Best Debt Consolidation Loan Rates — October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
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Debt consolidation loan rates range from 4.25% to 18.00% APR, verified by MonitorBankRates as of October 13, 2026. Top debt consolidation loan rates currently available include: MembersAlliance Credit UnionMembersAlliance Credit Union2550 S Alpine Rd, Rockford, IL, 61108 7813A+5.0 ★Texas Ratio: 3.08%'s Loan Consolidation has an APR of 4.25%, MembersAlliance Credit UnionMembersAlliance Credit Union2550 S Alpine Rd, Rockford, IL, 61108 7813A+5.0 ★Texas Ratio: 3.08%'s Loan Consolidation (5 year) has an APR of 4.25%, Benton County Schools Credit UnionBenton County Schools Credit Union2101 NW Professional DR, Corvallis, OR, 97330A+5.0 ★Texas Ratio: 0.28%'s Consolidation Loan - 36 Months has an APR of 4.50%, HAWAIIAN ELECTRIC EMPLOYEESHAWAIIAN ELECTRIC EMPLOYEES770 KAPIOLANI BLVD STE 514, HONOLULU, HI, 96813A+5.0 ★Texas Ratio: 2.31%'s Bill Consolidation Loan has an APR of 4.75%, and Freedom Of Maryland Federal Credit UnionFreedom Of Maryland Federal Credit Union1304 E Churchville Rd, Bel Air, MD, 21014A5.0 ★Texas Ratio: 12.84%'s Debt Consolidation Loan has an APR of 4.99%. Rates as of October 13, 2026 per MonitorBankRates.
A debt consolidation loan combines multiple high-interest debts — credit cards, medical bills, store cards — into a single lower-APR installment loan. Done right, consolidation reduces your monthly payment and total interest paid, and simplifies your finances to a single due date.
A consolidation loan is a personal loan pointed at existing debt. For the wider product — including secured options and other uses — see personal loan rates, or signature loans for the unsecured credit-union version.
We display transparent financial health metrics — A–F Safety Grades, Star Ratings, and Texas Ratios — so you can borrow from a stable, highly-rated institution.
Rates reflect actual verified offers. Last Updated: October 13, 2026
Compare Debt Consolidation Loan Rates
As Low As
- Sep 22, 20264.25%▼ from 5.25%
- Sep 14, 20265.25%first recorded
As Low As; Variable Rate**
Consolidation loan rates; APR*
No additional details provided.
Rate quoted based on 36 month term, $1,000 up to $30,000; Rates available on approved credit; 0.25% discount with e-Statements and automated payments on select collateral loans
As Low As
- Sep 22, 20265.00%▼ from 5.75%
- Sep 14, 20265.75%first recorded
As Low As; Variable Rate**
No additional details provided.
As Low As
As Low As; Fixed Rate*
- Oct 10, 20265.25%▲ from 4.25%
- Sep 22, 20264.25%first recorded
Consolidation loan rates; APR*
No additional details provided.
As Low As
As Low As; Fixed Rate*
- Oct 10, 20265.75%▲ from 5.00%
- Sep 22, 20265.00%first recorded
Loan amount $1,000 to $35,000; Promotional offer valid 10/1/2026-12/31/2026 for qualifying Holiday and Debt Consolidation Signature Loans; Membership eligibility required; Cannot be combined with other loan discounts or promotional offers
No additional details provided.
Credit Limit: $10,000 Single / $20,000 Joint Maximum
Consolidation loan rates; APR*
Featured rate; Rates effective as of 8/3/2026
Loan amount $1,000 to $35,000; Promotional offer valid 10/1/2026-12/31/2026 for qualifying Holiday and Debt Consolidation Signature Loans; Membership eligibility required; Cannot be combined with other loan discounts or promotional offers
Risk Based Loan; Credit Rating: A+; Credit Score: 760+
Published APR range: 7.00%-16.00%.
No additional details provided.
- Oct 11, 20267.20%▲ from 7.08%
- Oct 3, 20267.08%▼ from 7.20%
- Sep 27, 20267.20%▲ from 6.95%
- Sep 24, 20266.95%▼ from 7.08%
No additional details provided.
