Personal Loans
Fixed-rate borrowing with every term stated plainly.
ExploreTurn several payments into one fixed loan
A consolidation loan pays off your existing balances and replaces them with a single fixed-rate loan, one payment and one end date. It works best while your credit is still in reasonable shape.
In plain terms
How debt consolidation loans actually works
The idea is simple: borrow once at a lower fixed rate, clear the high-interest cards, and repay a single loan on a fixed schedule. When the rate is genuinely lower, more of each payment goes to the balance and the payoff date stops moving.
The catch is that the numbers have to work. A loan priced at or above your current card rates, or a long term that adds interest overall, can leave you worse off. That is why we compare the total cost of each offer, not just the monthly figure.
A good fit if
- You are current on most accounts and your credit is fair to good.
- Your combined balances are roughly between $5,000 and $100,000.
- Your income comfortably covers a single fixed payment.
- You want a firm payoff date instead of open-ended minimums.
- You can stop using the cards once they are cleared.
Probably not right if
- Your credit only qualifies for a rate at or above what you pay now.
- You are already several months behind, where a plan or settlement fits better.
- The underlying issue is spending, and cleared cards would fill up again.
- The fixed payment would leave you short on essentials.
Step by step
What happens, in order
- 01
Soft-pull rate check
We check indicative rates without a hard inquiry, so looking costs your score nothing.
- 02
Compare real offers
You see each offer's rate, term, fees and total cost side by side, including whether it beats your current position.
- 03
Verify and sign
Once you choose, the lender verifies income and identity. You sign only after reading the final terms.
- 04
Balances paid directly
Where the lender allows it, funds go straight to your creditors, so the old accounts close out cleanly.
Honest comparison
The upside, and what it costs you
Every route has both. Anyone showing you only the first column is selling something.
| What it gives you | What it costs you |
|---|---|
| One payment, one due date, one rate | Needs reasonable credit to be worthwhile |
| A fixed payoff date instead of rolling minimums | Origination fees may reduce the amount you receive |
| Often cuts total interest substantially | A longer term can raise total interest even at a lower rate |
| Checking indicative rates does not affect your score | Cleared cards can be run up again without discipline |
What it costs
You pay the lender's interest and, with some lenders, an origination fee taken from the loan amount. Where we arrange a consolidation loan, we do not charge you a fee for the comparison.
How long it takes
Rate checks take minutes. Once you accept an offer and verification is complete, funds typically arrive within a few business days to a week.
Questions
Debt Consolidation Loans FAQs
Will a consolidation loan hurt my credit?
The final application involves a hard inquiry, which can cause a small, temporary dip. Over time, lower card utilisation and on-time payments often improve your score.
What rate will I get?
It depends mainly on your credit profile, income and existing debt. We show indicative rates before any hard inquiry so you can decide whether it is worth applying.
Should I close my cards afterwards?
Not necessarily, since closing old accounts can affect your credit history. The important thing is not to build new balances on them.
Client reviews
What debt consolidation loans clients said
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