Debt Consolidation Loans
Take control of your debt
Checking your rate won't impact your credit score1
What is a debt consolidation loan?
A debt consolidation loan is a form of debt refinancing that combines multiple balances from credit cards and other high-interest loans into a single loan with a fixed rate and repayment term. It could help you save money by reducing your interest rate or making it easier to pay off debt fast with one monthly payment.
Depending on your credit profile, a debt consolidation loan could help improve your credit by diversifying your credit mix and showing that you can make on-time monthly payments.
Why consolidate your debt?
Simplify your budget
Make one single monthly payment instead of juggling multiple bills.
Improve your credit score
When you pay debt down, your credit scores may go up.
Lock in a fixed rate
With competitive rates, your monthly payment never increases.
Personal Loans — Benefits
- ✔ Consolidate multiple debts into a single, manageable loan.
- ✔ Lower interest rates than most credit cards reduce total repayment costs.
- ✔ Fixed monthly payments simplify budgeting and financial planning.
- ✔ Helps improve credit score by paying off revolving debt responsibly.
Debt Consolidation — Limitations
- ✖ May extend the repayment period, increasing overall interest paid if not careful.
- ✖ Fees or origination costs can reduce the savings from consolidation.
- ✖ Requires disciplined budgeting; new debt during consolidation can worsen financial situation.
- ✖ Not all debts may qualify for consolidation loans.