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What to Know First

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What to Know First

Debt consolidation loans can save you money and simplify bill paying. They do this by letting you combine high-interest debts into a single loan, usually at a lower rate. Discover has the best debt consolidation loans of 2024 due to its low interest rates, fast funding times, and zero origination fees based on our research and analysis of 70 personal loan lenders across 31 different data points.

Best Debt Consolidation Loans for November 2024

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Company	APR	Credit Score est.	Loan Amount	More Details
Best Overall	APR Range 7.99% - 24.99%	660	$2,500 - $40,000	See Details Check Rates
Best for Large Loans	APR With Autopay Discount 8.99% - 29.49%	Not Disclosed	$5,000 - $100,000	See Details Check Rates
Best for Low Interest Rates	APR Range 5.99% - 35.99%	Not Disclosed	$3,500 - $40,000	See Details Check Rates
Best for Bad Credit	APR Range 8.49% - 35.99%	580	$1,000 - $50,000	See Details Check Rates
Best for Repayment Terms	APR Range 9.84% - 18.00%	Not Disclosed	$1,000 - $30,000	See Details Check Rates
Best Big Bank	APR With Autopay Discount 11.49% - 20.49%	Not Disclosed	$2,000 - $30,000	See Details Check Rates
Best Credit Union	APR Range 8.64% - 18.00%	Not Disclosed	$500 - $50,000	See Details Check Rates

Best Debt Consolidation Loans for November 2024

Investopedia's Rating

4.4

APR Range: 7.99% - 24.99%
Loan Amount: $2,500 - $40,000
Loan Terms: 36 months - 84 months

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Why We Chose It

A Discover personal loan is an excellent choice for debt consolidation or for most other loan uses. In most cases, you can get the funds the next business day and enjoy potentially low interest rates and zero origination fees.

Discover ranked third in a J.D. Power 2023 survey about customer service among personal loan providers.1 Discover is headquartered in the Chicago suburb of Riverwoods, Illinois, and was started in 1985 as a division of Sears Roebuck & Company. It established its financial services brand when it launched the iconic Discover credit card in 1986, featuring no annual fee and the card industry's first cash-back program.

Pros & Cons

Pros

Low APR
Excellent customer satisfaction ratings
Long repayment terms

Cons

Only accepts individual applications
Can’t use collateral for a secured loan
Can’t consolidate debt from a Discover credit card

Qualifications

Eligibility: You must be at least the age of majority in your state and a U.S. citizen, eligible permanent resident, or non-permanent resident immigrant.
Minimum credit score and income: You must have a minimum credit score of 660 and an annual household income of $25,000.
Loan uses: You can’t use a Discover debt consolidation loan to pay down debt from a mortgage, auto loan, or a Discover credit card.
Availability: 50 states and Washington, D.C.

Read the Full Discover Personal Loans Review 2024

Investopedia's Rating

4.8

APR Range: 8.99% - 29.49%
Loan Amount: $5,000 - $100,000
Loan Terms: 24 months - 84 months

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Why We Chose It

SoFi ranks high on our list of the best debt consolidation loans thanks to its high loan maximum amounts—and its flexible repayment terms, competitive APRs, and fast funding time. It also offers several interest rate discounts, including a 0.25% discount for setting up autopay and 0.25% for direct deposit. SoFi is based in San Francisco, CA., has been in business since 2011, and has approximately 4,200 employees.

