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Estimated loan offers for $10,000

Personal loans for debt consolidation
Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate. Compare loans for debt consolidation and learn about your options for consolidating debt.
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PartnerEst. APR*Est. monthly payment*Min credit score
Lightstream
View details
5.5-11%
Estimated APR*
315
Est. Monthly Payment*3 year loan
670
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
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Earnest
View details
6-12%
Estimated APR*
318
Est. Monthly Payment*3 year loan
None
Min credit score
3 year loan
Check Rateon Earnest's secure website
SoFi
View details
10%
Estimated APR*
323
Est. Monthly Payment*3 year loan
660
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
SoFi
View details
10%
Estimated APR*
323
Est. Monthly Payment*3 year loan
660
Min credit score
3 year loan
Check Rateon SoFi's secure website
BestEgg
View details
7-13.5%
Estimated APR*
325
Est. Monthly Payment*3 year loan
640
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
Goldman Sachs
View details
11%
Estimated APR*
327
Est. Monthly Payment*3 year loan
580
Min VantageScore® 3.0
3 year loan
Check Rateon NerdWallet's secure website
Upstart
View details
13.1%
Estimated APR*
337
Est. Monthly Payment*3 year loan
620
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
Lending Club
View details
13.7%
Estimated APR*
340
Est. Monthly Payment*3 year loan
600
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
Discover
View details
13.99%
Estimated APR*
342
Est. Monthly Payment*3 year loan
660
Min credit score
3 year loan
Check Rateon Discover's secure website
Prosper
View details
14%
Estimated APR*
342
Est. Monthly Payment*3 year loan
640
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
Payoff
View details
17%
Estimated APR*
357
Est. Monthly Payment*3 year loan
660
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
FreedomPlus
View details
21.1%
Estimated APR*
377
Est. Monthly Payment*3 year loan
640
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
LendingPoint
View details
22.6%
Estimated APR*
385
Est. Monthly Payment*3 year loan
600
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
Avant
View details
23.12-25.05%
Estimated APR*
393
Est. Monthly Payment*3 year loan
580
Min credit score
3 year loan
Check Rateon NerdWallet's secure website
iLoan
View details
22.5-36%
Estimated APR*
421
Est. Monthly Payment*3 year loan
600
Min credit score
3 year loan
Check Rateon iLoan's secure website
OneMain
View details
25-36%
Estimated APR*
427
Est. Monthly Payment*3 year loan
None
Min credit score
3 year loan
Check Rateon OneMain's secure website
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Amrita JayakumarLoans,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.

Debt_Consolidation_Loans


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
Source: July 2016 NerdWallet lender survey
Excellent720 - 85010.94%
Good690 - 71914.56%
Average630 - 68919.84%
Bad300 - 62928.64%; lowest scores unlikely to qualify

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 Nerdwallet’s top lenders for debt consolidation. You can find all of our reviews here.

LenderNerdWallet ratingBest for...
Not all lenders do business in every state.
Discover5 stars out of 5Good credit, direct-pay option
Marcus5 stars out of 5Good credit, no fees
FreedomPlus4.5 stars out of 5Good credit, direct-pay option, co-sign loan
LightStream4 stars out of 5Excellent credit, co-sign loan
OneMain Financial3 stars out of 5Bad credit, co-sign loan
Payoff4 stars out of 5Good credit, debt consolidation
Mariner Finance4 stars out of 5Bad credit, co-sign loan

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 build a stronger financial future.

If you don’t have an immediate need for cash, work on building your credit score. A higher 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.

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.