Lender | User ratings | Best for… | APR range | Loan terms | Loan amounts | Credit score required | |
---|---|---|---|---|---|---|---|
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Repayment assistance options | 7.99% to 24.99% | 36 to 84 months | $5,000 - $40,000 | 720 | View Personalized Offers | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Personalized service | 11.72% to 24.67% | 24 to 60 months | $5,000 - $40,000 | 640 | View Personalized Offers | |
User ratings coming soon | Midsize credit card consolidation loan | 9.49% to 24.25% with autopay | 36 to 60 months | $5,000 - $45,000 | Not specified | View Personalized Offers | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Long-term credit card consolidation loans | 8.99% to 25.49% with autopay | 24 to 144 months | $5,000 - $100,000 | Not specified | View Personalized Offers | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Peer-to-peer lending | 6.99% to 35.99% | 24 to 60 months | $2,000 - $50,000 | 560 | View Personalized Offers | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Credit card consolidation loans with no fees | 8.99% to 25.81% with autopay and direct deposit discounts | 24 to 84 months | $5,000 - $100,000 | 680 | View Personalized Offers | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Bad-credit borrowers | 6.40% to 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 | View Personalized Offers |
APR range | 7.99% to 24.99% |
Loan amounts | $5,000 - $40,000 |
Term (months) | 36 to 84 |
Origination fee | No origination fee |
Minimum credit score | 720 |
Pros | Cons |
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Multiple assistance options if you can’t make your payment Competitive APRs Low annual income requirement | Low maximum loan amount Not available to bad-credit borrowers $39 late payment fee |
APR range | 11.72% to 24.67% |
Loan amounts | $5,000 - $40,000 |
Term (months) | 24 to 60 |
Origination fee | 0.00% - 5.00% |
Minimum credit score | 640 |
Pros | Cons |
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Specializes in credit card consolidation Live chat Customer-friendly desktop interface | Possible origination fee High minimum loan amount High minimum APR |
APR range | 9.49% to 24.25% (with autopay) |
Loan amounts | $5,000 - $45,000 |
Term (months) | 36 to 60 |
Origination fee | No origination fee |
Minimum credit score | Not specified |
Pros | Cons |
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Low maximum APR No origination fee Can include a cosigner | Fewer loan terms available Doesn’t disclose minimum credit score Customer service unavailable on weekends |
APR range | 8.99% to 25.49% (with autopay) |
Loan amounts | $5,000 - $100,000 |
Term (months) | 24 to 144 |
Origination fee | No origination fee |
Minimum credit score | Not specified |
Pros | Cons |
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Wide range of loan terms available Offers large loans Low maximum APR | Minimum credit score not specified No prequalification Mobile app is poorly rated |
APR range | 6.99% to 35.99% |
Loan amounts | $2,000 - $50,000 |
Term (months) | 24 to 60 |
Origination fee | 1.00% - 7.99% |
Minimum credit score | 560 |
Pros | Cons |
---|---|
Smaller loan size Lower minimum APR Joint loans available | Charges an origination fee Terms are not as flexible Long timeline for loan approval decision |
APR range | 8.99% to 25.81% (with autopay and direct deposit discounts) |
Loan amounts | $5,000 - $100,000 |
Term (months) | 24 to 84 months |
Origination fee | No origination fee |
Minimum credit score | 680 |
Pros | Cons |
---|---|
No extra fees Flexible loan terms Large loans available | Need at least good credit to qualify Higher minimum APR Can be hard to qualify |
APR range | 6.40% to 35.99% |
Loan amounts | $1,000 - $50,000 |
Term (months) | 36 and 60 |
Origination fee | 0.00% - 12.00% |
Minimum credit score | 300 |
Pros | Cons |
---|---|
Can qualify with no credit or bad credit Competitive APRs for those with excellent credit Low minimum loan amount | Fewer options for repayment terms Potential for high origination fee Maximum APR is high |
Credit card consolidation is the process of taking out a personal loan to pay off existing credit card debt. Depending on your credit score, income and level of existing debt, your credit card consolidation loan may come with a lower rate than what you’re currently paying on your credit cards.
Once you’ve gotten a credit card consolidation loan, you could either pay off your credit cards yourself, or have your new creditor pay them directly. Although you won’t be eliminating your debt, consolidation will help you avoid juggling multiple credit card payments. Instead, you’ll be responsible for one single personal loan payment.
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The process for getting a credit card consolidation loan is similar to getting any other personal loan:
Before consolidating your credit card debt, you’ll need to know what credit card APRs you’re paying. This will help you determine whether the personal loan offers you receive are competitive for your personal situation.
