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Debt Consolidation
Debt consolidation loans — how to actually save money.
A debt consolidation loan only saves money if the new rate is meaningfully lower than your weighted average current rate. We show you which lenders offer the best rates by credit profile and what to compare.
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FAQs
Debt relief — what people ask
What credit score do I need for a debt consolidation loan?
Best rates require a FICO of 720+. Most lenders will work with scores down to 600, but rates above 25% APR start to defeat the purpose. Below 580, focus on building credit before consolidating.
Can I consolidate credit card debt with a personal loan?
Yes — that's the most common use case. A fixed-rate personal loan at 10-15% APR can replace credit card debt at 22-29% APR. The fixed term forces you to pay it off rather than minimum-paying forever.
Should I use a balance transfer card or a consolidation loan?
Balance transfer cards work if you can pay off the balance during the 0% promotional period (usually 12-21 months). Otherwise the post-promo rate is brutal. Consolidation loans are better for longer payoff timelines.
Will lenders include all my debts?
Usually yes — most lenders will fund the loan as a single deposit to your account, and you pay off the old debts yourself. Some lenders (SoFi, LightStream) offer direct pay to creditors as a convenience.
How long does approval take?
Same-day pre-qualification with a soft inquiry. Funding usually within 1-3 business days after acceptance. SoFi and LightStream advertise same-day funding for excellent credit.