5 yearsUp to $40,000Show detailsCheck Rate

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Prosper Details
Prepayment penalty: NoneUnsuccessful payment fee: $15
Origination fee: 2.4% to 5%Check processing fee: $15
Late fee: 5% of late payment or $15 (whichever is greater)Time to fund: On average, within 5 days of accepting your offer
Credible Lender Review
Prosper Personal Loans Review
Upgrade
6.98% - 35.89%3, 5 yearsUp to $50,000Show detailsCheck Rate

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Upgrade Details
Prepayment penalty: NoneUnsuccessful payment fee: $10
Origination fee: 1% to 6%Check processing fee: None
Late fee: $10Time to fund: Within a day of clearing necessary verifications
Credible Lender Review
Upgrade Personal Loans Review
Upstart
8.09% - 35.99%3, 5 yearsUp to $50,000Show detailsCheck Rate

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Upstart Details
Prepayment penalty: NoneUnsuccessful payment fee: $15
Origination fee: 0% to 8%Check processing fee: None
Late fee: 5% of late payment or $15 (whichever is greater)Time to fund: As soon as 1 - 3 business days
Credible Lender Review
Upstart Personal Loans Review

See how much you could save by consolidating debt

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Here’s what customers are saying about Credible

Mechelle secured a debt consolidation loan

Credible provided an easy way to review several offers and pick what worked for my needs. I was able to secure a personal consolidation loan quickly and easily.

See review on Trustpilot

Samuel got a debt consolidation loan in a day

Made shopping for a lower rate debt consolidation loan super easy. Found just what I needed and got the loan in about 24 hours.

See review on Trustpilot

Angela consolidated her debt

I needed this loan to consolidate debt, so the end goal was to free up more liquid income each month. I was able to achieve this goal and I would not hesitate to recommend Credible.

See review on Trustpilot
Customers rate us 9.5/10

Why use a debt consolidation loan?

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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A debt consolidation loan is any loan that you use to pay off other debt, such as credit cards, student loans, car loans, or medical bills.

A debt consolidation loan can be a:

A debt consolidation loan can provide a number of benefits when used to pay off existing debt:

  • You’ll have one monthly payment, instead of several

  • You may lower your interest rate

  • You may pay off your debt faster

  • You may improve your credit score

A debt consolidation loan can improve your credit score in three ways:

  1. Reducing the overall amount of debt you owe

  2. Lowering your credit utilization ratio (how much of the available credit limit you’re using on each card)

  3. Improving your credit mix (adding a personal loan to your credit mix can boost your credit score)

Learn More: How Debt Consolidation Helps Your Credit

Debt consolidation lenders typically look at a number of factors, including how much of your monthly income is needed to repay your existing debt — this is your debt-to-income ratio or DTI. Your credit history and credit score are also important factors in qualifying for a debt consolidation loan.

Bad credit won’t automatically disqualify you with every lender, but good credit can help you get lower rates. If you have too much debt to qualify for a consolidation loan, consider seeking credit counseling and creating a debt management plan.

Find Out: How to Build Credit Fast

Debt consolidation loans are offered by traditional banks and credit unions, as well as online lenders that offer a streamlined application and qualification process. Since every lender has different methods for evaluating borrowers, a good way to find the best lender for you is to compare lenders to see which will offer you the best rate.

Read More: Lenders Offering the Best Debt Consolidation Loans

The interest rate you're offered on a debt consolidation loan depends on the type of loan you're applying for, your credit history, and credit score. Rates are often lower than credit cards, making it a good idea to use a personal loan for consolidating credit card debt.

Using your home's equity to consolidate debt — through a cash-out mortgage refinance, home equity loan, or home equity line of credit (HELOC) — can often get you an even lower rate. But that's because you're putting your home up as collateral. A personal loan is unsecured, so you don’t need property to guarantee repayment.

Estimate Your Debt Payments: Personal Loan Calculator:

A debt consolidation loan is when you take out one new loan to pay off many types of high-interest debt, including credit cards, auto loans, and medical bills. With a debt consolidation loan, you can choose a repayment term that fits your budget and make a single monthly payment.

Lowering the interest rate on your loans can help you get out of debt faster.

Credit card balance transfers let you move one or more credit card balances to a single low-interest credit card, simplifying repayment. You'll typically be offered a low, introductory interest rate on a balance transfer card, but it can increase in as soon as six months.

Keep in mind, too, you might be charged a balance transfer fee, typically 3% to 5% of the amount you're transferring. So make sure it doesn’t cost you more than the interest you save. Personal loans also typically have an origination fee from 0% to 8%.

None of the lenders on the Credible platform charge prepayment penalties. Whether you want to make more than the minimum monthly payment or pay off your loan entirely, there's no prepayment penalty with any of Credible’s lenders.

If you're taking out a debt consolidation loan from a lender that's not on the Credible platform, however, there may be a prepayment fee to look out for. So, do your research before deciding on a lender so you know exactly which fees might apply.

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