Best Debt Consolidation Loans
Simplify your debt with the best consolidation loan offers — lower your interest rate and manage one monthly payment.
| Personal Loan | Est. APR | Loan Amount | Loan Terms | Origination Fee | Apply now |
|---|---|---|---|---|---|
10.49%–19.49% | $2,000–$30,000 (up to $50,000 for existing Citi customers) | 2–5 years | None | Check Rates Won't affect credit score | |
6.99%–24.99% | $3,500–$40,000 | 36–72 months | None | Check Rates Won't affect credit score | |
6.2%–35.99% | $1,000–$75,000 | 36–60 months | 0%–12% | Check Rates Won't affect credit score | |
6.99%–35.99% | $2,000–$50,000 | 36–60 months | 0.99%–9.99% | Check Rates Won't affect credit score | |
8.74%–35.49% | $5,000–$100,000 | 2–7 years | 0%–7% (optional — borrowers can choose a lower rate with a fee or no fee with a slightly higher rate) | Check Rates Won't affect credit score | |
18.00%–35.99% | $1,500–$20,000 | 24–60 months | 1%–10% or flat fee | Check Rates Won't affect credit score | |
8.74%-18.00% | $250–$50,000 | 36–60 months | None | Check Rates Won't affect credit score | |
11.72%–17.99% | $5,000–$40,000 | 24–60 months | 1.5%–5.5% | Check Rates Won't affect credit score | |
7.74%–25.99% | $5,000–$100,000 | 24–144 months | None | Check Rates Won't affect credit score | |
8.98%–35.99% | $1,000–$40,000 | 24–60 months | 3%–8% | Check Rates Won't affect credit score | |
9.95%–35.99% | $2,000–$35,000 | 12–60 months | Up to 9.99% | Check Rates Won't affect credit score | |
11.69%–35.99% | $1,000–$50,000 | 3–5 years | 5.25%–9.99% | Check Rates Won't affect credit score | |
5.99%–35.99% | $3,500–$40,000 | 24–60 months | 0%–8% | Check Rates Won't affect credit score | |
7.99%–17.99% | $600–$50,000 | 12–60 months | None | Check Rates Won't affect credit score | |
8.99%–35.99% | $5,000–$50,000 | 24–60 months | 1.99%–6.99% | Check Rates Won't affect credit score | |
8.01%–29.99% | $2,000–$75,000 | 36–60 months | 1%–8% | Check Rates Won't affect credit score | |
7.99%–24.99% | $2,500–$40,000 | 36–84 months | None | Check Rates Won't affect credit score | |
8.99%–35.99% | $2,000–$50,000 | 24–60 months | 1%–9.99% | Check Rates Won't affect credit score | |
7.74%–35.99% | $1,000–$50,000 | 24–84 months | 1.85%–9.99% | Check Rates Won't affect credit score | |
6.74%–25.99% | $3,000–$100,000 | 12–84 months | None | Check Rates Won't affect credit score |
Max APR Cap
19.49% ceiling
Fees
Zero fees (no origination, late, or prepayment)
Credit Score Required
680+ (estimated)
Customer Perk
Rate discounts for existing Citi banking customers
Why We Like It
- Industry-low maximum APR of 19.49% protects all borrowers
- Completely fee-free: no origination, late, or prepayment fees
- Higher loan limit ($50,000) for existing Citi customers
Where It Falls Short
- Only available to existing Citi customers
- No co-signer, joint, or secured loan options
Pro Tip
Consolidation only works if you stop adding new debt — close or freeze credit cards you've paid off to avoid falling back into the same cycle.
Credit Score Required
730+ minimum
Prepayment Penalty
None
Autopay Discount
0.25% rate reduction
Funding Speed
Up to 10 business days
Why We Like It
- No origination fee or prepayment penalty
- Direct payment to up to 10 creditors for debt consolidation
- Skip-a-payment perk after 12 on-time payments
Where It Falls Short
- New loans discontinued; requires invitation code
- High minimum credit score of 730 limits eligibility
Funding Speed
As fast as 1 business day
Min. Credit Score
300 (AI underwriting)
Prepayment Penalty
None
Rate Check
No credit score impact
Why We Like It
- AI underwriting considers factors beyond credit score
- Very low minimum credit score requirement of 300
- Fast funding in as little as 1 business day
Where It Falls Short
- Only two repayment term options (36 or 60 months)
- Origination fee can be as high as 12%
Pro Tip
Compare the total repayment cost, not just the monthly payment — a lower payment stretched over more years can end up costing you more in interest overall.
