Best Debt Consolidation Loans to Get In 2024

A debt consolidation loan from Credible allows you to combine multiple debts into one new loan with a new interest rate. You get to choose your loan amount and loan term. If you choose a longer loan term, you’ll have a lower monthly payment. Shorter loan terms come with larger payments, but you’ll pay the loan off sooner and pay less in interest overall. With Credible, applying takes just a few minutes and you’ll be matched to excellent lenders that meet your specific debt consolidation loan criteria.

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Credible offers debt consolidation loans from $600 to $100,000, with rates starting at 4.60%. Credible is not a lender but a loan marketplace connecting you with reputable lenders within minutes. There are no hidden fees and low credit is accepted. To apply for a debt consolidation loan with Credible, simply fill out their easy online application. You’ll be matched with lenders you qualify for, and from there you can choose your loan amount, rate, and lender. If approved, you’ll sign for the loan and may receive funds as soon as the next business day.

For people with bad to fair credit, this lender offers both credit card debt consolidation loans and personal loans to consolidate debt. There are no prepayment fees, and you can get one-day funding after clearing necessary verifications. You’ll get a fixed interest rate with a clear payoff date, and you can choose from multiple loan options. There are, however, some caveats to applying at Upgrade like high interest rates for poor credit, origination fees, and an increase in interest rates for late payments.

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Loan terms range from 24 to 84 months. Borrowers can get between $1,000 and $50,000 in loan funds, but the minimum in Massachusetts is $6,400, in Georgia, it’s $3,000 and Upgrade is not available in DC. Rates range from 5.94% to 35.97% APR, and you can use your car as collateral, but there are titling fees. The minimum FICO® score for approval is 580, but minimum income information isn’t readily available. Funding is as soon as 24 hours after you’re verified. You can’t use Upgrade debt consolidation loans for any post-secondary school expenses.

This low-frills lender provides both secured and unsecured debt consolidation loans to borrowers with fair to good credit. Your loan can get funded as fast as 24 hours after verification and doesn’t come with prepayment penalties. Borrowers with the best credit get more payment flexibility and perks. They also can use their homes to secure loans. Customers in good standing can refinance one BestEgg loan with another BestEgg loan. The lender offers no loans in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. Borrowing minimums differ in Massachusetts, Ohio, Georgia, and New Mexico.

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BestEgg offers loans for 36-60 months, and you can pre-qualify for between $2,000 to $50,000 without affecting your credit. In Massachusetts, the minimum loan amount is $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. Rates range from 5.99% to 35.99% APR based on credit score, credit history, and debt-to-income ratio. The minimum credit score for approval is a 640 FICO®, but the lowest interest rates go to those with a 700 FICO® score and $100,000 in individual annual income. You can’t fund post-secondary education or securities with BestEgg personal loans.

This AI-driven platform looks holistically at an applicant's financial picture during its underwriting process. It reviews factors beyond credit history, considering non-conventional variables like education work history, and residence. They may ask for SAT scores and transcripts as proof. This leads to more approvals for those with no to average credit. But Upstart doesn’t guarantee all applicants' approval, since they combine non-traditional variables with conventional ones. Those approved with this credit profile may face high interest rates. Upstart is fee heavy, too. It charges origination, late, returned check or ACH, and paper records fees.

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With at least a 600 FICO® or Vantage score, you can pre-qualify for Upstart loans with no credit hit. Upstart offers loans from $1,000 to $50,000 at between 3.09% and 35.99% APR and terms of 36 or 60 months. Funding is next business day for 99% of personal loan borrowers. But, Upstart’s fees abound. There’s an origination fee of up to 8%, and a late fee of the higher of 5% the amount past due or $15. They charge a $15 returned payment fee and a $10 paper records copy fee. Use restrictions for educational purposes in some states apply.

Borrowers with good to excellent credit and ample cash at month’s end looking to consolidate credit card debt do best here. SoFi also allows qualified non-permanent resident aliens (including DACA recipients and asylum seekers) to apply for loans. You can have up to three SoFi loans at one time and use your loans to pay lenders directly. Personal loan borrowers with SoFi can access a variety of member perks, including loan product discounts, financial advisors, and unemployment protection. If your credit isn’t solid enough to borrow on your own, SoFi allows co-borrowers who live in your household but not co-signers who don’t.

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With a FICO® score of 680, you can pre-qualify with a soft inquiry to borrow between $5,000 and $100,000 in most states to consolidate credit card debt. Loan terms range from 36 to 84 months, with an APR between 6.99% and 21.78% but that may vary by state. The minimum FICO® score for a personal loan approval is 680 and minimum income to apply is $45,000. But, the average borrower's income is over $100,000. Approval and funding are the same-day for most borrowers. Prohibited uses for SoFi personal loans include post-secondary education financing, bridge financing, business purposes, and investments.

