Debt consolidation loans

Consolidate debt. Simplify your life.

Rates from 5.99% APR*

Loan amounts from $600 to $100,000

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Check rates from top lenders

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

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6.49% - 29.99%1 - 5 yearsUp to $35,000Show detailsCheck Rate

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Best Egg
5.99% - 29.99%3, 5 yearsUp to $35,000Show detailsCheck Rate

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

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7.99% - 29.99%2 - 5 yearsUp to $40,000Show detailsCheck Rate

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

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

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3.99% - 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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5.99% - 24.99%2 - 5 yearsUp to $35,000Show detailsCheck Rate

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6.49% - 17.99%1 - 5 yearsUp to $35,000Show detailsCheck Rate

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

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

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Universal Credit
10.97% - 35.93%3, 5 yearsUp to $40,000Show detailsCheck Rate

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6.94% - 35.97%3, 5 yearsUp to $50,000Show detailsCheck Rate

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8.27% - 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

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
trustpilot 5 stars

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.

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trustpilot 5 stars

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

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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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.
Full bio

& 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 February 16, 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.

A debt consolidation loan is any loan that you use to pay off debt, like to pay off credit card debt, student loans, a car loan, or medical bills.

If you're considering debt consolidation, these are your options:

Getting a personal loan to consolidate multiple debts can be a good idea. A personal loan provides a number of benefits when used to pay off debt, such as:

  • You'll have one monthly loan payment instead of several (making debt management easier)

  • You could get a lower interest rate (which could reduce your overall loan cost)

  • You could pay down debt faster (helping you save money in interest)

  • You might improve your credit score (which might qualify you for better loan terms in the future)

Consolidating credit card debt 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. Credit history, credit utilization, and minimum credit score are also important factors in qualifying for a debt consolidation loan.

While you might be able to get a loan with bad credit from certain lenders, having good credit (or even fair credit) can help you get lower rates. If you have bad credit or too much debt to qualify for a consolidation loan, consider seeking credit counseling and creating a debt management plan with a financial advisor.

If you can wait to consolidate your debt, spending some time building your credit first might be a good idea. A few ways to possibly improve your credit score include:

  • Making on-time payments

  • Keeping credit card balances low

  • Avoiding new credit for the time being

Find Out: How to Build Credit Fast

You'll generally need to meet a minimum credit score requirement to qualify for a debt consolidation loan. Typically, this means having good to excellent credit — a credit score of 670 or higher is considered good.

There are also some lenders willing to work with borrowers who have fair credit or poor credit. Just keep in mind that loans for bad credit typically come with higher interest rates.

If you can't qualify for a debt consolidation loan on your own, you could also try applying with a creditworthy cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don't need a cosigner to qualify, having one could get you a lower interest rate than you'd get on your own.

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 to pay off 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 debt, so you don't need property to guarantee repayment.

Use a personal loan calculator to estimate your debt payments: Personal Loan Calculator

The interest rate you get on a loan for debt consolidation will vary depending on the lender you choose, your credit score, and your loan terms.

For example, in November 2020, borrowers with credit scores of 780 or above were offered an average 8.72% prequalified rate on three-year personal loans through Credible's marketplace, while borrowers with credit scores ranging from 600 to 639 received an average 27.40% for five-year personal loans.

None of the lenders on the Credible platform charge prepayment penalties. Whether you want to make more than the minimum monthly payment to pay down debt 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.

A debt consolidation loan is when you take out a new personal loan to pay off multiple debts, including auto loans, medical bills, and more. With a debt consolidation loan, you can choose a repayment term that fits your budget and make a single monthly minimum 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 and hopefully saving money in the process. 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, including debt consolidation loans, also typically have an origination fee from 0% to 8%.

Debt consolidation loans are offered by traditional banks and credit unions, as well as online lenders that offer a streamlined application and qualification process. It's a good idea to compare as many lenders as possible to find the best debt consolidation loan for your needs.

Every lender has different methods for evaluating borrowers, so be sure to compare not only rates but also fees and repayment options. This way, you can decide which loan option is best for your own personal finance situation and financial goals without affecting your credit score. Typically, you want to find a personal loan with low, fixed rates and minimal fees.

Keep in mind that comparing prequalified rates through Credible doesn't affect your credit score — hard credit checks are only used if you proceed with a full application with a lender of your choice.

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

Here are Credible's partner online lenders that offer personal loans:

Read More: Who Are the Best Personal Loan Lenders?

There are many types of debt that can be consolidated with a debt consolidation loan. These include:

  • Credit cards

  • Gas cards

  • Medical bills

  • Payday loans

  • Private student loans

  • Personal lines of credit

  • Store cards

  • Unsecured personal loans

Essentially, as long as the debt is unsecured without ties to collateral, you’ll likely be able to consolidate it.

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