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Personal Loans for Consolidating Credit Card Debt

Name: Credible Credit Card Consolidation Loans
Brand: Credible
Rating: 4.8 (7979 reviews)

Streamline your payments and save money by combining credit card debt at a lower rate.

Rates from 6.94% APR¹
Loan amounts from $1,000 to $200,000
Check rates from multiple lenders in just 2 minutes

Checking rates won't affect your credit score

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Filters$20,000 loan amount and 700-749 credit score, ordered by APR

Discover Personal Loans

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Rates from (APR)

7.99-24.99%

Loan term

3 - 7 years

Loan amount

Up to $40,000

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Discover Personal Loans: Best for no origination fees (and low rates)

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 660

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: $39

Time to fund: Funds can be sent as soon as the next business day after acceptance

Happy Money

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Rates from (APR)

8.95-17.48%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Happy Money: Best for consolidating credit card debt

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: 2% to 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as 2 - 5 business days after verification

SoFi

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Rates from (APR)

8.99-29.99%³

Loan term

2 - 7 years

Loan amount

Up to $100,000

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SoFi: Best for personal loans for excellent credit

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: Does not disclose

Origination fee: 0% - 7%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Typically within a few days, given approval and bank account verification

Prosper

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Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Prosper: Best for peer-to-peer lender

Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you. Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 640

Origination fee: 1% to 9.99%

Check processing fee: $5 or 5% of the payment (whichever is lower)

Do they allow a cosigner: Yes

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 1 business day following acceptance of loan offer, completion of all necessary verification steps and final approval. One business day is also dependent on your bank’s ability to quickly process the transaction.

Avant

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Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

Loan amount

Up to $35,000

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Avant: Best for all credit types

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 550

Origination fee: 0.95% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $25

Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Reprise Financial

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Rates from (APR)

9.99-35.99%

Loan term

3-5 years

Loan amount

Up to $25,000

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Reprise Financial: Best for bad credit

Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers. But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: Return Payment Fees - $20 except where state has a different limit (ie – NM)

Minimum credit score: 560

Origination fee: 0% to 6%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Late Fees - $15 except where the state has a different limit (ie. NM)

Time to fund: If your loan is funded by 3pm CST (not including weekends or holidays) you will receive your funds the next business day.

Upgrade

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Rates from (APR)

9.99-35.99%

Loan term

2 - 7 years

Loan amount

Up to $50,000

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Upgrade: Best for fair credit

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 600

Origination fee: 1.85% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: Within a day of clearing necessary verifications

Citibank

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Rates from (APR)

11.49-20.49%⁷

Loan term

1 - 5 years

Loan amount

Up to $30,000

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Citibank: Best for no fees

Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 720 or higher). No-fee means no origination fees and no late fees, and Citi is one of very few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).

Though Citi requires a relatively high credit score to qualify, its minimum income requirement is low. The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers.

Citi offers relatively small loans, as low as $2,000. But the maximum amount you can borrow is capped at $30,000, which is less than most of its competitors. Another drawback is that the minimum APR is relatively high. Just keep in mind that even with excellent credit, you may not qualify for a lender’s lowest advertised rate, which is one reason it’s good to prequalify with multiple lenders before applying.

Citi personal loans are available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 720

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Same day with an existing Citi account, or within 2 business days with a non-Citi account

Universal Credit

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Rates from (APR)

11.69-35.99%

Loan term

3, 5, or 7 years

Loan amount

Up to $50,000

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Universal Credit: Best for debt consolidation loans for bad credit

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 560

Origination fee: 5.25% - 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: As soon as 1 business day after acceptance

Zable

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Rates from (APR)

12.95-30.00%

Loan term

1 - 5 years

Loan amount

Up to $35,000

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Zable: Best for short-term loans and same day funding

Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.

Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 600

Origination fee: 5% to 9%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as the same business day if approved by 3:30pm Eastern Time

LendingUSA

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Rates from (APR)

13.00-29.99%

Loan term

3, 4, or 5 years

Loan amount

Up to $50,000

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LendingUSA: Best for interest-free merchant financing

Lending USA offers funding for a wide array of products and services, and sometimes offers six-month interest-free promotions on loans made through its merchant partners. Loans made through Credible are available for debt consolidation, credit card refinancing, and home improvement, and are best for borrowers with good credit or fair credit.