- Oct 11, 20267.24%▲ from 7.11%
- Oct 3, 20267.11%▼ from 7.24%
- Sep 27, 20267.24%▲ from 6.99%
- Sep 24, 20266.99%▼ from 7.11%
Credit Limit: $10,000 Single / $20,000 Joint Maximum
Published APR range: 7.49% - 18.00%. $1,000 - $50,000. Fixed Rate.
Additional APR listed for this product: 9.49%, 9.75%, 11.75%, 12.00%. As Low As
Loan amount $1,000 to $35,000; Promotional offer valid 10/1/2026-12/31/2026 for qualifying Holiday and Debt Consolidation Signature Loans; Membership eligibility required; Cannot be combined with other loan discounts or promotional offers
As Low As; Rates effective 5/21/2026
Loans up to $25,000.00 are available. Ability to consolidate existing credit balances (credit cards, loans, medical expenses, taxes, auto repair bills, etc.). Loan funds disbursed directly to creditors. Fixed monthly payments and no penalty for early payoff. Rate referenced above is the lowest rate possible for qualified borrowers and is based on underwriting criteria. There is a one-time $100 loan origination fee.
As Low As
Risk Based Loan; Credit Rating: A; Credit Score: 759-680
Special Rate; Certain restrictions apply. Rate subject to change without notice.
As Low As
Published APR range: As low as 7.95%.
Up to $15,000; promotional rate available September 1 to December 31, 2026; limit one Debt Consolidation Loan per member; existing debt consolidation loan can be refinanced; automatic payments and direct deposit into an IFCU checking account required
As Low As; Fixed rate; combine higher-rate balances into a single payment; no hidden fees; includes 0.25% discount for automatic payments from an MHV account
Loan amount $1,000 to $35,000; Promotional offer valid 10/1/2026-12/31/2026 for qualifying Holiday and Debt Consolidation Signature Loans; Membership eligibility required; Cannot be combined with other loan discounts or promotional offers
Published APR range: 7.99% to 17.99%. As Low As; APR range as published
As Low As
As Low As; Up to $20,000. Terms based on loan amount. Exclusions and conditions apply.
Rate range: 7.99% - 17.49%; Amount: $3,000 - $10,000
As Low As; Minimum loan amount $500; Maximum loan amount $30,000; Stated rate is based on certain creditworthiness criteria
As Low As; Term: Varies
No additional details provided.
As Low As; Effective Month: December 2025
Bills to be paid with loan proceeds must be presented to the Credit Union for payment.
Credit score of 630 and above required
Rates shown above are the lowest offered by Instep Credit Union for the product and term listed. APR = Annual Percentage Rate. APR and estimated monthly payment calculated using sample amount listed (which includes a $50 application fee for personal loans and $100 application fee for generator and pool loans) and max term. Not everyone will qualify for rate or APR advertised. Loan rate, term, and monthly payment are determined by credit worthiness, collateral, and loan to value.
- Oct 6, 20268.00%▲ from 7.25%
- Sep 30, 20267.25%first recorded
Credit Limit: $10,000 Single / $20,000 Joint Maximum
As Low As; Credit Grade: A+; Up to $25,000 in unsecured credit; Fixed rate; No application or origination fees; New loans only (not valid for refinancing existing RCCU debt)
As Low As
Credit Grade: A; Up to $25,000 in unsecured credit; Fixed rate; No application or origination fees; New loans only (not valid for refinancing existing RCCU debt)
- Oct 5, 20268.40%▲ from 8.25%
- Sep 14, 20268.25%first recorded
Max unsecured balance $30,000
No additional details provided.
As Low As; $10,000 max for qualified borrowers; Cosigner &/or Collateral required
Loan amount $1,000 to $35,000; Promotional offer valid 10/1/2026-12/31/2026 for qualifying Holiday and Debt Consolidation Signature Loans; Membership eligibility required; Cannot be combined with other loan discounts or promotional offers
Calculator Disclaimer Personal Loan Rate: The monthly payment at 8.490% APR for a term of 12 months would require payments of approximately $87.22/month, per $1,000 borrowed. APR=Annual Percentage Rate, subject to change. Rate is based on individual creditworthiness and term of the loan. The use of this calculator does not imply nor guarantee loan terms nor approval of financing.
