There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. SoFi is an online lender and bank that tends to be a good fit for those with good to excellent credit.

It offers fixed-rate loans with high potential loan amounts and few fees. The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement.

All loan rates below are shown with the autopay discount 0. Lowest rates reserved for the most creditworthy borrowers. See SoFi. Fixed rates from 8. Not all applicants qualify for the lowest rate. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Autopay: The SoFi 0. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional 0. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account.

You are not required to enroll in direct deposits to receive a Loan. You can use a loan from Upgrade to consolidate multiple types of debts, and Upgrade gives you the option of having the funds sent directly to credit card companies and other personal loan lenders.

Upgrade then sends excess loan amounts to your bank account. Personal loans made through Upgrade feature Annual Percentage Rates APRs of 8. All personal loans have a 1. Lowest rates require Autopay and paying off a portion of existing debt directly.

Loans feature repayment terms of 24 to 84 months. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors.

Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

Personal loans issued by Upgrade's bank partners. Avant offers loans for borrowers with fair credit. While the interest rate range starts higher than other lenders', applicants with fair credit likely won't qualify for the best-advertised rates at those lenders.

Plus, you may still be able to save money by consolidating higher-rate credit card debt with a loan from Avant. Avant branded credit products are issued by WebBank. APR ranges from 9. Loan lengths range from 12 to 60 months.

Administration fee up to 9. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors.

Minimum loan amounts vary by state. A partial prepayment does not trigger a refund of any administration fee amount. Borrower recognizes that the Administration fee is deemed part of the loan principal and is subject to the accrual of interest.

See New Mexico consumer brochure for common terms and definitions and regulations around rates and fees. Θ Credit score calculated based on FICO ® Score 8 model. Your lender or insurer may use a different FICO ® Score than FICO ® Score 8, or another type of credit score altogether. Learn more.

Advertiser Disclosure: The offers that appear on this site are from third party companies "our partners" from which Experian Consumer Services receives compensation.

This compensation may impact how, where, and in what order the products appear on this site. The offers on the site do not represent all available financial services, companies, or products.

Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any offer. The banks, lenders, and credit card companies are not responsible for any content posted on this site and do not endorse or guarantee any reviews.

Once you click apply you will be directed to the issuer or partner's website where you may review the terms and conditions of the offer before applying. We show a summary, not the full legal terms — and before applying you should understand the full terms of the offer as stated by the issuer or partner itself.

While Experian Consumer Services uses reasonable efforts to present the most accurate information, all offer information is presented without warranty.

A debt consolidation loan is a personal loan that you use to pay off high-interest debt, like credit cards or other loans. It's called a debt consolidation loan because you can combine multiple debts into a single loan with just one monthly payment—and hopefully a lower interest rate.

That can simplify your debt repayments and save you money over time. If you manage your loan responsibly and avoid taking on additional debt, then a debt consolidation loan could help your credit.

Here's how:. Keep in mind, applying for a debt consolidation loan can temporarily lower your FICO ® Score when the lender checks your credit known as a hard inquiry.

While debt consolidation loans are available to borrowers with a range of credit scores, those with high credit scores will have the easiest time qualifying for the best rates and terms. Applicants with low credit scores may qualify for smaller debt consolidation loans, or they may be restricted to collateral loans.

You can use a debt consolidation loan to consolidate high-interest debts , such as credit cards and other personal loans. What qualifies for a good debt consolidation rate ultimately comes down to your individual situation.

Look for a debt consolidation loan with an interest rate below the average interest of the debts you want to combine. Its combination of lower overall rates, no fees and a discount for setting up autopay makes it a particularly affordable option. Rate discount for autopay. Long repayment terms. Rate Beat program and Experience Guarantee.

No option to pre-qualify on its website. No direct payment to creditors with debt consolidation loans. Overview: Universal Credit offers debt consolidation loans with direct payment to creditors, multiple rate discounts and fast funding. Borrowers with bad credit can apply, thanks to a minimum credit score requirement.

Offers multiple rate discounts. Free credit score access. Two repayment term options. Best Egg also pays off your creditors for you and has a minimum credit score requirement. Wide range of loan amounts.

Secured loan options. No late fees. No rate discounts. No mobile app to manage loan. Borrowers need a minimum credit score of to apply. No origination fee. May charge late fee. Overview: Achieve offers three ways to get a rate discount on its debt consolidation loan, including a direct pay discount if borrowers opt to have the loan funds sent directly to their creditors.

Achieve has a minimum credit score requirement of Charges origination fee. Overview: LendingClub offers joint debt consolidation loans, meaning you can add a co-borrower to your application which may help you qualify for a larger loan amount or a lower interest rate.

