What is a debt consolidation loan?

A debt consolidation loan is a personal loan you use to pay off multiple existing debts — usually high-interest credit cards — so you're left with one fixed monthly payment, one APR, and one payoff date. Through LendWyse, eligible borrowers can compare consolidation loan offers from $1,000 to $100,000 across our network of 35+ lending partners.

How much can I save by consolidating my debt?

Savings depend on your current APRs, the consolidation loan rate you qualify for, and the term you choose. A borrower paying 24% APR across $20,000 in credit cards who refinances into a 12% APR personal loan can save thousands in interest over the life of the loan. Use the calculator above to estimate your own scenario.

What credit score do I need for a debt consolidation loan?

Lenders in our network consider borrowers across a wide credit spectrum. Borrowers with scores of 670+ typically see the most competitive APRs, but applicants with fair or rebuilding credit may still find consolidation options — terms and rates will vary by lender and full credit profile.

Will applying hurt my credit score?

No. Checking your rate on LendWyse uses a soft inquiry, which does not affect your credit score and is not visible to other lenders. A hard inquiry only happens if you choose to formally accept a specific lender's offer and proceed to underwriting.

How fast can I receive funds for debt consolidation?

Once you select an offer and your lender finalizes approval, funds are typically deposited within 1–7 business days. Some lenders in our network can fund as soon as the next business day after final approval.

Can I consolidate credit cards, medical bills, and personal loans together?

Yes. A single consolidation loan can pay off multiple eligible balances — including credit cards, medical bills, store cards, payday loans, and other personal loans — leaving you with one fixed monthly payment instead of several variable ones.

Is a debt consolidation loan better than a balance transfer card?

It depends on your situation. Balance transfer cards offer a 0% promotional APR for a limited window (typically 12–21 months), after which the rate jumps. A consolidation loan locks in a fixed APR and fixed payoff date — usually a better fit for balances you can't pay off in the promo window or for borrowers who want predictability.

Debt Consolidation Loans

One fixed payment. One predictable finish line.

A debt consolidation loan rolls multiple high-interest balances — credit cards, medical bills, store cards — into one personal loan with a fixed rate and a fixed payoff date. Compare consolidation loan options up to $100,000 from 35+ vetted lending partners in our network.

Check my rate OR ESTIMATE YOUR SAVINGS →

Lower your blended APR by swapping variable card rates for one fixed loan rate.
Lock in a payoff date — terms typically 24–84 months across the network.
Soft credit check up front. Hard pull only if you accept a specific offer.

The basics

How a debt consolidation loan actually works.

A debt consolidation loan is a fixed-rate personal loan you use to pay off other debts — most commonly credit cards. After funding, you make one monthly payment to the new lender at one APR, instead of juggling several minimum payments at variable rates.

The math works in your favor when the new loan's APR is meaningfully lower than the weighted average of what you're paying today. The average credit card APR sits above 22%, while qualified borrowers in our network often see personal loan offers in the 8%–18% range — that spread is where the savings come from.

Consolidation is not debt elimination. You're restructuring what you owe into a clearer, cheaper shape — which works best when paired with a commitment to stop adding new balances during the payoff term. Read the full explainer →

A consolidation preview

See what one payment could look like.

For a borrower consolidating $25,000 over 60 months, a representative offer in our network could be a 7.99% APR with a monthly payment of about $507. Your actual options depend on lender review.

IF YOU CONSOLIDATE

$25,000

ESTIMATED MONTHLY PAYMENT

$507 / mo

60 mo · 7.99% APR · representative example

Check my consolidation options

How it works

Check options before you commit.

01
Tell us what you want to consolidate
Start with the loan amount and a few details about your profile.
02
Review lending partner options
See potential loan options from vetted lending partners, subject to lender review.
03
Choose whether to move forward
If an option fits, you can continue with that lender. If not, there is no obligation.

Check my rate

Checking options uses a soft inquiry. There is no obligation to accept an offer. Loan availability, rates, terms, and funding timing vary by lender and borrower profile.

Typical rates

Debt consolidation loan rates by credit tier.

APR ranges below reflect typical offers across our partner network. Your actual rate depends on your full profile — credit score, income, debt-to-income ratio, and the specific lender's underwriting criteria.

Credit tier	Typical APR range	Notes
Excellent (740+)	7.99% – 12.99%	Most competitive rates, longest terms
Good (670–739)	10.99% – 18.99%	Wide range of lender options
Fair (580–669)	17.99% – 29.99%	Fewer lenders, shorter terms typical
Rebuilding (<580)	Varies	Limited options — see if you qualify

Ranges are illustrative and not an offer of credit. Actual loan terms, APR, fees, and availability are determined by each lender and may differ from the examples shown.

