
- Max. loan amount
- $10,000
- Fastest funding time
- Same business day
- Max. repayment period
- 60 months
Partner Disclosures
This offer is representative of what may be available to you; you may see additional options or different terms once you continue the application process on the NetCredit website. Depending on your state, your loan or line of credit may be offered by NetCredit or a lending partner bank. You may be asked to provide additional documents regarding your income, identity and bank account. In some states, the Annual Percentage Rate of your Personal Loan may include a loan origination fee, which is deducted from the loan proceeds. For Lines of Credit a 10% Cash Advance Fee will be deducted from the amount of each Cash Advance, and each billing period a Statement Balance Fee of $0 - $700 will apply based on your Cash Advance Balance. Each Billing Cycle, your Minimum Payment will include a portion of your Cash Advance Balance plus the Statement Balance Fee. The minimum Cash Advance varies by state. Please see Terms of Use, and Rates & Terms and Borrower Agreements for all terms, conditions and requirements.
Partner Disclosures
Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Funding time periods are estimates and can vary for each loan request. Same day decisions assume a completed application with all required supporting documentation submitted early enough on a day that our offices are open. Achieve Personal Loans loan consultants' hours are Monday-Friday 6am-8pm AZ time, and Saturday-Sunday 7am-4pm AZ time.
Partner Disclosures
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Partner Disclosures
All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. All loans advertised are unsecured personal loans issued by either Pathward National Association or FinWise Bank, a Utah chartered commercial bank, member FDIC, as creditor, on the Reach Financial platform. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, and the loan term you select. Fixed Annual Percentage Rates (APR) range from 5.99% to 35.99%. You could receive a loan of $10,000 with an interest rate of 8.93%, an origination fee of $200, for an APR of 9.80%, which would result in total payment of $12,435 with 60 monthly payments of $207.20. Your actual rate may differ and depends on your credit history, loan amount, and term. Total approved loan amount reflects origination fee, which ranges from 0% to 8%. *Within 24 hours of your loan approval, loan proceeds will be available to pay the creditors named on your Truth-In-Lending Disclosure.
Partner Disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Company | Customer rating | Our pick for | Same-day funding | Max. loan amount | Max. repayment period | |
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![]() | 4.9
1,772 reviews
1,772 reviews
| Top overall | $10,000 | 60 months | Compare Offers | |
![]() | 4.6
137 reviews
137 reviews
| Customer service | $100,000 | 60 months | Learn more | |
![]() | 3.9
725 reviews
725 reviews
| Fast funding | $50,000 | 84 months | Compare Offers | |
![]() | 3.3
32 reviews
32 reviews
| Long repayment term | $100,000 | 84 months | Compare Offers |
Jump into our guides and start learning
If you're struggling with high-interest credit card debt and other bills, a debt consolidation loan can help you pay it off. This is a type of personal loan that helps consumers eliminate their credit card balances while paying down debt with a fixed interest rate and a single monthly payment. The often lower rates help individuals pay less in interest each month, which makes the debt repayment process more affordable.
Debt consolidation loans can help you simplify your finances and save money on interest.
Jump to insightWhen choosing a debt consolidation loan, it's important to consider factors like interest rates, fees and repayment terms.
Jump to insightDebt consolidation may negatively impact your credit score, at least temporarily.
Jump to insightA debt consolidation loan involves taking on a new unsecured personal loan and using the funds for paying off multiple other debts. Ideally, the new loan should have a lower interest rate than the other debts getting paid off — but this isn’t always the case, so be sure to compare costs before you commit.
With a debt consolidation loan, instead of managing multiple payments, you can streamline your monthly obligation into one loan payment.
To get started with debt consolidation you’ll need to fill out an application with a bank or lender. If approved, the company will give you the cash to pay off your existing debts or it will pay them automatically. Then, you’ll get set up with your new debt consolidation loan, meaning you’ll only need to make one payment per month going forward.