Funding Speed
1–3 business days
Min. Credit Score
600
Prepayment Penalty
None
Collateral Required
None (Unsecured)
Why We Like It
- Fast funding in as little as 24 hours
- Direct payment to creditors for debt consolidation
- No prepayment penalties
Where It Falls Short
- Origination fee up to 9.99%
- Not available in Iowa, Vermont, West Virginia, D.C., or U.S. Territories
Funding Speed
Same day
Min. Credit Score
680
Autopay Discount
0.25% rate reduction
Prepayment Penalty
None
Why We Like It
- Same-day funding available
- No origination fee option available
- Rate check with no credit score impact
Where It Falls Short
- Minimum 680 credit score required
- Cannot be used for education expenses
Pro Tip
Check if your current lenders offer hardship programs or rate reductions before consolidating — sometimes you can negotiate better terms without taking on a new loan.
Funding Speed
Same day
Collateral Options
Secured or unsecured
Credit Score Required
Not disclosed
Prepayment Penalty
None
Why We Like It
- Same-day funding available
- Accepts bad credit applicants
- Secured option may improve approval odds
Where It Falls Short
- High APRs up to 35.99%
- Origination fees up to 10%
Funding Speed
Same-day possible
Fees
No fees at all
Credit Union Membership
Military & DoD only
Support
24/7 customer service
Why We Like It
- No origination, prepayment, or hidden fees
- Same-day funding available
- Very low minimum loan amount ($250)
Where It Falls Short
- Membership limited to military, veterans, and DoD civilians
- Not available to the general public
Credit Score Required
640+
Funding Speed
2–5 business days
Prepayment Penalty
None
Collateral
Unsecured
Why We Like It
- Capped APR at 17.99% — competitive for consolidation
- No prepayment penalties
- Financial wellness tools for members
Where It Falls Short
- Only covers credit card debt consolidation
- Origination fee of 1.5%–5.5% applies
Funding Speed
As soon as same day
Credit Score Required
660+ (Good to Excellent)
AutoPay Discount
0.50% rate reduction
Prepayment Penalty
None
Why We Like It
- No origination fees or prepayment penalties
- Same-day funding available
- Large loan amounts up to $100,000
Where It Falls Short
- Requires good to excellent credit (660+)
- High minimum loan amount of $5,000
Joint Applications
Allowed
Credit Score Required
600+
Funding Speed
2–4 business days
Prepayment Penalty
None
Why We Like It
- Joint applications can help borrowers qualify or get better rates
- Direct creditor payments simplify debt consolidation
- Pre-qualification available with no hard credit pull
Where It Falls Short
- Origination fee of 3%–8% adds to borrowing cost
- Limited repayment terms compared to some competitors
Funding Speed
Next business day
Min. Credit Score
550
Prepayment Penalty
None
Collateral
Unsecured
Why We Like It
- Accessible to fair and bad credit borrowers
- Fast funding as soon as next business day
- No prepayment penalty
Where It Falls Short
- Origination fee up to 9.99%
- Not available in all states
Credit Score Required
560 minimum
Funding Speed
Fast funding
Collateral
None required
Discount Programs
None available
Why We Like It
- Accessible to fair credit borrowers
- Fast funding turnaround
- Long repayment terms up to 5 years
Where It Falls Short
- High origination fee up to 9.99%
- Higher minimum APR than some competitors
Funding Speed
1–3 business days
Credit Score Required
580 minimum
Prepayment Penalty
None
Collateral Required
None (unsecured)
Why We Like It
- Direct creditor payments simplify debt consolidation
- No prepayment penalty
- Accessible to fair credit borrowers (580+ score)
Where It Falls Short
- Origination fee up to 8% can add significant cost
- Limited to debt consolidation use cases
Funding Speed
1–2 business days
Min. Credit Score
700
Prepayment Penalty
None
Collateral
Unsecured
Why We Like It
- No origination fees or prepayment penalties
- Competitive low APRs starting at 7.99%
- Fast funding in 1–2 business days
Where It Falls Short
- Requires PenFed credit union membership
- Good credit score of 700+ needed to qualify
Funding Speed
1–3 business days
Credit Score Required
620 minimum
Discount Programs
Autopay, retirement & direct pay
Prepayment Penalty
None
Why We Like It
- Direct creditor payments simplify debt consolidation
- Multiple rate discount programs available
- Co-borrower allowed to help qualify
Where It Falls Short
- Origination fee up to 6.99%
- Limited loan term options (24–60 months only)
Funding Speed
As soon as same day
Credit Score Required
640+
AutoPay Discount
Available
Prepayment Penalty
None
Why We Like It
- Same-day funding available for fast access to cash
- No prepayment penalty — pay off early without fees
- AutoPay discount helps lower your effective rate
Where It Falls Short
- Origination fee of 1%–8% adds to borrowing cost
- Limited loan terms (36–60 months) reduce flexibility
Funding Speed
Next business day
Min. Credit Score
660
Prepayment Penalty
None
Collateral
Unsecured
Why We Like It
- No origination, prepayment, or hidden fees
- Fast funding as soon as next business day
- Flexible terms up to 84 months
Where It Falls Short
- Requires good credit (660+ score)