Risk Based Loan; Credit Rating: B; Credit Score: 679-650
As Low As; Minimum loan amount $500; Maximum loan amount $30,000; Stated rate is based on certain creditworthiness criteria
Max $20,000; Rates are determined by your personal credit history and payment method, so your rate may differ. APR = Annual Percentage Rate. Rates subject to change at any time. Other restrictions & details may apply. As Low As
As Low As; Loan amounts $500 - $20,000; credit score 670 minimum; limited-time offer; loan proceeds for debt consolidation only, paid directly to creditors
Rates as of 10/1/2026
As Low As
$35,000; As Low As
As Low As; Rates may vary based on individual creditworthiness
As Low As; fixed rate; combines multiple bills and credit cards into a single fixed monthly payment
Published APR range: 8.75% - 17.75%.
As Low As; Limit: Up to $20,000; Individual
As Low As; Limit: Up to $40,000; Joint
No additional details provided.
As Low As; Personal Loan
Up to $10,000; CU will pay vendors directly; current SMEFCU Loans are not eligible
As Low As; Payroll deduction or automatic draft APR; Consolidation + Share Loan section
Checks to creditors, no internal refinances, no cash out.
Annual Percentage Rate. Rates accurate as of 10/01/26. Programs, rates, terms and conditions are subject to change without notice. Subject to credit qualification and approval. Rate may vary based on individual creditworthiness. Additional restrictions may apply.
As Low As; Unsecured
$35,000; As Low As
As Low As; Amount: $1,000/$15,000
As Low As
No additional details provided.
As Low As
Published APR range: 9.00% to 15.00%.
As Low As; APPLY
$26,000; Published APR range: As low as 9.20%. As Low As
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and an example My $ Loan amount financed of $5,000.
No additional details provided.
As Low As; Rate may vary based on credit worthiness and term; Minimum savings balance of $100 required to be eligible for loans; Membership is required
Credit Limit: $10,000 Single / $20,000 Joint Maximum
No additional details provided.
As Low As; $10,000 max; APR
No additional details provided.
No additional details provided.
As Low As; APPLY
Debt Consolidation loans
Maximum: total not to exceed $40,000
$500 Minimum Loan Amount
As Low As; Non-payroll deduction APR; Consolidation + Share Loan section
- Oct 5, 20269.49%▲ from 8.99%
- Sep 14, 20268.99%first recorded
Under $10,000; As Low As; Loan Amount: Up to $10,000; Rates listed are based on automatic loan payment; Refinancing of existing Christian Financial debt not available with Debt Shed; No consolidation of existing Debt Sheds
No additional details provided.
Loan Special
- Sep 18, 20269.50%▼ from 10.00%
- Sep 14, 202610.00%first recorded
Debt Consolidation loans
As Low As; APPLY
As low as 9.74%*; Applies to applicants with direct deposit of net pay and a checking account.
No additional details provided.
As Low As
maximum $35,000
Term: Up to 48 Months Fixed; As Low As; Maximum Loan Amount 25,000.00
Published APR range: 9.75% - 16.00%; Published rate range: 9.75% - 16.00%.
Personal Loan Rates (Effective October 1, 2023)
No additional details provided.
Available up to $30,000 for qualified members. Simplify your bill payment and organize your personal finances.
As Low As; Personal Loans
As Low As; Maximum Amount: $10,000
As Low As; Rates as low as 9.95%
Published APR range: 9.97% - 17.75%.
Additional APR listed for this product: 10.99%, 11.99%.
As Low As; The above annual percentage rates (APR) are the lowest rates offered to applicants with direct deposit of net pay and a checking account. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. All loan requests and rates are subject to credit approval.
No additional details provided.
As Low As; Lowest available rate, quoted rate may be higher based on credit criteria
No additional details provided.
Published APR range: 9.99% - 16.99%. As Low As; $50,000 maximum loan amount
Consumer Loans; Rates effective as of 10/1/2026
Up to $10,000; CU will pay vendors directly; current SMEFCU Loans are not eligible
As Low As; Borrow up to $10,000.00, Delay first payment for 60 days
- Sep 29, 20269.99%▲ from 8.00%
- Sep 14, 20268.00%first recorded
As Low As; Maximum term for lowest rate is 60 months.
As Low As; Minimum loan amount $500; Maximum loan amount $30,000; Stated rate is based on certain creditworthiness criteria
APR as low as
- Oct 5, 20269.99%▼ from 11.99%
- Sep 27, 202611.99%▲ from 9.99%
- Sep 14, 20269.99%first recorded
Published APR range: 9.99% - 18.00%.