According to financial planner Kyle McBrien, who works at Betterment, an online financial advice company, “Debt consolidation can be a helpful tool for consumers looking to overcome debt, since it helps them pay off multiple debts with a new loan that has a single monthly payment — often at a lower interest rate.”
McBrien says applicants need to be sure the new monthly payments do not impact their ability to cover their basic living expenses first, and they should factor in any fees they have to pay. He also recommends checking your credit score before you apply, or at least considering how your current credit standing will impact your interest rates.
Debt consolidation can be a helpful tool for consumers ... it helps them pay off multiple debts with a new loan that has a single monthly payment — often at a lower interest rate.
Fortunately, almost all lenders in the personal loan space let borrowers "check their rate" online before filling out a full loan application. This step makes it easy for you to find out how much you could potentially borrow, the rate you would have to pay and the monthly payment options.
» LEARN MORE: Ways to improve your credit score
As with all loan types, the cost of your debt consolidation loan will vary based on the lender. Typical costs include the interest charged over the term of the loan and any origination or other fees the lender charges.
Yes, you can still get a debt consolidation loan with bad credit, but it’s more difficult. Your interest rates will be higher, which means you are less likely to save money.
After finding a loan with a rate and monthly payment you’re comfortable with, you can move forward with a full loan application:
Taking on a debt consolidation debt is a big financial decision and deserves careful consideration.
While it does offer numerous advantages, such as making your monthly payments more manageable and predictable, these loans have drawbacks too. Many are riddled with fees, and if you’re not careful, it may take you longer to pay off the debt thanks to higher interest rates or longer repayment terms.
Debt consolidation is not right for everyone, and the numbers may not work if the interest rate is too high. With that in mind, McBrien said the best solution might simply be "reviewing your personal expenses and creating a tighter budget for yourself.”
However, there may be times when cutting expenses won't be enough to get out of debt. In that case, you can consider the following alternatives:
With debt consolidation, all of your debt is folded into one loan. You’ll still pay the total amount of debt you owe but in one monthly payment. With a debt settlement program, you (or a third-party company) attempt to reduce the total amount of debt you owe by negotiating with creditors.
When taking out any new line of credit, you may see a short-term effect on your credit score. However, taking out a personal loan for debt consolidation shouldn't have a long-term negative impact on your credit if you make your payments consistently and don’t default on the loan.
» RELATED: Does debt settlement hurt your credit?
There are many legitimate debt consolidation loan companies, including the lenders we ranked in this guide. Review our tips above for finding a reputable lender, and do your due diligence to better understand the results you can expect from a company.
The limit to how much debt you can consolidate depends on the lender and your creditworthiness. Some lenders may have caps on loan amounts, while others may allow higher amounts. Factors like your income, credit score and debt-to-income ratio will influence the maximum amount you can borrow.
To update our top picks, the ConsumerAffairs Research Team used a weighted scoring system that took into account both reviews from ConsumerAffairs users and specific company offerings we researched. We conducted sentence-by-sentence sentiment analysis of thousands of reviews on our site from Dec. 1, 2021, to Nov. 30, 2024, to identify the aspects people care about most — and which companies reviewers are happiest with for each aspect. For debt consolidation, these included:
We then carefully selected the most important offerings consumers should consider before choosing a debt consolidation and researched these offerings at each company:
The company with the highest score in each category’s uniquely weighted formula was given the “Our pick for” or “Best for” designation. In some cases where a single company received the top score across multiple categories, the company with the next-highest score was named the winner.
We asked experts how debt consolidation loans can help borrowers, what to consider before applying, and when they might be the most practical solution for managing debt.
Alessandro Rebucci
Professor, economics, Johns Hopkins Carey Business SchoolDebt consolidation loans are for people who want to consolidate multiple high-interest debts into a single, more manageable and lower-interest loan. This option, when available, simplifies tracking payments and saves you money — lowering the overall interest rate on your balance.