Who it fits

When consolidation makes sense.

You're carrying credit card balances at 18%+ APR
If your weighted-average APR is materially higher than personal loan rates you'd qualify for, consolidation usually saves interest.
You have steady income but scattered minimum payments
Replacing 4–6 minimums with one payment removes the cognitive load and the late-fee risk.
You want a fixed payoff date
Personal loans amortize. Unlike revolving cards, every payment moves the finish line closer.
Your credit score is 640+
Most competitive offers land for borrowers above 670, but options exist down to around 580.

Tradeoffs

The honest pros and cons.

Pros

One fixed payment instead of several variable minimums
Lower APR than typical credit card rates for qualified borrowers
Fixed payoff date — every payment reduces the balance
Can simplify and reduce monthly cash flow strain
May improve credit utilization once cards are paid off

Cons

Origination fees apply with some lenders (typically 1%–10%)
Longer terms can mean more total interest, even at a lower APR
Doesn't solve overspending — cards can refill if habits don't change
Best rates require strong credit and stable income

Borrower scenarios

Debt consolidation looks different for every borrower.

$54K
CONSOLIDATION
AMOUNT
“I wanted to stop juggling several due dates. LendWyse helped me compare consolidation loan options without committing before I was ready.”
MARCUS T. · AUSTIN, TX
$22K
CONSOLIDATION
AMOUNT
“I was comparing ways to consolidate credit card debt. Seeing estimated payments side by side made the next step clearer.”
JENNIFER R. · COLUMBUS, OH
$38K
CONSOLIDATION
AMOUNT
“Five cards, five due dates, five interest rates. Checking my options only took a few minutes and didn't touch my credit score.”
DAVID K. · SACRAMENTO, CA
$15K
CONSOLIDATION
AMOUNT
“Medical bills had piled up after surgery. I wanted to see realistic monthly payments before talking to any lender.”
PRIYA S. · RALEIGH, NC
$41K
CONSOLIDATION
AMOUNT
“I liked that nothing felt pushy. I reviewed a few consolidation loan options on my own time and picked what worked for my budget.”
ROBERT M. · MINNEAPOLIS, MN
$29K
CONSOLIDATION
AMOUNT
“Combining everything into one estimated monthly payment finally made my debt feel manageable instead of scattered everywhere.”
ALICIA G. · TAMPA, FL
$67K
CONSOLIDATION
AMOUNT
“I was skeptical at first, but the soft inquiry let me actually see numbers before deciding anything. That made a big difference.”
THOMAS W. · DENVER, CO

SCROLL TO SEE MORE · BORROWER SCENARIOS · INDIVIDUAL RESULTS WILL VARY

Go deeper

About debt consolidation loans.

What is a debt consolidation loan?
A debt consolidation loan is a personal loan you use to pay off multiple existing debts — usually high-interest credit cards — so you're left with one fixed monthly payment, one APR, and one payoff date. Through LendWyse, eligible borrowers can compare consolidation loan offers from $1,000 to $100,000 across our network of 35+ lending partners.
How much can I save by consolidating my debt?
Savings depend on your current APRs, the consolidation loan rate you qualify for, and the term you choose. A borrower paying 24% APR across $20,000 in credit cards who refinances into a 12% APR personal loan can save thousands in interest over the life of the loan. Use the calculator above to estimate your own scenario.
What credit score do I need for a debt consolidation loan?
Lenders in our network consider borrowers across a wide credit spectrum. Borrowers with scores of 670+ typically see the most competitive APRs, but applicants with fair or rebuilding credit may still find consolidation options — terms and rates will vary by lender and full credit profile.
Will applying hurt my credit score?
No. Checking your rate on LendWyse uses a soft inquiry, which does not affect your credit score and is not visible to other lenders. A hard inquiry only happens if you choose to formally accept a specific lender's offer and proceed to underwriting.
How fast can I receive funds for debt consolidation?
Once you select an offer and your lender finalizes approval, funds are typically deposited within 1–7 business days. Some lenders in our network can fund as soon as the next business day after final approval.
Can I consolidate credit cards, medical bills, and personal loans together?
Yes. A single consolidation loan can pay off multiple eligible balances — including credit cards, medical bills, store cards, payday loans, and other personal loans — leaving you with one fixed monthly payment instead of several variable ones.
Is a debt consolidation loan better than a balance transfer card?
It depends on your situation. Balance transfer cards offer a 0% promotional APR for a limited window (typically 12–21 months), after which the rate jumps. A consolidation loan locks in a fixed APR and fixed payoff date — usually a better fit for balances you can't pay off in the promo window or for borrowers who want predictability.

Keep going

See your debt consolidation loan options.

Check options from lending partners with a soft inquiry and no obligation to accept an offer.