$1,000-$2,499; As low as
$2,500 - $4,999; As low as
$5,000-$7,499; As low as
As low as
As Low As
No additional details provided.
As Low As; Minimum Loan Amount $500.00
Risk Based Loan; Credit Rating: C; Credit Score: 649-600
No additional details provided.
Published APR range: 10.00% - 16.00%; Published rate range: 10.00% - 16.00%.
No additional details provided.
Consumer Loans; Rates effective as of 10/1/2026
APR (Fixed); Automatic payments required for lowest rate
No additional details provided.
As Low As; $10,000 max; APR
As Low As; Rate includes .50% reduction for automatic payment and direct deposit
Credit Grade: B; Up to $25,000 in unsecured credit; Fixed rate; No application or origination fees; New loans only (not valid for refinancing existing RCCU debt)
- Oct 5, 202610.40%▲ from 8.25%
- Sep 14, 20268.25%first recorded
As Low As; Pay Off Those High Interest Credit Cards!
No additional details provided.
Published APR range: 10.49% - 17.49%. As Low As; $50,000 maximum loan amount
Consumer Loans; Rates effective as of 10/1/2026
$10,000; As Low As; Loan Amount: $10,001 - $15,000; Max to Lend = $15,000; Rates listed are based on automatic loan payment; Refinancing of existing Christian Financial debt not available with Debt Shed; No consolidation of existing Debt Sheds
Unsecured Loans; posted rate, your rate could vary according to your credit
$500 - $50,000; Published APR range: 10.49% - 24.00%. Monthly payment per $1,000 at maximum term: $18.78 - $26.33
Advertised APR; Loan amounts up to $10,000
Term: Up to 48 months and $10,000
As Low As; Restrictions may apply
As Low As; Max Amount: $15,000
As Low As; Minimum loan amount $500; Maximum loan amount $30,000; Stated rate is based on certain creditworthiness criteria
As Low As; Debt consolidation maximum limit $20,000; all consolidated debt must be paid off and closed with this loan program
- Sep 25, 202610.59%▼ from 11.59%
- Sep 14, 202611.59%first recorded
Maximum: total not to exceed $40,000
As low as 10.74%*; Applies to applicants with direct deposit of net pay and a checking account.
Consumer Loans; Rates effective as of 10/1/2026
APR (Fixed); Automatic payments required for lowest rate
As Low As; Loan type: Consolidation
Annual Percentage Rate As Low As 10.75% *
As low as
Unsecured personal loan; subject to credit approval and standard credit union lending criteria; application fees may apply
Additional APR listed for this product: 11.99%, 12.99%.
No additional details provided.
- Oct 2, 202610.99%▲ from 10.74%
- Sep 19, 202610.74%first recorded
No additional details provided.
Published APR range: 10.99% - 14.99%. As Low As; $50,000 maximum loan amount
No additional details provided.
Consumer Loans; Rates effective as of 10/1/2026
As Low As
As Low As; Rates as low as 10.99% APR. Homepage banner: Take Control of Your Finances with a Debt Consolidation Loan
No additional details provided.
As Low As; Minimum loan amount $500; Maximum loan amount $30,000; Stated rate is based on certain creditworthiness criteria
Published APR range: 10.99% - 13.99%.
As Low As; Maximum Loan Amount 25,000.00
Advertised APR; Loan amounts $10,001 - $15,000
As Low As
Published APR range: 10.99% - 25.74%. Fixed
Published APR range: 10.99% to 15.99%.
No additional details provided.
Term: Up to 60 months and over $10,000 not to exceed $15,000
As Low As; Amount: $15,000.01/$25,000
Credit Score: 760+; Credit Tier: A+; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
As Low As; Rates apply to bill consolidation loans greater than $10,000.00; Rate based on credit score and reflects a 0.25% discount for automatic payment deducted from qualified SFCU account
- Sep 24, 202611.00%▲ from 10.00%
- Sep 17, 202610.00%first recorded
Published APR range: 11.00% - 16.00%; Published rate range: 11.00% - 16.00%.
No additional details provided.
- Oct 2, 202611.14%▲ from 10.89%
- Sep 19, 202610.89%first recorded
No additional details provided.
No additional details provided.
As Low As; $10,000 max; APR
No additional details provided.
Loan amount $4,000 and higher
No additional details provided.
