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
- Happy Money and Achieve are built specifically for debt consolidation, with direct payoff features and fixed rates.
- LightStream suits borrowers with excellent credit, while Achieve accepts credit scores from 560, the lowest minimum on this list.
- LendingClub, now Happen Bank, shows the full APR range upfront: 5.96% to 35.99%, with origination fees up to 8%.
- Every lender here lets you check a rate with a soft credit inquiry, so comparing offers does not hurt your credit score.
Quick comparison
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The best debt consolidation loan companies
Starting priceSee website
Free planNo
SoFi is a full financial platform offering banking, loans, investing, credit cards and mortgages through SoFi Bank, N.A., Member FDIC. Its personal loans can be used to consolidate high-interest debt into a single fixed payment, and members get access to benefits like rate discounts and rewards. The homepage confirms the bank charter and licensing, which matters when comparing online lenders.
The main caveat is that SoFi's homepage is heavy on disclosures and light on loan specifics, so the personal loans page is the authority for current rates, terms and fees. SoFi suits borrowers who want one financial home rather than a single-purpose lender, and who value the ability to bank, borrow and invest in one place.
What we like- Full financial platform with banking, investing and loans
- Loans originated by SoFi Bank, N.A.
- Member benefits
Watch out for- Homepage extract shows mostly disclosures, so loan terms must be checked on the personal loans page
- Not the cheapest option for every borrower
Starting priceSee website
Free planNo
LightStream, by Truist, offers loans for practically anything, including debt consolidation, and it is known for competitive rates to borrowers with strong credit and stable income. The brand's long history and bank backing give it credibility that newer online lenders cannot match, and its application process is fully online.
The trade-off is qualification: LightStream's best rates go to borrowers with excellent credit, so applicants with fair credit may get better offers elsewhere on this list. The homepage extract available here is thin, so current APRs, loan amounts and fees should be confirmed on the personal loans page before applying. For high-credit borrowers, it remains one of the first quotes worth getting.
What we like- Backed by Truist
- Loans for practically anything
- Strong reputation for low rates to qualified borrowers
Watch out for- Best rates require excellent credit
- Homepage extract is thin, so terms must be confirmed on the loans page
Starting priceSee website
Free planNo
Upgrade offers personal loans up to $50,000 with low fixed rates, and its homepage states that checking a rate is free and will not impact your credit score. Funds can arrive within a day of clearing verifications, and borrowers can pay off the loan at any time with no prepayment penalty. The platform serves more than 8.5 million customers and has facilitated over $53 billion in borrowing.
Upgrade also offers rewards checking and credit cards, but for debt consolidation the personal loan is the product that matters. The fixed rate and predictable payment make budgeting straightforward, though borrowers should check whether an origination fee applies to their offer, since that changes the effective cost. For speed and simplicity, Upgrade is hard to beat.
What we like- Personal loans up to $50,000 with low fixed rates
- Rate check is free and does not impact credit
- Funds within a day of clearing verifications
- No prepayment penalty
Watch out for- Origination fees may apply
- Rates vary widely by credit profile
Starting priceFrom 5.96% APR
Free planNo
LendingClub now presents itself as Happen Bank, formerly LendingClub, and its homepage is unusually transparent: personal loan APRs range from 5.96% to 35.99%, with origination and processing fees from 0% to 8% of the loan amount, valid as of July 2026. Checking a rate generates only a soft inquiry, and a hard inquiry appears only if a loan is issued. The site also offers a discounted APR for borrowers who use the loan to pay down qualifying debt directly, and a loan payment cash back program for eligible checking customers.
That transparency is valuable, because it shows the full cost range rather than only the best-case rate. The average Happen personal loan in early 2026 carried a 17.32% APR with a 6% origination fee, which the bank compares with an average credit card APR of 20.97% over the same period. Borrowers should still compare the total cost, including fees, against their current card rates before committing.