- Minimum $25,000 annual income required
Funding Speed
As soon as 1 business day
Min. Credit Score
600
Co-Applicants
Allowed
Prepayment Penalty
None
Why We Like It
- Accessible to fair credit (600+ score)
- Fast funding in as little as 1 business day
- Co-applicants allowed to help qualify
Where It Falls Short
- Origination fee up to 9.99%
- High maximum APR of 35.99%
Funding Speed
1 business day
Min. Credit Score
580
Discount Programs
Autopay, direct pay & rewards checking
Prepayment Penalty
None
Why We Like It
- Fast 1-business-day funding
- Accessible to fair-credit borrowers (580+)
- Multiple discount programs available
Where It Falls Short
- Origination fee up to 9.99%
- High APRs possible for fair-credit applicants
Funding Speed
Same day
Autopay Discount
0.25% rate reduction
Collateral
Unsecured
Min. Credit Score
Not disclosed
Why We Like It
- No origination, closing, or prepayment fees
- Same-day funding available for many borrowers
- High loan amounts up to $100,000
Where It Falls Short
- Existing Wells Fargo customers only (12+ months)
- Credit and income requirements not disclosed
Finding the Best Debt Consolidation Loans
What Are Debt Consolidation Loans?
A debt consolidation loan is a personal loan you use to pay off multiple existing debts — like credit cards, medical bills, or other loans — leaving you with a single monthly payment instead of several. The idea is straightforward: you borrow one lump sum, use it to clear your existing balances, and then repay the new loan over a fixed term, typically between 24 and 84 months. Most consolidation loans are unsecured, meaning you don't need to put up your home or car as collateral. Your interest rate is fixed upfront, so your payment stays predictable every month. For example, if you're carrying balances on four credit cards at rates between 20% and 28% APR, you might consolidate all of them into a single personal loan at 12% APR. That gap in interest rate is where the real savings happen. The loan doesn't erase your debt — it reorganizes it into a structure that's often cheaper and easier to manage consistently.
Why Do People Use Debt Consolidation Loans?
The most common reason is cost. Credit card interest rates currently average around 21% APR, and if you're only making minimum payments, a $10,000 balance could take over a decade to pay off and cost thousands in interest. A consolidation loan at a lower rate cuts that cost significantly. Beyond the math, there's a practical benefit: managing one payment instead of five or six reduces the chance of missing a due date, which protects your credit score. People also use consolidation loans to create a clear finish line. With a fixed repayment term, you know exactly when you'll be debt-free — something a revolving credit card balance never offers. This approach tends to work best for people with steady income and a credit score above 670, which is typically where lenders start offering competitive rates. Those dealing with variable income or ongoing spending issues may need to address the root cause before consolidation delivers lasting results.
What to Consider When Choosing Debt Consolidation Loans
Start with the APR, not just the interest rate — APR includes fees, giving you the true cost of borrowing. Some lenders charge origination fees between 1% and 8% of the loan amount, which can quietly eat into your savings. Always calculate your total repayment cost across the full loan term, not just the monthly payment. A longer term lowers your payment but increases total interest paid, so find the right balance for your cash flow. Check whether the lender charges prepayment penalties — if you want to pay off the loan early, you shouldn't be penalized for it. Also consider the loan amount range and whether the lender can actually cover all your existing debts. Getting prequalified through a soft credit check lets you compare real offers without affecting your score. Finally, match the loan term to your goal: if you want to get out of debt fast, choose the shortest term your budget can handle, even if the monthly payment feels tight.
How to Get the Most Out of Debt Consolidation Loans
Once your loan funds and you've paid off your existing debts, close or reduce the credit limits on the cards you just cleared — at least temporarily. One of the most common mistakes is running those balances back up while also repaying the new loan, which doubles your debt load. Set up autopay immediately. Most lenders offer a 0.25% rate discount for autopay enrollment, and it removes the risk of late fees damaging your credit. Use the payment breathing room wisely — if your new monthly payment is $150 less than what you were paying before, consider putting half that difference toward the loan as an extra payment each month. That accelerates your payoff and reduces total interest. Track your credit score regularly while repaying; a consolidation loan, managed well, typically improves your score over time by lowering your credit utilization ratio. Treat the loan as a reset, not a reward — the goal is to finish it on schedule and stay out of high-interest debt for good.