Compare your personal loan options
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Personal loans for debt consolidation

You can use an unsecured personal loan to consolidate debt or finance large purchases. Interest rates and terms can vary, based on your credit score and other factors. Compare loans from multiple lenders and learn more about personal loans.


At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Here are 11 options for you

3 year loan

Lightstream

on Lightstream

Lightstream

Lightstream
APR 
6.0-14.8% 

Mo. payment 
$324 

Min. credit 
660 


Min. credit

660

Qualifications

  • Minimum credit score of 660.

  • No minimum income specified.

  • Maximum debt-to-income ratio varies depending on loan purpose.

Pros

  • No fees.

  • Co-sign option.

  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.

  • Requires several years of credit history.

Disclaimer

Your loan terms are not guaranteed and may vary based loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

SoFi

on SoFi

APR 
6.0-16.8% 

Mo. payment 
$329 

Min. credit 
680 


Min. credit

680

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: None; borrowers' average is over $100,000.

Pros

  • Low fixed and variable rates.

  • Flexible payment options.

  • Offers member perks.

Cons

  • Strong credit and income required.

  • Can take 7 days to fund.

Disclaimer

Fixed rates from 5.990% APR to 16.790% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of July 17, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.41% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

Best Egg

on Best Egg

Best Egg

Best Egg
APR 
9.3-14.5% 

Mo. payment 
$332 

Min. credit 
640 


Min. credit

640

Qualifications

  • Minimum credit score: 640.

  • Minimum credit history: Not specified.

  • Minimum annual income: Not specified, but average is $80,000.

  • Debt-to-income ratio: Not specified, but typically less than 35%.

Pros

  • Fast funding.

  • Low starting rates.

  • Pre-qualify with a soft credit check.

Cons

  • Origination and late fees.

  • Typical borrower has several years of credit history.

Disclaimer

The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

Goldman Sachs

on Goldman Sachs

Goldman Sachs

Goldman Sachs
APR 
11.0% 

Mo. payment 
$327 

Min. credit 
660 


Min. credit

660

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 660+ credit score.

Pros

  • No fees.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

Cons

  • Requires good credit.

  • No co-sign option.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Prosper Borrowers

on Prosper Borrowers

Prosper Borrowers

Prosper Borrowers
APR 
14.0% 

Mo. payment 
$342 

Min. credit 
570 


Min. credit

570

Qualifications

  • Minimum credit score: 640, but average is 710.

  • Minimum credit history: Two years, but average is 11.

  • Minimum annual income: None, but average is $89,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage).

Pros

  • Check your rate with a soft credit check.

  • Fast funding.

Cons

  • Origination and late fees.

  • Does not offer direct payoff to creditors for debt consolidation loans.

Disclaimer

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Lending Club

on Lending Club

Lending Club

Lending Club
APR 
16.9% 

Mo. payment 
$356 

Min. credit 
580 


Min. credit

580

Qualifications

  • Minimum credit score of 600.

  • Minimum credit history of 3 years.

  • Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants.

Pros

  • Offers a loan option with direct payment to creditors.

  • Co-sign option.

  • Offers hardship plan.

Cons

  • Charges origination and late fees.

  • No rate discount for autopayments.

Disclaimer

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

Rocket Loans

on Rocket Loans

Rocket Loans

Rocket Loans
APR 
16.1-24.9% 

Mo. payment 
$374 

Min. credit 
680 


Min. credit

680

Qualifications

  • Minimum credit score: 640, but average is higher.

  • Minimum credit history: Two years.

  • Minimum annual income: $40,000, but average is $78,000.

  • Debt-to-income ratio: Not specified.

Pros

  • Fast funding.

  • Soft credit check with application.

  • Low starting rates.

Cons

  • Origination and late fees.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan option.

Disclaimer

All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to RocketLoans.com and our Terms of Use for additional terms and conditions.

Upgrade

on Upgrade

Upgrade

Upgrade
APR 
17.2% 

Mo. payment 
$358 

Min. credit 
620 


Min. credit

620

Qualifications

  • Minimum credit score: 620.

  • Minimum annual income: None, but most applicants have more than $30,000.

  • Minimum monthly free cash flow: $800.

  • Maximum debt-to-income ratio: 60%.

  • Unavailable to borrowers in: Colorado, Connecticut, Iowa, Maryland, Vermont or West Virginia.

Pros

  • Credit health tools.

  • Hardship plans.

  • Fast funding.