Just note that you may be charged an origination fee, and loans aren’t available nationwide. If applying via Credible, you should have a minimum FICO score of 660 to qualify.

Prepayment penalty: None

Unsuccessful payment fee: Yes

Minimum credit score: 660

Origination fee: 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Yes

Time to fund: 1-3 business days

Reach Financial

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Rates from (APR)

14.30-35.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Reach Financial: Best for fast funding and fair credit

Reach is an option if you have fair credit, especially if you need money fast. According to the company, 90% of Reach personal loans are funded within one day of approval.

It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.

Prepayment penalty: None

Unsuccessful payment fee: $25

Minimum credit score: 640

Origination fee: 4% to 8%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $15

Time to fund: 90% funded within a day

Our Impact

We're making a difference

With Credible, you can save money while enjoying a simple, intuitive personal loan shopping process.

in 2023 We helped over

69,600 people

save money on their loans

We've saved our customers

over $63 million

in interest on their loans

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Why Credible
How it works
FAQs

Credit Card Consolidation Calculator

Ready to pay off your credit cards? Use our calculator to see how much you can potentially save with better loan terms.

In this scenario, you could

pay more

over the lifetime of your loan.

Total interest:

New Loan

Current Cards

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Monthly payment:

New Loan

Current Cards

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By consolidating your $6,000 credit card balance with a new loan at an interest rate of 16.00%, your new monthly payment would be per month.

Checking rates won’t affect your credit score. Calculator results are for illustrative purposes only.

EASY, SIMPLE, FREE

Why Credible?

Shop top lenders in one easy place

Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

It’s your data, your decision

Checking rates on Credible is 100% free. We earn money by helping you find the best product — not by selling your data.

We’re unbiased and transparent

We don’t get paid to rank products higher, and we don’t hide fees. You’ll know exactly what your cost breakdown is before selecting a lender.

Our process

How to get a credit card consolidation loan online with Credible

One simple form
We’ll ask questions to narrow down your lender and rate eligibility. Receive real rates, not estimates.
Compare rates
Shop from lenders like Discover, Upstart, SoFi, and more. Choose your lender, interest rates, and term.
Close your loan and fund your goal
If you’re approved, you’ll just need to sign your documents — then relax as the funds make their way to you.

Find My Rate

Checking rates won't affect your credit score

Why use a loan to pay off credit card debt?

Lower rates

Getting rid of high-interest debt can save you money on interest payments.

Improve your credit

Making on-time payments on a loan can boost your credit score.

Know when you’ll be debt free

Instead of having an open-ended term with your credit card company, a loan provides you with an end date so payoff is in sight.

For all your goals

Get a personal loan for all your financial needs

Our lender partners support personal loans for many different loan purposes. They offer low interest rates and a variety of loan amounts and loan terms to help you meet your personal and financial goals.

Debt Consolidation

Pay off high-interest debt by combining it all into a single loan and payment at a lower interest rate.

Debt Consolidation Loans

Home Improvement

Finance a home improvement project from major repairs to a remodel or addition.

Home Improvement Loans

Credit Card Refinancing

Refinance high-interest credit debt by combining it all into one loan and payment at a lower interest rate.

Credit Card Refinancing Loans

Bad Credit Loans

Loans for those who may have credit difficulties (like poor credit or a thin credit history).

Bad Credit Loans

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In the market for a car? Compare auto loans from multiple lenders in just two minutes.

Auto Loans

Just need money? Get started now.

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Personal Loans FAQs

Credit card consolidation loan FAQs

By Meredith Mangan

Written by

Meredith Mangan

Senior editor, Credible

Meredith Mangan is a senior editor at Credible and expert on personal loans.

Reviewed by Kelly Larsen

Written by

Kelly Larsen

Editor, Fox Money

Kelly Larsen has been in finance for more 10 years with bylines at Auto Trends Magazine and Buy Side from WSJ.

Updated Oct 31, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

What is a credit card consolidation loan?

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A credit card consolidation loan is any loan you use to pay off your credit cards. Since credit card interest rates can reach and exceed 30%, consolidating credit card debt is often a good idea.