Read their bioBrent Clark
Professor, business strategy and entrepreneurship, University of Nebraska OmahaDebt consolidation loans only make sense for people who either want to simplify their life a little or want to lower their combined interest payments across all their debts (or both).
If you have many high-interest debts, such as credit card balances and medical bills, and are struggling to manage their payments, then debt consolidation might be a good idea for you. If you are having difficulty keeping track of a large number of different payments and end up paying late on some of them, your credit is going to suffer. Consolidating those into a single payment can be a time-saver and a credit-saver, and the potential to lower the amount of interest you pay is a clear advantage.
Read their bioScott Collins
Professor, accounting, Penn State Smeal College of BusinessFirst, we’re talking here about consolidating multiple loan payments into one single loan payment. We’re not talking about the consumer debt relief industry. With that said, it’s a bit of a misconception to suggest that personal debt consolidation loans are great for people who have a high amount of outstanding debt. It’s not necessarily the total amount of outstanding debt which makes a debt consolidation loan attractive. It’s the nature of the debt and the variance of the loan interest rates which can make a debt consolidation loan an attractive option for someone.
For instance, if someone is currently carrying balances on multiple consumer credit cards, each with a different variable interest rate, then consolidating these balances into one personal loan with a fixed (and presumably lower) interest rate can help them pay off these balances in a more predictable period of time.
Read their bioAlessandro Rebucci
Professor, economics, Johns Hopkins Carey Business SchoolFirst, a debt consolidation option has to be available. This is typically the case if credit card debt is contracted during periods of hardship (e.g., spells of unemployment or during crises), and once things improve — perhaps because of a new job — bank credit becomes available. Another possibility is when people refinance a mortgage in a cash-out refinancing operation. This is the best way to consolidate more expensive loans but presupposes that one has a good credit rating and owns a house.
Read their bioFan He
Professor, finance, Central Connecticut State UniversityDebt consolidation is a good idea when you can qualify for a consolidation loan that offers a lower or equal overall interest rate. You should factor in associated expenses like origination and annual fees compared to the rates on your current debts slated for consolidation.
However, qualifying for lower interest rates often requires meeting high requirements, such as a good credit score, a reasonable debt-to-income ratio and credit card balances below a certain threshold. If a borrower is already overextended in debt, consolidation loans usually carry significant costs that make them not worthwhile and could potentially worsen the borrower’s financial situation. The major benefit of a consolidation loan is to allow the borrower to simplify debt management if they have multiple debt payments to keep track of; by establishing a single fixed monthly payment plan, it reduces mental load in managing debt.
Read their bioBrent Clark
Professor, business strategy and entrepreneurship, University of Nebraska OmahaMake a list of all of your debts. For each, write down the debt amount and the interest rate on that debt. Then compare those rates to the rate you can get with a debt consolidation loan. If you are paying a higher interest rate on one or more of your debts than what you could get on a consolidation loan, then you should seriously consider it. If the dollar amount is small enough on those high-interest debts, it might not be worth the effort, especially if you can pay those specific debts off quickly. But if the dollar amount is significant, get some rate quotes on a consolidation loan, and go for it.
Read their bioScott Collins
Professor, accounting, Penn State Smeal College of BusinessFirst, understand that debt consolidation is not a predatory lending practice. Consolidating your personal debt is not the same as entering into a debt relief agreement, which is a practice where an agency negotiates on your behalf with lenders to reduce the amount you owe to those lenders. Debt consolidation combines the full balances of each of your personal loans by pooling them together into one single loan payment.
Next, know that debt consolidation is not intended to degrade your credit score. You might see an initial (and temporary) decrease in your credit score, but only because you submitted a loan application, and the submission of that application triggered a hard inquiry against your credit record. Any initial decrease that you might notice in your credit score as a result of consolidating your debt should be recoverable within a few months … after making on-time payments for your new consolidated loan and after your credit record reflects the full payment of the other debt that was consolidated into your new loan.