LendingClub has a minimum credit score requirement. Option to change your payment date. Existing customers receive the most perks, though, including a potential rate discount and faster funding.

Wide variety of repayment term options. Product varies by location. May require in-person visit. No large loan amounts. A debt consolidation loan combines multiple unsecured debts — such as credit cards, medical bills and payday loans — into one fixed monthly payment.

Online lenders, banks and credit unions offer debt consolidation loans. If you qualify, the lender deposits the loan into your bank account, and you use that money to pay off your debts. Some lenders send loan proceeds directly to your creditors, saving you that step.

Once you pay off your other debts, you make monthly payments toward the debt consolidation loan. Payments are fixed for the life of the loan, typically two to seven years.

A debt consolidation loan is a good idea if you can get a lower annual percentage rate than what you're currently paying on your other debts. The best debt consolidation loan interest rates are reserved for borrowers with good or excellent credit or higher credit score.

Like with all financial decisions, you should carefully weigh the pros and cons of consolidating your debts before you apply for a loan. Here are the main benefits and drawbacks of debt consolidation loans to help you make an informed decision. Pros of debt consolidation.

Cons of debt consolidation. You pay less in interest. You may get out of debt faster. You have only one payment. You have a clear finish line. You may not qualify for a low enough rate. You still have debt you need to manage. Most debt consolidation loans offer terms of two to seven years, so be prepared to stick to your monthly payments over that time period.

It may even make things worse if you use your newly freed credit cards to rack up additional debt. The loan's annual percentage rate , or APR, represents its true annual cost and includes interest and any fees.

Rates vary based on your credit score, income and debt-to-income ratio. Use APRs to compare costs between multiple loans.

Choose a low rate with monthly payments that fit your budget. Some lenders charge origination fees to cover the cost of processing your loan. Avoid loans that include this fee to keep costs down, unless the APR which will include the origination fee is still lower than loans with no origination fee.

Look for a lender whose loan product meets your debt payoff needs. For example, some lenders offer only two repayment terms to choose from, which may not be enough flexibility depending on how much debt you have.

Some lenders offer consumer-friendly features like direct payment to creditors, which means the lender pays off your old debts once your loan closes, saving you that task. Other features to shop for include free credit score monitoring and hardship programs that temporarily reduce or suspend monthly payments if you face a financial setback, such as a job loss.

Debt consolidation loans can help — and hurt — your credit score. When you use the loan to pay off your credit cards, you lower your credit utilization, which measures how much of your credit limit is tied up.

Lowering your credit utilization can help your credit. On the other hand, applying for a loan requires a hard credit check , which can temporarily ding your credit score. And if you turn around and rack up new credit card debt, your credit score will suffer.

Making late payments on your new loan can also hurt your credit score, while on-time payments can help. Ultimately, if you use the debt consolidation loan to pay off your debts and then pay off the new loan on time, the overall effect on your credit should be positive.

Loan approval is based mainly on your credit score and ability to repay. It may be possible to get a debt consolidation loan with bad credit, but borrowers with good to excellent credit have more loan options and may qualify for lower rates. If you have fair or bad credit credit score or lower , it can pay to build your credit before seeking a consolidation loan.

In a joint loan , both borrowers have equal access to the funds, unlike a co-signed loan , in which only the main applicant does. Co-borrowers and co-signers are on the hook for missed payments.

Some lenders may also offer a secured loan , which means you can back it with collateral, like your car or an investment account, to boost your chances of approval or get a better loan offer. But you risk losing the asset if you fail to repay the loan.

Compare offers from banks, credit unions and online lenders before choosing the best debt consolidation loan. While banks tend to have some of the lowest rates, credit unions and some online lenders may look more favorably on bad-credit applicants. You can still get a debt consolidation loan if you have bad credit a credit score or lower.

This will also help you check if the rate you qualify for is lower than your existing debts. Some online lenders specifically offer debt consolidation loans for borrowers with bad credit.

The first step in getting a debt consolidation loan is having a clear picture of your current debt. One of the best ways to compare loan offers is to pre-qualify with multiple lenders, which lets you see your potential loan terms, including APR, without any effect on your credit score.

Though not all banks or credit unions offer pre-qualification, most online lenders do. Most loan applications are online and ask you to supply personal information like your Social Security number, address and other contact details. You also may be asked to provide proof of identity, employment and income.

Make a plan now to manage your personal loan payments. But avoid closing the accounts, which can lower your credit score. Credit counseling: Nonprofit organizations offer credit counseling , which includes helping you create a debt management plan.

Similar to other consolidation products, these plans roll your debts into one manageable payment at a reduced interest rate. The debt snowball and debt avalanche methods are two common strategies for paying off debt. The snowball method focuses on paying off your smallest debt first, building momentum as you go.

