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Debt 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.

Rates from 5.73% APR1

Loan amounts from $600 to $100,000

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LenderRates from (APR)Loan termLoan amountCheck Rates

Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

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Rates from (APR)

7.99-15.19%

Loan term

3 - 6 years

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Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

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Rates from (APR)

6.99-24.99%

Loan term

3 - 7 years

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Rates from (APR)

7.99-29.99%

Loan term

2 - 5 years

Check Rates

Rates from (APR)

7.99-29.99%

Loan term

2 - 5 years

Check Rates

Rates from (APR)

8.30-36.00%

Loan term

3 - 5 years

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Rates from (APR)

7.99-35.99%

Loan term

2 - 6 years

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Rates from (APR)

5.99-22.49%4

Loan term

2 - 7 years

Check Rates

Rates from (APR)

6.99-24.99%

Loan term

3 - 6 years

Check Rates

Rates from (APR)

18.00-35.99%

Loan term

2 - 5 years

Check Rates

Rates from (APR)

7.74-17.99%

Loan term

1 - 5 years

Check Rates

Rates from (APR)

5.99-35.99%

Loan term

2 - 5 years

Check Rates

Rates from (APR)

7.99-23.43%3

Loan term

2 - 7 years

Check Rates

Rates from (APR)

11.69-35.93%

Loan term

3, 5, or 7 years

Check Rates

Rates from (APR)

7.96-35.97%

Loan term

3 - 7 years

Check Rates

Rates from (APR)

5.40-35.99%

Loan term

3, 5, or 7 years

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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.

Credible’s rating criteria incorporates 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more.

Read our full methodology.

Calculate your savings with Credible

Use our debt consolidation calculator to see how different terms and interest rates can change what you pay over time.

1. Enter your current loan details

%

2. Choose a rate to compare

Our lender rates vary from 5.40% to 35.99% APR1

%

3. Check the results

With an interest rate of 12% over 5 years, you will pay per month and in interest over the lifetime of your loan.

Total interest:

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Monthly payment:

New Loan

Current Loan

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Our Impact

With Credible, you can save money while enjoying a simple, intuitive personal loan shopping process.

in 2021 We’ve helped over

55,600 people

save money on their loans

We've saved our customers

over $92 million

in interest on their loans

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Excellent customer service

I was apprehensive when I first started... but the customer service was excellent .. I got a good deal very quickly and they helped me .. totally recommend it

See Manpreet's review
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Great rates for consolidation

Outstanding, competitive rates. It let me shop different vendors without having to go to multiple sources and provide my info. I will be saving a ton ...

See Greg's review
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Easy process

I was able to refinance my student loan and secure a much lower rate than I had with my other servicer. The process was so easy!

See Alicia's review

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Benefits of a debt consolidation loan

reason type

Lower rates

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

reason type

Improve your credit

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

reason type

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

Our lenders 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.

Loan 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
Loan goals

Home Improvement

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

Home Improvement Loans
Loan goals

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

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Commonly asked questions

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."

A debt consolidation loan is a type of unsecured personal loan that you can use to pay off multiple kinds of debt — leaving you with just one loan and payment to manage. For example, you could use a personal loan to consolidate:

  • Credit cards

  • Gas cards

  • Medical bills

  • Payday loans

  • Personal lines of credit

  • Store cards

  • Unsecured personal loans

Depending on your credit, consolidating your debt could also get you a lower interest rate than what you’re currently paying.

Or you might opt to extend your repayment term to reduce your monthly payments, which could provide you with greater flexibility. Just keep in mind that if you choose a longer term, you’ll pay more in interest over time.

Learn More: How Does Debt Consolidation Work

If you decide to get a personal loan for debt consolidation, follow these four steps:

  1. Check your credit. When you apply for a debt consolidation loan, the lender will perform a hard credit check — so it can be a good idea to check your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.

  2. Compare lenders and pick a loan option. Be sure to compare as many lenders as possible to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees the lender charges, and eligibility requirements. After doing your research, you can choose the loan option that works best for you.

  3. Complete the application. Once you’ve picked a lender, fill out a full application and submit any required documentation, such as tax returns or pay stubs.

  4. Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you — often by direct deposit, depending on the lender. Some lenders will also pay your creditors directly.

While you can compare lenders by researching them individually, Credible makes this process much easier: After filling out a single form, you can compare your prequalified rates from multiple vetted lenders. This requires only a soft credit check, so your credit won’t be affected.

Keep in mind that if you decide to apply for a loan after checking your options through Credible, the lender will perform a hard credit check as part of the full application process. This could cause a slight drop in your credit score — but this effect is usually only temporary, and your score will likely bounce back within a few months.

Annual percentage rate (APR) refers to how much you’ll actually pay for a loan. Your APR includes both your interest rate and any loan fees, such as origination fees.

A major factor in getting a good APR for a loan is your credit score. In general, the better your credit, the lower your APR. For example, Credible’s partner lenders offer fixed rates starting at 2.49% APR, but you’ll typically need good to excellent credit to qualify for the lowest advertised rates.

If you have less-than-perfect credit and would like to get a better APR, applying with a cosigner who has good credit might help. You could also consider working to improve your credit to qualify for better rates in the future. Here are some ways to potentially do this:

  • Make on-time payments. Your payment history is the biggest factor that makes up your credit score. If you pay all your bills on time, you could see an improvement in your score.