Pros & Cons

Pros

APR discounts
Same-day funding
Creditor-direct pay

Cons

Optional origination fees
High minimum loan amount

Qualifications

Eligibility: You must be at least the age of majority in your state and a U.S. citizen, eligible permanent resident, or non-permanent resident immigrant.
Minimum credit score and income: There are no minimum credit score or income requirements, but you must be employed and have sufficient income.
Loan uses: You can’t use a SoFi debt consolidation loan for post-secondary education.
Availability: 50 states and Washington, D.C. (no physical locations)

Read the Full SoFi Personal Loans Review for 2024

Investopedia's Rating

3.6

APR Range: 5.99% - 35.99%
Loan Amount: $3,500 - $40,000
Loan Terms: 24 months - 60 months

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Why We Chose It

Reach Financial specializes in debt consolidation loans. You can’t use its loans for any other purposes. Aside from that, Reach stands out from other lenders due to its very low starting APR. Well-qualified borrowers can get a rate as low as 5.99%, whereas many other lenders have APRs starting around 8% or higher.

Reach also doesn’t require a minimum credit score. However, it charges origination fees, and APRs can go up to 35.99%. Reach Financial, founded in 2015, is based in New York, NY. To date, It has helped consolidate over $1 billion in personal loan debt.

Pros & Cons

Pros

Low starting APR
Free monthly credit score
No minimum credit score

Cons

High minimum loan amount
High maximum APR
Strict loan use rules
Steep origination fees

Qualifications

Eligibility: You must be of legal age in your state and pass a credit review.
Minimum credit score and income: There are no specific minimum credit score or income requirements.
Loan uses: Reach Financial personal loans can only be used for debt consolidation and credit card refinancing.
Availability: 40 states

Read the Full Reach Financial Personal Loans Review 2024

Investopedia's Rating

4.3

APR Range: 8.49% - 35.99%
Loan Amount: $1,000 - $50,000
Loan Terms: 24 months - 84 months

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Why We Chose It

Upgrade offers a wide range of loan amounts and terms that can suit borrowers in various situations. While the APR maximum rate is on the high end, the lender doesn’t have a high minimum credit score requirement, which can be helpful for borrowers with bad credit.

Upgrade also allows borrowers to apply with a joint applicant and, in some cases, pledge their cars as collateral, both of which are options that may help you land a larger loan or better rate. Upgrade is based in San Francisco, CA. Upgrade, Inc. is an American neobank (an online bank with no physical branches) founded in 2016. It has made over $10 billion in loans since its launch in 2017.

Pros & Cons

Pros

Joint applicants allowed
$200 bonus
Creditor-direct pay

Cons

Steep origination fees
Limited security options
High max APR

Qualifications

Eligibility: You must be a U.S. citizen, permanent resident, or live in the U.S. and hold a valid visa. Additionally, you must be at least 18 years old (age requirement varies by state) and have a valid email address and verifiable bank account.
Minimum credit score and income: Not disclosed
Loan uses: You can’t use an Upgrade loan for gambling, investing, or college expenses (e.g. tuition, room, and board).
Availability: 50 states and Washington D.C.

Read the Full Upgrade Personal Loans Review 2024

Investopedia's Rating

4.5

APR Range: 9.84% - 18.00%
Loan Amount: $1,000 - $30,000
Loan Terms: 1 month - 84 months

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Why We Chose It

NASA Federal Credit Union offers debt consolidation loans for up to 84 months. A wide range of loan terms can be helpful because it gives you more control over your monthly loan payment and total costs. If you need a lower payment, you can opt for a longer term, and vice versa.

Nasa Federal Credit Union is based in Upper Marlboro, MD. Founded in 1949, NASA Federal Credit Union is a member-owned financial institution originally established to provide financial services for employees of the National Aeronautical and Space Administration (NASA) but has since grown to include employees of 900 member organizations.

Pros & Cons

Pros

Wide range of loan terms
No fees
Small loans available

Cons

Loan benefits apply to members only
No discounts available
Lower maximum loan limits

Qualifications

Eligibility: To become a credit union member, you must be an employee or retiree of NASA, an employee or member of a NASA Federal Credit Union partner company or association, or a member of the National Space Society (NSS).2
Minimum credit score and income: There are no minimum credit score or income requirements.
Loan uses: NASA Federal Credit Union forbids using the loan funds for illegal uses.
Availability: 50 states and Washington D.C.