To figure out what loan amount you should apply for, you’ll also need to add up all of your current card balances. Make sure that the math makes sense before committing — once your credit cards are consolidated, the process can’t be reversed.
Don’t necessarily choose a loan from the first lender you find. When making a big financial decision like taking out a consolidation loan, you’ll want to see what’s out there first. For instance, some lenders specialize in bad-credit loans, while others cater to those with excellent credit. Researching lenders can help ensure that you get the consolidation loan with the best terms, based on your financial situation.
Prequalification doesn’t hurt your credit score and is an important step in the consolidation process. By prequalifying, you can see what lenders can offer you in terms of funding amount, monthly payment and interest rate. Prequalify for several lenders and see how they stack up.
Did you know that you can compare up to five lenders with just one form on LendingTree’s personal loan marketplace? Check your rates today — it won’t impact your credit score.
Once you’ve decided which lender you’d like to work with, you’ll have to apply for the personal loan. This process will involve a hard credit check and a detailed review of your credit history and financial situation. You’ll likely have to include several documents confirming your identity and information.
Once you’ve been approved, your lender may help you pay off your credit card issuers — but some might not. You may have to pay the debts yourself once you receive the loan funds in your bank account. Then, you’ll begin to pay off the new consolidation loan on a monthly basis.
Pros | Cons |
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Could save money on interest by reducing APR Sets a new payment schedule, which can reduce size of monthly payment Simplifies debt payments into a single monthly payment | Could drive you deeper into debt if you can’t repay the new loan Might not reduce overall amount of interest payments on the debt May include origination fees on the new consolidation loan |
Everyone’s financial situation is unique, and your decision whether to consolidate credit card debt will ultimately come down to whether the terms of your new loan would be better than the debt payments you’re already making.
Taking out any new loan will cause your credit score to fall during the application process, but unless you’ve been opening a lot of new loans or credit cards lately, the drop from that hard credit check probably won’t be significant.
If you make regular debt payments on time, your credit score will gradually rise, but missing payments or becoming delinquent on the loan will hurt it. Credit card consolidation loans can be a helpful part of the credit repair process, especially if you’ve been juggling several debt payments, but only if you can make your new payment each month.
Your credit score could also change, depending on how you handle your credit cards after consolidating the debt. For example, if you close your credit cards after paying them off, your total credit line would fall and your credit utilization ratio could be negatively impacted. On the other hand, taking out a personal loan could improve your credit mix slightly if you haven’t used that type of credit before.
If you’re stuck in credit card debt and looking for a way out, there are options for debt management aside from a consolidation loan:
Sometimes your credit card company may be willing to help work out a payment plan to let you repay your debts, especially if you’ve fallen behind due to an extenuating circumstance, like a severe financial emergency or unexpected job loss. They want to make sure you’ll be able to pay the debt in full, so they might agree to smaller payments over a longer timeframe.
Credit counselors provide services to debtors, including contacting creditors to help negotiate, crafting debt management plans and providing budgeting advice. These accredited professionals often work for nonprofit companies that help people get out of debt and set them up for financial success. Their advice could be helpful if you’re in credit card debt.
There are many theories on the best way to pay off debt fast. Two common methods are the debt snowball or debt avalanche. With the snowball method, you’ll focus on paying off the smallest debts first to build momentum and work your way toward bigger debts; with the avalanche method, you’ll pay your highest interest debt first, regardless of size. Under either plan, you’ll also make minimum payments on all other debts.
Some credit card issuers offer cards designed to help pay off credit card debt. With a balance transfer card, you can move some — or even all — of your credit card debts to a new card. If it has a 0% APR introductory period (which often lasts over a year), you can make payments with interest paused. But beware: If you don’t successfully pay off the card by the end of that period, you could wind up deeper in debt.
We reviewed more than 28 lenders to determine the overall best seven credit card consolidation loans. To make our list, lenders must offer joint loans with competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:
You shouldn’t have to pay out of pocket to take out a personal loan — that could be a sign of predatory lending. However, depending on the lender, you may need to pay an origination fee, which is deducted from your loan amount. You’ll also pay interest over the life of your loan, but this is included in your monthly payment.
It depends. A balance transfer credit card can be a great tool if it comes with 0% interest and you know you can pay off your debt during the introductory period. If you need more than a year to pay your debt, a personal loan may make more sense since loan terms commonly reach five years (or longer).
This is largely a personal choice. If you only have two credit cards with a combined total balance of $500, it probably doesn’t make sense to consolidate. But those who owe a significant amount spread across multiple cards may find that a credit card consolidation loan can make it easier to create a budget to pay off debt and may provide a lower APR.