The Best Credit Card Consolidation Loans in 2019

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More than 4 in 10 Americans with credit card debt owe at least $15,000, according to our recent survey. For people who are looking to get rid of such high-interest debt, credit card consolidation loans can help.

“With a fixed-rate loan, you can eliminate high credit card fees and improve your credit score, all while reducing your interest rates and simplifying your finances,” said Alia Dudum, a spokeswoman for LendingClub, an online peer-to-peer lender.

But it can be easy to get overwhelmed by all the available credit card consolidation loans — another name for personal loans used for consolidation — and it’s not always easy to know how to compare their offers.

We’ve put together a list of the top personal loan companies that can help you pay off your credit card debt.

The best 5 credit card consolidation loans

There’s no one-size-fits-all best consolidation loan for everyone. Depending on your credit profile, goals, and personal preferences, one lender might be better than another.

So, the more information you have on potential lenders, the easier it will be to know which one works best for you.

Here are the top options. The APRs were current as of January 23, 2019. For the latest rates and terms, visit the lender websites below.

Personal loan company Origination fee APR range Loan amounts Repayment terms Minimum credit score
Citizens Bank None 6.79% – 20.89% $5,000 – $50,000 3, 4, 5, 6, and 7 years 680
Earnest None 6.99% – 18.24% $5,000 – $75,000 3, 4, and 5 years 680
SoFi None 5.75% – 16.24% $5,000 – $100,000 2, 3, 4, 5, 6, and 7 years None
FreedomPlus 0% – 5% 5.99% – 29.99% $10,000 – $35,000 2, 3, 4, and 5 years 640
LendingClub 1% – 6% 6.95% – 35.89% $1,000 – $40,000 3 and 5 years 600

Citizens Bank: Best for existing customers

Citizens Bank offers an interest rate reduction of up to 0.50% if you meet certain requirements. You’ll get a 0.25% reduction if you sign up for automatic payments, and another 0.25% if you have a qualifying Citizens Bank account before you apply. Qualifying accounts include:

  • Deposit accounts, including checking, savings, money market, and certificate of deposit
  • Home loans, including mortgage, home equity, and home equity line of credit
  • Other loans, including auto, student, and other personal loans
  • Credit cards

The lender’s 680 minimum credit score requirement is high, but it offers the most flexible repayment terms. You can get a rate quote from Citizens Bank with a soft credit check, which doesn’t impact your credit.

Get rates from Citizens Bank and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

Earnest: Best for borrowers with a strong financial profile

Earnest approaches the underwriting process in a way that’s different from a lot of lenders. Rather than focusing on your credit score, the lender considers your full financial profile, including factors such as:

  • Savings patterns
  • Employment history
  • 401(k) and investments
  • Growth potential

Of course, you’ll need to have a decent credit score of 680 to get approved. But a good overall financial picture could improve your chances of scoring a lower interest rate.

Like the other lenders listed, Earnest allows you to see your rate offers without undergoing a hard credit check.

Get rates from Earnest and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

SoFi: Best for large credit card balances

You can borrow up to $100,000 from SoFi. The high amount might sound crazy, but it’s not unheard of for someone to be that deep in credit card debt. Another major perk to getting credit card consolidation loans from SoFi is that you can get help if you lose your job through no fault of your own.

The lender’s Unemployment Protection Program makes it possible to get up to 12 months of forbearance on your loan payments, in three-month increments. You also will have the chance to work with SoFi’s career coaching team to find a new job.

Other benefits of being part of the SoFi community include:

  • A 0.125% rate discount on your new loan if you have another SoFi loan
  • Career coaching available even if you’re employed
  • Seed financing for your business idea

While SoFi doesn’t require a minimum credit score, you likely will need good or excellent credit to gain approval for a loan. You can get rate quotes with a soft credit check.

Get rates from SoFi and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

FreedomPlus: Best if you have excellent credit and a cosigner

FreedomPlus offers a wide range of interest rates, and its lowest rate doesn’t require any special discounts.

For the best rates, you’ll need to meet some qualifying factors. For example:

  • Adding a cosigner who has sufficient income
  • Using at least 50% of the loan proceeds to pay off existing debt
  • Showing proof that you have at least $40,000 in retirement savings

You can see which rates you might qualify for with a soft credit check. The loan might not be a good choice, however, if you have less than $10,000 in credit card debt because that’s the minimum loan amount.

Get rates from FreedomPlus and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

LendingClub: Best for fair credit

“With LendingClub, borrowers save on average $300 per month when using personal loans to consolidate debt,” said Dudum. The company’s minimum credit score is 600, making it possible for people who don’t have good or excellent credit to qualify. But you likely will need a decent credit score or a cosigner to score a reasonable interest rate.

Also, it charges an origination fee, which can be as high as 6% of your loan amount. LendingClub will deduct the fee from the loan disbursement. So, if you borrow $10,000 with a 5% origination fee, you’ll receive $9,500. If you need the full $10,000, you’d need to borrow $10,527.

LendingClub’s range of interest rates is wide, so you can see your rate offer with a soft credit check.

Get rates from LendingClub and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

Are these credit card consolidation loans right for you?

Credit card consolidation loans can make it easier to pay off your credit card debt. “Fixed interest rates and one, easy monthly payment makes your monthly cash flow more stable,” said Dudum. “You don’t have to worry about compounding additional interest or your balance increasing.”

But it’s important to look at all your options before applying for a loan.

For example, a balance transfer credit card with a 0% APR promotion can make it easy to pay down smaller balances without paying interest charges. But most of these cards charge high interest rates once the promotional period ends. So if you don’t pay off the balance in full, you could end up right where you were in the first place.

Compare credit card consolidation loans and balance transfer cards to determine which is better for your situation. Look at interest rates, fees, repayment terms, promotional periods, and other factors that are important to you.

As you take the time to research all your options, it’ll be easier to find the best one for your situation.

Improving your chances of getting approved

As you’re deciding between a balance transfer credit card and a credit card consolidation loan, consider what you’re eligible for and how to get approved with favorable terms.

“When you apply for a loan, we consider a few factors,” said Dudum, “including your loan application, information provided about you by credit bureaus, credit score, and other information that predicts the likelihood that you’ll make payments on time.”

If you’re having a hard time getting a quoted rate below what you’re paying on your credit card, check your credit report and see which areas you can improve. A few examples include:

  • Check for errors you can dispute with the credit bureau.
  • Pay down high credit card balances.
  • Get caught up on late payments.

It can take time, but getting a consolidation loan with a low rate can save you a lot of time and money as you pay down your debt.

Note: Student Loan Hero has independently collected the above information related to credit card consolidation loans. The above lenders have neither provided nor reviewed the information shared in this article.

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.75% – 16.24%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
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Disclaimer: Student Loan Hero is a subsidiary of LendingTree
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

 Important Disclosures for Citizen.

Opploans Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.