How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- A consolidation loan only helps if its APR, after fees, is lower than the weighted APR of the debts it replaces.
- LightStream, Discover, and SoFi charge no origination fee in the ranges shown here, while Upgrade, Best Egg, Upstart, and Happy Money may charge one.
- Upgrade, Best Egg, and Happy Money offer direct payment to creditors, which reduces the chance that loan funds get spent elsewhere.
- SoFi and LightStream cover loans up to $100,000, while Upgrade, Best Egg, Upstart, and Happy Money suit smaller card balances.
- This is not financial advice. A loan does not erase debt, and reusing paid off cards can leave you with both a loan and new card balances.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 SoFi | Larger loans with extra member benefits | 6.99% to 35.49% APR | No |
 LightStream | Excellent credit and no fees | 9.99% to 24.94% APR with AutoPay | No |
 Upgrade | Fair credit and direct creditor payment | 7.74% to 35.99% APR | No |
 Discover | No fee loans with long terms | 6.99% to 24.99% APR | No |
 Best Egg | Fast funding and direct creditor payment | 6.99% to 35.99% APR | No |
 Upstart | Thin credit files and fast decisions | 6.30% to 35.99% APR | No |
 Happy Money | Credit card debt only | 8.95% to 35.99% APR | No |
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The best debt consolidation companies
#1
SoFi
Best for: Larger loans with extra member benefits
Visit sofi.com
Starting price6.99% to 35.49% APR
Free planNo
SoFi suits a borrower with a large balance and good credit who wants one loan to replace several cards. Amounts run from $5,000 to $100,000, terms run from 2 to 7 years, and APRs in October 2026 comparisons ranged from 6.99% to 35.49%. Prequalification uses a soft credit check, so you can see an estimated rate without a hard inquiry at that stage.
The details to check are the origination fee and the final APR on your offer. Some SoFi loans carry no origination fee, while others in published ranges show 0% to 7%, and loans through a partner bank can show a higher fee. Member benefits, including career coaching and unemployment protection, add value only if you use them. For a large, straightforward consolidation, SoFi is a strong first quote.
What we like- Loans from $5,000 to $100,000 over 2 to 7 years
- No prepayment penalty
- Unemployment protection and member benefits
Watch out for- Origination fee can apply on some loans, up to 7% in published ranges
- Lowest rates need strong credit
- Funding usually takes a few days
#2LightStream
Best for: Excellent credit and no fees4.7/5 on
G2 (23 reviews, checked Oct 2026)
Visit lightstream.com
Starting price9.99% to 24.94% APR with AutoPay
Free planNo
LightStream, a division of Truist Bank, is the cleanest fee structure on this list. It charges no origination fee, no late fee, and no prepayment penalty, and it offers same day funding when an application clears in time. Loan amounts run from $5,000 to $100,000, with terms from 2 years upward depending on purpose, and an AutoPay discount of 0.50% is included in the published APR range of 9.99% to 24.94%.
The catch is credit quality. LightStream is built for borrowers with excellent credit, and its rates for other applicants will be higher or unavailable. It also offers a Rate Beat Program that promises to beat a comparable competitor rate by 0.10%, subject to its terms. If your credit is strong and you want no fees, get a LightStream quote before accepting a loan with an origination fee elsewhere.
What we like- No origination, late, or prepayment fees
- Loans from $5,000 to $100,000
- Same day funding in some cases
Watch out for- Aimed at excellent credit, so approval is harder
- Minimum loan is $5,000
- Rates shown here include an AutoPay discount
Starting price7.74% to 35.99% APR
Free planNo
Upgrade is a practical choice for fair credit borrowers who want the lender to pay cards directly. Loans run from $1,000 to $75,000 over 2 to 7 years, with APRs from 7.74% to 35.99% in recent comparisons. Direct creditor payment means the money goes to your card issuers, not to your bank account, which helps ensure the cards actually get paid off.