Read the Full NASA Federal Credit Union Personal Loans Review 2024

Investopedia's Rating

4.6

APR Range: 11.49% - 20.49%
Loan Amount: $2,000 - $30,000
Loan Terms: 12 months - 60 months

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Why We Chose It

Citibank, a large traditional bank with roots dating back to 1812, wins the spot as the best big bank that provides debt consolidation loans. It has a very competitive APR range; doesn’t charge origination fees, late fees, or prepayment penalties; and offers a variety of APR discounts. This can be a great option if you need a loan under $30,000 and qualify without a co-signer. Citibank's headquarters are in New York, NY and they have over 240,000 employees and operates in 21 states.

Pros & Cons

Pros

No fees
APR discounts
Creditor-direct pay

Cons

No co-applicants
Low maximum loan amount

Qualifications

Eligibility: You must be at least 18 years old (or 21 in Puerto Rico) and meet Citi’s creditworthiness criteria.
Minimum credit score and income: Excellent
Loan uses: You can’t use a Citibank loan for secondary education expenses, business expenses, or to pay off Citibank credit cards.
Availability: 50 states and Washington D.C.

Read the Full Citibank Personal Loans Review for 2024

Investopedia's Rating

4.4

APR Range: 8.64% - 18.00%
Loan Amount: $500 - $50,000
Loan Terms: 6 months - 84 months

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Why We Chose It

First Tech Federal Credit Union is an ideal credit union for debt consolidation due to its flexible credit standards, providing credit to borrowers with scores as low as 660 while offering a low maximum APR of 18%. In comparison, most lenders that approve borrowers in this credit score range have maximum APRs of 35% or more.

First Tech Federal Credit Union is based in Palo Alto, CA. Founded in 1952, First Tech serves the financial needs of the leading technology companies and their employees.

Pros & Cons

Pros

No fees
Optional payment protection
Deferred first payment

Cons

Membership required
No APR discounts
No co-signers

Qualifications

Eligibility: You must be a First Tech member to get a loan. To be eligible, you need to have a family member who is a First Tech Credit Union member; work or live in Lane County, Oregon; work for the State of Oregon or one of First Tech’s partner employers; belong to the Computer History Museum; or belong to the Financial Fitness Association.3
Minimum credit score and income: A minimum credit score of 660 is required.
Loan uses: You can’t use a First Tech Federal Credit Union loan for secondary education expenses, business purposes, purchasing securities, gambling, or illegal activities.
Availability: 50 states and Washington D.C.

Read the Full First Tech Federal Credit Union Personal Loans Review 2024

Compare the Best Debt Consolidation Loans for November 2024

	Best For	APR Range	Average Origination Fee	Late Fee	Time to Receive Loan	Loan Amount	Latest Repayment		Reset All
Discover	Best Overall	7.99% - 24.99%	0.00%	$39.00	2 days	$2,500 - $40,000	84 months	Check Rates	Hide, not for me
SoFi	Best for Large Loans	8.99% - 29.49%	0.00%-7.00%	$0.00	0 days	$5,000 - $100,000	84 months	Check Rates	Hide, not for me
Reach Financial	Best for Low Interest Rates	5.99% - 35.99%	0.00% - 5.00%	$15.00	1 day	$3,500 - $40,000	60 months	Check Rates	Hide, not for me
Upgrade	Best for Bad Credit	8.49% - 35.99%	1.85%–9.99%	$10.00	1 day	$1,000 - $50,000	84 months	Check Rates	Hide, not for me
NASA Federal Credit Union	Best for Repayment Terms	9.84% - 18.00%	0.00%	$25	2 days	$1,000 - $30,000	84 months	Check Rates	Hide, not for me
Citibank	Best Big Bank	11.49% - 20.49%	0.00%	$0.00	2 days	$2,000 - $30,000	60 months	Check Rates	Hide, not for me
First Tech Federal Credit Union	Best Credit Union	8.64% - 18.00%	0.00%	$29.00	2 days	$500 - $50,000	84 months	Check Rates	Hide, not for me

*APR ranges for some companies include a discount for automatic payments or existing bank customers.