No additional details provided.
Based on credit approval. Rates are subject to change without notice. Call the credit union for current rate. Rates are based on the applicant's credit score. There are no transaction, membership, activity, or participation fees.
Published APR range: 11.49% - 14.99%.
Daily Periodic Rate: Starting @ 0.03151%
Risk Based Loan; Credit Rating: D; Credit Score: 599-535
As Low As; Restrictions may apply
As Low As; Rates apply to bill consolidation loans greater than $10,000.00; Rate based on credit score and reflects a 0.25% discount for automatic payment deducted from qualified SFCU account
As Low As; Personal Loans
No additional details provided.
Up to $30,000
Maximum: total not to exceed $40,000
Fixed Rate APR range: 11.74% - 17.99%; Type: Debt Consolidation
As low as*
Member Perks pricing: 0.25% discount on the rates listed above; Rates effective as of October 13, 2026
- Oct 13, 202611.75%▼ from 12.00%
- Sep 14, 202612.00%first recorded
No additional details provided.
Up to $30,000
As Low As; APPLY
Published APR range: 11.99% - 16.99%. APR* range; final rate based on credit rating, collateral value, and loan term
Published APR range: 11.99% - 16.99%. APR range; final rate based on credit rating, collateral value, and loan term
As Low As; Loyalty Discount
Call for details
Loan amounts up to $25,000; No annual or prepayment penalties
No additional details provided.
No additional details provided.
As Low As; No money at the end of the month? Ask about PLCD!
As Low As; Rates effective as of October 13, 2026
Unsecured (Signature); $0 Minimum $10,000 Maximum; Proceeds payable directly to creditors
Credit Score: 760+; Credit Tier: A+; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
18.00%
No additional details provided.
Maximum $5,000 - Call Credit Union For Eligibility
No additional details provided.
As Low As; Maximum Loan Amount 25,000.00
No additional details provided.
Published APR range: 12.30% to 17.99%. As Low As; APR range as published
Published APR range: 12.35% to 17.99%. As Low As; APR range as published
Published APR range: 12.40% to 17.99%. As Low As; APR range as published
Published APR range: 12.45% to 17.99%. As Low As; APR range as published
As Low As
As Low As; Signature Loans
APR range: 12.49% - 17.99%
No additional details provided.
As Low As; Fixed APR
Maximum: total not to exceed $40,000
As Low As; APPLY
Rate based on creditworthiness and term of loan
As Low As; Effective 3/1/2023; Rates subject to change without notice
$7,500; As Low As; Daily Periodic Rate: 0.03559%
A and A+ paper only; Proceeds made directly to creditors only!
Credit Score: 760+; Credit Tier: A+; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
Bill Consolidation; $500 Minimum; $50,000 Maximum
No additional details provided.
No additional details provided.
18.00%
As Low As; APR* as low as 13.19%; Maximum loan $10,000; Rates Effective 4/24/2025 (Stated Rates Exclude .25% Discount); *APR = Annual Percentage Rate
No additional details provided.
As Low As; rate based on member relationship; membership eligibility required; Monthly payment per $1,000: $23.15
Term: 49 - 60 Months (5K Plus)
As Low As; $10,000 max; APR
No additional details provided.
Credit Grade: C; Up to $25,000 in unsecured credit; Fixed rate; No application or origination fees; New loans only (not valid for refinancing existing RCCU debt)
- Oct 5, 202613.40%▲ from 8.25%
- Sep 14, 20268.25%first recorded
As Low As; Loan Amount: Up to $30,000.00; Relationship Benefits discount of 0.50% applies; APR shown with ** footnote
Published APR range: 13.50%-18.00%. As Low As; Max Term: 60 Month
As Low As; Consolidation loan
Risk Based Loan; Credit Rating: E; Credit Score: 534-450
Bill Consolidation; $500 Minimum; $50,000 Maximum
No additional details provided.
As Low As; $30,000 maximum - consolidate your high rate loans; Base rate, adjusted by risk-based lending (Vantage Score)
As Low As
As Low As; Consolidation loans are not based on score or term; Additional rate discounts available for Simplicity Checking with Direct Deposit, Active Duty or Retired Military, 75% LTV, or refinancing from another lender
As Low As; Rates stated in APR; includes All Access member discounts (active checking with direct deposit, debit card, and home banking)
Checks written to creditors; accounts must be closed; term n/a
As Low As; List of bills required; checks payable to creditors
Credit Score: 700-759; Credit Tier: A; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
>600 Credit Score
No additional details provided.
