Debt Consolidation Loans

Get a personal loan to consolidate all your debt into one single lower monthly payment

Today’s Personal Loan Rates

LightStream
APR from
4.99%*
Loan amounts
$5,000 - $100,000
BestEgg
APR from
5.99%
Loan amounts
$2,000 - $35,000
SoFi
APR from
5.74%
Loan amounts
$5,000 - $100,000
Upgrade
APR from
6.98%
Loan amounts
$1,000 - $50,000
Marcus
APR from
6.99%
Loan amounts
$3,500 - $40,000
FreedomPlus
APR from
5.99%
Loan amounts
$10,000 - $40,000
Axos Bank
APR from
6.49%
Loan amounts
$5,000 - $35000
Prosper
APR from
6.95%
Loan amounts
$2,000 - $40,000
Lending Club
APR from
6.95%
Loan amounts
$1,000 - $40,000
Earnest
APR from
6.99%
Loan amounts
$5,000 - $75,000
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What Is Debt Consolidation?

Debt consolidation – not to be confused with debt settlement – is just like it sounds. It’s a simple way to use a personal loan to consolidate multiple unsecured debts (like credit cards, medical bills, payday loans) into one monthly bill. For example, instead of making payments to multiple creditors, you make a single payment to the lender of the debt consolidation loan instead.

Because personal loan rates can be lower than credit card rates (which have an average of around 15% APR), it’s possible to save a lot of money in interest rate payments. By extension, this could help lower monthly payments and/or pay down debt faster.

The best way to compare apples to apples is to get rates that are personalized to your current situation. It’s really simple – almost like searching for a flight or hotel.

Debt Consolidation Loans Pros

  • Potentially lower interest rates vs credit cards
  • Easy application process
  • Less risk since an unsecured personal loan isn’t tied to an asset
  • Funds usually come through quickly
  • Potential credit score increase

Debt Consolidation Loans Cons

  • Sometimes lenders charge origination fees. Double check the numbers & do a bit of “comparison shopping” to make sure you get the best offer available.
  • Teaser rates require a high credit score (somewhere between 780-850). Note that it’s pretty easy to get rates personalized to you.
  • There aren’t many options available (if at all) for credit scores below 600.

 

Popular Debt Consolidation guides

Learn how a debt consolidation loan can help you consolidate all your debt into one single lower monthly payment.

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