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A debt consolidation loan is a type of personal loan that's used to pay off existing debt. Ideally, the interest rate on the personal loan is lower than the rate you pay on current debt. Nearly all personal loans can be used to consolidate debt, and almost all have a fixed interest rate. Having a fixed interest rate is important because it means you know exactly how much your monthly payment will be throughout the life of the loan.
Compare your personalized rates
Looking for a personal loan with a low interest rate? It's important to compare rates you could get, not just average rates. Click below to check what rates you could prequalify for across multiple lenders:
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Min. Credit Score: 680
Loan Amounts: $5,000 - $100,000
APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Min. Credit Score: 640
Loan Amounts: $2,000 to $45,000; min. $5,001 in Ohio
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. 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 (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. 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.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. 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. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
How to choose a debt consolidation loan
Get quotes from at least three lenders: Everything -- from interest rate to funding time -- varies by lender, so it pays to shop around.
Look for lenders that prequalify applicants using a soft credit check: When you apply for financing, make sure they use a soft credit check to prequalify applicants.
Look at total loan costs: Check lender fees in addition to interest rates.
Read the fine print: The details in the fine print can be expensive, so look out for administrative fees and prepayment penalties.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
We find that SoFi stands out in the personal loan landscape by offering competitive interest rates and a generous loan limit of up to $100,000. By opening a SoFi checking or savings account and setting up auto-pay, you can enjoy a 0.25% rate reduction, which can be stacked for a total of 0.5% if you do both. Plus, there are no origination fees, late fees, or prepayment penalties, and you can benefit from same-day funding for added convenience.
Flexible: Can qualify without a long credit history
Low fees: No origination fee or prepayment penalty
Why SoFi® made the list
SoFi® offers some pretty attractive benefits, including loan amounts from $5,000 to $100,000. Unlike many lenders, SoFi® charges no origination fee or prepayment penalty. This lender requires a good credit score of 680 or higher, but you can bring a co-borrower if you don't qualify on your own. The lender also considers alternative sources to determine creditworthiness for borrowers who haven't had time to build a long credit history.
How to qualify
Here's what it takes to qualify for a SoFi® personal loan:
Be at least 18 years old
Be a U.S. citizen, permanent resident, or non-permanent resident alien
Have an income, either from employment or other sources. Applicants with an offer of employment scheduled to start within 90 days will also be considered.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
LightStream offers the lowest rates on personal loans, hands down, and high loan limits. Also, LightStream doesn't charge fees. All in all, this is one of the most competitive personal loan lenders you'll come across. The catch is that LightStream has stricter borrowing requirements than some other lenders.
Affordable: LightStream loans cost less than most because it doesn't charge origination fees.
Supports co-applicants: Applying with someone else? LightStream lets you bring a co-applicant.
Why LightStream made the list
If you're looking to consolidate debt but still have a (fairly) healthy credit score, LightStream could be a good choice. LightStream personal loans are available from $5,000 to $100,000, with no origination fees or prepayment penalties. Loan terms ranging from 24 to 48 months allow you some control over your monthly payment amount.
Although you'll likely need a credit score of 660 or greater, LightStream allows co-applicants, which can be good news for borrowers with a lower FICO® Score. If you've been approved for a personal loan by another lender, LightStream will beat that lender's rate by one-tenth of a percentage point (0.1%)
How to qualify
To qualify for a LightStream personal loan, you'll need to meet the following requirements:
Have a Social Security number
Have a clear plan for what you want to do with the borrowed funds
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Upgrade is a solid choice for those seeking flexible loans with a high maximum loan amount, long repayment terms, and secured and unsecured options. We love that you can access funding quickly—often in just one day. While there’s an origination fee, you won’t face a prepayment penalty. Additionally, even though Upgrade's APR is higher than others, you can score better rates by using some of the funds to pay off other debt or offering collateral.
Repayment terms: Upgrade offers one of the longest repayment terms in the industry
Small loan amounts: Borrowers can take out a loan of as little as $1,000
Why Upgrade made the list
Upgrade provides personal loans as small as $1,000 or as large as $50,000 to qualified applicants. Funds from Upgrade hit a borrower's bank account within four days (often sooner). Loan terms stretch from two to seven years, giving you more control over the size of your monthly payment.