The avalanche focuses on paying off the debt with the highest interest rate first, then applying the savings elsewhere. Both can boost your payoff speed. NerdWallet reviewed more than 35 technology companies and financial institutions to find the best debt consolidation loans.

We assessed these loans across five major categories, detailed below. An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

Underwriting and eligibility. The lender reviews borrowers credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision. Loan flexibility. A flexible loan is one that lets users customize terms and payments.

That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly. Customer experience. A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts.

Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details.

NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education.

We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

Debt consolidation loan interest rates vary by lender. Factors like your credit score, income and debt-to-income ratio help determine what interest rate you'll get on a loan. Best Personal Loan Overall.

A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt

What is debt consolidation? We explain the process and review a few top lenders for the best debt consolidation loans Compare debt consolidation loan rates from top lenders for February · Upstart Personal Loans · LightStream Personal Loans · Discover Personal Loans · Upgrade Best debt consolidation loans · Best for student loan consolidation: SoFi · Best for fair/average credit: Upstart · Best for consolidating debt while improving: Loan consolidation offers

Definition of terms. All loan ofders below Senior debt relief counseling shown with the autopay discount 0. SoFi Personal Loan 5. Estimate your savings. Apply for a debt consolidation loan.	Not all applicants qualify for the lowest rate. Pros of debt consolidation. Why we picked it Upstart is an online lending platform that may place less importance on your credit score than other lenders. Your interest rate will be decided based on your credit score, credit history and income, as well as other factors like the loan's size and term. Our experts have been helping you master your money for over four decades. Terms apply. They are based on creditworthiness at time of application for loan terms of months.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates Debt consolidation loans reduce the number of debt payments you make each month and could even shorten the amount of time you're repaying	Debt consolidation loans help borrowers combine multiple high-interest debts into a single payment. Compare our picks for the best debt consolidation loans What is debt consolidation? We explain the process and review a few top lenders for the best debt consolidation loans A closer look at our top debt consolidation loan lenders · Lightstream: Best for high-dollar loans and generous repayment terms · Upstart: Best
It is a competitive conxolidation for those that have less-than-perfect credit. Does debt offere hurt your credit score? The process and customer service staff are amazing. Which consolidation option is right for you? Debt consolidation will impact your credit score and credit report in the following ways:. Equal Housing Lender.	Debt Consolidation Plan for the future of your finances. ZIP code. See our Featured articles for more tips and resources. Debt consolidation loans don't come with a money-saving guarantee, though with a lower APR, they certainly can shave off some interest charges and save on high-interest debt. Even if you have bad credit , you may find a lender that's willing to extend you a loan, but you'll pay higher interest rates. We offer one of the best personal loans to consolidate debt.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	Best debt consolidation loans · Best for student loan consolidation: SoFi · Best for fair/average credit: Upstart · Best for consolidating debt while improving Personal Loans for Debt Consolidation A personal loan is a quick and easy option when you are straining under the weight of high credit card balances paired Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt
Personal and home Best Cashback Credit Cards loans have a fixed Annual Percentage Rate APR that varies based on Streamlined application process Senior debt relief counseling, loan consolidwtion and term. Offerd can use consolidatoon loan Emergency financial assistance Upgrade to consolidate multiple Senior debt relief counseling of debts, and Upgrade gives you the option of having the funds sent directly to credit card companies and other personal loan lenders. Credit Karma earns a commission from these loan providers. APR The debt avalanche method focuses on paying off your highest interest rate debts first while making minimum payments on everything else. We earn a commission from affiliate partners on many offers and links.	Happy Money's personal loans can be used only to consolidate credit card debt, and you can do so without unnecessary fees. Best debt consolidation loans in February Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. Improved credit Build or repair your credit by making timely payments and faster payoffs. Balance Enter your current balance. Good credit borrowers who want fast funding. Menu List On this page.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	Typically, however, personal loan interest rates range from around % to 36%, with the lowest rates reserved for borrowers with excellent Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast What is debt consolidation? We explain the process and review a few top lenders for the best debt consolidation loans	Compare debt consolidation loan rates from top lenders for February · Upstart Personal Loans · LightStream Personal Loans · Discover Personal Loans · Upgrade Pay off your credit card debt with a debt consolidation loan. Find great rates to pay less in interest and minimize monthly bills into a single payment A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of

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Top picks from our partners · Best for All Credit Score Types: Upstart · Best for Excellent Credit: SoFi · Best for Paying Lenders Directly: Upgrade · Best for Typically, however, personal loan interest rates range from around % to 36%, with the lowest rates reserved for borrowers with excellent Pay off your credit card debt with a debt consolidation loan. Find great rates to pay less in interest and minimize monthly bills into a single payment: Loan consolidation offers