The origination fee is the main cost to model. At 1.85% to 9.99%, it comes out of your loan before you receive funds, so a $15,000 loan with a 6% fee leaves $14,100 to pay creditors, while you still repay $15,000 plus interest. Ask Upgrade for the total funded amount and the APR, not just the interest rate, and borrow enough to cover both the balances and the fee if you use direct payment.
What we like- Loans from $1,000 to $75,000
- Direct payment to creditors on consolidation loans
- Joint applications allowed
Watch out for- Origination fee of 1.85% to 9.99% is deducted from loan proceeds
- APR range is wide
- Funding takes 1 to 4 business days
Starting price6.99% to 24.99% APR
Free planNo
Discover personal loans suit a borrower who wants a simple, no fee loan and a longer term to lower the monthly payment. Amounts run from $2,500 to $40,000, terms run from 3 to 7 years, and APRs range from 6.99% to 24.99% in recent comparisons. Prequalification uses a soft credit check, and funding can arrive the next business day after approval in many cases.
The $40,000 cap is the main limit. If your total card debt is above that amount, Discover can only cover part of it, and you will still manage remaining balances separately. A longer term also means more total interest, even at a lower monthly payment, so compare total cost across 3, 5, and 7 year terms before choosing the longest option by default.
What we like- No origination fee
- Loans from $2,500 to $40,000 over 3 to 7 years
- Soft credit check to prequalify
Watch out for- Maximum loan is $40,000, below SoFi and LightStream
- No autopay rate discount in published terms
- Late fee applies
Starting price6.99% to 35.99% APR
Free planNo
Best Egg focuses on speed and direct payment. You can check your rate with a soft credit check, choose a loan from $2,000 to $50,000 over 3 to 5 years, and have Best Egg pay up to 10 creditors directly. Funding in as little as one business day helps when a card payment date is near and you want the consolidation in place quickly.
The origination fee, from 0.99% to 9.99%, is deducted from proceeds, so model the net amount as with Upgrade. Best Egg also offers a secured homeowner loan with lower rates in some cases, but that option uses home fixtures as collateral and should only be considered after reading its terms carefully. For an unsecured card consolidation with fast funding, Best Egg is a solid quote to compare.
What we like- Loans from $2,000 to $50,000
- Direct payment to up to 10 creditors
- Funding in as little as one business day
Watch out for- Origination fee of 0.99% to 9.99%
- Terms limited to 3 to 5 years
- Secured homeowner loan option involves home fixtures as collateral
Starting price6.30% to 35.99% APR
Free planNo
Upstart uses a model that looks beyond a credit score alone, including education and employment history, which can help a borrower with a short credit file. Personal loans run from $1,000 to $75,000, with APRs from 6.30% to 35.99% in recent comparisons, and funds are often sent the next business day after signing. Checking your rate uses a soft inquiry, with a hard inquiry only if you proceed.
Origination fees are the watch point, reaching up to 12% in some published ranges, and a representative example on Upstart's own site shows an $815 fee on a $10,000 loan. That fee is included in the APR, so compare APRs across lenders rather than interest rates alone. Upstart is worth a quote when a traditional score based lender offers a high rate or declines you, but only if the final APR still beats your cards.
What we like- Loans from $1,000 to $75,000
- Considers education and employment history in underwriting
- Next business day funding in many cases
Watch out for- Origination fee up to 12% in some ranges
- APR range is wide
- Loans are made by partner banks, not by Upstart itself
Starting price8.95% to 35.99% APR
Free planNo
Happy Money keeps its product narrow on purpose. Its Payoff Loan is built to roll credit card balances into one fixed monthly payment with a set payoff date, with amounts from $5,000 to $50,000 over 2 to 5 years in published comparisons, and rates from 8.95% APR upward. The homepage example shows a 3% origination fee assumption, and the full APR range reaches 35.99% for weaker credit.
