Updated March 2026·CompareBankLoans Editorial Team·Fact checked

Best Personal Loans for Debt Consolidation

Compare lenders that excel at replacing high-interest credit card debt with a single, lower-rate personal loan.

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Best Match
L

LightStream

4.9/5

APR

7.49%

Est. mo. payment

$371

Loan range

$5K–$100K

Total fees

$0

Get My Rate on LightStream
Terms vary by lenderSame day funding
DP

Discover Personal Loans

4.7/5

APR

7.99%

Est. mo. payment

$369

Loan range

$3K–$40K

Total fees

$0

Get My Rate on Discover
Terms vary by lender2 days funding
S

SoFi

4.9/5

APR

8.99%

Est. mo. payment

$393

Loan range

$5K–$100K

Total fees

$0

Get My Rate on SoFi
Terms vary by lenderSame day funding
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How to compare offers for this profile

A debt consolidation loan works by paying off multiple credit card or personal loan balances simultaneously, leaving you with one fixed monthly payment — ideally at a lower APR than your blended rate across those cards. The lenders on this page were filtered for a $15,000 loan with good credit (approximately 700 FICO). If your credit is lower, expand to the fair-credit list; if you're carrying less than $5,000, see our small-loan recommendations. The key metric to compare here is the APR, not just the rate: lenders that charge origination fees should be compared on total cost, not headline rate alone. Some lenders on this list offer to pay your creditors directly, which removes the temptation to spend the loan funds on something else.

1

Calculate your break-even point before you borrow

Add up your current monthly interest payments across all cards. Compare that to the consolidation loan's monthly interest portion (payment minus principal). If the loan saves you $80/month but carries a $600 origination fee, it takes about 8 months to break even — worth it if you'll keep the loan longer than that.

2

Request direct payoff to creditors

Some lenders, including Prosper, offer to send funds directly to your card issuers rather than depositing to your bank account. This eliminates the risk of spending the money before paying off the cards, and can result in slightly better terms with some lenders.

3

Keep your credit cards open after consolidating

Closing the paid-off cards reduces your available credit, which spikes your utilization ratio and can drop your score by 20–40 points. Leave them open with zero balances. Only close accounts if the temptation to spend is a real concern for your financial discipline.

Watch out

Origination fees can silently offset the savings from a lower rate — a 5% fee on a $15,000 loan is $750 upfront. Always calculate the total interest paid across the full loan term, plus any fees, and compare that to what you'd pay keeping the credit cards.

Frequently Asked Questions

What's the minimum credit score needed to consolidate $15,000 in credit card debt?
Most lenders on this list require a minimum of 540–640 FICO to approve a $15,000 consolidation loan. However, rates below 15% — which is where consolidation typically makes sense for high-interest card debt — generally require a score of 670 or higher. Below that, your rate may not be much lower than your current card APRs.
How much can I actually save by consolidating?
On $15,000 in credit card debt at 24% APR, you're paying about $300/month in interest alone. A 4-year consolidation loan at 10% APR results in a payment of about $380/month — but the total interest paid is around $3,300 vs. potentially never paying off the cards on minimums. The exact savings depend on your current rates, loan term, and whether you carry a balance to zero.
Can I include different types of debt — like medical bills or a personal loan — in a consolidation?
Yes. A debt consolidation personal loan can be used to pay off credit cards, store cards, medical bills, and even other personal loans. It cannot typically be used to refinance mortgages, auto loans, or student loans. Check with each lender — some are flexible, others restrict usage.
Should I choose a 3-year or 5-year term for a consolidation loan?
A 3-year term has higher monthly payments but you pay roughly 40% less total interest. A 5-year term is easier on monthly cash flow but the savings over credit cards are smaller. If your budget allows the higher payment, the 3-year term is the mathematically better choice.
Is a personal loan better than a balance transfer card for consolidation?
Balance transfer cards with 0% intro APR can be cheaper if you can pay off the full balance within the promotional period (typically 12–21 months). For balances you can't pay off within 2 years, a personal loan's fixed rate offers more predictability and usually a lower ongoing APR than the revert rate on a transfer card.

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