How to qualify
According to Upgrade, here's what it takes to qualify for a loan:
Have a credit score of at least 580
Be 18 or 19 years of age, depending on the state in which the applicant lives
Be a U.S. citizen, permanent resident, or hold an immigration visa
Have a Social Security number of passport
Provide evidence of a U.S. bank account
LendingClub
Great for: Low APR for borrowers with good to excellent credit scores
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
For anyone looking to consolidate high-interest debt, LendingClub is worth exploring. You can save hundreds on interest by combining loans into a single peer-to-peer loan. LendingClub offers a wide range of loan amounts, and you can pay off your loan early without facing any prepayment penalties.
Wide range of loan amounts, ranging from $1,000 to $40,000
No prepayment penalty
Allows for joint applicants, as long as one borrower meets credit standards
Not a traditional lender: LendingClub works with a network of investors
Investors choose what to fund: Borrowers with lower credit scores may be more likely to find a loan
Why LendingClub made the list
LendingClub is a fintech company working with a network of investors looking for people to loan money to. Loans are available from $1,000 to $40,000, with terms of 36 or 60 months. Because it's a network of investors, there's a good chance you will find funding, even if you have a shorter financial history or a lower credit score.
How to qualify
To qualify for a LendingClub personal loan, you'll need to meet the following requirements:
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rocket personal loans can be used for just about anything, including debt consolidation.
Apply without harming your credit score
Loan amounts to fit a variety of situations
Better Business Bureau (BBB) rating of A+
Qualify with an annual income as low as $24,000
No early payoff penalty
Origination fee of up to 9%
No cosigners or joint applicants allowed
Limited repayment options
Highlights
Same-day funding: Rocket Loans is one of the rare lenders that can get a borrower their money on the same day
Notable mortgage lender: Rocket also provides personal loans ideal for consolidating high-interest debt
Why Rocket Loans made the list
In addition to mortgages, Rocket also provides personal loans, which can be a good choice for consolidating high-interest debt if your credit score is 640 or higher. Rocket debt consolidation loans range from $2,000 to $45,000. Repayment terms are either 36 or 60 months, and you can expect same-day loan approval. Plus, you may even receive same-day funding.
How to qualify
If you're interested in a Rocket loan, you'll need to meet the following requirements:
Must be at least 18 years of age
Must be a U.S. resident
Must have a bank account that can receive payments via ACH
As you've probably noticed, each lender has its own qualification requirements. However, here's what most lenders look for:
A credit score high enough to let them know you have a history of managing your debt well.
A debt-to-income (DTI) ratio low enough to signal you'll have no problem making the monthly loan payments. DTI refers to how much of your monthly income goes toward debt payments. For example, if you earn $6,000 a month and your monthly expenses total $2,000, your DTI is 33% ($2,000/ $6,000 = 33%). While a DTI of 35% or less is desirable, each lender has its own limits.
A stable, reliable source of income.
A verifiable bank account.
How to apply for a debt consolidation loan
The process of applying for a debt consolidation loan is relatively straightforward. You will:
Fill out a loan application.
Wait for the application to go through underwriting and to be approved.
Carefully read the loan contract you're provided with.
Sign the contract.
Await funding.
Save yourself time and stress by gathering the following before filling out a loan application:
Personal contact information: This includes your Social Security number or Individual Tax Identification Number (ITIN), date of birth, citizenship status, email address, physical address, and phone number.
Employment and income details: Be prepared to provide your employer's name, phone number, how much you earn, all income sources, and your monthly housing payment.
Additional documents as requested: These may include recent pay stubs, W2s, or tax returns. You may also be asked to provide a utility bill to verify your address, a copy of your driver's license, and information about your current accounts if the purpose of the personal loan is to consolidate existing debt.
Pros and cons of debt consolidation loans
As with every major financial decision, taking out a debt consolidation loan involves both pros and cons. Here, we look at each.
Pros
A personal loan can be an effective way to consolidate and pay off high-interest debt.
Making on-time payments can lead to a higher credit score.
Cons
Using a personal loan to pay off existing debt but then running credit cards up again can lead to deeper financial trouble.
Only highly-qualified loan applicants are offered the lowest interest rates.
Alternatives to debt consolidation loans
Sometimes, a consolidation loan isn't the best choice. You also have these options:
0% promotional rate credit card
If your credit score is good to excellent, you may qualify for a credit card with a 0% promotional rate. Let's say you have relatively small balances on high-interest debt. Although you don't owe much, you still don't want high interest rates weighing you down.
