One debt consolidation loan for all your credit cards
A debt consolidation loan is one fixed-rate loan that pays your cards off, so you make one payment instead of several. Type what you owe and see that payment next to what your cards cost.
Lenders that make debt consolidation loans
| Lender | APR | Loan sizes | Fee |
|---|---|---|---|
 PenFed | 6.39% to 17.99% | Up to $50,000 | No origination fee |
 LightStream | 9.99% to 23.94% with autopay | $5,000 to $100,000 | No origination fee |
 Discover | 6.99% to 24.99% | $2,500 to $40,000 | No origination fee |
 Wells Fargo | 6.74% to 26.74% | $3,000 to $100,000 | No origination fee |
 SoFi | 6.99% to 35.49% | $5,000 to $100,000 | Optional fee of 0% to 7% |
 LendingClub | 5.96% to 35.99% | $1,000 to $75,000 | Origination fee of 0% to 8% |
 Reach Financial | 5.99% to 35.99% | $3,500 to $40,000 | Origination fee of 0% to 8% |
 Achieve | 6.25% to 35.99% | $5,000 to $50,000 | Origination fee of 1.99% to 9.99% |
 Upstart | 6.3% to 35.99% | $1,000 to $75,000 | Origination fee, 8.15% in Upstart’s own example loan |
 Best Egg | 6.99% to 35.99% | $2,000 to $50,000 | Origination fee up to 9.99% |
 Upgrade | 7.74% to 35.99% | $1,000 to $50,000 | Origination fee of 1.85% to 9.99% |
 Happy Money | 8.95% to 35.99% | $5,000 to $50,000 | Origination fee set by amount, term and credit |
 Prosper | 8.99% to 35.99% | $2,000 to $50,000 | Origination fee of 1% to 9.99% |
 Avant | 9.95% to 35.99% | $2,000 to $35,000 | Administration fee up to 9.99% |
 Universal Credit | 11.69% to 35.99% | $1,000 to $50,000 | Origination fee of 5.25% to 9.99% |
 OneMain Financial | 11.99% to 35.99% | $1,500 to $30,000 | Flat $25 to $500, or 1% to 10%, by state |
A debt consolidation loan at the 11.9% bank average charges about half the 22.36% rate on cards (Federal Reserve G.19). Lender rates run from 6.3% to 35.99%, so a real offer can cost more than your cards.
How debt consolidation works
You take out one fixed-rate loan and pay your cards to zero when the money arrives. After that, you make one payment to the new lender until the balance is gone.
The CFPB lists two common routes. One is a personal loan from a bank, credit union or online lender. The other is a balance transfer to a new card.
None of the old debt goes away. On $18,000 of cards, you still owe $18,000. You trade three rates for one lower rate and three due dates for one.
If you run the cleared cards back up, you owe the loan plus the new balances.
A card payment more than 60 days late lets the card company raise the rate on all balances. A fixed-rate loan avoids that card rate change. Autopay still does not stop overdrafts or missed payments.
Read how debt consolidation works for the full steps.
Consolidation loan rates now
The bank average for 24-month personal borrowing was 11.9% in August 2026 (Federal Reserve G.19). At the same banks, cards that charge interest averaged 22.36%.
Lender ranges run from 6.3% to 35.99%. No published range ties a rate or an approval to a credit score.
On cards that average 24.99% by balance, a shorter loan can cut interest but raise the monthly payment. So the rate alone does not decide it.
The specialist compares fees, payment and total repayment on each real offer with you. The published rate ranges are benchmarks, not quotes.
| Benchmark | APR |
|---|---|
| Cards charged interest, bank average | 22.36% |
| 24-month personal loan, bank average | 11.90% |
| 36-month unsecured loan, credit union average | 10.74% |
| PenFed | 6.39% to 17.99% |
| LightStream | 9.99% to 23.94% |
| Discover | 6.99% to 24.99% |
| Wells Fargo | 6.74% to 26.74% |
| SoFi | 6.99% to 35.49% |
| LendingClub | 5.96% to 35.99% |
| Reach Financial | 5.99% to 35.99% |
| Achieve | 6.25% to 35.99% |
| Upstart | 6.3% to 35.99% |
| Best Egg | 6.99% to 35.99% |
| Upgrade | 7.74% to 35.99% |
| Happy Money | 8.95% to 35.99% |
| Prosper | 8.99% to 35.99% |
| Avant | 9.95% to 35.99% |
| Universal Credit | 11.69% to 35.99% |
| OneMain Financial | 11.99% to 35.99% |
Who gets approved
Lenders look at three numbers. They check your credit score, your income and how much of that income already goes to debt.
In the CFPB example, $2,000 in monthly debt payments on $6,000 of income is 33% debt-to-income. Card minimums plus rent of $1,990 on $4,800 of income come to about 41%.
A consolidation loan often lowers that number. One $473 payment in place of $540 in minimums brings the ratio down.
Most lenders also want the new loan used to pay the cards. Some pay the card companies directly, so the money cannot be spent elsewhere.
Balances above 30% of your credit limits can hurt your score, per MyCreditUnion.gov. Paying them off does not promise a higher score or a date it recovers.
Read the loan requirements. Work out your housing and debt ratio. Or compare options with bad credit.
When a loan is the wrong move
Skip borrowing if the full cost is higher or the payment is too much. Skip it too if you will use the cleared cards again.
A lower rate with a much longer term can still cost more. The term and fees count as much as the rate.
If you are already behind on payments, the specialist walks you through a nonprofit debt management plan before you take on new credit. The FTC says a management plan can take 48 months or more to finish.
The plan also asks you to stop using credit while it runs. It fits if a lender turned you down or the loan payment is more than your budget holds.
Stop if you see any of these four signs. The fee is over 5% and eats the first year of savings. The term runs past five years to make the payment look small.
The lender wants your car or home as collateral for card debt. Or you have not changed the spending that built the balances.
See consolidating without a loan, loan or debt settlement and loan or balance transfer.
Calculators and guides
Before you borrow
Does a consolidation loan hurt your credit?
A full application can add a hard inquiry and a new account. Lower card balances can help. No score increase or recovery time is promised.
How much is the payment on a $50,000 consolidation loan?
At the 11.9% bank average over five years, the payment is about $1,110 a month. At 18% over the same term, it is about $1,270. SoFi, LightStream, Wells Fargo and Upstart all publish ranges that reach $50,000.
Is debt consolidation bad for your credit?
Not by itself. A new inquiry and a new account can lower your score at first, while lower card balances can help. Closing the paid-off cards shrinks your available credit, so keeping them open and empty protects it.
What is a good interest rate on a consolidation loan?
The 11.9% bank average is a benchmark, not an offer. Cards charged interest average 22.36% at banks. The term, fees and payment also decide if a loan helps, so compare the total cost.
Can I pay off the cards without a new loan?
Yes, sometimes. Paying the highest rate first can beat a loan if you can keep up the payments. Call and a specialist runs your payoff plan against one loan for free, so you see which costs less.
How can I pay off $30,000 in debt in 1 year?
Paying $30,000 in 12 months takes about $2,664 a month at 11.9%. A loan over three or four years cuts the payment to a size you can keep up. The debt payoff calculator shows the trade between a short term and a low payment.
Get one lower payment today
You are paying separate rates and due dates on several cards right now. At the 22.36% card average, every month you wait adds interest that a loan near 11.9% could cut by about half. Call now and a specialist goes through your cards for free and compares the loans and plans that fit.