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Rates from 5.99% APR*
Loan amounts from $1,000 to $100,000
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|Lender||Rates from (APR)||Loan term||Loan amount|
|9.95% - 35.99%||2 - 5 years||Up to $35,000||Show details||Check Rate|
|5.99% - 29.99%||3, 5 years||Up to $35,000||Show details||Check Rate|
|5.99% - 29.99%||2 - 5 years||Up to $35,000||Show details||Check Rate|
|6.95% - 35.89%||3, 5 years||Up to $40,000||Show details||Check Rate|
|15.49% - 34.99%||2 - 4 years||Up to $25,000||Show details||Check Rate|
Marcus by Goldman Sachs
|6.99% - 28.99%||3 - 6 years||Up to $40,000||Show details||Check Rate|
|5.99% - 24.99%||2 - 5 years||Up to $35,000||Show details||Check Rate|
|6.95% - 35.99%||3, 5 years||Up to $40,000||Show details||Check Rate|
|6.98% - 35.89%||3, 5 years||Up to $50,000||Show details||Check Rate|
|8.09% - 35.99%||3, 5 years||Up to $50,000||Show details||Check Rate|
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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
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.
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:
Personal loan with a fixed interest rate and repayment term
Cash-out mortgage refinance with fixed loan terms and a fixed or variable interest rate
Home equity loan with a fixed repayment term and a variable or fixed rate
Home equity line of credit (HELOC) with an open-ended repayment term and variable interest rate
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:
Reducing the overall amount of debt you owe
Lowering your credit utilization ratio (how much of the available credit limit you’re using on each card)
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.
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.