The Bottom Line

When it comes to debt consolidation loans, there’s no shortage of options. However, some will be better than others for your situation. For example, loans above $50,000 can be hard to find, but SoFi offers loans up to $100,000. If you want a long loan term of 84 months, you can apply with NASA Federal Credit Union, First Tech Federal Credit Union, or Upgrade. Further, if you’d like a competitive APR and prefer to borrow from a big bank, you can apply with Citibank. The right fit will depend not only on what the lender offers but on your needs and preferences.

Guide to Debt Consolidation Loans

Now that we’ve covered the best debt consolidation loans, here are some other factors to consider to help you decide if getting a debt consolidation loan is right for you.

What Is a Debt Consolidation Loan?

Debt consolidation is using one loan or credit card to pay off multiple debt accounts. It’s often done to reduce the overall cost of repaying a debt, streamline debt repayments, and/or get immediate financial relief by reducing the cost of monthly debt payments.

Debt consolidation is the most popular reason for getting a personal loan, according to the 2023 Investopedia personal loan consumer survey. Home improvements and large purchases were the next two most common reasons cited for seeking a loan.

Personal loan interest rates are typically indexed to the Prime Rate, which in turn is tied to the federal funds rate that is set by the Federal Reserve's Federal Open Market Committee (FOMC). Between March 2022 and July 2023, the Fed aggressively raised the federal funds rate to fight decades-high inflation - raising the benchmark rate by 5.25 percentage points over 16 months. The Fed maintained the federal funds rate between July 2023 and September 2024, when it dropped the fed funds rate by 50 basis points.4 Rates were lowered again by 25 basis points at the fed's most recent Nov. 7 meeting.5

How Do Debt Consolidation Loans Work?

Debt consolidation loans are obtained through application by borrowers and typically have a fixed dollar amount and fixed interest rate for a set period of time unless the borrower uses a balance transfer credit card, which usually has a variable interest rate and a revolving credit line. Once approved the lender can directly pay off other creditor balances or simply deposit the loan proceeds in the borrower's checking account to allow them to pay their other higher-interest accounts off. Once existing higher-interest accounts are paid off the borrower begins paying toward the single debt consolidation loan.

Getting pre-qualified for a debt consolidation loan only takes a few minutes and won’t impact your credit score. It doesn’t hurt to review a few loan quotes to see if they’ll benefit you.

Pros & Cons of Getting a Loan for Debt Consolidation

Pros

Consolidate multiple debt payments into a single monthly payment
Lower your APRs and save money on the overall cost of debt repayment
Potentially eliminate debt faster
Switch to a fixed repayment schedule
Improve credit scores by paying down debt faster and reducing revolving credit utilization

Cons

Borrowers with poor credit may not qualify for better terms than their current debt
Fees and interest can make consolidation loans costly
Stretching out debt repayment can lead to paying more over time
You risk going into deeper debt

When is a Debt Consolidation Loan a Good Idea?

A debt consolidation loan can be a good idea when managing multiple high-interest debts, such as credit card balances, personal loans, or medical bills, and struggling to keep track of payments. By consolidating these into a single loan with a lower interest rate, you can reduce your monthly payments, simplify your finances, and save money in the long run. It's particularly helpful if you have a good credit score, which will help secure a lower interest rate. However, it’s essential to ensure that the new loan's terms are favorable and that you avoid accumulating new debt while paying off the consolidated loan.

Where to Look for a Debt Consolidation Loan

You can find debt consolidation loans from a variety of lenders including credit unions, banks, and online lenders. The best lender for you is going to depend on what you can qualify for and your preferences. Lenders vary in their eligibility requirements, customer service quality, loan offerings, and more, so it’s best to shop around and compare quotes.

