The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.

These are the Top 3 Personal Loans for Debt Consolidation Loans

This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

If you need to consolidate debt, a personal loan is a solid option
BestMoney Staff
Bestmoney Staff
Mar. 19, 20232 min read
If you need a personal loan to consolidate credit card debt, there are plenty of lenders who can help you pay off your debt faster and more efficiently.

If you are looking for a specially customized loan, you can find that here

Top Loan Providers for Debt Consolidation Loans

If a personal loan is the right idea for you, then get competitive rates, repayment terms, and benefits from the leading lenders in the industry. Here are the top picks for personal loans in 2023:

CredibleAPR range:
5.40% - 35.99%
AmOneAPR range: 
3.99% - 35.99%
UpgradeAPR range: 
8.24% - 35.97%

When to Consolidate Your Debt with a Personal Loan

Consolidating your debt via a personal loan can be a good idea in the following situations:

  • You want to pay a lower interest rate

The recommended way to alleviate debt is to pay it off responsibly one month at a time. Unfortunately, too many people are struggling with high-interest rates that don't let them get ahead of their debt. Lowering your interest rate can help you put more money towards your actual debt and eventually pay it off.

  • You have several debt payments to make each month

Paying off multiple credit cards each month can be difficult. Combining your debt into one simple payment makes it much easier to manage your monthly debt expenses and stay on top of your finances in general.

  • You’re working with lousy terms

If you are digging yourself deeper into debt because of high monthly payments that you can’t meet, a personal loan can help you pay less each month. It might take longer to pay off the debt, but at least you’ll be making consistent monthly payments, instead of racking up more debt.

Do the Math First

The most important question for you to ask is, will this loan save you money? Pay attention to the fees and rates that are being offered, so you don't get stuck with a bigger problem even than you started with. Here's an example of how a personal loan can help as a debt consolidation loan:

Let’s say you have a combined credit card debt of $10,000. You are currently paying 15% interest on that debt. Over approximately 4 and a half years, you’ll pay $3,750 in interest! Now, let's say you lower your interest to 10% for a 2-year loan. By the end of this loan term, you'll have paid out $1,075. That's a $2,675 savings in interest payments for the same $10,000 debt that you’ve now paid off.

1. Credible

  • Minimum credit score: Fair +
  • APR range: 5.40% - 35.99%

Why go with Credible? Credible is an entirely free loan brokerage service designed with borrowers with good to high credit in mind. If you’re looking to consolidate debt, Credible has great terms and rates that can save you tons of money, pairing you with the right lender for your situation. You’ll get up to 6 preliminary offers after a soft credit check, allowing you to choose which lender you’d like to apply to. Responses are super-speedy, which means the ball is always in your court. There’s a large range of loan amounts and only one application for multiple lenders, making it easy to get what you’re looking for without too much paperwork or hassle. Final details will vary by lender, but with Credible’s range, you are sure to get debt consolidation loan that works for you. 

Read the full Credible review >>

Credible Credible Check Credible Rates

2. AmOne

  • Minimum credit score: Poor +
  • APR range: 3.99% - 35.99%

Why go with AmOne? AmOne is another established marketplace lender with a huge range of loan terms and amounts, making it a great option for anyone seeking to compare various loan offers. There’s a simple application that connects you to a broad network of well-respected lenders, letting you choose the right match for you. It’s a great network if you’re looking to consolidate debt quickly, because the approval process is smooth and fee-free. You can complete the loan application without any commitment to borrow funds. There is a really strong array of educational resources, articles and flexible loan purposes, so you can make confident, knowledgeable decisions for almost any kind of debt consolidation loan. AmOne doesn’t share personal data with unauthorized third parties, and everything you share is encrypted with industry-standard methods and protocols. 

Read the full AmOne review >>

AmOne AmOne Check AmOne Rates

3. Upgrade

  • Minimum credit score: Fair +
  • APR range: 8.24% - 35.97%

Why go with Upgrade? This direct lender offers personal loans for a variety of loan purposes, such as debt consolidation loans, financing a home improvement project, or making a large purchase. The online application is quick, with pre-approval in only minutes. There are some added advantages too, like free credit monitoring and financial education resources. If you’re tech-savvy and ready to fund your debt consolidation loan online, this BBB A+ rated company can give you the loan support you’re looking for, all from your living room couch. You won’t be able to borrow any secured loans through Upgrade though, so expect strictly unsecured personal loans from this lender. Not sure you’ll get approved? Upgrade has a credit-health tracker completely for free with no commitments, so you can use it any time to know what kind of rate quote you can expect. 

Read the full Upgrade review >>

Upgrade  Upgrade Check Upgrade Rates

What Now?

Going with a reputable lender is the first step in the right direction towards paying off your debt responsibly. Here are a few more tips:

1. Make your payments every month and on time. The worst thing you can do after taking out a loan to consolidate debt is to be delinquent with the payments. Pay on time, and watch your debt shrink and your credit score rise.

2. Read online reviews. By reading reviews of the top loan companies, you'll get a better feel for the type of lender you’re getting into bed with. Advertisements can be hyped up, but real user testimonials tell you the true story.

3. Make sure you find a lender that will give you a lower APR than you are currently paying. Otherwise, it doesn’t pay to consolidate your debt. Since there is competition in the industry, this shouldn't be too hard. What’s more, you can usually get other benefits thrown into the deal.

4. Look for lenders that won’t hurt your credit with a hard pull. Many top name lenders will only do a soft credit pull when you apply and this helps because it means your credit score won’t be affected and you’ll have more options when consolidating your debt.

Still can't decide? Feel free to check out our comparison chart(chart) to discover our top personal loan choices.

BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

View Rates

Copyright © 2009-2023 Natural Intelligence Ltd. All Rights Reserved.

By using our content, products & services you agree to our Terms of Use and Privacy Policy.

NMLS Consumer Access

Bestmoney is a dba of Natural Intelligence Technologies Inc.

Natural Intelligence Technologies Inc. NMLS # 2084135

CT: Mortgage Broker only, not a mortgage lender or mortgage correspondent lender.

  • About Us
  • Cookie Policy
  • Terms of Use
  • Partner with us
  • Privacy Policy
  • Contact

Designed to help users make confident decisions online, this website contains information about a wide range of products and services. Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Though based on meticulous research, the information we share does not constitute legal or professional advice or forecast, and should not be treated as such. Company listings on this site DO NOT imply endorsement. We are not a loan provider or a broker and we do not offer loans or mortgages directly to end users, but only allows users to match with lending partners and platforms that may extend a loan. All loan approval decisions and terms are determined by the loan providers at the time of your application with them. Any matching request submitted through our website does not constitute a loan application and you will have to submit a loan application to the respective lender before the lender provides you with an actual offer. We do not warrant that you will be approved for a loan, nor that you will be offered a loan with the same terms presented on our website.

Insurance services offered through Natural Intelligence Technologies Inc.: Licenses

Reproduction in whole or in part is strictly prohibited.