Debt Consolidation Loan Rates for February 2021

Your credit score and debt-to-income ratio are key to determining your debt consolidation loan interest rate.

Anna HelhoskiFebruary 5, 2021
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Consolidating your debt with a personal loan can streamline your debt payoff journey, and it can also save you money if you get an interest rate that’s lower than the rates on your existing debts.

Typical interest rates on debt consolidation loans range from 6% to 36%. To get a rate at the low end of that range you’ll need an excellent credit score (720 to 850 FICO). But having at least a good credit score (690 to 719 FICO) can help you get a better rate than you have now.

Current debt consolidation loan interest rates

Interest rates and terms can vary based on your credit score, debt-to-income ratio and other factors. The following rates include both fixed and variable rates.

Approximate APR range across lenders

5.95% - 36.0%

Credit scores

Estimated APR

Excellent credit (720- 850)


Good credit (690 - 719)


Fair credit (630 - 689)


Bad credit (300 - 629)

28.7% (Lowest scores unlikely to qualify.)

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace between Jan. 1, 2020, and Dec. 31, 2020. Rates are estimates only and not specific to any lender.

Use our debt consolidation calculator to estimate how much you could save with a debt consolidation loan and compare consolidation options based on your credit score.

Which lender is right for me?

NerdWallet has reviewed and rated more than 30 lenders to help you compare and find one that’s right for you. Below are some of the lenders we've chosen as the best debt consolidation loans.

  • Best for bad credit and fast funding: Upstart

  • Best for fair credit and paying off credit card debt: Payoff

  • Best for fair credit and direct payment to creditors: Upgrade

  • Best for good credit and low rates: LightStream.

  • Best for good credit and flexible payment options: Discover

  • Best for good credit and no fees: Marcus by Goldman Sachs

  • Best for excellent credit and low rates: SoFi

When comparing loan offers, consider not only the interest rate, but also the new term. A longer loan term means lower monthly payments, but you may end up paying more interest over time. The faster you pay off the loan, the more you’ll save on interest.

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.