Cons

  • Origination and late fees.

  • Does not offer direct payment to creditors for debt consolidation loans.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements.

Upstart

on Upstart

Upstart

Upstart
APR 
20.4% 

Mo. payment 
$374 

Min. credit 
600 


Min. credit

600

Qualifications

  • Minimum credit score: 620.

  • Minimum credit history: None.

  • Minimum annual income: $12,000.

  • Max debt-to-income ratio: 45%.

Pros

  • Accepts borrowers new to credit.

  • Fast funding.

Cons

  • Origination and late fees.

  • No secured or co-sign option.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

FreedomPlus

on FreedomPlus

FreedomPlus

FreedomPlus
APR 
21.1% 

Mo. payment 
$377 

Min. credit 
640 


Min. credit

640

Qualifications

  • Minimum credit score of 640.

  • At least $40,000 in annual income.

  • Debt-to-income ratio of less than 40%. Average borrowers have a DTI of 20%.

Pros

  • Low starting rates.

  • Co-sign option.

  • Directly pays creditors for debt consolidation loans.

Cons

  • May charge origination fee.

  • Minimum loan amount of $7,500.

Disclaimer

All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

LendingPoint

on LendingPoint

LendingPoint

LendingPoint
APR 
22.58-22.67% 

Mo. payment 
$385 

Min. credit 
585 


Min. credit

585

Qualifications

  • Minimum credit score of 600.

  • At least $20,000 in annual income.

  • Debt-to-income ratio of less than 35%.

  • Live in the District of Columbia or one of the states where LendingPoint operates.

Pros

  • Qualify with bad credit.

  • No prepayment fee.

  • Flexible payments.

Cons

  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan options.

Disclaimer

Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint's final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.99% APR, with terms from 24 to 48 months.


DIVE EVEN DEEPER IN PERSONAL LOANS

Learn more about debt consolidation loans

With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards. You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years. The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.

Debt consolidation is only one of several strategies for paying off debt. Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.

What rate should I expect?

Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates on personal loans look like, on average:

How's your credit?Score rangeEstimated APR
Excellent720 - 85013.9%
Good690 - 71918.0%
Average630 - 68921.8%
Bad300 - 62927.2%; lowest scores unlikely to qualify

Source: NerdWallet lender survey

What are the requirements for debt consolidation?

Almost all lenders require you to be 18 years or older and a legal U.S. resident with a verifiable bank account and not in bankruptcy or foreclosure.

Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges. Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%. Other options for borrowers with bad credit include secured or co-sign personal loans.

Some lenders say they have no minimum credit score requirements, but that does not mean they don’t check your credit report. Knowing your credit profile before you apply can help set expectations. Several personal finance websites, including NerdWallet, offer free access to your credit score and credit report . Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.

If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. Consider these options first.

Debt consolidation vs. balance transfer card

For borrowers with good credit, a balance transfer credit card is an alternative to a debt consolidation loan. Such cards have an introductory 0% interest rate, which increases after a promotional period, usually no more than 21 months.

The amount of credit card debt you can transfer is typically up to $15,000. Once the introductory period expires, the rate on a balance transfer card is usually higher than on a personal loan. In addition to paying off your balance before the rate increases, you’ll want to avoid making further charges.

A personal loan offers some advantages over balance transfer cards. Fixed payments ensure you’ll pay off debt on a set schedule. Borrowing limits are typically higher; some lenders offer loans of $50,000 or more.

In addition, a personal loan may improve your credit if it means your credit card balances shrink relative to the credit limits. Your credit scores can take a hit if you use all or most of the available credit on your cards. A personal loan balance is reported as installment debt, which is treated differently in credit scoring formulas than revolving debt such as credit cards.

Which lender is right for me?

NerdWallet has reviewed more than 25 lenders to help you compare and choose one that’s right for you. Below is a list of some of our most popular reviews. See our picks for best personal loans here.

Additional steps toward financial health

If you’re borrowing money to pay off debt, a personal loan works best if you have a plan to tackle your debts. Creating a budget and starting a savings habit are small steps that could help you build a stronger financial future.

If you don’t have an immediate need for cash, work on building your credit . A higher credit score will qualify you for more loan opportunities, lower interest rates and better loan terms in the future.

Don’t know your credit score? Several personal finance websites, including NerdWallet, offer a free credit score. Look for a site the offers educational tools such as a credit score simulator plus access to your credit report.


Disclaimers

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.