"Major national banks we surveyed had large national branch networks and online platforms that provided loans with no fees and borrower-friendly features like direct payments to creditors. However, compared to online-only lenders and credit unions, we found they generally offered lower loan amounts and did not allow co-applicants. That can make it harder for younger borrowers and those with lower credit scores to qualify for a debt consolidation loan."

- Sana Siddiqui, Investopedia Research Analyst

How to Compare Debt Consolidation Loan Lenders

If you’re not sure which lender to choose, here are the main factors to consider as you compare quotes:

APR range: Consider both the minimum and maximum APR for loans, including any rate discounts for which you may be eligible.
Fees: Factor in upfront fees, like origination or administration fees, and determine if the fees will be withheld from your loan amount. Be sure to consider prepayment penalties and other fees that you may face.
Credit requirement: Check to see if the lender discloses the minimum credit score required to qualify and whether or not it will consider other information on your credit report like payment history or additional parameters like income.
Pre-qualification: Find out if you can get pre-qualified and/or receive a quote without a hard inquiry into your credit.
Loan amounts: Calculate the total amount of debt you wish to pay off and check to see if the lender offers loans that cover the total amount.
Loan terms: Look at the term or length of time you'll have to repay your loan. Many lenders present this information as a range of months, like 24 to 84 months. Note that a longer repayment term will result in lower monthly payments but more money paid towards interest charges.
Time to receive funds: Consider the length of time from beginning your application to getting approved and receiving funds. While the lender may transfer funds in as little as one business day, it may take several days or more for your bank or creditor to process the payment.
Lending restrictions: Make sure loans are available to residents of your state and that your intended use for the funds is allowed by the lender. The lender may also have age and citizenship requirements.

In addition to weighing the above factors, be sure to calculate the overall cost of the new loan and compare it to the overall remaining cost of your existing loan. Ideally, the new loan will save you money each month and overall.

How Do I Get a Debt Consolidation Loan?

Get pre-qualified: The personal loan application process usually starts by getting pre-qualified. You’ll provide a few basic details about yourself, such as your name, contact information, income, and Social Security number, to your potential lender.
Review your options: The lender will perform a soft credit check, which won’t affect your credit score or overall credit profile. If the lender thinks you’re a good risk, it'll respond with a loan offer outlining your options, interest rates, and loan costs. Use this to compare rates and terms and other features among several lenders.
Complete a formal application: Once you find the best personal loan option, complete a full loan application with the lender. You’ll probably need to provide copies of documents proving your identity (government-issued identity photo I.D.), income (recent pay stubs, tax returns, or W-2s), and finances (recent bank statements).
Receive funds and make a plan for repayment: If you’re approved, your lender will disburse your loan funds to your bank account or by check, depending on its policies.

Average personal loan rates have been trending upward since October of 2023 and rose 35 basis points over the past month. The average personal loan interest rate for November is 26.11%. The average personal loan rate breached the 25% level for the first time in May of 2024 and 26% this month.

Average Personal Loan Rates by Lender

Lender	Average APR	Average Loan Term (Months)	Average Loan Amount
Achieve	23.72%	42	$31,975
Avant	27.32%	41	$16,406
Best Egg	23.02%	47.1	$17,643
Citibank	13.23%	37.4	$20,346
LendingClub	15.39%	43.8	$21,179
LendingPoint	26.49%	43.8	$14,850
LightStream	12.36%	65.9	$28,992
Mariner Finance	30.72%	31.9	$6,106
OneMain	30.55%	44.8	$9,002
Prosper	25.40%	47.1	$16,342
Reach Financial	23.35%	42.1	$18,041
Reprise	30.41%	45.3	$7,183
SoFi	14.63%	50.8	$31,457
Upgrade	22.76%	47.4	$19,270
Upstart	28.07%	51.5	$10,113
Zable	23.13%	41.3	$7,201
All Lenders	24.44%	48.9	$15,005