Read their bioAlessandro Rebucci
Professor, economics, Johns Hopkins Carey Business SchoolBeware of the advisory fees involved. Make sure that the total interest payments due after consolidation are less than without consolidation. For example, an only slightly lower rate to be paid for a much longer period will result in a higher — rather than lower — debt burden.
Read their bioFan He
Professor, finance, Central Connecticut State UniversityBefore committing to a debt consolidation loan, it's important to explore other debt consolidation options with potentially lower costs, such as balance transfer credit cards. When assessing debt consolidation loans, it's also important not to be simply swayed by the promise of lower monthly payments. Some loans may offer an appealingly lower payment plan but at a significantly higher interest rate than your current debts, often achieved by using a longer repayment period. This can result in significantly higher total interest payments and, depending on your financial planning strategies, undermining rather than supporting your efforts toward effective debt management.
Read their bioBrent Clark
Professor, business strategy and entrepreneurship, University of Nebraska OmahaScott Collins
Professor, accounting, Penn State Smeal College of BusinessBy taking advantage of a personal debt consolidation product, you might be able to secure a loan that consolidates, or pools, your multiple personal loan balances into one single loan payment. The interest rate on your new single loan payment might end up being lower than the weighted average interest rate for your (previously) multiple loan payments. And instead of worrying about multiple payment dates for each of your outstanding loans, you can achieve some peace of mind by only having to worry about one payment date for your new consolidated loan.
One key piece of advice is to shop around before formally applying for a personal debt consolidation loan. Know your credit score before you shop. Then you can view potential interest rates for your particular credit score before submitting a loan application — which will trigger a hard inquiry against your credit record.
Another key piece of advice is to consider what, if any, collateral the bank might be asking you to pledge against your proposed personal consolidation loan. The pledging of collateral might help to reduce the interest rate of your consolidation loan, but the risk that is introduced with a collateralized loan is something that you should consider before entering into such an agreement.
Read their bioAlessandro Rebucci
Professor, economics, Johns Hopkins Carey Business School[Debt consolidation loans makes sense] when changed circumstances like lower rates or higher income give you the opportunity to access better lending products. For example, secured borrowing against a new job paycheck might be significantly cheaper than credit card debt or unsecured loans.
Read their bioBrent Clark
Professor, business strategy and entrepreneurship, University of Nebraska OmahaDebt consolidation loans are most likely to be helpful if you have been improving your credit score recently. If your credit is about the same as it has always been, it’s not as likely a new consolidation loan will be much of an improvement for your situation. That said, if you’ve made poor choices and have one or more debts with very high interest rates, even with bad credit, a debt consolidation loan could be an improvement.
Read their bioScott Collins
Professor, accounting, Penn State Smeal College of BusinessOne key benefit of a personal debt consolidation loan is to reduce the number of debt payments that you are making each month. By consolidating multiple sources of debt into one loan, you then make only one payment — to one lender — instead of making multiple payments to multiple lenders. This can help reduce the stress involved with remembering to make payments to multiple lenders.
Another key benefit of a personal debt consolidation loan is the presumption that one fixed interest rate is more predictable than multiple variable interest rates. Especially if that single fixed interest rate ends up being lower than the weighted average of the other variable interest rates. So depending on the terms of the personal debt consolidation loan, you might be able to reduce your total monthly debt payment and increase — albeit slightly — your monthly cash flow. And regardless of the terms of the personal debt consolidation loan, you should be able to more accurately predict when the sum total of your currently outstanding personal debt will be paid off.