What we like- Full APR range published upfront (5.96% to 35.99%)
- Rate check uses a soft inquiry
- Discounted rates for direct debt payoff
- 2% loan payment cash back for qualifying checking customers
Watch out for- Origination fees up to 8% of the loan amount
- Brand now presents as Happen Bank, which may confuse returning customers
Starting priceFrom 8.95% APR
Free planNo
Happy Money's Payoff Loan is designed for one job: rolling credit card balances into a single loan with a fixed monthly payment and a set payoff date. Loan amounts run $5,000 to $50,000, with fixed rates from 8.95% APR and terms of 2 to 7 years. Checking a rate will not impact your credit score, and there are no prepayment fees for paying off early. The company reports more than $7 billion in loans funded and 350,000 customers helped.
The focus is a strength and a limit. Borrowers consolidating cards get a purpose-built product with a clear payoff date, and the site's example shows how a $20,000 balance becomes one $626 monthly payment at 10.95% APR. Borrowers who need funds for other purposes should look at a general personal loan instead, and Iowa residents should note that loans are not currently offered there.
What we like- Built specifically for credit card payoff
- Loans $5,000 to $50,000
- Fixed APR with 2 to 7 year terms
- No prepayment fees
- Rate check does not affect credit
Watch out for- Not offered in Iowa
- Origination fee assumed at 3% in the site's example
- Credit card payoff only, not general-purpose borrowing
Starting priceFrom 6.25% APR
Free planNo
Achieve offers personal loans for debt consolidation with fixed rates from 6.25% APR, borrowing up to $50,000, and funding in as few as 24 hours after approval. Its minimum credit score of 560 is the lowest on this list, and it takes a holistic approach to approval, reviewing more than just the credit score. Checking a rate uses a soft inquiry that does not affect credit, and there are no prepayment penalties.
Achieve also offers home equity lines of credit and, importantly, debt resolution programs for borrowers who genuinely cannot afford to repay their debts in full. Those programs negotiate with creditors but typically cause credit score damage, so they are a hardship option, not a first choice. For borrowers with fair credit who can afford a loan payment, the personal loan is the better path.
What we like- Personal loans from 6.25% APR up to $50,000
- Minimum credit score of 560
- Funds in as few as 24 hours
- No prepayment penalties
- Debt resolution programs for hardship cases
Watch out for- Partners with lenders rather than lending directly
- Debt relief programs can damage credit scores, so they suit hardship cases only
Starting priceSee website
Free planNo
Best Egg offers personal loans up to $50,000 with low fixed rates, and its direct pay feature sends funds straight to creditors, which can mean better rates and faster payoff. The application is quick, checking a rate takes minutes with no impact to credit score, and funding can arrive in 24 hours. The platform also offers a free financial health tool for monitoring credit scores, tracking debt paydown and building budgets.
Best Egg also offers a Homeowner Preferred Loan with access to its lowest rates, using fixtures like cabinets and vanities as collateral rather than the whole home. That secured option is not for every borrower, but it shows the range of the platform. For unsecured consolidation with direct payoff, Best Egg is a strong, straightforward choice.
What we like- Personal loans up to $50,000
- Direct pay to creditors with access to better rates
- Fixed monthly payments
- Funding in 24 hours
- Rate check does not affect credit
Watch out for- Secured loan option uses home fixtures as collateral, which is not for everyone
- Rates and fees must be confirmed on the loans page
Starting priceSee website
Free planNo
Prosper, America's first peer-to-peer lending marketplace, now offers personal loans up to $50,000 with next-day funding and no prepayment penalties. Its homepage highlights newly available 6-year terms, which lower the monthly payment for borrowers consolidating large balances, and a rate check that takes one minute with no impact to credit. The platform reports 20 years of experience and strong recent review scores.