This lender uses non-traditional lending standards to provide loans to people with poor or fair credit who wouldn’t qualify elsewhere. While they require specific information to apply, there’s no required credit score. This lender focuses on your unique financial picture and full credit history to make lending decisions. Loan terms are based primarily on your ability to repay their debt consolidation loan. What you have monthly to pay all your debts is more important than your annual income. You can expect high interest rates on lower than average loan amounts, especially if you don’t secure your loan with your later model vehicle titled only in your name.

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Pre-qualify alone or with a co-applicant for a loan for between $1,500 and $20,000 without a minimum credit score a hard credit inquiry. (In North Carolina, the maximum is $7,500.) Residents of some states must borrow larger minimums. Loan terms are 24 to 60 months, with interest rates of 18.00%-35.99%. You must provide proof of monthly cash flow to pay all your bills, including loans. Receive funds by check or direct deposit one to two business days after signing your loan contract. Prohibited loan uses include college and vocational training, business purposes, or investments.

Marcus asserts that with a good FICO® score, you can qualify for its debt consolidation loan and get an APR lower than one of your credit cards. That, they say, may save you money over time. Marcus offers a permanent fee-free experience to borrowers, meaning there are no origination fees or prepayment penalties or anything in between. The lender offers customizable payment options, including changes to payment dates three times during your loan term. They also pay your lenders directly. However, Marcus funding time can be at 1-4 business days minimum, you can’t have co-signers and there’s a low maximum loan amount.

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With at least a 660 FICO® score, get pre-approved for $3,500-$40,000 without affecting your credit. The APR for Marcus fee-free loans ranges from 6.99% and 19.99%, but only the most qualified get the lowest rates. Loan terms are 36 to 72 months, and your APR may be higher for longer term loans. Marcus doesn’t identify income requirements, but does consider applicant income for loan approval. Funding takes 1-4 days after bank account verification, and the lender prohibits use of loan funds for refinancing existing student loans.

If you have a fair credit score, Avant offers straightforward unsecured debt consolidation loans to middle-income borrowers with clear application, approval and repayment terms. They say they offer loan products tailored to each person’s individual situation. While they don’t allow co-borrowers and co-signers, applicants can have their household income considered for Avant loans. There are a range of funding options for people looking for smaller loan amounts, too. The APR will be higher, and there are fees applicants should consider, but Avant offers fast funding and no prepayment penalties. Avant loans aren’t available in Hawaii, Iowa, New York, Maine, Vermont and West Virginia.

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Easily pre-qualify for Avant loans with no impact to your credit. Minimum requirements are a 580 FICO® score and $20,000 in household income. Rates for a 24-60 month loan for $2,000-$25,000 are 9.99%-35.99% APR, and those with the highest credit score and incomes, get the lowest rates. Fees include an administrative or origination fee of up 4.75%, a $25 late fee, and a $15 returned payment fee. There are no prepayment penalties. Receive funds in your account the next business day after approval, and the only use restriction is business purposes.

Applicants with a good to excellent credit scores and several years of excellent credit history can access high dollar loans with long repayment terms to consolidate their debt. You also get discounted interest rates for using autopay. The minimum loan amount is higher than average, and you can’t get pre-approval, but there are no fees, home equity requirements, or prepayment penalties. They have a Rate Beat program designed to beat competing lender offers for unsecured debt, and provide a Loan Experience Guarantee, sending you $100 if your experience isn't completely satisfactory. The eco-conscious also can take comfort in knowing for every loan it originates, Lightstream plants a tree.

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Applications to Lightstream require a hard inquiry; there is no rate checking pre-approval process. Applicants should have a minimum 660 FICO® score, and can submit a joint application. Lightstream considers income, liquid assets, and retirement savings, the lender emphasizes excellent credit. While the lender identifies no minimum income, it excludes marijuana income. Loans range from $5,000-$100,000 with 24-144 month terms and rates between 5.73%-19.99% with autopay. Loans get funded the day of approval, and once they are, payment due dates can’t get changed. Loans can’t be used to pay off student debt or existing Lightstream loans.

Happy Money offers only credit card consolidation through its Payoff Loan to help people who have poor or fair credit scores to achieve financial happiness without shame from borrowing money. They focus on the psychological aspects of managing high-interest credit card debt successfully by using their loans to pay them off. The lender takes a transparent but holistic approach to empowering borrowers to improve their credit score through their approval process and continuing support. That includes a free financial wellness newsletter and a free monthly FICO® score. There is an origination fee, but no others, and there’s no prepayment penalty.

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Pre-qualify for a Payoff credit card consolidation loan with a 550 FICO® score without affecting your credit. Through lending partners, Happy Money offers individuals loans only from $5,000-$40,000 for a 24-60 month term at a 5.99%-24.99% APR, looking at factors beyond income to determine approval. An origination fee up to 5% is Payoff’s only fee and there’s no prepayment penalty. After approval, most loans take three to five days to get funded after verification. Payoff only allows borrowers to use its loans to satisfy credit card debt.