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Debt consolidation combines multiple debts into a single personal loan with one monthly payment, often at a lower interest rate. This strategy can simplify your finances, reduce your monthly payments, and help you pay off debt faster.
The best debt consolidation loans offer competitive rates, no prepayment penalties, and the option to send funds directly to your existing creditors.
These lenders are among the best choices for consolidating credit card debt, medical bills, and other high-interest obligations into one manageable payment.
| Lender | APR range | Loan amounts | Loan terms |
| SoFi | 7.99% – 29.99% | $5,000 – $100,000 | 24 to 84 months |
| Upgrade | 6.94% – 35.97% | $1,000 – $50,000 | 24 to 84 months |
| Best Egg | 8.99% – 35.99% | $2,000 – $50,000 | 36 to 60 months |
| Marcus | 6.99% – 24.99% | $3,500 – $40,000 | 36 to 72 months |
| Prosper | 6.99% – 35.99% | $2,000 – $50,000 | 24 to 60 months |
| LendingPoint | 7.99% – 35.99% | $2,000 – $36,500 | 24 to 72 months |
You take out a single personal loan to pay off multiple debts. Instead of juggling several payments with varying interest rates, you make one fixed monthly payment. If your new loan rate is lower than your existing debts’ average rate, you save money on interest.
Debt consolidation makes sense if you can get a lower interest rate than your current debts, if you want to simplify multiple payments into one, or if you need a structured payoff timeline. It works best when paired with a commitment to avoid accumulating new debt.
There may be a small, temporary dip from the hard inquiry when you apply. However, consolidation often helps your credit long-term by reducing credit utilization on your cards and establishing a positive payment history on the new loan.
SoFi offers some of the largest personal loan amounts available, up to $100,000. SoFi charges no origination fees, no prepayment penalties, and no late fees. Members get access to financial planning, career coaching, and unemployment protection that pauses payments if you lose your job.
Marcus charges no fees — no origination fees, no prepayment penalties, and no late fees. Backed by Goldman Sachs, Marcus offers competitive rates and flexible payment terms from 36 to 72 months.
Best Egg has funded over $24 billion in loans since 2014. They offer a simple online application with funding as fast as one business day. Origination fees range from 0.99% to 8.99%.
Upgrade accepts credit scores as low as 580 and offers loans from $1,000 to $50,000. Reports to all three credit bureaus, helping build credit with on-time payments. Funds typically deposited within one business day.
Prosper is a peer-to-peer lending marketplace connecting borrowers with individual investors. Offers loans from $2,000 to $50,000 with terms of 24 to 60 months.
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