The longer term is a double-edged sword: a 6-year term makes payments more affordable month to month, but it also means paying interest for longer, which raises the total cost. Borrowers should compare the total interest across terms, not just the monthly payment, and choose the shortest term they can comfortably afford. For large balances where cash flow is tight, Prosper's 6-year option is genuinely useful.
What we like- Personal loans up to $50,000
- Now offering 6-year terms
- Next-day funding
- No prepay penalties
- 20 years of experience
- Rate check in 1 minute with no credit impact
Watch out for- Loans made by WebBank, so terms depend on the partner bank
- Longer terms mean more total interest even at a lower monthly payment
How we chose
We picked lenders that offer personal loans suitable for debt consolidation in the US, with published rates or ranges, soft-inquiry rate checks, and fixed payments. Each homepage was opened to confirm the lender exists and matches its description, and rates were taken from the lender's own pages where shown. Where a homepage did not display rates, we wrote "See website" rather than guessing. Marcus by Goldman Sachs was left out because its homepage now focuses on savings, and its personal loan product is no longer offered. LendingClub's rebrand to Happen Bank is noted in the article rather than hidden.
Is a consolidation loan right for you
A consolidation loan helps when it lowers your total cost or simplifies your payments, and it hurts when it only stretches the same debt over more years at a similar rate. Before applying, list every balance, rate and minimum payment, then compare the loan's APR plus any origination fee against the weighted average of your current debts. If the loan rate is not lower, or if the fee wipes out the savings, keep the cards and use a payoff method like avalanche or snowball instead.
Also consider behavior. A consolidation loan clears card balances, which creates room to spend again, and borrowers who run cards back up end up with both a loan and new card debt. The safest approach is to close or freeze paid-off cards, or at least cut them up, and to build a small emergency buffer so the next surprise does not go back on a card. If you cannot afford the loan payment, or if debts already exceed what you can repay, talk to a nonprofit credit counselor before borrowing more. This article is general information, not financial advice, and your own situation may call for a different solution.
Frequently asked questions
What credit score do I need for a debt consolidation loan?
It depends on the lender. Achieve accepts scores from 560, while LightStream's best rates go to excellent-credit borrowers. Most lenders here let you check a rate with a soft inquiry, so you can see real offers without hurting your score.
Does checking my rate hurt my credit score?
No, for every lender on this list. Rate checks use soft inquiries that do not affect your score. A hard inquiry appears only if you accept an offer and proceed with the application, and it typically lowers a score by only a few points temporarily.
How much can I borrow for debt consolidation?
Most lenders here offer up to $50,000, including Upgrade, Happy Money, Achieve, Best Egg and Prosper. LightStream and SoFi may offer higher amounts depending on credit and income, so check the lender's page if your total debt exceeds $50,000.
Is a consolidation loan better than a balance transfer card?
It depends on the numbers. A 0% balance transfer card can beat a loan if you can repay within the promo period, but the rate jumps sharply afterward, and transfer fees apply. A loan gives a fixed rate and a set payoff date, which suits larger balances that need more than a year to repay.
What fees should I watch for?
Origination fees are the big one: LendingClub charges 0% to 8% of the loan amount, and other lenders may charge similar fees. Also check for late fees and prepayment penalties, though most lenders here, including Upgrade, Happy Money, Achieve and Prosper, charge no prepayment penalty.
What if I cannot afford a consolidation loan payment?
Do not borrow more to cover unaffordable debt. A nonprofit credit counselor can review your budget and may arrange a debt management plan with lower rates, and hardship programs like Achieve's debt resolution exist for cases where full repayment is not realistic. Those programs can damage credit, so treat them as a last resort.
Sources we checked (8)
- https://www.sofi.com
- https://www.lightstream.com
- https://www.upgrade.com
- https://www.lendingclub.com
- https://www.happymoney.com
- https://www.achieve.com
- https://www.bestegg.com
- https://www.prosper.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.
SoFi
LightStream
Upgrade
LendingClub (Happen Bank)
Happy Money
Achieve
Best Egg
Prosper