For example, debt consolidation loan interest rates were 20% for good-credit borrowers and as low as 12% for borrowers with excellent credit, according to Credible data from September 2023.

Consolidating credit card debt has the added benefit of a single monthly payment, and it reduces your credit utilization, which can increase your credit score.

How can I get a credit card consolidation loan?

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To get a credit card consolidation loan, you’ll generally need a:

Reliable source of income that’s sufficient to make monthly payments
Credit score and credit history that meets lender requirements
Debt-to-income ratio (DTI) under 36%, but you may qualify with a higher DTI since you’re not taking on additional debt

Bad-credit and fair-credit borrowers may also qualify for a credit card consolidation loan, but they will likely qualify for higher rates.

Securing the loan with a home or other collateral or finding a cosigner with good credit will help you qualify if you have bad credit, and potentially lower your rate.

What factors impact credit card consolidation loan rates?

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Credit card consolidation loan rates may be impacted by:

The current interest rate environment
Your credit score
Your income
Your total debt
Whether you have a cosigner
Whether you have collateral
The type of credit card consolidation loan you choose

Compare interest rates and terms for credit card consolidation between personal loans, home equity loans, and credit card balance transfer cards.

Rates on personal loans are likely to be the highest, but you typically won’t put up collateral, like your home, for the loan. Promotional APRs for credit card balance transfer cards are often 0% but they only last up to two years, and these cards typically come with balance transfer fees.

What are the pros and cons of a credit card consolidation loan?

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Pros:

Pay off multiple credit card balances
Reduce interest rates
Manage just one payment
Can improve your credit score
Fast funding on personal loans and credit card balance transfers

Cons:

Can hurt your credit if you can’t make payments
Hard to qualify for if you have bad credit
May not be able to lower your rate if you have bad or fair credit
Home equity loans can take a month or more to approve
Promotional APRs on credit card balance transfer cards typically max out at two years

How do I compare credit card consolidation loans?

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If you own a home with equity, have good credit, and are eligible for a 0% APR credit card balance transfer offer, you have multiple options for consolidating credit card debt.

Consider how you feel about risking your home to pay off your credit cards, and be realistic about how long you need to make payments. If you can do it within the span of a balance transfer card’s promotional period, that may be your best option.

Otherwise, look to a home equity loan or a personal loan for multi-year repayment terms. Note that you could be approved for a personal loan the same day you apply, while it could take a month or more to get a home equity loan.

Related: How To Compare Personal Loans

How does a credit card consolidation loan affect your credit score?

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A credit card consolidation loan can improve your credit score in a few ways:

Paying off credit cards can decrease credit utilization, which can quickly increase your score (note that this only works if you keep your credit cards open).
Making timely payments can increase your credit score over time.
If you’re taking out a type of debt you don’t currently have (like a personal loan), you can increase your credit mix, which can increase your credit score.

On the other hand, a credit card consolidation loan could hurt your score in these situations:

You make late payments or fail to pay off the loan.
When you first apply, you may see your score temporarily drop since the lender will conduct a hard credit inquiry.

What are the alternatives to a credit card consolidation loan?

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If you have the option to consolidate credit cards at a lower interest rate, it’s often a good idea to do so. However, if you don’t have that option or aren’t sold on the idea, here are some alternatives:

Borrow from friends or family to pay off credit cards.
Borrow from your retirement plan.
Borrow from a cash-value life insurance policy.
Use a cash-out refinance auto loan.
Continue to pay off credit cards at their current rates.

Related: 9 Personal Loan Alternatives

Can I refinance a credit card consolidation loan?

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In many cases, yes, you can refinance a credit card consolidation loan. The type of loan you used to consolidate your credit card balances will determine how easy this process will be. For example, refinancing a personal loan is often straightforward and a good idea if your credit score or the interest rate environment has improved.

You may also be able to refinance a home equity loan, but the process will take longer, and you’ll need sufficient equity in your home to do so. If you transferred balances onto a credit card but can’t pay off the new balance within the promotional period, consider refinancing with a personal loan before the card adjusts to its standard APR.

¹Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% - 35.99% APR with terms from 12 to 120 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

²To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

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