Read their bioInformation in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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Company | Customer rating | About | Learn More |
---|---|---|---|
![]() | 4.9
1,772 reviews
| Fast funding for personal loans up to $10,000. Lines of credit available up to $4,500. Rates range from 34% to 99.99%. Not available in all states. Origination fee, cash advance fee and late fees can apply. | Compare Offers |
![]() | 4.9
17 reviews
| Loan referral service. Offers personal loans, debt consolidation loans, mortgages and business financing. Online and phone applications. Quick funding times. No fees to use. Rates not disclosed. Not available in all states. | Read reviews |
![]() | 5.0
17 reviews
| Offers debt consolidation, credit card consolidation and debt settlement. No minimum credit score required for approval. Results within minutes. Program is between 12 and 48 months. | Read reviews |
![]() | 4.6
786 reviews
| Loan amounts from $5,000 to $50,000. Select from 24- to 60-month terms. APR from 8.99% to 35.99%. Requires 620 credit score. Origination fee up to 6.99%. No prepayment penalty. | Compare Offers |
![]() | 4.6
137 reviews
| 24/7 customer service. Simplified application process. Multiple monthly plan options available. Receive funds within 24 hours of approval. Works with customers regardless of their financial history. | Read reviews |
![]() | 3.9
725 reviews
| Loan amounts from $1,000 to $50,000, Payback terms of 24 to 84 months. APR from 7.99% to 35.99%. Origination fee can be up to 9.99%. 1% to 2% rewards on checking account purchases. 4.14% APY on savings accounts with $1,000+. | Compare Offers |
![]() | 3.6
76 reviews
| Provides personal loans from $3,500 to $40,000. Pay back the loan in fixed payments. APR from 5.99% to 35.99%, with origination fee of 2% to 8% of loan amount. Free credit score monthly. Pause payment for up to 90 days. | Compare Offers |
![]() | 3.3
32 reviews
| Loan amounts from $5,000 to $100,000. Offers a 0.5% APR discount for using automatic payments. Rate Beat program for competitor offers. Minimum credit score varies. No fees or prepayment penalties. | Compare Offers |
![]() | 1.0
121 reviews
| Loan amounts from $2,000 to $100,000. Secures loans in as little as 24 hours. Call to start an application if you don’t have an eligibility ID. Check your rate without affecting your credit score. Limited availability. | Read reviews |
![]() | 1.0
81 reviews
| Loan amounts from $1,000 to $47,500. Select from terms between 12 and 60 months. APR is from 4.99% to 29.99%. No minimum credit score. No administration fee and no prepayment penalty. Limited availability. | Read reviews |
![]() | 1.0
534 reviews
| Personal loans from $600 to $20,000. Maximum APRs vary by state. Includes a seven-day “no worry guarantee” to return any amount. No prepayment penalty. Small business loans also available. | Read reviews |
![]() | 1.0
15 reviews
| Analyzes credit to see if you qualify for a line of credit loan with a lower interest rate. Provides app that monitors credit card due dates, minimum payments and interest rates and calculates the best way to pay off debt. | Read reviews |
![]() | 2.8
View profile
| Online lender. Offers fixed-rate, unsecured loans for debt consolidation. Loan amounts up to $45,000. Repayment terms up to five years. No application fees or prepayment penalties. Undisclosed APRs and origination fee. | Read reviews |
![]() | No reviews | Online marketplace for personal loans between $2,000 and $50,000. APR from 2.49% to 35.99%. Select from terms between 61 days and 180 months. Origination fee up to 8%. | |
![]() | No reviews | Not a loan originator. Works with unsecured debts only, such as credit card debt. Loan partners offer terms between 24 and 84 months. Lender rates range from 5.99% to 35.99% APR. Available in all states. | |
![]() | 1.1
36 reviews
| Offers personal loans from $2,500 to $35,000, with repayment terms of 36 to 84 months. Rates range from 6.99% to 24.99% APR at publishing. No origination fees. Check your loan options without affecting your credit. | Read reviews |
![]() | 1.0
334 reviews
| Charges $89 setup fee. Monthly fees from $79 to $109. Averages 19 points improvement per customer. Does not guarantee specific results. Cancel contract within five days of signing. Not be available in all states. | Read reviews |