  • Pay down credit cards. Another major factor in determining your credit score is your credit utilization ratio — this is how much you owe on revolving credit lines (like credit cards) compared to your total credit limits. Paying down credit card balances could lower this ratio and increase your score.

  • Get credit for other bills. Some services are available that’ll help you get credit for bill payments that typically aren’t reported to the credit bureaus. For example, if you sign up for Experian Boost, you could get credit for subscription service payments and cell phone bills, which might boost your credit score.

Debt consolidation offers several possible benefits, including:

  • Combine multiple debts: You can pay off several kinds of debt with a debt consolidation loan — which leaves you with just one loan and monthly payment to manage.

  • Save money on interest: Depending on your credit, you might qualify for a lower interest rate on a debt consolidation loan. Using the loan to pay off high-interest debt can save you money on interest and even help you pay off your debt faster.

  • Lower your payment: If you opt to extend your repayment term with a debt consolidation loan, you could reduce your monthly payment. Just remember that you’ll pay more in interest over time with a longer term.

  • Help your credit score: If you use a debt consolidation loan to pay off revolving credit lines (like credit cards or lines of credit), you might be able to lower your credit utilization ratio. This could have a positive effect on your credit score.

Read More: How Debt Consolidation Loans Can Help Your Credit Score

As with all loans, debt consolidation loans also have some potential drawbacks to consider, including:

  • Fewer options for poor and fair credit: You’ll typically need good to excellent credit to qualify for a debt consolidation loan — a good credit score is usually considered to be 700 or higher. If you have poor or fair credit, it could be harder to get approved.

  • Might come with fees: Some lenders charge fees on debt consolidation loans, such as origination fees, that will be deducted from your loan amount. These can add to your overall loan cost.

  • Could be tempting to take out more debt: A debt consolidation loan could help you get on top of your debt, but it won’t fix the spending problems that initially lead to the debt in the first place. If you feel your debt is under control, you might be tempted to rack up more.

Before you take out a debt consolidation loan, it’s important to consider how much that loan will cost you. This way, you can be prepared for any added expenses — and can decide if it’s the right financial fit for your situation.

You can estimate how much you’ll pay for a loan using our Personal Loan Calculator.

Another way to consolidate debt is with a balance transfer card — a type of credit card that you can use to move your balance from one card to another. The right choice between a balance transfer card and a debt consolidation loan will depend on your credit score, the type of debt you have, and how much debt you’re paying off.

Here are some pros and cons of both to keep in mind:

Pros of a balance transfer credit card

  • 0% APR period: Some cards come with a 0% APR introductory period, which means you could avoid paying interest if you repay your balance before this period ends. However, if you can’t pay off the card in time, you could end up with some hefty interest charges.

  • Rewards and perks: Depending on the card you choose, you might have access to various reward opportunities — such as cash back or travel points.

  • Helps you build credit: If you consistently make on-time payments on your balance transfer card, you could see an improvement in your credit history over time.

Cons of a balance transfer credit card

  • Higher interest rates: Credit cards — including balance transfer cards — usually come with higher interest rates compared to personal loans. If you have a large amount of debt to consolidate and can’t pay it off before the end of a 0% APR introductory period, then a balance transfer card might not be the most cost-effective option.

  • Might come with fees: Many companies charge a balance transfer fee — typically 3% to 5% of each balance you transfer.

  • Could lead to more debt: While a balance transfer card can be a helpful tool for consolidating debt, it’s still another credit card. Some people might be tempted to use their balance transfer card to rack up more debt, leading to a worse situation in the future.

Pros of a debt consolidation loan

  • Fixed monthly payments: Unlike credit cards, most personal loans come with fixed interest rates. This means your payments will stay the same throughout the life of your loan.

  • Longer repayment terms: You’ll typically have one to seven years to pay off a personal loan, depending on the lender.

  • Lower interest rates: Personal loans generally have lower interest rates than credit cards.

Cons of a debt consolidation loan

  • Fewer options for poor or fair credit: You’ll generally need good to excellent credit to qualify for a debt consolidation loan — which means it could be harder to get approved if you have poor or fair credit.

  • Might come with fees: Some lenders charge fees on personal loans, such as origination fees for processing the loan. This can increase your overall loan cost. Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties if you pay off your loan ahead of schedule.

  • No rewards or perks: Unlike credit cards, personal loans don’t provide any rewards or perks.

This depends on the lender — for example, some applicants receive an approval decision within minutes from an online lender, while it could take longer to hear back from a traditional bank or credit union.

The time to fund a debt consolidation loan can also vary by lender. Here are the funding times you can generally expect:

  • Online lenders: Less than 5 business days

  • Banks: 1 to 7 business days

  • Credit unions: 1 to 7 business days

In addition to interest rates and loan terms, quick funding is an important factor to consider when you’re comparing loans. For example, several of Credible’s partner lenders will fund loans as soon as the same or next business day after approval.

You’ll typically need good to excellent credit to qualify for a personal loan. But some lenders offer personal loans for bad credit — though keep in mind that these loans usually come with higher interest rates compared to good credit loans.

If you have poor credit and aren’t eligible for a personal loan, you have a couple options to consider:

  • Apply with a cosigner. If you’re struggling to get approved, having a cosigner who has good credit could improve your chances. Not all lenders allow cosigners on personal loans, but some do, including the Credible partners listed below. Even if you don’t need a cosigner to qualify, having one could get a lower interest rate than you’d get on your own.