Bill Consolidation; $500 Minimum; $50,000 Maximum
Published APR range: 14.45% to 17.99%. As Low As; APR range as published
Maximum: total not to exceed $40,000
Bill Consolidation; $500 Minimum; $50,000 Maximum
As Low As; Consolidation loan
Amount: $15,000 Maximum
Max of $20,000.00
Maximum: total not to exceed $40,000
Credit Score: 650-699; Credit Tier: B; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
Payroll deduction or ACH
No additional details provided.
No additional details provided.
Maximum: total not to exceed $40,000
Credit Score: 600-649; Credit Tier: C; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
Personal Loans; Effective as of January 1, 2023
No additional details provided.
Published APR range: 16.44% to 17.99%. As Low As; APR range as published
Maximum: total not to exceed $40,000
As Low As; List of bills required; checks payable to creditors
Credit Score: 600-649; Credit Tier: C; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
As Low As
Variable rate
Credit Score: 520-599; Credit Tier: D; Loan amounts: $500 - $25,000; Credit score over 680 required for loans over $10,000
Fixed rate, maxed 18% (discount with direct deposit); Amount: $500-$10,000; $20 application fee; 1% origination fee upon approval
Debt Consolidation Loan APR Trend
Daily average APR for debt consolidation loans
Daily averages compiled from our database of 8,500+ banks and credit unions — updated daily.
Debt consolidation loan APRs rose 0.047 points to 10.58%, up from 10.53% last week.
What Consolidating Actually Saves You
The case for consolidating is arithmetic, not marketing: you swap variable double-digit card APRs for one fixed rate and a firm payoff date. Below is a $15,000 balance repaid over 48 months at the current consolidation average of 10.58% versus a range of typical credit card APRs.
| Repayment Option | APR | Monthly Payment | Total Interest | Interest Saved |
|---|---|---|---|---|
| Consolidation loan — current average | 10.58% | $384.63 | $3,462 | — |
| Leaving it on cards at 18% APR | 18.00% | $440.62 | $6,150 | $2,688 |
| Leaving it on cards at 22% APR | 22.00% | $472.59 | $7,684 | $4,222 |
| Leaving it on cards at 26% APR | 26.00% | $505.76 | $9,276 | $5,814 |
The 18%, 22%, and 26% figures are illustrative points across the range card issuers commonly charge, not a published average — check your statements for your actual APRs. Every row assumes the same fixed 48-month payoff; paying only card minimums would stretch the timeline for years and raise the interest far above what’s shown. Consolidation only delivers these savings if the paid-off cards stay paid off.
When Consolidation Works — and When It Doesn’t
Consolidation is a rate-arbitrage tool, not debt relief. It helps in some situations and quietly costs money in others. Be honest about which one you’re in.
It works when the new APR is genuinely lower
Compare the loan APR against the weighted average of what you owe now, not against your worst card. Weight each balance by its size — a 27% APR on $500 matters far less than 19% on $12,000. If the loan doesn’t beat that blended number after any origination fee, it isn’t saving you anything.
It works when you keep the term short
Stretching $15,000 from a 3-year to a 7-year payoff drops the monthly payment attractively and can still increase total interest even at a lower rate. If the goal is to pay less, hold the term at or below what you’d have realistically taken to clear the cards.
It fails when the cards get used again
This is the single most common way consolidation backfires. The loan pays the cards to zero, the available credit is tempting, and a year later the borrower carries the loan and a rebuilt card balance. If you can’t commit to leaving them alone, address the spending first.
It fails when the real problem is cash flow
If the minimums are unaffordable because income doesn’t cover essentials, a lower rate won’t fix that — and applying with strained credit tends to produce quotes that beat nothing. A non-profit credit counselling agency can negotiate directly with issuers, which is a different and sometimes better tool.
About Our Debt Consolidation Rate Database
This page tracks loans lenders specifically market for debt consolidation, drawn from the thousands of verified rates in our database. Every APR is sourced directly from the lender’s own website and re-verified regularly. Mechanically these are personal loans — see personal loan rates for the full range, since a general-purpose loan at a lower APR consolidates debt just as well.