APR ranges from 9. Our Senior debt relief counseling for Bank Looan. Credit counseling: Senior debt relief counseling a credit counseling programclnsolidation certified lffers expert will take an in-depth look at your finances and offer steps to improve your situation. Pros and cons of Best Egg. The full range of available rates varies by state. Fast application, approval and funding process; More flexible qualifying standards.	If you're borrowing a large amount of money, this can lead to significant savings. That's why Discover offers solutions to help you consolidate your debt in a way that works for you. What is the difference between a personal loan and a debt consolidation loan? No late fees. Search Search When autocomplete results are available use up and down arrows to review and enter to select.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	Debt Consolidation loans from OneMain Financial can consolidate your credit card debts, medical debts or existing loans into one easy monthly payment Combine up to $, of debt, including credit card balances, with a fixed rate as low as % APR. More benefits. Board check. Apply for Student loan consolidation has many benefits for student loan borrowers. For example, if you currently have federal student loans with multiple loan	Debt Consolidation loans from OneMain Financial can consolidate your credit card debts, medical debts or existing loans into one easy monthly payment Debt Consolidation lets you bundle your existing loans into a single monthly payment, may offer you a lower interest rate, or let you pay off your debt with a Is debt consolidation right for you? ; One payment a month at a fixed rate for fixed rate loans. Consolidate debts from other loans and credit cards into one
Close Cosnolidation Senior debt relief counseling Location Locations Branch Branches ATM locations Bonus points program locator. Fixed rates from consoldation. LendingClub will pay your creditors directly when you take out a loan to consolidate your debt. Improve your credit score. We earn a commission from affiliate partners on many offers and links.	If you have fair or bad credit credit score or lower , it can pay to build your credit before seeking a consolidation loan. Get a quote from lenders to see what interest rate you will be paying before applying. Does debt consolidation hurt your credit? That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly. Your lender or insurer may use a different FICO ® Score than FICO ® Score 8, or another type of credit score altogether. Here's how you can start on the path to a brighter future with Discover Personal Loans: See what personal loan offers you qualify for Complete a personal loan application in minutes Get an approval decision Your funds can be sent on the next business day Pay off your loan; you can choose to have the money sent to your bank account or directly to your creditors as soon as the next business day after you are approved for and accept the terms of your loan.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	Best debt consolidation loans · Best for student loan consolidation: SoFi · Best for fair/average credit: Upstart · Best for consolidating debt while improving Debt consolidation loans reduce the number of debt payments you make each month and could even shorten the amount of time you're repaying Debt Consolidation loans from OneMain Financial can consolidate your credit card debts, medical debts or existing loans into one easy monthly payment	CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates Typically, however, personal loan interest rates range from around % to 36%, with the lowest rates reserved for borrowers with excellent Personal Loans for Debt Consolidation A personal loan is a quick and easy option when you are straining under the weight of high credit card balances paired
Loan consolidation offers take out a loan, lenders will conduct a Senior debt relief counseling credit Contactless payments and request a full application, Senior debt relief counseling could require proof of consolidatjon, identity verification, consolidatkon of address and more. Image: Money bag with wings icon Same-Day Loans. Start small and secure. Credit Cards. All loans are subject to credit review and approval. Will a debt consolidation loan help or hurt your credit scores? Outside of these factors it is also important to consider customer service, unique features offered and potential fees.	Thinking of consolidating your debt? Pros and cons of LendingClub. See your loan options in less than 4 minutes without impacting your credit scores. Each lending institution has its own criteria for qualifying borrowers. No direct payment to creditors with debt consolidation loans. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. The bank has only one in-person branch, so it's best for those who are comfortable with completing the entire application process online.	A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several Do you have high-interest debt? Pay it down with a debt consolidation loan through Upstart. Check your rate online and get funds fast Combine balances and make one set monthly payment with a debt consolidation loan We offer a number of tips and resources that can help manage your debt	Student loan consolidation has many benefits for student loan borrowers. For example, if you currently have federal student loans with multiple loan A closer look at our top debt consolidation loan lenders · Lightstream: Best for high-dollar loans and generous repayment terms · Upstart: Best Debt Consolidation loans from OneMain Financial can consolidate your credit card debts, medical debts or existing loans into one easy monthly payment	Best debt consolidation loans · Best for student loan consolidation: SoFi · Best for fair/average credit: Upstart · Best for consolidating debt while improving Combine up to $, of debt, including credit card balances, with a fixed rate as low as % APR. More benefits. Board check. Apply for Debt consolidation loans reduce the number of debt payments you make each month and could even shorten the amount of time you're repaying