That focus is both a strength and a limit. If your debt is mainly credit cards, a purpose built loan with direct payoff steps can simplify the plan. If you also need to consolidate medical bills, personal loans, or other debts, a general lender such as SoFi, Upgrade, or Discover will be more flexible. Happy Money is not offered in Iowa, so check state availability before applying.
What we like- Payoff Loan built specifically for credit card debt
- Loans from $5,000 to $50,000
- No prepayment fee
Watch out for- Not offered in Iowa
- Origination fee applies
- Loan purpose is limited to card payoff, not general borrowing
How we chose
We compared APR ranges, loan amounts, terms, origination fees, direct creditor payment, and funding speed from lender pages and recent October 2026 comparison snapshots, and we read public reviews on G2, Capterra, and Reddit for recurring complaints about fees, funding delays, and customer support. We kept only lenders that offer unsecured personal loans usable for debt consolidation in the US today, publish an APR range, and allow rate checking with a soft credit inquiry. We excluded debt settlement firms, because settlement is a different product with different risks and credit effects.
Before you accept a consolidation loan
Compare APR, not just the monthly payment
A lower monthly payment can still cost more in total if the term is longer. Write down each offer's APR, origination fee, amount funded, monthly payment, term, and total of payments. Choose the offer with the lowest total cost that still leaves a monthly payment you can pay every month without fail.
Check what the fee does to your payoff
If a lender charges an origination fee, it comes out of your loan proceeds. A loan that looks large enough on paper may fall short of your card balances after the fee. Either borrow enough to cover balances plus the fee, or pick a no fee lender. Direct creditor payment helps, because the lender sends the net amount to your issuers and shows any shortfall before you sign.
Stop the cards from refilling
Consolidation fails most often when paid off cards get used again. Freeze the cards, remove them from online checkouts, or close accounts you do not need, after checking the effect on your credit history length. Keep one card for emergencies if you must, with a low limit and a plan to pay it in full each month.
Frequently asked questions
What is the best debt consolidation company?
There is no single best company for every borrower. SoFi and LightStream suit larger loans and strong credit, Upgrade and Upstart suit fair credit or thin files, Discover suits a no fee loan up to $40,000, and Happy Money suits card debt only. Compare at least three personalised offers on APR and total cost before choosing.
Does a debt consolidation loan hurt your credit?
Checking rates with a soft inquiry does not hurt your score. Accepting a loan triggers a hard inquiry and opens a new account, which can lower your score briefly. Over time, on time payments and lower card utilisation can help your score, while missed payments will hurt it. This is not financial advice, and your result depends on your full credit file.
Is debt consolidation the same as debt settlement?
No. Consolidation replaces several debts with one loan that you repay in full, usually at a lower APR. Settlement negotiates with creditors to pay less than you owe, often after stopping payments, which can damage your credit and carry tax effects on forgiven debt. The lenders here offer consolidation loans, not settlement programs.
How much can I borrow for debt consolidation?
Amounts here range from $1,000 at Upgrade and Upstart to $100,000 at SoFi and LightStream, subject to credit, income, and state rules. Borrow only enough to pay off the debts you plan to consolidate, plus any origination fee, and avoid borrowing extra for spending.
Should I choose a longer term to lower my payment?
A longer term lowers the monthly payment but raises total interest, sometimes by thousands of dollars. Choose the shortest term whose payment fits your budget with room for an emergency. If a 5 year term is comfortable and a 3 year term is tight, the 5 year term is safer than a payment you might miss.
Can I consolidate debt with fair credit?
Yes, but expect a higher APR and an origination fee. Upgrade, Best Egg, and Upstart all serve fair credit borrowers, with APRs up to 35.99% in published ranges. If the best APR you are offered is close to your current card APRs, consolidation may not save money, and a nonprofit credit counselling plan is worth checking first.
Sources we checked (7)
- https://www.sofi.com
- https://www.lightstream.com
- https://www.upgrade.com
- https://www.discover.com
- https://www.bestegg.com
- https://www.upstart.com
- https://www.happymoney.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.