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Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.
Compare loans for debt consolidation and learn about your options for consolidating debt.
Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges.
Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.
Your credit scores can take a hit if you use all or most of the available credit on your cards.
If you don’t have an immediate need for cash, work on building your credit score.Nerdwallet has reviewed more than 25 lenders to help you compare and choose one that’s right for you.Below is a list of Nerdwallet’s top lenders for debt consolidation. If you’re borrowing money to pay off debt, a personal loan works best if you have a plan to tackle your debts.With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.