Alternatives to a Debt Consolidation Loan

If you're struggling with debt, a debt consolidation loan can be a good option. However, if you have poor credit and don't believe you could qualify or would prefer to not go through the loan process, you could also try:

Credit card balance transfers: If you have credit card that allows you to transfer balances—at a favorable rate—you may be able to transfer your debt with higher rates into one payment and save money on interest expense in the long term. A balance transfer credit card also offers a very seamless way to consolidate credit cards and other high interest debts from multiple lenders onto one new card account, potentially involving the lowest rates with a 0% APR introductory period for a year or more. Some balance transfer offers charge a balance transfer fee but some do not, so it pays to shop around.
Tapping home equity: Utilizing a home equity line of credit can be a cost-effective way to pay off high-interest debts and save money on interest.
Negotiating with your creditors: Contact your creditors' customer service and ask what they can do to help. They may offer reduced interest rates forbearance or some other option to help you keep up.
Establishing a budget that factors in debt repayment: Pursue a debt payoff strategy such as the debt snowball or debt avalanche that helps you prioritize debt repayment and and help you plan your budget.
A debt relief program: Debt relief or debt settlement is a strategy that seeks to reduce the total amount you owe and put you on a payment plan until the negotiated amounts are paid off. Because this approach requires you to stop making payments during the negotiation, your credit score will take a significant hit.
Credit counseling: This is similar to debt settlement, except the credit counseling agency won’t ask you to stop making payments. Instead, it will negotiate with your creditors for reduced interest rates on your debt, establishing a debt management plan, and you will pay off your debt in full over time by making payments on time under the revised repayment schedule. Debt management plans have the benefit of not negatively affecting your credit history with credit bureaus.

You can also take out a home equity loan or a loan against your 401(k), but consider the consequences first. If you default, your home will be at risk. And any funds you withdraw from your 401(k) will not be earning interest for your retirement.

A personal loan can be a great tool—but only if it serves a real purpose. If you’re considering a personal loan, make sure you’re clear on why you need it. It might be worth it if you’re consolidating high-interest debt or making a necessary big purchase. But don’t get sucked in by easy approvals or flashy ads—personal loans come with interest rates, fees, and potential penalties.

The key is to compare rates across lenders and watch for hidden costs like origination fees or early payoff penalties.

If you’re consolidating credit card debt, a personal loan at a lower interest rate can save you serious cash over time. But if you’re considering taking out a luxury vacation loan, ask yourself: does this fit into my long-term financial strategy? More often than not, the answer is no.

Bottom line: Only borrow when it’s part of a bigger plan that supports your financial growth. - Ryan Greiser, a member of Investopedia’s Financial Advisor Council

Why You Should Trust Us

Investopedia collected 31 key data points from 70 companies from Aug. 4-23, 2023 to identify the most important factors for readers choosing a debt consolidation lender. We used this data to review each company for rates, fees, loan amounts, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best debt consolidation companies since 2019.

Frequently Asked Questions

What Credit Score is Needed for a Debt Consolidation Loan?
Do Consolidation Loans Hurt Your Credit Score?
Debt Consolidation vs. Balance Transfer Credit Card: What's the Difference?
Can I Consolidate Debt With a Credit Card?
Should You Apply For a Personal Loan to Consolidate Your Debt?
Is it Better to Pay Off Credit Cards or Get a Debt Consolidation Loan?
How Much Does Debt Consolidation Cost?
Companies We Reviewed

How We Picked The Best Debt Consolidation Companies

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

Loan costs (advertised APR, fees, and six other factors): 29.25%
Loan terms (loan amount, repayment term, and three other factors): 22.25%
Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

Learn More About Debt Consolidation Loans

Best Debt Consolidation Loans for October 2024 — Investopedia / Joules Garcia

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