The lowest verified consolidation APR we’re showing is 4.25% APR from MembersAlliance Credit Union. Advertised APRs are the lender’s best-qualified rate, so treat them as the floor of a range. Since consolidation applicants often carry high utilisation — which itself weighs on your score — prequalifying with a soft credit check matters more here than on most products.
Consolidation Loan vs. the Alternatives
| Feature | Consolidation Loan | 0% Balance Transfer | Home Equity Loan / HELOC | Credit Counselling Plan |
|---|---|---|---|---|
| Typical Cost | ● Fixed mid-range APR | ✓ 0% during the promo | ✓ Usually lowest APR | ● Reduced rates + small monthly fee |
| Best Balance Size | Any — scales to large balances | Small enough to clear in 12–21 months | Large, when equity exists | Any, when payments are unaffordable |
| What You Risk | ✓ Nothing pledged | ● Rate snaps up on any remaining balance | ✗ Your home | ● Accounts usually closed during the plan |
| Upfront Cost | ● Origination fee up to ~10% | ● Transfer fee, typically 3–5% | ● Closing costs possible | ✓ Low setup fee |
| Fixed Payoff Date | ✓ Yes | ✗ Only if you clear it in time | ✓ Yes for loans; no for HELOCs | ✓ Yes, typically 3–5 years |
General comparison for educational purposes; terms and eligibility vary by provider and credit profile. Borrowing against your home converts unsecured debt into secured debt — missed payments can put the property at risk. Debt settlement is a different product from credit counselling and can seriously damage your credit. MonitorBankRates is not a lender, counselling agency, or financial advisor.
Debt Consolidation Savings Calculator
Enter what you owe now and what you’re paying on it, then compare against a consolidation loan. The APR is prefilled with the current average — click a rate on the right to apply a real offer.
Both scenarios assume the same fixed repayment term, so this isolates the effect of the rate. In reality, paying only card minimums extends the payoff for years and costs far more than the “stay put” figure shown — meaning this estimate is conservative. Assumes no new charges on the paid-off accounts. This tool is for illustration and is not a loan offer.
Personal Loans for Bad Credit
A FICO score below 580 is considered poor and 580 to 669 is fair. You can still get a personal loan with bad credit, but expect an APR well above the best rates on this page, a smaller loan amount, or a request for collateral or a cosigner. Where you apply matters as much as your score.
Start With a Credit Union
Federal credit unions cannot charge more than 18% APR on most loans through September 10, 2027. Many weigh your income and membership history, not just your score.
Ask About a Payday Alternative Loan
Many federal credit unions offer PALs for small, short term needs, capped at 28% APR with an application fee of no more than $20. That is a fraction of what a payday lender charges.
Secure the Loan With Savings
A share secured or CD secured loan uses your own savings as collateral, so approval is easy and the APR is low. On time payments are reported to the credit bureaus and help rebuild your score.
Add a Cosigner or Co-borrower
A second applicant with stronger credit can lower your rate and raise the amount you qualify for. They are equally responsible for every payment.
Prequalify Before You Apply
Most lenders show an estimated rate with a soft credit check that does not affect your score. Compare APRs, including any origination fee, before you submit a full application.
Avoid Payday and Title Loans
The CFPB notes a typical payday fee of $15 per $100 equals an APR of almost 400% on a two week loan. A title loan puts your car at risk. A credit union loan costs far less.
Frequently Asked Questions about Debt Consolidation Loans
What is a debt consolidation loan?
Will debt consolidation hurt my credit score?
How much can I save by consolidating debt?
Banks vs. credit unions for consolidation loans?
What debts can I consolidate?
Can I get a personal loan with bad credit?
What is the maximum APR on a bad credit personal loan from a credit union?
Top Debt Consolidation Rates Today
Is a balance transfer or a consolidation loan better?
- MembersAlliance Credit Union: 4.25% APR (Loan Consolidation)
- MembersAlliance Credit Union: 4.25% APR (Loan Consolidation (5 year))
- Benton County Schools Credit Union: 4.50% APR (Consolidation Loan - 36 Months)
- HAWAIIAN ELECTRIC EMPLOYEES: 4.75% APR (Bill Consolidation Loan)
- Freedom Of Maryland Federal Credit Union: 4.99% APR (Debt Consolidation Loan)
More Loan & Card Options