A 0% promotional credit card normally offers a promotional period lasting from 12 to 24 months. You'll never have to pay interest as long as you pay the card in full before the promotional period expires.
Home equity loan
If you own a home and have equity in that property, you may want to consider a home equity loan. Since your home serves as equity, you may even land a lower interest rate than you would with a personal loan.
Peer-to-peer loan
Looking into a peer-to-peer (P2P) loan can be worthwhile if you have fair to poor credit and have trouble qualifying for a traditional loan. P2P loans match borrowers with individual investors who may be willing to loan money to those with less-than-ideal credit.
Debt management plan
A debt management plan (DMP) is sometimes entered into when you work with a credit counseling agency. Under a DMP, a trained counselor will negotiate your debt with each of your creditors and help you create a repayment plan you can afford. Like a debt consolidation loan, a DMP allows you to trade several (or more) payments per month for a single monthly payment.
Loan from a friend or family member
Asking someone you know to loan you money can feel tricky. Still, it may be the least expensive option if you don't need to borrow much and can guarantee you'll repay the loan as promised.
Should I get a debt consolidation loan?
As mentioned, taking out a debt consolidation loan is a big decision -- and one that only you can make. As you consider the wisdom of a debt consolidation loan, you may want to ask yourself the following questions:
Do I have room in my monthly budget to repay the loan?
What happens if I lose my job, become ill, or otherwise lose my income? Do I have another way to keep up with the loan payment?
Have I explored other options? For example, have I looked into how debt consolidation and debt management work?
Have I tried paying debt down on my own, using either the debt snowball or debt avalanche plan?
What is a debt consolidation loan?
A debt consolidation loan is a personal loan used to pay off existing high-interest debt and repay it in monthly installments. Most personal loans have a fixed interest rate, meaning you know from day one how much you can expect to pay each month until the loan is fully paid off. Before applying for a debt consolidation loan, it pays to figure out if the APR is low enough to justify paying all loan fees.
Our personal loans rating methodology
Loan products are rated on a scale of one to five stars, primarily focusing on:
Competitive APRs
The easiest way to save money when getting a loan is to find a product with a competitively low interest rate. Items assessed may include:
Current APR range
Presence of autopay discounts
Low to no fees
Cutting origination fees is now table stakes in the personal loans market. We also think fees should be $0 or justifiably low across the life of a loan. Items assessed may include:
Origination fees
Transfer and closing fees
Diversity of loan offerings
The most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. Items assessed may include:
A debt consolidation loan is a loan used to pay off other debt. It usually has a lower interest rate than other debt (like credit card debt). You can also use it to pay off multiple debts -- for example, multiple credit cards or loans. Then, you have only one debt payment to remember instead of several.
Getting a debt consolidation loan could help your credit score go up. Consolidating debt leaves you with more available credit (for example, paid off credit cards). As long as you don't add charges to the cards you just paid off, the credit utilization portion of your credit score improves. In addition, making monthly payments on time helps boost your score.
The credit score required to consolidate debt depends on the lender. Some lenders that cater to those with poor credit consider applicants with scores as low as 560-580.
How much debt you can consolidate depends on a number of factors, including your credit history, income, and how much money a lender will offer you.
Ramsey is not a fan of debt consolidation loans, believing that it will take you longer to repay the debt. In his opinion, the longer it takes you to repay the loan, the more interest you'll pay.
A longer term on a debt consolidation loan is not necessarily a bad thing, if you can use that loan to get a lower interest rate, a lower monthly payment, and build momentum to pay off debt faster. Use a debt payoff app and crunch the numbers to see how long it will take you to pay off existing debt at the rate you're paying. Then, find out how much a consolidation loan will cost you monthly. Finally, compare the total interest paid in both scenarios.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Dana George has positions in Target. The Motley Fool has positions in and recommends Avalanche, Starbucks, Target, Truist Financial, U.S. Bancorp, Upstart, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Dana George has positions in Target. The Motley Fool has positions in and recommends Avalanche, Starbucks, Target, Truist Financial, U.S. Bancorp, Upstart, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. 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 (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. 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.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. 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. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
For rates and fees for the Blue Cash Preferred® Card from American Express, click here
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