Debt Consolidation Loans

Looking to get cash to consolidate credit card debt or other expenses? You may be able to consolidate your debts into one lower monthly payment.

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  • Loans up to $35,000 available*
  • Competitive interest rates
  • Flexible terms and no application fees with approved credit
  • Secured or unsecured personal loan

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Gerri Detweiler

Personal Loans

We get lots of questions about debt consolidation at Credit.com and that's because there are so many ways to consolidate debt. Let's start with the basics: debt consolidation refers to the act of grouping all your different debts into one single debt. For example, say you have three credit cards and decide to use debt consolidation to combine all three into one larger consolidation loan. In that case, the new loan would have a balance equal to the sum of the other loans.

There are a few ways to consolidate your loans. You've probably heard of credit card balance transfers, but another option is a personal loan. They require you to get a loan from a bank, credit union, or peer-to-peer lender who will agree to consolidate some or all of your debts (usually credit card balances) into one new loan.

If the interest rate on this new personal loan is lower than the interest rates on the different credit cards that you are consolidating, you'll save money. In addition, you'll have a fixed payment schedule that requires you to pay back the debt in 2 - 5 years (depending on the terms of the loan). That can help you avoid the minimum payment trap that can keep you in debt for years to come.

Sometimes what appears to be debt consolidation isn't. For example, a debt management program (DMP) through a credit counseling agency allows you to make one monthly payment to the counseling agency, and in turn, the agency pays all of your participating creditors. However, the agency doesn't pay off your debts so it's not a true consolidation loan, even though it may have the same effect as one.






Disclaimer: The person depicted is a model accompanied by a testimonial for illustrative purposes only.


1. APRs presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at Prosper.com. The estimated APR presented does not bind Prosper. The range of APR available through Prosper is 6.68% to 35.36%. Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper Rating, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval.
2. If you receive a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of approximately $152.18 at a 6.78% APR. In the case of a $15,000 60-month loan at an interest rate of 7.90% with a 3.00% origination fee of $450.00, you will receive a loan amount of $14,550.00 and will make 60 monthly payments of approximately $303.43 at a 9.20% APR. Annual Percentage Rates presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at lendingclub.com. The estimated APR presented does not bind Lending Club or any lender originating loans through the Lending Club platform. The range of APR available through Lending Club is 6.68% to 29.99%. Only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval.
3. APRs presented are estimated and were created based upon information entered by the consumer. The estimated APR presented does not bind Vouch. Only borrowers with excellent credit are considered for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. A strong Vouch network may lower your APR. Vouch borrowers must be at least 18 years old, a legal U.S. resident with a verifiable bank account, must have a FICO score of 600 or greater, and must be current on all existing accounts and not in bankruptcy or foreclosure proceedings. All loans are subject to credit review and approval.
* Not a guaranteed offer. All loans subject to our normal credit policies. Minimum and maximum loan amounts may vary according to state law.
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